The Self-regulatory System Of China's Securities Market

Self-regulation is an obvious feature of market economy. The rules of self-regulationand the law constituted the regular system of market economy. So the system ofself-regulation has been gradually developed in the process of constructing oursocialist legal system. From analyzing the legal value of self-regulation of stockmarket, based on reviews of different countries' forms of existence and specificfunctions of self-regulation, and fully affirming the self-regulation in the securitiesindustry, this article discussed the rationality, the necessity as well as the feasibility ofit under the tendency of the securitization of market economy, proposed thatself-regulation is essence and the most foundation constitutive condition for thestability and advancement of the securities industry. And the national legislature andthe government supervisor must fully respect the securities industry's self-regulationorganizations about their right to make by-laws, to solve disputes and to self-regulateother affairs.By backward the history and analyzing through sociology of law, part one shows thatthe self-regulation is the symbol of the moral rationality of the subjects in thesecurities industry. Since the self-owned advantages, in security market,self-regulation is important instrument to improve the regulation on the market.Through the comparison research in part two, we can find the effective system ofexpediting the construction of the self-regulation system in securities industry of ourcountry. So, in part three, to improve the self-regulation system of securities industry,the characteristic of the industry and the functional difference between departmentsshould be considered. Part four shows that new-enacted Corporate Law and SecurityLaw definite the stock exchanges' position of self-regulation, grant them authorities ofapproving, and prescribes the character, position and responsibilities, which willstrengthen the self-regulating function, and have deep infect on the operation,function and development of the stock exchanges. We shall establish relevant lawsand regulations in the future make the self-regulation into the legal system, carry outthe self-regulation in the activities of our country's construction of security market.