Study On The Self-regulation System Of China’s Stock Exchange

The stock market is an important part of a country’s financial system, and its operation is directly related to the country’s economic development. As the stock market has the characteristic of high risk, if the stock market is not properly regulated, it is very likely to lead to a serious economic and financial crisis, resulting in the social unrest. And for the stock market regulation, different countries have their own regulation ideas and means, according to their own historical tradition and practice. Due to the special role of the stock exchange, all countries are attaching great importance to it, confirming its self-regulation status and granting its self –regulation authority despite their different supervision ideas and patterns. Due to the historical and practical reasons, although China’s stock law grants some rights to the stock exchange, it still doesn’t get marked effect. And China’s stock market is also facing the background of the upcoming stock issuance and registration system, the research on the stock exchange self- regulation system can find out the defects, and then realize the perfection of the system.As the stock market is continually being improved, the original stock issuance auditing system can’t adapt to the existing stock market, the voice and expectations for the reform of registration system are getting higher and higher. Especially in 2015, the National People’s Congress considered the "Stock Law" and clearly authorized that the State Council can adjust the applicable of the current stock law to meet the needs of the registration system reform. This authorization has indicated the expectations of registration system reform, showing the change of stock issuance auditing system in our country, at the same time, the reform of the upper system will inevitably bring the disjoint of the supporting system. Due to the importance of the stock supervision system, with the reform of the stock issuance auditing system, we must improve the current stock supervision system, in order to clear the blind area between different systems, and considering the special status of the stock exchange in the stock supervision system, if we implement the reform, it will inevitably affect the legal origin and foundation system. Only take a research on the self-regulation supervision system, can we promote the supporting system of the stock market, and improve our country’s capital market and the financing system.This paper is to analyze the condition of the self-regulation supervision of our country’s stock exchange, from three aspects, that is the basic concept of self-regulation, the legal basis and main contents of our country’s self-regulation supervision of stock exchange, to clarify the definition of self-regulation supervision of stock-exchange, and make clear the difference and relation between stock exchange as a self-regulation and government supervision as the discipline supervision. At the same time, try to comb the legal origin and foundation of self-regulation supervision of stock exchange, and summarize the main content in accordance with laws, rules and self-regulations. Secondly, it points out the challenge of the reform of the registration system to the self-regulation of stock exchange in China. In this chapter, first, the content of the reform of the stock issue registration system is explained, and the core direction of the registration system reform is the continuous information disclosure, and try to explain from the aspect of issue, registration and so on. Registration system reform is in line with the trend of the development of the international stock market and China’s specific reality, the corresponding legal system challenges will inevitably bring about a complete set of supporting system and facilities. Then this chapter describes the background of the registration system reform, pointing out the challenges and problems China’s stock exchange self-regulation may encounter from the aspect of the regulatory philosophy, regulatory scope and regulatory measures. Then analyze the specific system in the three supervision ideas, with comparison and reference, try to find out the development trend of the stock exchange self-regulation under different supervision ideas and patterns, and finally establish our country’s supervision ideas. At the end of this paper, under the guidance of the established supervision ideas, from the aspect of self-regulatory statue, self-regulatory scope and self-regulatory means, try to perfect the specific systems of our country’s stock exchange self-regulation.