The Research On Self-Regulation Institutions Of Securities Market

Securities market is a high-risk market, it is of great importance to development of a country's economy. If improperly operates, it would result in economic crisis and even social crisis, so securities supervision should be emphasized .Securities supervision contains self-regulation and governmental supervision. Scholars often emphasize governmental supervision when they do some research in securities, but the basic theory (feature, mode, economic basis, jurisprudence basis ,the legal validity of rules, and so on )and institutions construction of self-regulation of securities market are ignored by most people and even less the study from legal aspect. At present, international securities supervision appears advolution trend, so those "governmental supervision dominating" countries strengthened self-regulation, and those "self-regulation dominating" countries also strengthened governmental supervision. Securities market in China is built on the direct of government, so governmental supervision plays a dominant role in securities supervision system. Securities Law and Measures of Securities Exchange stipulate the position and function about securities exchange and securities association ,but the role of self-regulation is too limited. Though the position, form and function of self-regulation varies in United Kingdom, America and German, it can not be replaced by governmental supervision China should construct and perfect self-regulation institutions of securities market, obtaining the successful experience from other countries. Self-regulation should take advantage of the function of "society restricts power". It could perfect our securities supervision system and guarantee long-run of securities market. It is urgent to construct self regulation institutions of securities marketing china: strengthen the independence of self-regulation organizations, clarify the margin between self-regulation and governmental supervision, perfect the market dealing, member company, listed company and media organization self-regulation institutions. Being the most important self-regulation organization securities exchange should adapt to ever-changing international environment, and be demutualized No self-regulation or self-regulation only is invalid. So our country should build and perfect the dual supervision system of "the self-regulation supervising market is superior to the government (self-regulation organization is supervised by government)...