Research On Legal Issues Of Supervision Of China Exchangeable Bond Market

Exchangeable bonds are hybrid securities with both capital instruments and debt instruments.They provide investors with two options of "debt + shares" and provide multifunctional financing and management tools for corporate shareholders of listed companies.The impact of related entities and the securities market is smaller than that of other hybrid securities such as convertible bonds.Therefore,since the issuance of exchangeable bonds in2008,the exchangeable bonds have long been an active trading bond on the Shanghai and Shenzhen Stock Exchanges,forming an exchangeable bond market that mobilizes hundreds of millions of funds in my country.The supervision of the exchangeable bond market focuses on the legal system and regulatory bodies.The former includes the exclusive departmental regulations for exchangeable bonds and the prevailing securities regulatory laws and regulations,and the latter includes government regulatory agencies and industries such as the China Securities Regulatory Commission,stock exchanges,and securities industry associations.Self-regulatory organization.As a part of the securities market,the exchangeable bond market is in the general environment of securities market supervision.Therefore,the legal issues of exchangeable bond market supervision include both long-term legal problems in the supervision of the securities market and due to the first implementation of the bond field in March 2020.New issues arising from the reform of the issuance registration system.The supervision issues of China exchangeable bond market are mainly the design and implementation of regulatory powers of the regulatory body,and the lagging issues of the exclusive department’s rules.Specifically,the CSRC’s enlarged powers,illegal amendments to laws,registration system reforms and inadequate decentralization of over-Part of the legal nature of the regulatory power is not clear,the on-site inspection is difficult,the lack of regulatory independence,the positioning of the securities industry association’s self-discipline measures,and the exclusive departmental rules for exchangeable bonds-the 2008 "Trial Regulations" are seriously lagging behind.Regarding these issues,consideration should be given to restricting the Securities Regulatory Commission to conduct appropriate supervision,reasonably positioning administrative powers,formulating and modifying legal documents in accordance with the law,and further delegating power to the exchange;strengthening the independence of exchange supervision and clarifying different legal actions under the dual functions of the exchange.Divide daily on-site inspections and specific on-site inspections;the Securities Association has improved its self-discipline measures for deadlines;revised the 2008 "Trial Regulations."...