Legal Orientation Of The Disciplinary System Of The Stock Exchanges

As an important infrastructure of the capital market,the stock exchanges is also the first-line regulator of the securities market and has the right to take disciplinary measures against its members,listed companies and market participants.However,the disciplinary measures of stock exchanges in China are always unclear in nature,inconsistent in scale and insignificant in effect.There is the suspicion of"sports law enforcement".In order to solve the above problems,it is necessary to clarify the legal position of the disciplinary system of the stock exchange.Taking this as the entry point,this essay provides relevant ideas for the position-oriented disciplinary system from the perspectives of theoretical construction,power separation,existing problems and improvement Suggestions.The first chapter analyzes the nature of the subject of disciplinary action,the orientation of authorization basis and the source of superior concept from the three perspectives of the nature of the stock exchange,the"soft law"nature of the stock exchange constitution and the right nature of disciplinary action,in order to clarify the legal connotation of disciplinary action.The second chapter,from the perspective of comparison,compares the disciplinary system with civil relief,administrative punishment and criminal punishment,differentiates the similarities and differences,and clarifies the punishment boundary of the disciplinary system,so as to ensure that disciplinary punishment does not cross the boundary and does not lose its position in the process of implementation.The third chapter analyzes the current situation of the loss and dislocation of disciplinary action in China's stock exchanges,and points out the design defects and implementation errors of the existing system from four perspectives,namely,administrative path dependence,low participation of members,or bias of entities and procedures,and imperfect supporting measures.Further,the fourth chapter,chapter three problem on how to avoid the stock exchange of disciplinary action excessive administrative intervention,improve member activity,the introduction of the principle of due process and perfect the corresponding disciplinary measures put forward reasonable Suggestions,emphatically discusses the self-discipline supervision"to"the necessity and feasibility of the stock exchange.In the conclusion part,the author sorts out the full text and looks forward to the farther adjustment of the disciplinary action of the stock exchange in the future.