The New Securities Law from the Perspective of the Digital Economy——Interpretation of the Revision,Implementation Support and Future Prospect

The new Securities Law directly embodies the content of digital economy, mainly: upgrading the confidentiality system for customers to the protection system of investors' personal data, specifying that the carriers’information disclosure include websites of securities trading venues, stipulating that securities registration and settlement institutions can provide information services, and greatly increasing the content of electronic transactions in securities transactions. In particular, programmatic transaction and information technology system service agencies have been added. Of course, the new Securities Law needs to be further detailed in terms of information technology system service agencies and programmatic transactions. Digital technologies such as the internet, cloud computing and big data are all new technologies in the era of digital economy. Although they are not stipulated in the new Securities Law, they are of great significance to the implementation of the Securities Law. In the future, the digital economy, including crowd-funding, AI advising and block-chain settlement, shall be more fully reflected in the further amendment of the Securities Law.