注册制何时开始？

中文版

注册制，作为一种新型的证券发行审核制度，在全球范围内逐渐受到重视。那么，注册制究竟在何时开始实施呢？

一、注册制的起源

注册制的起源可以追溯到20世纪30年代的美国。当时，为了应对股市崩盘和金融危机，美国国会通过了《证券法》，并引入了注册制。该制度要求发行人在发行证券前，必须向证券监管机构提交详细的注册文件，包括公司的财务状况、经营计划、管理层信息等。监管机构对注册文件进行审查，确保发行人符合相关法规要求后，才能允许其发行证券。

二、全球范围内的推广

自美国实施注册制以来，全球范围内许多国家纷纷效仿。例如，英国、日本、加拿大等国家都相继引入了注册制。这些国家根据自身国情和市场特点，对注册制进行了本土化的改进和完善。这些改进包括简化注册流程、提高审查效率、加强信息披露等，旨在促进资本市场的健康发展。

三、中国注册制的实施

中国证券市场也在逐步推进注册制改革。2019年7月，中国证监会发布了《关于在上海证券交易所设立科创板并试点注册制的实施意见》，标志着我国注册制试点的正式启动。科创板作为注册制的试验田，为其他板块的注册制改革提供了宝贵的经验。目前，我国正在逐步扩大注册制的适用范围，并不断完善相关制度和规则，以促进资本市场的长期稳定发展。

英文版

When Did the Registration System Begin?

The registration system, as a new type of securities issuance review system, has gradually garnered attention worldwide. So, when did the registration system actually start?

Section 1: The Origin of the Registration System

The origin of the registration system can be traced back to the 1930s in the United States. In response to the stock market crash and financial crisis, the US Congress passed the Securities Act and introduced the registration system. This system requires issuers to submit detailed registration documents to securities regulatory agencies before issuing securities. These documents include the company's financial situation, business plan, management information, and more. The regulatory agency reviews the registration documents, ensuring that the issuer meets relevant regulatory requirements before allowing them to issue securities.

Section 2: Global Promotion

Since the implementation of the registration system in the United States, many countries around the world have followed suit. For example, countries like the United Kingdom, Japan, Canada, and others have successively introduced the registration system. These countries have made localized improvements and refinements to the registration system based on their national conditions and market characteristics. These improvements include simplifying the registration process, improving review efficiency, strengthening information disclosure, and more, aiming to promote the healthy development of capital markets.

Section 3: Implementation of China's Registration System

China's securities market is also gradually advancing the reform of the registration system. In July 2019, the China Securities Regulatory Commission issued the "Implementation Opinions on Establishing the Science and Technology Innovation Board and Piloting the Registration System on the Shanghai Stock Exchange," marking the official launch of China's pilot registration system. As a testing ground for the registration system, the Science and Technology Innovation Board has provided valuable experience for the reform of the registration system in other sectors. Currently, China is gradually expanding the applicable scope of the registration system and constantly improving relevant systems and rules to promote the long-term stable development of capital markets.