| Since the Third Plenary Session of the 18 th CPC Central Committee advanced reform of the stock issuance registration system,to the 18 th session of the 12 th National People's Congress Standing Committee passed the authorizing of the State Council to adjust the relevant provisions of the Securities Law in the implementation of the reform of the stock issuance and registration system.China's reform of the capital market registration system has completed the transition from policy guidance to practice.With the deepening of the reform of China stock issuance registration system,securities intermediary agencies should be given the legal status of the “gatekeeper” in the securities market,making it become an important force in maintaining the order of the securities market.However,under the current China's approval system,there are deficiencies in the institutional design of securities intermediaries.In practice,the number of illegal cases are frequent,and the legal regulation of securities intermediaries is weak,which lads to the the functions and roles of securities intermediaries have not been fully utilized.The registration system reform is a systematic project.As a guardian of investor interests in the securities market,securities intermediary agencies play an extremely crucial role in the smooth operation of the market.To promote the smooth implementation of the registration reform,we must solve the problems existing in the legal regulation of securities intermediary institutions under the approval system,establish regulatory measures for securities intermediary institutions that are compatible with the registration system reform,perfect the relevant supporting facilities,adjust regulatory ideas,and promote the construction the securities intermediary industry self-discipline,in order to ensure the securities intermediary agencies play a more important role in the securities market. |
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