Empirical Study On Features Of Administrative Penalty Made By CSRC

Since the establishment of Shanghai and Shenzhen Security Exchange in 1990 s, Chinese Security Market grows from nothing and achieved great development by leaps and bounds in recent two decades, which plays an important role in accelerating economic development and optimizing resources allocation. However, there still exists, in comparing with the security market and security supervision institutions, large gaps in market scale, laws and regulations, supervision efficiency and other aspects. Given the participators of Chinese security market are in exploration, there still needs time for Chinese Security market to grow mature.The development of Chinese Security Supervision and Management Organization has become the representative epitome during past two decades, and people gradually attached greater importance on Security Supervision. Currently, there exists two main models in Security Supervision: Government-oriented and Self-discipline oriented. After years exploration, the unified Security Supervision system with China Securities Regulatory Commission as the main body has been established.On the occasion of preparation for Amendment on new Security Law of China, this article, with research on Notification of Administrative measures and penalties made by CSRC from 1993-2014, by analyzing the law-break of listed companies and intermediary institutions of Security market as well as the features and trends in penalty execution made by CSRC, expresses opinions and advises to standardize use of authority of CSRC, to improve the fair and efficiency on penalty execution, and to urge CSRC to make an effective supervision on Security market; and make wish that CRSC, as the keeper of public capital, can be an escort alone with further development of Chinese Capital Market.There are five parts below:Section one: Focus on the establishment background, development, and relative laws and regulations of China Security Regulatory Commission—the supervision and management organization of China.Section Two: Analyze on the administrative penalties made by CSRC in different periods from the historical angle, with attempt to make reasonable explanation.Section Three: Analyze on features of CSRC’S administrative penalties with combination of crime characteristics of listed companies and their executives.Section Four: Analyze on features, reasons and penalty verities of three main intermediary institutions, accounting firm and law firm in Security Market.Section Five: Conclusion on the features of penalty made by CSRC with appropriate opinions and suggestions to expect the improvement of law enforcement and efficiency of CSRC.