| Securities differ from most other commodities in which people deal. It is a provision of Securities Act of 1933 that 'the securities markets are an important national asset which must be preserved and strengthened', now to be unanimously agreed by many governments and securities regulatory authorities in crackdown of violations of securities laws and crimes to maintain market order while protecting legal rights of investors. As market develops, more and more violations of law and securities crimes emerge, higher expectation of regulation demands is obvious. With a short history of just more than 10 years, China's securities market has endeavored in finding a suitable way of market governance, including the law enforcement mode. Whereas developed securities markets, the US market as an example, have successfully explored relatively 'perfect' regulation system and system- designing experience being popularly imitated by many emerging markets all over the world. Anyway, the author believes that there is no 'ready' system and mode we can borrow from others without combining specific domestic market situations.In view of the constructive contradictions and drawback from the initial stage of domestic securities market derived from central plan economic system. It becomes more important to develop an efficient market based on law while studying and borrowing foreign experience. Operation of the securities market must be in accordance with international rules and principles after China's entry to WTO. Market regulation skills, as well as law enforcement, must keep pace with the market evolvement process. Otherwise the securities market is sure to be plagued by violations of laws and crimes, even to become obstructor of the national economy.Domestic study of securities market regulation mainly focuses on introductions of foreign legal system, especially on IPO and news disclosure area, as well as the securities company governance. There is little research related to law enforcement aspect of regulation, due to the initial stage under exploration.The dissertation concentrates on the law enforcement aspect of market regulation. It tries to make a study in comparing the US-Sino market development process, the law sources of enforcement, the procedure and means of enforcement, the international cooperation, so as to help establish a Chinese way of law enforcement with further improvement in rules and laws as a whole.The dissertation is divided into four chapters. The author makes an abstract of it as follows:The first chapter 'comparing enforcement mode' recalls the history of US securities market and the process of forming government-dominated centralized enforcement mode. Under this structure different levels of law enforcement operate according to responsibility warrant of law. These are the Securities Exchange Commission (SEC), the self-regulating bodies and the judicial system aimed to redress the victims. As governing authority and the law enforcement body of US securities market, the SEC is an indispensable guarantee of the market. In October 1992, the Chinese national regulatory institution, the CSRC, was established. From then on, the law enforcement mode experienced several phases towards nowadays pro-US mode. That is, China is applying government-dominated mode to its securities market. The second chapter 'sources of law and warrant' focuses on the law bases of US securities regulation. The SEC acquires its comprehensive rights of investigation, punishment and public prosecution by the completion of US securities regulation laws with the Securities Act of 1933 and Exchange Act of 1934 as corner stone. After 1990s the law making concerning securities area entered a new phase. The SEC's enforcement rights were specified due to new demands of the high-tech boom. This dissertation also elaborates CSRC's administrative rights under Chinese laws. It takes CSRC's limited right in probation of the suspected bank accounts as an example.The third chapter 'procedure and means of enforcement'...
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