Study On Self-regulating Supervisory Law Of Securities Market

In traditional sense, the supervision on securities market is classified as self-regulating supervision and government supervision. With the increasingly expansion of scale and the complexity of securities market, it has been the necessity that the self-regulating supervision was playing increasingly important role besides the government supervision in the securities market. After twenty years developments, the securities market in China has changed greatly---the market mechanism improved, the market forces grew, the sense and the abilities of self-regulation improved, the conditions are mature that the industry's self-discipline function should be strengthened and the self-discipline organizations should play their roles. Correspondingly it has increasingly been a public concerned topic of how to strengthen the self-regulating supervision of the securities market. The self-regulating supervision, as one of the important components of supervisory system of securities market has been of great significance to the healthy and steady improvement of securities market of our country and to the meeting the challenges of the internationalization.This thesis analyzed the existing problems of the self-regulating supervision in our country on the basis of inspecting the shapes and duties of the self-regulating supervisions of different countries'securities supervisory systems, probed that the self-discipline organizations of our country-the Stock Exchange and Securities Industry Association had uncertain self-regulatory status and functional defects, and afterwards put forward the suggestions of how to strengthen the self-regulating supervisory duties of self-discipline organizations and legal measures of how to play its roles of self-regulating supervision effectively.This thesis was consist of five parts.The first part was the definition of self-regulating supervision of securities market. According to interpretation and definition on some related concepts of self-regulating supervision, the author made a preliminary analysis and definition on the self-regulating supervision. The second part was the legal analysis on the self-regulating supervision of securities market. In order to accurate understand the self-regulating supervision of the self-discipline organization, this part analyzed self-regulating supervision from the aspect of the legal effects of this regulation and characters of self-discipline organizations. In order to conclude the advanced experience of self-regulating supervision of the mature securities markets abroad for reference,the third part produced three representative securities supervision systems of America,France and Britain, proving that self-regulating supervision as the important component in all three modes--centralized supervision mode,self-regulating supervision mode and comprehensive supervision mode played important role in the securities market.The forth part mainly probed the current situations and existing problems of self-regulating supervision system of our securities market, pointing that the most prominent problem of securities market in our country was that the weakness of the self-regulating function and the lack of the effective supervision because of the uncertain relationships between the administrative supervision and self-regulatory organizations. Therefore the author explored the reasons and problems of the two self-regulatory organizations---the Stock Exchange and Securities Industry Association in the self-regulating supervision.It has been one of the most important topics of how to guarantee the self-regulating supervision working effective in our government-sponsored securities market system. The fifth part of this thesis mainly elaborated the overall conceptions and some suggestions of improving self-regulating supervision in our securities market.