Analysis Of China's Securities Market Regulatory System

It is a hotspot to study the regulation of the securities market. In actuality, there is little debate about the necessity of the regulation of the securities market. However, theoretical research is much insufficient on how to establish a rational regulation system and how to reach an efficient regulation. This paper focuses on four aspects, such as analyzing basic theories, looking for regulation problems, bringing forward the model of the regulation system and the method.For the definition of securities market, there are two meanings---broad-based meaning and narrow-based meaning. The later meaning emphasizes on the study of "space", while the former meaning starts from the study of the relations according to the main bodies. Why do we lay stress on "broad-based meaning" of securities market? That is to show the complexity of a securities market, to show the character and necessity of market regulation. To set up a healthy and effective securities market, we bring forward a tentative plan to construct a regulation system. The growing of this system is affected by many factors. The law about securities affects the mode and the aims of securities regulation affect the content. Compared with different modes of different countries, we'll find the every mode is associated with each country's character and our mode is not an exception.By analyzing constitutes and characteristics of regulation system of the securities market, problems exist, such as the main body of regulation is shifted upwards, the regulation system is distempered, the responsibilities of it can't be fulfilled, the result of it is not obvious, the legal duties of it are ambiguous, etc. The power of regulation can't be easily realized because the powers of the China Securities Regulatory Commission are concentrated exceedingly, the self-disciplined organization has dualism of the government and the non-government, the public have no rights on supervision, the legal responsibilities are focusing on the criminal law rather than the civil law, the relief parts of the civil law is imperfect, from top to bottom and the duties are not clear.Consequently, this paper does one innovative work to bring forward a newregulation system, in short: "a line, duality, three layers, four main bodies." "One line" stands for regulating the market by the law and does activities according to the law. "Duality" stands for the combination of "government supervision" and "non-government supervision", which could learn from each other's strong points to offset weakness and perfect the regulation system. "Three layers" stands for the jointly function of "the government", "the market" and "the society." "Four main bodies" comprises "the CSRC", "the self-disciplined organization", "the actor on securities market" and "the public." They supervise or manage the market together. The new system emphasizes regulation in exchange, argues the value of various kinds of regulators existing in the securities market from multidimensional, stands out the effect that can not be ignored about the self-disciplined organization and the public.This paper brings forward another view. It analyses the logical relations which including historical evolvement, function, base and process. It analyses the special functions and relations of the components of a securities regulation structure. Who is the most important one in the securities regulation? This paper considers that all regulators should exist at the same time rather than replace. With the securities market developing, the regulation system is becoming consummate, and it is necessary to make sure the structure of the securities regulation system.The final part uses previous theory and structure model to discuss the particular measures, expecting to shift the power of regulation to branches properly, to release the energy of the government regulation, to emphasize the importance of the public, to define the legal duties, to achieve efficient regulation.