Study On The Application Of Administrative Law Enforcement Reconciliation System In Securities Regulatory Field

Capital market is a rule of law market.To develop marketization,there must be laws and regulations.Therefore,we must adhere to the construction of the rule of law.However,the rule of law is a very abstract definition.Any political interest group will speak of the rule of law and explain and interpret it in accordance with its vital interests.Regarding the rule of law in China's securities market,the CSRC has started to issue and implement the concept and policy of "post-supervision".The majority of securities operators are advocating "reasonable investigation",pleading with the securities regulatory authorities to allow "benign violation" when dealing with related cases."Post-regulation" lays a foundation for financial innovation,while financial innovation promotes the development of securities regulatory concept.Although the administrative law enforcement of securities regulatory authorities is to ensure the realization of the legislative purpose of securities regulatory,there are still many aspects worth discussing in our country in theory and practice to restrict and regulate the law enforcement of securities regulatory.In recent years,the state has paid more and more attention to the participation of the operators of the securities market as administrative counterparts.In order to map the reasonable subjective will of the operators of the securities market into administrative behaviors,the administrative decisions of administrative organs must reflect the will of administrative counterparts.In 2015,the China securities regulatory commission issued the implementation measures for pilot administrative reconciliation,incorporating the securities law enforcement and reconciliation system.Settlement,according to this idea:securities law enforcement is the securities regulation law enforcement organs in the process of law enforcement examination,according to the administrative relative person's applications,rather than negotiating and reaching law enforcement settlement,make its correction suspected illegal ACTS,exclude suspected illegal behavior as a result,the payment of administrative settlement to compensate for damaged the interests of investors,etc.,and to end censorship law enforcement behavior accordingly.In the first part,this paper firstly analyzes the law enforcement of securities supervision and emphatically discusses the legal attributes and legal functions of securities supervision and law enforcement.Secondly,the author studies the theory of administrative law enforcement reconciliation,and emphasizes the legitimacy of introducing reconciliation procedure in the process of administrative law enforcement and the necessary conditions for applying the system of administrative law enforcement reconciliation.Finally,through the analysis of the above theories to discuss the possible combination of the two and the degree of their compatibility,and then demonstrate the application of administrative law enforcement reconciliation in the field of securities regulation to break the deadlock of government securities regulation law enforcement of great significance and role.The concrete manifestation is:eliminates the administrative dispute;Supplementary administrative ACTS;Standardizing law enforcement activities;Restrict administrative power and realize administrative efficiency.In the second part of this paper,the present situation of Chinese governmental securities supervision is presented,which reflects the prominent position of CSRC in securities supervision mechanism.Secondly,through the analysis of the current situation of securities regulation,the disadvantages of government securities regulation are found.Administrative rules are mixed and arbitrary,sometimes beyond the scope of legal authorization;Cumbersome supervision in advance;The inability of law enforcement after the event and the continuously expanding law enforcement power of securities supervision hinder the reasonable operation of market self-discipline mechanism.Finally,the paper analyzes the reasons for the shortcomings of the government-owned securities supervision and law enforcement mechanism.The imbalance between the power limit and resource control of CSRC;Policy objectives interfere with securities regulation.In the third part,this paper first observes the relationship between state intervention and securities market from the perspective of legal system,and then discusses the influence of the legal system origin of different concepts of freedom on state intervention in securities market.Secondly,the United States law is selected as the representative of the common law system,and it is taken as the research object to focus on the legislation and practice of law enforcement and reconciliation system of securities supervision in the United States that believes in pragmatism.Finally,German law is selected as the representative of the continental law system,and it is taken as the research object to focus on the legislation and practice of law enforcement and reconciliation system of securities supervision in German law that believes in rationalism.Through understanding the legislation and practice of securities regulatory law enforcement and reconciliation system in foreign countries,the theoretical research level and practical operation level in this field can be improved.In the fourth part,this paper focuses on the improvement of securities regulatory law enforcement and reconciliation system.First,develop the procedures to prevent moral hazard,build the law enforcement and reconciliation avoidance system and improve the information disclosure system;Second,to safeguard the legitimate rights and interests of stakeholders,improve the hearing system and build the system of written consent of stakeholders;Third,for the enforcement of the securities regulatory law enforcement settlement agreement,the enforcement clauses of the parties' failure to perform their obligations should be added into the law enforcement settlement agreement to reflect the public right of the administrative agreement.Fourth,considering the relevant system of law enforcement and settlement payment,improve the technical platform for issuing settlement notice and strictly stipulate the time limit for accepting settlement and claiming compensation;Fifth,to improve the administrative procedure law,firstly,to establish specific disputes as the object of administrative litigation review,secondly,to establish a two-way administrative litigation system,and finally,to establish administrative payment litigation.