Abstract: The reform of the registration system is a priority among the priorities in the reform of China’s capital markets. The registration system is designed to balance the relationship between the administrative supervision power and the security issuing rights, to reduce administrative intervention in the issuing links, and to respect and guarantee the due rights of the markets. The American experiences in the implementation of the registration system can provide references and enlightenment to the reform of China’s stock issuing registration system. In order to promote the registration system reform in China, we should strengthen the responsibilities in information disclosure, reinforce the supervision and establish a set of strict delisting mechanisms.

Key words: registration system; information disclosure; regulatory system; delisting mechanism