China's Securities Market Regulatory System Research

Securities market regulatory system is to regulate the securities market regulatory body in institutional settings and institutional arrangements of regulatory authority division. Market failure exists more or less during the development of market, which requires regulatory authority intervent to correct market imperfections. In the initial stage of China's socialist market economy, legal system and mechanism of securities market need to be improved, combined with the securities market's unique high-risk and fast-pace features, the securities market regulation should be taken to a centralized regulatory system of government regulation. However, the constraint mechanism on the government regulator's rights is basically a blank state, which makes researchers find the institutional source of China's securities market regulation, in order to constantly improve China's securities market regulation.The International Securities Regulatory Commission Organization (IOSCO) developed a set of securities market regulatory provisions on the basis of summary of the experience of developed securities market. We can also see the essential of securities market regulation is the functional coordination among securities regulators, the provisions of the respective legal status and nature of regulatory agencies, the restriction mechanism of government regulatory agencies, the improvement of the legal system of securities market regulationThis paper first defines the concept of securities market regulatory system, and then analyzes the provisions of the securities market regulatory and the practical experience in foreign countries, then combs China's existing securities market regulatory system development. The third part mainly analyze China's existing regulatory bodies, the distribution of power, constrain to regulatory power and regulatory legal system. The last part puts forward policy recommendations to improve China's Securities market supervision system.