Self-regulation Of China's Securities Market

After nearly 20 years development, China's securities market has made universally acknowledged achievements and has gradually become matured and standardized. In recent years, effective regulation of the securities market has become an important topic which caused widespread concern. Self-regulation, as an important component of the stock market regulatory system, will play an important role in the healthy and stable development of China's securities market and in the internationalization of the stock market.Based on the legal analysis of self-regulation and the practice of the self-regulation in mature markets abroad, this paper manages to discuss the status quo of Lack of self-regulatory mechanism in China's securities regulatory system and explain the reasons why self-regulatory organization can not carry out effective self-regulation so as to explore the macro concept of a self-regulatory mechanism and the specific ways to implement it.This paper is divided into four parts.Starting from the inquiry of the origin of self-regulation, the first part analyzes the attributes of self-regulation to show the advantages of self-regulation and its important role in the securities market, followed by a relevant analysis of the correlation of self-regulation and government regulation in the effort to build an effective monitoring system.To investigate and sum up the advanced experiences of self-regulation in mature securities markets for our absorption and the reference, the second part introduces the three representative regulatory modes and the functions played by its self-regulatory organization in the United States, Britain, and France, from which the author concludes a few inspirations for China's securities self-regulatory mechanism.The third part discusses the evolution of the process of China's securities market supervision system and the problems that exist at this stage, and points out that the most prominent problem in China's securities market regulation is the weak self-regulatory functions and that the relationship between the executive and self-regulatory organizations has not been straightened out. The above problems cause the lack of regulatory effectiveness and a perfect market system of self-regulation has yet to be built. The author elaborates the problems that exist in self-regulation in the Stock Exchange and the Securities Association, the two self-regulation organization and carries out in-depth analysis for the reasons of these problems.On the basis of the systematic analysis and comparison, the fourth part of the paper focuses on improving the overall concept of a self-regulatory system for China's securities market and lists a number of specific recommendations.Finally, the author points out that under the demand of China's securities market's gradual market-oriented trend, in the background of international competition, and under the conditions of constant improvement of the legal environment in the securities market, there will be much room for the Stock Exchange and the Securities Association, the important self-regulation organization of China's securities market.