Legal Regulation Study For Securities Regulators And Practitioners Of Stock Trading

After more than 20 years of development, our country has made some achievements in the supervision of the securities market. Initially established a set of by laws, government departments promulgated administrative regulations and the competent department of securities regulations, and the securities industry association self-discipline rules in the legal system, but in many ways still need to further perfect and unified. Article 43 of China’s current "Securities Law" expressly prohibited securities supervision and practitioners of buying and selling stocks, at first in order to prevent securities supervision and practitioners using professional facilitation and information superiority for insider trading, and conflict with customers and the general behavior of investors interests. But in recent years, with the rapid development of China’s securities market, securities regulators illegal stock trading phenomenon occurs, the phenomenon of the securities practitioners stock trading is very common, banning all the regulation mode of securities regulation and professionals stock trading on the securities law, in practice has and current situation of the development of China’s securities industry does not adapt, faced with effective but no effect, and securities companies are encouraged to take in contradiction with the equity incentives of the policy, and violated the rights of citizen’s investment many difficulties. At present, China is making efforts to promote the "Securities Law" a new round of changes, new securities law draft conditional liberalized restrictions on securities regulation and professionals stock trading, provisions, as long as compliance with securities account for the record, the record of the transaction reporting and other restrictive provisions, this and the "Securities law" provisions of Article 43 distinct, but did not to the securities supervision and practitioners both identity of different securities market groups involved in were distinguished effectively, but take the release of all regulation method, this paper argues that to the securities supervision and practitioners stock trading laws and regulations should be further improved.Compared with the securities law of our country, the regulation mode of securities regulation and securities regulation is completely prohibited, and the mature securities market of the United States is the classification of the two types of personnel. For securities regulators, because it is shouldering the duties of supervision and administration of the securities market, including propose and formulate the relevant supervisory and administrative regulations of the securities market, to audit the stock public offering, and on the securities market activities launched investigation and examination etc., holds the direction to the development of policies,and a large number of listed company non-public information. Therefore, we should forbade them to participate directly in stock trading activities, unfair competition and other market players, to ensure that create a fair market environment. And securities practitioners, as the stock market participation main body, and securities regulators of identity attributes are different, therefore does not prohibit securities practitioners involved in stock trading, but to strengthen to take precautions against employees of securities insider trading, conflict of interests. Also the securities supervision and administration institution will require the securities operating institutions as frontline supervision responsibilities, establish internal regulation system to regulate the securities practitioners’ stock trading behavior, improve the information isolation wall and information disclosure mechanism, and hold the securities practitioners’ illegal trading of stock behavior offended by the civil, criminal or administrative liability and guide the licit securities investment.This paper argues that to learn from American mature stock market of securities supervision and practitioners supervision experience, explore to establish a corresponding system of legal norms, is currently the securities practitioners’ stock trading behavior can not ban and standardized way to solve the problem. The securities supervision and practitioners to effectively distinguish, analyzes the difference between securities supervision and practitioners the identity of different subject, finally puts forward the modify our securities law currently prohibit the relevant provisions of the securities supervision and practitioners to buy and sell shares, of the securities supervision and employees take the regulation mode of classification regulation, trading in the stock of securities regulators should still bestrictly prohibited, securities practitioners stock trading behavior can have the conception of legal regulation release conditions. In combination with the current situation of the development of the securities market of our country, stressed the importance of accountability mechanisms to improve post responsibility for violations, in order to explore establish a advance prevention, monitoring, ex post accountability to a full range of legal supervision system, hoping to make some contribution to the healthy development of China’s securities industry.