Anti-Manipulation Regulation Of The Securities Market

Manipulation was coming up with the securities market as the relation between the sun and the shadow.The existence of the manipulation imposes the serious effect on the mechanism of the securities market price forming system,trespasses the benefit of the investors and destroys the basic function of the securities market collocating the capital to the entities who are able to create the fortune in effect.Given to the concealment,complication and diversity brought by the manipulation to raise the difficulty to anti-manipulation regulation,how to distinguish the legal and illegal transaction in order to reach the goal of effective regulation on manipulation of the securities market becomes the main issue which is groped during the regulation practice in different countries. It is necessary to realize the anti-manipulation regulation to protect the benefit of the investors and maintain the normal order of the securities market because of the harm from the manipulation.It has been 17 years when China securities market founded,there are points we have to recognize,such as the orientation of the securities market or the system of the regulation.In such environment,manipulation has been prevalent in the market.A famous finance and economics editor said:"China securities market has come into the period when every stock manipulated by the market-makers.In 1999,the number of listed corporations was nearly 1,000.It is improper if we consider every stock manipulated by the market-makers for no one made effort to investigate the real data.However,it is not so easy to point up a stock without manipulated by the market-makers.At the beginning of 2001,the Shanghai and Shenzhen securities market,there are 860 market-makers in the 1,100 stocks." Though the number of manipulation cases of securities market was low,the regulator highly emphasized on the anti-manipulation regulation for a long time. Comparatively,the essay and paper concerning the manipulation is far fewer than that concerning misrepresentation and insider trading,so the related discussion fails to cover the characters of the manipulation.I expect that this paper concerning this theme will be helpful to the research on the anti-manipulation regulation.The full thesis is divided into four parts altogether except the preface and conclusion.Part1 explains a few basic problems of the manipulation in the securities market.First of all,primarily analyzes the jeopardy of the manipulation so as to emphasize the indispensability of the anti-manipulation regulation;Secondly,discusses the inherent mechanism of the manipulation base on the factors on which the manipulation depend; Thirdly,to definitude the connotation of the manipulation,primarily analyzes the constituted requisites and the difference of the manipulation of the securities market and other relevant actions.Part2 classifies different configuration into fictitious transaction,manipulation by actual purchases and information type manipulation, according to some certain criterion.On one hand,it is helpful to summarize the characters of different types of manipulation and the cognizance of the regulator and the court,on the other hand it can be made for the further theoretic research.Part3 introduces briefly the related the theory of anti-manipulation regulation,and makes the comparative research of the regulation of the of the securities market in USA and Hong Kong area by analyse of the cases of manipulation.The regulation feature are concluded on the basis of the comparative research and summarize of the regulation of the manipulation of the securities market in USA and Hong Kong area.Part4 summarizes the actuality of anti-manipulation in China,makes the analyse of the anti-manipulation regulation system frame and the limitation,and then illuminate,analyse and review the existing the regulation system.Finally,brings up the improvement of the supervisory system of the securities.