The Theory Of Regulatory Goals Of Securities Regulatory Agencies

With the gradual development of China's securities market,the securities market supervision system is also constantly being improved.However,there are still some outstanding problems in the securities market,such as insider trading,market manipulation,and financial fraud.The existence of these problems not only indicates the need for supervision of the securities market,but also indicates that the securities regulatory authorities need to continuously improve their own supervision.ability.At this stage,in the supervision and management of the securities market by the securities regulatory authority,there are problems such as excessive micro-intervention,unclear positioning,and regulatory misalignment,which have led to regulatory behavior that deviates from the regulatory objectives.Based on the above background,this article takes the regulatory objectives of the Securities and Futures Commission as the research object,analyzes how the regulatory objectives of the securities regulatory agency are positioned through the different provisions of the new and old Securities Law on the regulatory objectives of the Securities and Futures Commission,and on this basis,how to better think about achieving the regulatory goals of the CSRC.The body of this article consists of four parts.The first part elaborates the requirements of securities market for securities supervision and management,and emphasizes that the securities market itself has the pursuit of efficiency.In addition to meeting this goal,securities regulation must also reflect the maintenance of public interest.This section focuses on the excessive generalization of the status of the regulatory objectives of the securities regulatory authority by the original Securities Law,the securities regulatory objectives failed to fully carry the purpose and objective requirements of the Securities Law,and there have been serious dislocations in practice.situation.The second part is an analysis of the regulatory objectives given to the securities regulatory authority by the new Securities Law.First of all,the realistic reasons for the amendment of the Securities Law's regulatory objectives of the securities regulatory agency are clarified.The main contradictions in the current securities market have shifted from insufficient total development of the securities market to problems in the quality of the development of the securities market.An accurate understanding of the main contradiction.Changes in major contradictions naturally bring about changes in the regulatory objectives of the securities market.Secondly,it should be noted that the original inaccurate or dislocated regulatory target positioning not only failed to maintain the order of the securities market,but also had the consequences of distorting the order of the securities market.Therefore,it is imperative to change the regulatory objectives of the securities regulatory authority.This section also examines the regulatory objectives of developed foreign securities markets and interprets the regulatory objectives given to the securities regulatory authority by the new Securities Law.The third part is an analysis of the regulatory objectives of the new Securities Law and possible obstacles to their implementation.The new "Securities Law" still lacks the design of the regulatory objectives of the securities regulatory authority.First,the regulatory objective itself is still flawed,which fails to cover the efficiency objectives that the securities regulatory authority should pursue.At the same time,the new "Securities Law" multi-target system There is improper coordination,and the securities regulatory authority is not sufficient to assume the goal of preventing systemic risks,nor should it assume the regulatory objective of promoting the development of the securities market.At the same time,the design of the new "Securities Law" legal system is also improper,which creates obstacles for securities regulatory agencies to achieve their regulatory goals.For investor protection,accountability is still difficult,barriers to investor protection remain,at the same time,market-oriented and legalized supervision has not been established,and administrative intervention in the market still exists.The fourth part mainly puts forward suggestions on how to achieve the regulatory objectives of the securities regulatory agency in terms of mechanism construction.In order to achieve the goal of maintaining the "three public" principle,the boundary between the market and the government should be clarified,the independence of the securities regulatory authority should be enhanced,and the securities regulatory authority should be re-supervised.In order to protect the rights and interests of investors,a market supervision mechanism centered on information disclosure should be established.At the same time,the role of self-regulatory organizations should be brought into play,and some power should be transferred to self-regulatory organizations.