Research Into Imposition Standard Of The Debarring Orders In Securities Market

The debarring orders in securities market is an administrative penalty measure that restricts the freedom of business.The Securities Law,which came into effect in 2020,has once again strengthened the legal effect of this penalty measure/ debarring orders,however,the standard for imposition of debarring orders have remained the generalized provisions in the original Securities Law.According to the provisions of the current law,the debarring orders include three types,but the CSRC uses them indiscriminately,which seriously violates the principle of equivalent punishment.In addition,a single severity standard unreasonably raises the threshold for debarring orders and deprives the market of legitimacy for debarring orders.Therefore,in order to protect the operating rights of the counterparty,restrict the administrative discretion of the CSRC,and improve the effect of the market ban,it is necessary to perfect the standard for imposition of debarring orders.In order to solve the problem,first analyze the commonalities of the standard for imposition on the normative model and normative content.According to China's power structure centered on executive power,the normative model of imposition standard should still be adopted;And based on an examination of the normative content of the US debarring orders,normative content of imposition standard should include the significance of misconduct and the "likelihood of future misconduct".Then,according to the constituent elements of the administrative punishment in China,it is clear that the standard for imposition of debarring orders should include the seriousness of the illegal act and the subjective fault of human behavior.Finally,for the imposition standard of different types,separately describe the illegal behavior requirements,serious circumstances and subjective fault requirements of the officer and director bar,Securities business bar,Securities trading bar.