Research On The Tort System Of Self - Discipline Supervision In China 's Stock Exchanges

In recent years, with the development of China’s securities market and the expansion of self-regulatory powers of the stock exchange coupled with the background of China’s stock exchanges, prosecutions arising from the stock exchange as an object of self-regulation of behavior become more frequent. This article is based on the particularity of self-regulation of stock exchange, as well as the special nature and status of China’s stock exchanges, to build and improve our self-regulatory system of tort liability stock exchange.The first part describes the self-discipline of the stock exchanges and relevant tort liability, then introduce the exchange self-regulation of the basic meaning of tort liability and classification. On this basis, it explains the general tort liability system is different from the building the need for special regulatory responsibility system.The second part describes the status quo of China’s stock exchanges self-regulatory responsibility system, pointing out that members of the stock exchange is different from the normal stock exchange, and under the current legislative regime, not only did not get rid of the pressure of the Securities and Exchange which provides litigation isolation mechanism, but also completely ruled out the possibility of investment by people not directly involved in the litigation rights, and will lead to fragmentation of their relationship. On this basis, we need to build and improve self-regulation of stock exchanges and the practical significance of tort liability system.The third part of the paper puts forward some suggestions for system construction and improvement of the exchange of personal tort liability. Based on the fundamental principles,it proposes to build a system to be observed on the stock exchanges mentioned basic elements of self-regulation constitutes a tort liability. And from the perspective of the stock exchange and balance the interests of the victim, this paper propses the construction of a corresponding internal relief mechanism.The last part puts forward that a sound conclusion stock related liability system is a system which needs to improve as appropriate supporting systems to rely on, and then propose self-regulation should be relaxed exchange privileges and functions to convert the securities regulatory authority under the State Council.Accordingly it points out that some of the principles of the judiciary to intervene in the review process of self-regulation of stock exchanges should follow.