The Reconstruction Of The Subject That Enjoying Macro-control Power Of The Regulatory Fund In The Securities Market

The macro-control power of securities market regulation fund has the nature of macro-control,so it should be standardized,and the subject of the Macro-control power should bear the brunt.At present,the macro-control power of securities market regulation fund has not yet defined the administrative subject,which is entrusted to the market subject.The reason is that the subject of the macro-control power of the securities market regulation is not clear.There are many administrative subjects involved in the management of securities market in China,but they do not enjoy the macro-control power of securities market except the State Council.For the choice of the main mode of regulating fund in foreign countries and regions,some adopt market main body,some adopt administrative main body,some have changed.At present,the market subject mode adopted in our country is still defective,so it is more appropriate to adopt the administrative subject mode.For this reason,two problems need to be solved: one is establishing the authority enjoying the Macro-control power to regulate the funds in the securities market;the other is further improving the rules for the macro-control power of funds under the mode of administrative subject.There are three possible models in the choice of the main body of the macro-control power the regulatory fund in the securities market: the State Council financial committee model,the special committee model and the CSRC stock exchange model.The basic idea of this model is to establish the CSRC as the authorized administrative subject of the use power of the securities market regulatory fund.The CSRC shall grant administrative authorization to the stock exchange according to relevant laws,and the stock exchange shall be responsible for the specific use of the securities market regulatory fund.In order to improve the behavior standard of the main body of the securities market regulation fund,we should make clear the macro-control power standard of the securities market regulation fund,improve the information disclosure system of the securities market regulation fund,and supervise the regulation effect of the securities market regulation fund.