The essence of the reform of the registration system is to hand over the right of choice to the market, strengthen market constraints and rule of law constraints. In the final analysis, it is an adjustment of the relationship between the government and the market. Compared with the approval system, it not only involves the change of the audit subject, but also fully implements the concept of information disclosure as the core, and the whole process of issuance and listing is more standardized, transparent and predictable. First, greatly optimize the conditions for issuance and listing. The registration system only retains the necessary qualifications and compliance conditions for enterprises to publicly issue shares, converts the substantive threshold under the approval system into information disclosure requirements as much as possible, and regulators no longer judge the investment value of enterprises. Second, we should effectively check the quality of information disclosure. The implementation of the registration system does not mean relaxing quality requirements and stricter auditing. The audit work is mainly carried out through inquiry to urge the issuer to disclose information truthfully, accurately and completely. At the same time, multi-factor verification, on-site supervision, on-site inspection, complaint reporting verification, supervision and law enforcement and other methods are used to compact the issuer's first responsibility for information disclosure and the "gatekeeper" responsibility of intermediary institutions. Third, insist on opening the door for review. The standards, procedures, contents, processes and results of the examination and registration are all disclosed to the public. The whole process of public power is transparent, checks and balances, and accepts social supervision, which is fundamentally different from the approval system.

The above content is transferred from "Questions and Answers on the Comprehensive Implementation of the Reform of the Stock Issuance Registration System"