The Research And Reference Significance Of Legal Issues In The Supervision Of Hong Kong Securities Market

Following over a hundred years of development, the Hong Kong Securities Market has become a key international securities market, playing a critical role in the global capital market, and has become one of the major financial centers internationally and in the Asia-Pacific region. During the past twenty years, the Hong Kong capital market made great contributions to China’s economic development and reform, not only raising extremely precious development funds, but also bringing financial and business management experience to the mainland.Through the multi-dimensional research and analysis on Hong Kong Securities Market’s development and supervision mode, subjects, legal norm and contents, the article seeks to examine the reasons and experiences of the healthy development of the Hong Kong Securities Market, and hope that its clear supervision structure, advanced supervision concepts and mode, optimised market system, clear supervision principles, sound laws and regulations, effective methods of sanctions, diversified finance products and securities market services with socialist characteristics will contribute to the development of the securities market in mainland China and propose the direction for further development.This paper is organised into six chapters, the first chapter analyses the development history of the Hong Kong Securities Market and identifies the Hong Kong Securities Market’s key elements including market participants, transaction instruments and trade venues, and clarifies its stock indices and market characteristics. The second chapter summarises the characteristics of the legal norm for the Hong Kong Securities Market based on the analyses of the legal norm structure of supervision for the Hong Kong Securities Market. The third chapter introduces in detail the supervision subjects of the Hong Kong Securities Market and its advantages. The fourth chapter discusses the supervision mode of the Hong Kong Securities Market, particularly the self-disciplined supervision of the Hong Kong Stock Exchange and the supervision of the Hong Kong Stock Exchange by the Hong Kong Securities and Futures Commission. The fifth chapter sets forth the supervision contents of the Hong Kong Securities Market, including the supervision of the Offering Market, Trade Market, securities institutions, investors, market manipulation, and insider trading. The sixth chapter analyses the supervision of the China Securities Market and proposes the references and inspirations of the experiences of supervision for the Hong Kong Securities Market that can be learned from and benefit the development of supervision for the domestic Securities Market.