On Judicial Review, The Administrative Supervision Of The Stock Market Behavior

It is necessary for the government to regulate the securities market because of the inherent nature, speculative and the high risk, of the securities market and the requirement for strong market rules by the public. Government regulation has the nature of monopoly, non-symmetry of information and "interior". Thus sometimes the securities regulation by the government did not work or did not work properly. "Despotic rule comes from the termination of the law". Experiences of the mature securities market of the developed countries show that rule of law of the securities market is the only way to achieve the effective regulation.On the securities markets, the value of judicial review, which is based on the principles of rule of law and separation of powers, is the regulation of the supervisors. In order to better protect the rights of the opposite party, the scope of the judicial review are broadened and the qualification of plaintiff is more flexible in the countries and areas that have big securities centers. On the contrary, in China, the scope of the judicial review and the qualification of plaintiff are limited. Thus in the securities market judiciary protection for the rights of the opposite party is not strong enough.The Chinese securities market is a"Emerged Market". The laws are not very well made, and the regulation technology and law enforcement level are comparatively low. The government regulation is all-direction and multilevel. "In order to prevent the abuse of power, power should be restrained by power". It is necessary for China to perfecting the judicial review system----a system that can restrain the securities regulation power.