American Securities Infractions Whistleblowing System And Its Enlightenment To China

The complex and concealed nature of securities violations,as well as the limited resources of securities supervision and the weak enforcement of laws,make the capital market illegal and chaotic.In order to solve this problem,the United States established the whistle-blowing and anti-retaliation protection system through the Sarbanes-Oxley Act and the Dodd-Frank Act,guiding public-private cooperation,promoting the timely transmission of illegal information to the outside,and effectively improving the effectiveness of supervision.Protect the interests of investors.China's securities violation whistling system has not achieved the expected results in the implementation practice,and there is still a gap in the effectiveness of whistling information on securities regulatory enforcement.Therefore,it is necessary to use the United States as a mirror to examine and reflect on the whistleblowing system of securities violations in China,with a view to proposing perfect suggestions.The main body of this article is divided into four parts.The first part introduces the historical development and implementation effectiveness of the whistleblowing system for US securities violations.First,point out the definition of the whistleblowing and the evolution of the role of the whistleblower.Secondly,it introduces the legislative process of the US whistleblowing system.Its historical development shows that the United States has been exploring a comprehensive set of whistleblowing incentives and protection measures.Finally,through the empirical analysis of the effectiveness of the whistleblowing system of US securities violations,it can be seen that the effectiveness of the whistleblowing system of securities violations in China is quite different from that of the United States.Therefore,it is of great theoretical and practical value to examine the composition of the whistleblowing system of US securities violations,and then to analyze the status quo of legislation and practice in China,to explore the reasons for poor implementation,and to propose useful suggestions.The following three parts of the thesis are built around these issues.The second part is based on the US Sarbanes-Oxley Act and the Dodd-Frank Act.It discusses the scope of the main body and the original information,the incentive and protection mechanism,the reward review procedure and the supporting mechanism to discuss the US securities violations.The content of the whistleblowing system,the US systemized whistleblowing system laid the foundation for better implementation results.The third part first points out that the securities market system and the securities law enforcement load are heavy,and the law enforcement is not strong enough to create the environment for the whistleblowing system of securities violations in China.By examining and rethinking the legislation of whistleblowers of securities violations,it is believed that China does not clearly define the scope and original information of whistleblowers;the scope of whistleblowed violations is too narrow;the incentive amount is low,and effective protection measures are lacking.Secondly,starting from the empirical evidence,under the system of securities violations,the author compares the current situation of the enforcement of securities enforcement in China and the United States,and then reflects on the inadequacy and reasons of the whistleblowing system of securities violations in China,pointing out that the main reasons for its poor implementation are: The whistleblower has different literacy,confusing complaints,letters and visits,and reporting;the whistleblower's motive is impure,the interest drive is obvious;the whistleblower's behavioral restraint mechanism is insufficient;the moral ethical obstacle is different from the outside.The concept of securities supervision reveals that regulators obviously do not pay much attention to whistleblowers,and that securities law enforcement fails to make full use of information tools is the root cause of whistleblowing difficulties.However,the securities violation whistleblowing system is generally beneficial to securities law enforcement,and the whistleblowing clues against reality Poor quality,whistleblowing problems such as chaos,need to improve the existing whistleblowing system to correctly guide and regulate the whistleblowing of bad phenomena.The fourth part is based on the special legislation of the US securities violation whistleblowing system,strengthening the whistleblowing incentive and protection mechanism,constructing the auxiliary punishment mechanism and other enlightenment,combining the practice status of the whistleblowers in China's securities violations,and legislating the whistleblowers of China's securities violations.The construction of the whistleblower mechanism of specific securities violations,the establishment of prevention and punishment auxiliary mechanisms,etc.