Researches On The Reformation Of Securities Regulation

After analyzing the general content of securities regulation by the theories and methods of Economics Regulation, this article investigates systemically the causes and features of international securities regulations' evolution from 1975, and discusses deeply the necessity and the various ways of the reformation of our country's securities regulation. This article considers that the evolution of international securities regulations results from economical globalization, financial innovation, universal banking and technological progress, and are featured by deregulating market entry, business scope and trading commission and emphasizing the prudential regulation on new securities businesses and financial risk. After analyzing our country's securities regulations, this article reaches the conclusion that strict regulations on market entry, business scope and trading commission are the reasons of the phenomenon of "high profit accompanying by low efficiency " in our country's securities industry. In order to improve the efficiency of regulation and adapt the challenge from entry into WTO, universal banking and stock trading on line, our country's securities regulations must be reformed. So we should balance justice, efficiency and stability of regulation object; emphasize the integration between institutional supervision and functional supervision; deregulate market entry, business scope and trading commission and emphasize behavioral regulation, prudential regulation and protective regulation; and improve governmental regulation, self-regulation and the co-ordination of international securities regulation.