Research On Judicial Review Of Self-regulation Of Stock Exchange

Stock exchange are legal persons that provides the relevant place and facilitiesfor concentrated securities trading, organizes and supervises the securities trading andapplies a self-regulating administration. As a self-regulated organization in thesecurities market, stock exchange has public powers for supervises and administrativethe action of securities companies, listed companies and the public investors.However, due to the duties of self-regulation which stock exchange carried outbelongs to the category of power operation, and the self-regulation of stock exchangein china have a strong administrative supervision color, they are the main point toinfluence the interest of market participants. So the law should require to control andregulate the action of stock exchange.At parent, the self-regulation of stock exchange in china have varying degrees ofdeficiencies and defects in the aspects: the rules of self-regulatory power in the lawlevel are uncompleted; the system and procedures of self-regulation of stock exchangeare not perfect, and internal remedy mechanism have many defects, etc. Withinsufficient supply in the legal system and defects in the self-regulation of stockexchange, we should introduce externality power to supervise and restricts theself-regulation in order to safeguard the legitimate rights and interests of marketparticipants. And judicial review is the undoubtedly more appropriate and effectivechoice.On studying the status of the china’s judicial practice, can reflect theory thatsubject qualification of administrative litigation and update the accepting standard ofjudicial review. They are provides the theoretical basis for breaking the barriers in thejudicial review and it holds that the scope of judicial review should be broadened inour count to include the action of self-regulation of stock exchange which infringecitizens’ constitutional rights. And then the court,which in charge for judicial review,must be seek a balance between self-regulatory of stock exchange, remedy and protectto the rights of market participants and intervention by national judicial. For buildingand proving the judicial review of self-regulation of stock exchange, we should havecomprehensive consideration of various factors: judicial review principle, judicialreview scope and judicial review intensity. In short, the judicial review ofself-regulation of stock exchange, which can achieving the stock exchange towards the path of the litigation, promoting the healthy development and the empowerment ofself-regulation of the china’s stock exchange, has important practical significance.