Tianjin Cultural Art Exchange Regulation Law Studies

Tianjin Cultural Art Exchange (TCAE) is approved by the government. It is not only the first domestic culture art exchange, but also the "pilot" of financial reform and innovation in the National Comprehensive Supplementary Reforms Testing (NCSRT)of Tianjin Binhai New Area. In early2011, art of share trading originated with TCAE has caused public concerns. On one hand, such trading model embodies the salient feature of "art financialization", it is an effective attempt to promote the development of cultural industry and financial innovation. On the other hand, it has led to widespread controversy, including the basis for pricing share, trading rules, information disclosure, regulation and how to assert rights. One of the important reasons for the controversy is the new trade pattern has put forward the test to the relevant regulation departments, so the regulation is not clear. The absence of regulation reflects on many aspects:the subject is not clear, it lacks of basis, responsibilities are unclear and measures are inadequate. The main reasons are that the positioning of the new trading behavior is unclear, the system design is at risk, there is some understanding deviation on pilot of financial policy-oriented as well as the regulatory mechanisms has to be explored. In response to these issues, it should strengthen regulation of financial innovations in the macroscopic level, research and use the financial experience of other countries for reference, make it in accordance with the law, moderate, transparent and effective regulation.The NCSRT also needs the premise of effective regulation and active support. For TCAE, make the main subject and important regulatory duties clear, speed up specific legislation of it, set up and perfect the trading rules, enhance the information disclosure and self-regulation.