At present, the reform of stock issuance registration system with information disclosure as the core is being planned step by step.Fraudulent issuance and information disclosure have always been the focus of supervision and enforcement of CSRC. However, with the CPA's legal liability in relevant cases bearing the tendency of “heavy administration and criminal, light civil”, the policy orientation of administrative penalty is obvious, and the administrative policy can not fully reflect the legal deterrent effect and economic relief function. In the three forms of legal liability that exist in our country, only the form of civil legal liability can meet the needs of the reform of the Registration. In order to establish and improve the supporting facilities of registration system reform, to restrict and standardize the practice of CPA, to protect the interests of small and medium investors, we need to pay attention to the use of civil liability form, and reconstruct the CPA legal liability system.