Securities Regulatory System Research

Securities regulation generally refers to the management of the securities supervision and in accordance with the provisions of the law on securities market supervision and management, which includes both issuance and trading of securities such acts also include participation in the monitoring conducted by the principal securities market regulation.With the emergence and development of securities markets, securities regulators are constantly faced with new problems. The objective of securities regulation is to curb illegal stock market phenomenon, making the interests of the investors are not infringed, and promote stock market efficient and orderly operation.Generated from the stock market so far, high-risk and speculation has been the biggest feature of its own. How to protect the stock market healthy, and orderly operation of the securities regulatory issues faced by, and only efficient and orderly securities market in order to ensure the interests of the majority of investors.For now, the securities market regulatory model, generally can be divided into three categories : centralized control mode, self-regulatory model and the intermediate type of regulatory approach. Centralized regulatory approach the competent authority is the government agency, and its advantage is that the law can have a complete stock market behavior of participants bound by the law, but also low efficiency, high cost of management features. Mainly rely on self-supervision model Stock Exchange, the Securities Dealers Association and other organizations for the monitoring, which is characterized by low cost, high efficiency, but the lack of authority and effective coordination between the organizations. Regulatory approach is a combination of intermediate type of regulatory model of centralized and self-supervision model has the advantage that can be said to represent the trend of the stock market regulatory system. Concentrated as the leading securities regulatory system is currently implemented in our securities regulatory system. Overall, this regulatory system is suited to the realities of China's. China's stock market to government regulation of the practice-based regulatory system is to adapt to China's national conditions. In the management of the economy, the Government can give full play to the strengths of its management, promote economic development. At the same time, the experience accumulated by the Government to promote the stock market efficient and orderly operation.China's securities market supervision, including the main problems: a unified and standardized legal and regulatory system has not been established, the lack of specific laws and regulations, and operability; self-regulatory organization of the regulatory role needs to be strengthened, it should be a clear self-regulatory organization's position as a regulator, the full to play its regulatory functions; of the relevant securities regulatory violations of the legal system, punishment is too light, not a good play to curb the occurrence of criminal acts, nor the participation of other main stock market played a very good warning.In view of the development of China's securities market does not exist in bear, and increase efforts to establish the actual situation in line with our securities regulatory system, improve the securities regulatory laws and regulations, and also with the international regulatory system linked securities, making the securities regulatory toward the direction of international development; limit the China Securities Regulatory Commission's right to a certain extent, the securities industry self-regulatory organization to give more autonomy to give full play to its flexible regulatory function; increase the stock of illegal punishment phenomenon for the healthy and orderly development of the securities industry to create a favorable operating environment.The continuous development of securities regulation can promote economic prosperity and orderly development of the market, but also the economic development requirements of the securities regulatory means of continuous innovation. How to make a more comprehensive means of monitoring more effectively the development of securities market constraints securities regulators in China are facing one of the major issues. In summary, the development of China's securities regulatory system has gone through a process from disorder to order, to some extent, the completeness of the securities regulatory system represents the development of securities markets mature and stable. Greater efforts to establish only suitable for China's securities regulatory system in order to better promote the stock market orderly and efficient operation.