Experience And Enlightenment Of The Re-regulation Of Securities Market Regulators

Securities regulation aims to overcome the economic problems of market failure by means of government regulation,to make up for the shortcomings of the securities market,to promote the rational allocation of resources,to promote orderly and efficient development of market economy.Regulators' supervision and management of the securities market can correct the problem of "market failure" to a certain extent.But there is also a risk of "regulatory failure".It is necessary to supervise and manage securities regulators through a reasonable re-regulatory mechanism.The purpose of this paper is to learn and refer to the relevant experience of other countries and regions.To analyze the current situation of re-regulation of securities regulators in China.Then to put forward some suggestions on the re-supervision system of securities regulators in China.Chapter I.This part explores and demonstrates the theoretical basis of economics and law for re-regulation of securities regulators.From the perspective of economic theory,it is necessary to establish and improve the re-regulation model of securities regulators in order to reduce the cost of regulation in a certain regulatory objective.As one of the remedies to the defects of securities regulation,the pressure of securities regulators' re-regulation can effectively promote the efficiency of securities regulation and reduce the risk of securities regulation.From the perspective of legal theory,securities regulation is essentially a kind of regulatory power,and restricting power is the embodiment of the spirit of jurisprudence.Chapter II.Starting from the practical problems of securities supervision in China,to explore the practical necessity of supervising and managing securities regulators.Specifically,it includes that preventing abuse of power through re-regulation by securities regulators,promoting anti-corruption,improving the efficiency of supervision and improving the level of supervision;promoting financial innovation through financial development.Chapter III.Based on the current situation of re-regulation of securities regulators in China,to analyze the shortcomings of re-regulation of securities regulators in China.Specifically,it includes:lack of statutory standards for re-regulation of securities regulators,the legal responsibility for securities supervision is not clear,the punishment is low,the lack of public supervision,and the lack of incentives for securities regulators to innovate themselves.Chapter ?.Taking the United States,Britain,Australia and Hong Kong as examples,to analyze the specific practices of securities regulators' re-regulation.Under the decentralized political system of the United States,the re-regulation of securities regulatory bodies is mainly divided into four aspects:legislative supervision,administrative supervision,judicial review and self-discipline management.The supervisory mechanism of corporate governance and the supervisory impact analysis system established in Britain are the model of effective re-regulation of securities regulatory bodies.Australia's main way to regulate securities regulators is to establish the accountability system of regulators.Hong Kong of China has set up a special mechanism of the Appeals Tribunal,focusing on disputed securities issues in order to resolve the issue of securities appeals.Chapter ?.Based on the analysis of the current situation of the re-regulation of securities regulators in China and the relevant experience of other countries and regions,this part puts forward some suggestions on the re-regulation system of securities regulators in China from some aspects:the independence guarantee of securities regulation,the evaluation system of securities regulation,the accountability system and the social supervision system.As a research subject involving law,economy and management,etc.the research on the re-regulation mechanism of securities regulators is conducive to promoting the interdisciplinary research and development of the relevant theories of securities market in China.It is also conducive to promoting the good implementation and implementation of securities regulatory provisions,enhancing the trust and enthusiasm of securities participants,guiding the rational flow and allocation of funds in the securities market,protecting the legitimate rights and interests of investors,promoting the healthy and orderly development of the capital market.However,the re-regulation system of securities regulators is not only a technical and institutional issue,but also a social and historical issue.The construction of the relevant system needs not only to conform to the objective law of economic development,but also to meet the basic national conditions and the fundamental needs of social development in China.