Research On The Regulation Of The Administrative Licensing Of China Securities Regulatory Commission

Administrative licensing is one of the important regulatory functions of China Securities Regulatory Commission (CSRC).It plays a positive role in achieving of prior supervision, control of market access and prevention of financial securities risk. Since the"Administrative Licensing Law"has been promulgated, the"Securities Law"changed the place of many conflicting with it. The CSRC also cleaned up a number of projects of administrative licensing. But we can find that there are still some problems to be solved by observing a series of acts of the setting and implementation of administrative license.This article researches by the"Administrative Licensing Law","Securities Law"and other laws and regulations combined with the actual situation of CSRC. It constructs the framework according to the logical order of its source of power, the situations of its implementations and the suggestions for improvement. The full text is divided into four chapters besides the introductions:The Chapter One introduces the nature and status of CSRC. On the basic of the introduction of the basic content of securities supervisions, it makes a qualitative analysis to the character of public institutions and the administrative subject of CSRC.The Chapter Two analyzes the licensing behavior of CSRC. The section one summarizes the administrative licensing in securities regulations and the necessary of implementing the administrative licensing. The section two analyzes the character of formulating the administrative licensing, the limits of its setting authority. Then I summarize the regulations and rules about the administrative licensing in securities regulations. The section three is the analysis to the behavior of administrative licensing. Because of the large scope of the licensing matters, the article takes the example of the permission to the IPO (Initial Public Offering) in the IPO market, to find the problems in the subject, the sources of law and the statutory process by the legitimacy analysis. Analyzing the IPO is to observe the problems in the behavior of administrative licensing, by the research methods of specific to general.The Chapter Three summarizes the problems in the object and behavior of CSRC by the analysis of the first two chapters. The section one illustrates the object defects of CSRC, including the rule which is unclear, the low regulatory inefficiency caused by the low independence, and a serious of problems caused by the character of public institutions. The section two analyzes the behavior defects of the licensing. The main problems includes that the CSRC created the administrative licensing matters, the implementation process is unfair and the excessive administrative intervention.The Chapter Four are the improvement recommendations for the previous problems. The section one introduces the situation of Securities and Exchange Commission (SEC). Compared with SEC, first of all, we should make the administrative object status of CSRC definitely, and give it the status of independent regulatory agency. The section two is the recommendations about regulating the setting of administrative licensing, ensuring the procedural fairness, reducing the administrative intervention. The section three is about the supervision. With the requirements of administration according to law, we should enhance the legislative supervision from the National People's Congress (NPC) and the higher supervision from the State Council. More than that, we should also add the rules and regulations about the administrative licensing stetted by the CSRC into the scope of judicial review, establish the specialized financial court by imitating the Administrative Law Judge in the SEC, improve the system of administrative licensing review, and encourage the supervision from the private sector.