Online Securities Fraud And Supervision

With the development of the Internet, more and more industries begin to practice their business with new the media - intement, which the "e-bisuness" comes from. The combination of e-business and the tranditional Securities Business is "Securities E-Business". Currently our Securities E-Business is still on the status of conception development, which mainly reflects on Online Securities Transaction.So-called "Onine Securities Transaction ", based on the practice in the origin, U.S.A., includes 3 kinds of business: Online Broker, Direct Public Offering and Online Direct Securities Transaction.According to the rule of commission proportion, nowadays Online Securities Transaction in the world can be divided into 2 modes: Free Squeeze mode and Fix Squeeze mode.The advantages of Online Securities Transaction are low-cost, elimination the uneven structure of the marketing information, the convinience of the information delivery and wide-usage, etc. But because of the huge amount of the information, we may meet the fault information on Internet. Besides with the characteristic ofanonymity, some problems are inevitable, for example Online Securities Fraud.SEC divided the Online Securities Fraud into 4 kinds. Market Manipulation, Offering Fraud, Illegal Touting and mposter. The thesis will mainly discuss Market Manipulation, Illegal Touting and mposte, and point out the relavant amendment suggestion on our Securities legislation.Since Online Securities Fraud is a new phenomenan, the author have some forethought on it . Firstly the auther have the Criminology analysis on the Online Securities Fraud action with the use of false information. Then the author explores the relationship between control and disengagement and the promotion of the usage on IDSs.Regarding Online Securities Fraud, IOSCO submitted 2 reports respectively on Sep, 1998 and Jun, 2001 , which provided a lot of suggestions on Online Securties Fraud for Securities Regulatory Commissions'references.The Internet supervising suggestions of IOSCO are from 2 aspects, IDSs supervising and Investor Education. They also recommend that Securities Regulatory Commission from different country should make use of Internet to enhance the cooperation and unite to inspect and eliminate illegal Website.Considering the practice in PRC and the international experiences, the author point out the following measures to supervising Online Securities Transaction,First, we need to enhance the centralised efficeint Securities Market supervising system that is composed by China Securities Regulatory Commissions and its subsidiaries. Second, Securities Dealer supervising should also be potentiating. Third, To strenghten the supervising power on Securities Websites, establish the authority website, publish Securities informatioa Fouth, we also needto reinforece the cooperation between different departments, which mainly shows on the cooperation with Propaganda Deaprtments, and enhance the supervising on the supplier who povided the information services, especially the superiser of IDSs.