| Securities companies and their customers are different interest subjects in the securities market,and their interest demands are different.The principal-agent relationship between securities companies and customers connects different interest demands.When securities companies can maximize their own interests by harming the interests of customers without being supervised by customers by virtue of their information advantages,conflicts of interest arise.China’s securities companies can engage in diversified businesses.The number of customers of securities companies increases with the increase of business,and securities companies establish principal-agent relationship with more customers,and the conflict of interest increases accordingly.The fundamental reason for the frequent occurrence of illegal cases of securities firms is that securities companies blindly pursue the maximization of their own interests without the interests of customers in the conflict of interests.In order to regulate the conflict of interest by law is of great significance to promote the healthy development of securities market.There are two reasons for the conflict of interest in securities companies: business diversification and information asymmetry between securities companies and customers.China regulates the conflict of interest of securities companies by requiring them to build information separation walls and disclose information.The following problems still exist in the regulation of conflict of interest of securities companies in China: the information disclosure of securities companies still needs to be strengthened,the relevant provisions of information separation wall are still not perfect,the self-restraint of securities companies is insufficient and the relief system of investors’ rights is not complete.This paper proposes the following adjustment measures to solve problems above: strengthen the obligation of securities information disclosure,improve the information separation wall mechanism of securities companies,strengthen the self-restraint of securities companies and improve the relief mechanism of investors’ rights.This paper is divided into six parts.The first part mainly explains the research background of the business diversification of securities companies,the intensification of interest conflicts and the frequent occurrence of securities market scandals,and summarizes the existing research results of the conflict of interest of securities companies.The second part of the paper defines the concept of conflict of interest of securities companies,and puts forward that the purpose of legal regulation of conflict of interest of securities companies is to protect the rights and interests of investors,promote the steady operation of securities companies and promote the development of securities market.The main content of the third part is about the performance of conflict of interest of securities company.In part III,this paper divides the performance into three categories: the first category is the conflict of interest between securities companies and customers;the second category is the the conflict of interest between different customers;the third category is the conflict of interest between different businesses of securities companies.This part also analyzes the causes of it.Part four studies the status quo of legal regulation relate to this issue in China and analyzes the existing problems.The fifth part of the paper selects the most developed financial market in the United States as the research object,analyzes the experience of the United States and the characteristics of the institutional arrangement,to provide reference China.The sixth part of the paper puts forward some targeted suggestions. |
