The Moderate Nature Of Securities Regulation

For the past 20 years the securities market in China has grown up very quickly in the process of economic system transformation. It also contributes a lot to the cultivation and development of the marketing economy. But the character of the Compulsory Institutional Change of the securities market also conflicts sharply with the tide of marketization, causing a series of sharp problems, which draw much public attention and are always hotly debated. Regulators hold a very awkward status in the debate: sometimes people condemn that securities regulation is powerless so that illegal action is aggressive and rampant, but sometimes it seems that the regulator inappropriately overrates its ability, so that securities regulation blunders the natural function of market and prohibits the development of the securities market.The interference of the government in the market is often deeply discussed by economists, on the contrary, law experts often "collective aphasia" in front of this question. Especially in our country, even the drafting of the "Securities Act" is also mainly taken by Economists. In view of this situation, this paper tries to discuss securities regulation from an angle of law, and it was advanced by six sections.The first part "Exordium", introduces the foundation of the topic of this thesis, defines the concept of securities regulation, and discusses the legal moderation of securities regulators. Pointing out that the purpose of this paper is not for finding a certain boundary of securities regulation, but only gives analytical introduction through the angle of law.The second part is "the general theory of the securities regulators moderation", which tries to answer why the securities regulator must be moderate. Firstly, I discourse the legal foundation of securities regulation, and then the justification and necessity of the securities regulator from the angle of economics and indicates that failure of the market is the reason for government regulation. Secondly, reconsider the justification and efficiency of government regulation, showing that government regulation will be fail too. Thirdly, draw the conclusion: the securities regulation must be moderation.The third part "the analysis and enlightenment of the securities regulation moderation of The United States, Japan, Poland and the Czech Republic" mainly introduces the change of the securities regulation moderation of American and Japan in the history, comparing the boundary of securities regulation between Poland and the Czech Republic, and then obtaining some enlightenment.The fourth part is "the analysis of securities regulation moderation in our country". Firstly, I retrospect the history of securities regulation system in our country. In this retrospection, we find that the function of securities regulation in our country was dominated by government economic policy from the beginning. Then I analyze the dislocation of securities regulation our country through in three aspects, which are whether the objectives, techniques of regulation and the design securities regulation right institution are chosen properly. Lastly, I analyze the underlying reasons of the dislocation of securities regulation in our country through the angle of cultural level and system changes, pointing out that the unreasonable value tendency of authorities, which inherent in the model of the Compulsory Institutional Change, dominates the aim of law reform is the fundamental reason of the dislocation of securities regulation in our country.The fifth part "the construction of securities legal system", on the basis of general principles, comparative analysis and the present situation in China which state before, I point out that the most important thing to handle in reference to the "boundary" in the securities regulation is persisting on the market-oriented reform of the capital market. With the concept of securities regulation must be judged and revised by the market mechanism", I suggest specific measures: to establish investors protection program as the fundamental objective of securities regulation; to establish disclosure of information as the core measure of securities regulation; regulating securities regulation right by law through standardizing the legal position of the Securities Regulation Association of China, standardizing the Legal Authorities of regulator, standardizing exercise's procedure of securities regulation right and improving the legal supervision for securities regulation right; to introduce self-regulation, court regulation and media supervision as the supplement of securities regulation, and then spontaneously defining proper "boundary" of securities regulation through the market.The final part "conclusion" forecasts the securities regulation in our country.