A Comparative Study Of The Securities Market Regulation

Along with the fast development of securities market in china and even in the world, securities market has become a substantial part in the economy. Whether securities market can run freely or its risk can be controlled is directly related with the rise and fall of world economy. Thus it is unanimously agreed in the world that supervision on the securities market should be strengthened. However, due to the difference of culture and economy among countries, the system and mode adopted in the securities supervision are different, moreover, each has his strong point. For our securities market in economy shunting period, there are some urgent problems besides its Chinese features.Through comparison of securities supervision system, issuing market, trading market, serving market and so on among United Kingdom, United States, Japan and China, we can find that the following problems in our securities supervision: multi-management and inconsistent policies, incomplete jurisdiction system, irregular self-disciplinary system, incomplete verification system of securities issuing market, high risks brought by single type broker dealers, weak securities supervision, backward supervision concept and poor quality of supervisors.For the healthy development of our securities market and effective implementation of our securities supervision, by referring to foreign experience and our current situation, we shall continuously improve the supervision system with CSRC as its core, further strengthen the legal system establishment of securities market, improve laws and regulations system of securities supervision, strengthen self-disciplinary management of securities market, further improve the verification system of securities issuing, enhance securities supervision power, perfect information release system, quote credit trading system and so on. Upon China's entry of WTO, we shall continuously adjust and improve the securities supervision system according to the new features and trends of the securities market development, enhance the construction strength of ministry of international affairs, and perfect the foreign adaptation problems, besides strengthening the negotiation and cooperation with international securities supervision organization.In addition, aiming at the establishment of Chinese Second Board, I believe, it is not wise to stop the process and observe the situation, even deny the strengths of Second Board, just because we are afraid of risks. We should actively respond to the establishment of Second Board, overcome the problems of incomplete legal conditions, poor supervision and self-supervision of securities supervisors and listed companies, backward administration level of broker dealers, concern about operational risks, technical risks, moral risks and market controlling risks of listed companies, and adopt corresponding measures, so as to establish and run Chinese Second Board smoothly.