China Securities Regulatory Commission (csrc) Comparative Study On Administrative Legal Status Reform

Today, global economy is highly integrated. As a place of large-scale capital flows globally, the stock market plays an increasinglyimportant part in prosperity and stability of global economy. Theglobal financial crisis caused by the U.S. subprime mortgage in2008cleared again the importance of securities regulatory. In view ofthis, with further development of global economy, the world’s majorcountries constantly adjust their securities’ regulation systemunder the new situation of securities market.In today’s world, securities regulatory approach can be differedtwo kinds: government-led and self-regulation led. And the mainrepresentations of securities regulatory approach are the UnitedStates, the Great Britain and Germany, etc. Chinese securities marketstarted late. China has not established national securitiesregulatory system whose core is China Securities RegulatoryCommission until in the late1990s of last century, and then Chinahas still continued to make all kinds of fine-turning. At thebeginning of establishment, China’s Securities Regulatory Commissionintended to be an independent agency. But restricted by Chinesenational conditions, China Securities regulatory commission has beenunable to play the advantages of independent agency all long, thuscausing series of theoretical conflicts and practical embarrassment.To improve Chinese securities regulatory system, we shouldimprove China Securities Regulatory Commission and its legal status.Only clear its legal status, we can regular its activities. And atlast, we can achieve our goal that regular China SecuritiesRegulatory Commission and the market. We can do it from two respects.On one hand, we should enforce its independent legal status, reducingadministration’s influence further; on the other hand, to meet theChina Securities Regulatory Commission’s independent status, it’snecessary to re-construct and improve its activities.