Research On The Administrative Regulation Measures Of Securities Market

There are so many unpredictable fluctuations on the Securities Market,in order to prevent or reduce the impact of securities violations on the economy,China Securities Regulatory Commission must be impartial and use their administrative regulation power to control the Securities Market,as the one of important way of Interim Monitoring—securities regulation measures plays an important role in maintain an invalid state of the securitization activities that has pass the pre-supervision and correct the illegal acts immediately.According to the collation of existing laws,administrative regulations and rules,there are more than fifty normative documents have been stipulated more than one hundred securities regulation measures which have different legal nature.So the investigation of the concept,nature,deficiencies and solutions can promote the executive supervision on Securities Market,and help China Securities Regulatory Commission play a role as the supervision of the main body.Chapter one—the concept of securities regulation measures,systematically accounts the reason of why we need executive supervision on Securities Market,and introduce the origin,concept,characteristics and principles of securities regulation measures.Securities regulation measures of our country means that in order to regulate the Securities Market,China Securities Regulatory Commission uses them to correct the illegal acts as the executive supervisor.As the regulation of prudential supervision process,they have highly requirement of timeliness and cooperativeness,so that they can match the punishment to regulate the illegal acts in an efficient and timely way.In the evolution process of our country's Securities supervision,we have learned a lot from common law system,so the establishment of these measures got the similarities between America and our country.Chapter two—the legal position of securities regulation measures analyze the legal nature of the measures,and collate the measures that exist in the laws,administrative regulations and rules.By comparing them to administrative punishment,administrative compulsory and administrative inspection,we can find they have some similar natures,and beyond that,there're also some measures belong to administrative guidance or factual behavior.This situation is due to the generated time and the absorption of common law system,we cannot simply regulate the measures under one of the administrative actions,and the flaws of establishment lead to the contradiction of implement.Facing this circumstance,we should change our mind and seek solutions.Chapter three has discussed the problems of securities regulation measures.The first problem we meet is that the different natures cause the matter of regulation and the lack of procedure regulations.Then we should note the difficulties of measures' regulation that due to the unreasonable establishment,hysteresis,lack of deterrent,light punishment and the quantities of the supervisor and the supervised are non-equivalence.Besides this,we also should pay attention to the regulation of China Securities Regulatory Commission's legislative power and the protection of administrative counterparts,because the lack of the two parts can lead to the loss of legitimacy,so that administrative counterparts may have difficulties in protecting their rights,and cause irreversible damage.Chapter four analyzes the improvement of securities regulation measures.Through the analysis results of last chapter and contact to the different views,we can start from those aspects: construction of administrative procedures,classified regulation of securities regulation measures,perfection of securities law supervision,improve the supervisory power of China Securities Regulatory Commission and perfect the protection of administrative counterparts' rights.Justifies the measures and carry out the measures smoothly by establishing and perfecting the legal state,procedures,regulation scope and relief way.While regulating the illegal acts we can protect the administrative counterparts' right at the same time,improve the efficiency and deterrent,so that securities regulation measures can maintain the legal status of pre-supervision and reduce the burden of punishment.