Research On Judicial Intervention Of Self-regulation Behavior Of Stock Exchanges

Stock exchanges self-regulation behavior judicial intervention of China is not a new topic. Many scholars got involved in this field early when membership of stock exchanges established. However, the booming of capital market of China varies from minute to minute which given exchange self-regulation a new mission and also brought new problems. Since the party’s Third Plenary Session of18under the background of deepening reform, the CSRC proposed "Regulatory transition" in national securities and futures supervision work meeting of2014. It put forward the new request to the government regulation and exchanges’ self-regulation. But the legal system of self-regulation behavior judicial intervention of our country has not yet established. Although some judicial interpretation but just procedural norms, substantial law system has not yet established perfectly. Given the lack of legislation, on one hand we need to determine the nature of stock exchange and its self-regulation behavior on the theoretical level and analyze different legal relation between stock exchange and its various regulatory objects. On the other hand, we need to learn from foreign mature market experience and legislative experience, discusses the judicial intervention methods of various regulatory behaviors and objects, and then make the arrangements for the specific system of litigation. We about to focuses on three different litigation deterrent mechanisms which are internal relief, arbitration and prepositive procedure of administrative reconsideration; bring self-regulation behavior beyond litigation deterrent mechanisms into the scope of judicial review; and choose civil litigation as the relief mechanism for solving the disputes caused by self-regulation behavior; and put forward reasonable scope and principles of judicial review. Then the judicial intervention problem of self-regulation will be solved through necessity, feasibility, rationality theory as well as the specific institutional arrangements. Under the new situation, providing a space for exchange to give a full play to the self-regulation management functions and improving the judicial environment for exchange to fulfill the self-regulation management functions are the legal construction of self-regulation management of exchange under the background of deepening reform.This paper consists of four parts, about thirty-five thousand words.The first part is about to determine the nature of self-regulation behavior of stock exchanges. First of all define self-regulation behavior and analysis the characteristics. Then analysis of the legal nature and legal attribute of stock exchanges through the comparison of legal relationship between the stock exchange and different market participants to determine the nature of self-regulation behavior. Besides, I also analyze three trends of self-regulation of stock exchanges which are deepening reform background, the trend of demutualization and regulation transformation.The second part is the analysis of necessity and rationality about judicial intervention of self-regulation behavior of stock exchange. Firstly, the judicial intervention theories are introduced. Secondly, analyze the current situation and problems of self-regulation on exchange and demonstrates the necessity of the judicial intervention. Thirdly, analyze the benefits of judicial intervention in exchange and demonstrates the rationality of the judicial intervention. The third part is the comparative study, through the study of New York stock exchange, London Stock Exchange, the Frankfurt stock exchange and these three countries of different market supervision system, also the judicial intervention form of three stock exchanges self-regulation mechanism. Then analyze the feasibility of judicial intervention in self-regulation in China.The fourth part is the system establishment of judicial intervention mechanism for self-regulation of exchanges. At first, three different litigation deterrent mechanisms are proposed as the prepositive procedure of judicial intervention, including internal relief, arbitration and prepositive procedure of administrative reconsideration. Then analyze the way to get involved and choose civil litigation. At last, the scope of judicial review and the principle of judicial review like the limited judicial review of intervention and relative immunity of civil liability are discussed.