Online Securities Trading Violations And Their Regulators

With the development of IT technology, the internet securities transaction have become a new form of securities transaction, and on behalf of future. As a totally new transaction means, it greatly lowered the exchange cost, enhanced the transparency in securities transaction, broke the time and space limits, dismantled investors from the boundary of transaction firms and met various needs of the investors. However, network is a two-edged sword. The Internet has provided the industry of securities with new opportunities and had active influences upon the stock market. At the same time, the features of Internet like openness and anonymousness have also brought new problems and challenges to the supervising institutions: lawbreaking behavior just as Securities Fraud, Manipulation, Inside Trading will be more dangerous by network; the internet securities transaction system always has safety problems. The exchange of transaction medium makes supervision become difficult.In order to deal with this challenge, the supervising institutions work positively. The internet securities transaction in the Unites States of America is the most developed,so that it has abundant regulation experiences;IOSCO has published two reports concerning the internet securities transaction to study how to regulate this area.We have started the internet securities transaction in 1997 and have promulgated some related regulations. However,the internet securities transaction in our country is still at the initial stage,and the uncompleted legal system has barred the further development of this industry ,So it's significant for the study on how to regulate it. This article begin with the basis Legal Issues of the Internet Securities, and then introduce lawbreaking behavior and Civil obligation in Online-Transaction. Compare with the good experience in other countries, I clear up the supervising system in our country and find the problems. At last, I bring forward the goals, principles and methods to improve our supervising system. This article is an elementary discussion about this issue from the related regulations. Besides the Introduction and the conclusion, the whole article was divided into five parts, totally 50 000 Chinese Characters.Chapter 1 is the Internet Securities Transaction and the basis Legal Issues. The first section of this chapter gives an introduction about the concept and types of the internet securities transaction, pointing out that the basis relation of Legal Issues . The second section analyzes and introduces the basis relation of internet securities transaction in the theories of the civil law.Chapter 2 is the lawbreaking behavior of the internet securities transaction. Compared with the fraud means used in the traditional securities transactions, the internet securities transaction fraud has it's own features.Chapter 3 is the Civil obligation in the internet securities transaction. The first section introduces the Civil obligation system in the internet securities transaction. The second section introduces how to incriminate lawbreaking behavior. And the last two sections introduce domination and how to make up for a loss.Chapter 4 is the Comparative Study of the Internet Securities Transaction. The article chooses the regulation method in the USA and IOSCO for the comparative study so as to offer experience for our legislation. And the last section introduces the supervision system in Our Country and the brief problems.Chapter 5 is about how to improve our supervision system. The article brings forward the goals, principles and methods to improve our supervision system.Mainly adopting theory analysis, real example and comparative analysis, the author studies the current situation and reason of insufficient of the Internet Securities Transaction of perfecting Legislation and the way to overcome the deficiency ,to solve the questions and to strength and improve the Legislation.