Research On The Legal System Of Self-Regulation Of Stock Exchanges In China

China's securities market plays an important role in its economic development.It accelerates the flow of capital,provides a financing platform for the development of enterprises,and promotes the growth of enterprises and the development of real economy.However,unfortunately,there are still some problems in China's securities market,such as imperfect laws and regulations,imperfect regulatory system and so on.Therefore,it is particularly necessary to strengthen the supervision system of the securities market.As we all know,the supervision of the securities market is mainly divided into government supervision and market self-regulatory organizations such as stock exchanges and securities industry associations.Stock exchanges are the links between investors and financiers,the organizers and regulators of stock exchanges.Good supervision of stock exchanges can promote the development of securities markets,protect the interests of investors,and is conducive to the construction of China's multi-level capital market.Stock exchanges play an important role in the supervision system of the securities market,and have a special position.Many countries and regions also emphasize the important role of stock exchanges in the supervision of the securities market.However,there are many problems in the self-regulation of securities exchanges in China,such as unclear definition of the legal attributes of securities exchanges,insufficient independence and competitiveness,unclear regulatory authority,imperfect judicial intervention mechanism,and imperfect social supervision.Therefore,this paper studies the self-regulatory legal system of stock exchanges,hoping to help improve the self-regulatory system of stock exchanges in China.This article is divided into four chapters.The first chapter is a general overview.This chapter mainly elaborates the emergence and development of securities market,the emergence and development of securities exchanges,and the advantages of self-regulation of securities exchanges.It combs the legal basis of self-regulation of securities exchanges,including laws,administrative regulations,departmental regulations,judicial interpretation and business rules of securities exchanges,and comments on me.The internal organizational structure of self-regulation in China's current stock exchanges is concluded that the internal organizational structure of self-regulation in China's stock exchanges can be further optimized.The second chapter mainly analyses the problems and causes of the self-regulation of stock exchanges in China.It mainly includes four points: the first reason is that the unclear definition of the legal attributes of China's stock exchanges makes it difficult to fully realize the regulatory functions.The second reason is that the lack of independence and competitiveness of China's stock exchanges leads to inadequate regulatory power.The third reason is that the lack of clear self-regulatory authority of China's stock exchanges leads to regulatory failure.The fourth reason is that the judicial intervention mechanism is not perfect and it is difficult to restrict the self-regulation of China's stock exchanges.Chapter 3 compares and analyses the beneficial legal systems of self-regulation of stock exchanges in foreign countries.Through investigating the legal systems of self-regulation of securities exchanges in the United States,Britain,Germany and the United States,we can draw lessons from these experiences.The major developed countries all emphasize the importance of self-regulation of stock exchanges;in the process of securities market supervision,we can draw lessons from them.It is necessary to rationally divide the responsibilities of government supervision and self-regulation of stock exchanges;stock exchanges,as the subject of supervision,tend to move from membership system to company system;and the concept of stock market supervision in major developed countries is constantly changing.The fourth chapter of this paper is the main measures to improve the self-regulatory legal system of stock exchanges in China.This chapter mainly includes the following four parts: Firstly,the revision of the concept of securities regulation,the concept of securities regulation has a guiding role on the objectives,principles and specific measures of securities regulation.Establishing the concept of market-oriented supervision is helpful to improve the self-regulation of securities exchanges.2.Rationally dividing the supervisory powers of stock exchanges and the Securities Regulatory Commission.As a self-regulatory organization,stock exchanges have the function of supervising the securities market since its inception.Over-supervision by the Securities Regulatory Commission is not conducive not only to the stock exchanges playing their supervisory roles,but also to the market mechanism of the securities market.The supervisory powers of the two should cooperate with each other,complement each other and play a common role.Effect.Third,the perfection of judicial intervention mechanism,judicial supervision has the characteristics of passivity and little influence on market operation compared with administrative supervision.Reducing excessive administrative supervision and using judicial supervision to self-regulate stock exchanges will make self-regulated supervision of stock exchanges conform to market rules and be more efficient.4.The corporatization reform of stock exchanges has been completed in major stock exchanges all over the world.The corporatization reform in China is not only to conform to the trend of the times,but also to solve the problems of unclear legal attributes of stock exchanges and over-regulation of stock exchanges by the Securities Regulatory Commission,so that stock exchanges can better play their regulatory functions.