Legislative Regulation Study On Gatekeeper Mechanism In China’s Securities Market

In the securities market, "Gatekeeper" is the intermediary institutions, its assured investors that the securities issuance of quality. In China securities market, "gatekeeper" usually include securities firms, law firms, accounting firms, asset appraisal institutions. "Gatekeeper" mechanism as the external supervision mechanism of listed companies, is an important barrier to protect the healthy development of securities market in China. Once the internal control mechanism is out of control in the list companies, securities intermediary institutions will block the counterfeiters into the securities market.The current, financial fraud of listed companies in China securities market often occur. But the "gatekeeper" mechanism failed to play a role. On one hand, because of "gatekeeper" mechanism in our country for reference in the United States, the system is not perfect. On the other hand "gatekeeper" mechanism itself has a problem in our country, lead to function is limited."Gatekeeper" mechanism causes of transplantation effects include: The imperfect legal fuzzy "gatekeeper" self responsibility consciousness; Principal-agent relationship caused the alienation of "gatekeeper" deviates from the interest and professional ethics; The fuzzy of legal duty to make "gatekeeper" lack of due diligence standards and independence; Light illegal cost make "gatekeeper" often have fluky psychology in the presence of illegal interests. "Gatekeeper" as the guardian of the public interest,plays a crucial role in the securities market. Once the "gatekeeper" mechanism failure,will affect the long-term stable development of our country’s securities market.To this,we should from the legal position, clear division of labor, legal deterrent, industry self-discipline and transformation of regulatory thinking. And take measures to standardize "gatekeeper" industry development. Such as improve the mechanism of "gatekeeper", Issued documents to restrict administrative power, clear "gatekeeper" market position; restore operation essence, refactoring entrusted agent, clearly the duties and responsibilities of "gatekeeper", increase the intensity of illegal punishment and illegal cost; promote the "gatekeeper" discipline construction, adjust the regulation thinking, realize regulatory transition.