Comparative Study On Legal Regulation Of Shanghai And Hong Kong Securities Market

As the financial center in the Asia-Pacific region, the Hong KongSecurities Market has a hundred years of history, playing a critical role inthe world’s capital markets. With its advanced regulatory principles andmodes, clear regulatory objectives, sound legal and regulatory system andeffective methods of sanctions, Hong Kong Securities Market has ahealthy and orderly development. On the other hand, the ShanghaiSecurities Market, along with the deepening of China’s reform andopening up and the gradual liberalization of the financial markets in thepast thirty years, has also made great progress. Its size is not less than theHong Kong Securities Market now. However, due to the late start of theShanghai Securities Market and its international level is not high, therestill exist many problems. Especially with the announcement of "TheStanding Committee of the NPC in2014legislation plan", revision of the"Securities Law" has been scheduled. At this point, the comparative studyon legal regulation of Shanghai and Hong Kong will have a very strong theoretical and practical significance.This paper is divided into five chapters. Introduction part starts frompresenting problem, points out the research perspective of this paper, andindicates the significance of it.The first chapter points out the mainly difference between Shanghaiand Hong Kong Securities Market mainly lies in regulatory capacity bycomparing the size and maturity of the two markets. Therefore, ShanghaiSecurities Market needs to learn advanced management concepts fromHong Kong Securities Market.The second chapter summarizes the characteristics of the legal normfor the Shanghai and Hong Kong Securities Market based on the analysesof the legislature, legal responsibility and legal norm structure ofsupervision.The third chapter focuses on comparing the self-management modeland centralized-managementmodel and suggests setting up amechanism of balance.The fourth chapter describes the supervision contents of theShanghai and Hong Kong Securities Market from offering, listing,trading and delisting aspects.The last chapter obtains enlightenment from the comparative studyon legal regulation of Shanghai and Hong Kong Securities Market. Firstly,strengthening the securities legislation, improving the supporting system; Secondly, implementing civil liability strictly, paying more attention toprotect investors; Thirdly,defining the powers of supervision clearly,strengthening the supervision of the regulatory body; Lastly, promotingself-regulation, reducing administrative intervention.