Market Manipulation Analysis Of The Legal Issues Of Regulation

Market manipulation on the stock market is a typical fraud. Market Manipulation major forms such as: Virtual buy and virtual sell, illegal selling short, relative commission, the joint manipulation, continuous transactions, spreading rumors etc.. Macro environment of the regulation for market manipulation in our country is more complex, which includes the low quality of market body; the lack of the market trustworthiness; Legislative too principles, the disorder of regulation by the government. The same time as the nature of virtual and complex of securities, and no paper of securities transactions, high intelligence of manipulation means, making it difficult to identify and finds market manipulation. Resulting from the massive violations of market manipulation could not be punished under the law. To enhance the ability to distinguish of ordinary investors in the market manipulation and to enhance regulatory efficiency and improve the operation of China's relevant system, the author draw lessons from the legal system of advanced anti-market manipulation and mature experience of securities markets in developed countries, combining its own characteristics of Chinese securities market, through comparison and analysis of the law systems of market manipulation, design the regulation of Chinese market manipulation, and study establishing and improving the prevention mechanisms. The author suggests that we should first improve the market operation mechanism in macro security market, use the legislation to ensure the establishment of trustworthiness. To make the regulation of market manipulation refine. To prove the civil relief system of market manipulation, and enhance the level of market supervision, that is, dieing down the regulation in macro securities, and increasing the control at the microeconomic level. To explicit the legal clear status of China Securities Regulatory Commission, and give it independent authority, the part judicial and a complete supervision, and enhance enforcement efforts. Secondly, should put the legislative proposal to establish the prevent mechanism in advance. To establish the real-name system on securities trading account, to enforce strictly reporting system for shareholding changes in the amount, and system to prohibit credit trading, and stop trading system, and price limit system. To introduce the market-maker system gradually in the security market.