The Difficulties And Solution Of The Relationships Between Securities Regulatory Bureau And Local Government Under The Vertical Management System

It has always been a topic of great concern in theoretical research and practical exploration to straighten out the relationship between central and local responsibilities.With the vigorous development of local financial industry,China’s central and local financial supervision has developed from absolute centralization to gradually endowing local governments with limited regulatory authority,establishing a two-tier financial supervision system dominated by the central government and supplemented by local governments.Securities and futures are an important part of financial products.Under the current system of Our country,securities regulatory Commission(CSRC)supervises the securities and futures market in a unified manner according to law,and securities regulatory Bureau(CSRC),as a local agency established by CSRC,supervises securities and futures activities within its jurisdiction according to the principle of territorial supervision.Vertical management is the adjustment of administrative organization structure and administrative power allocation,which plays a very important role in dealing with the relationship between central and local governments.The Securities regulatory bureau is a typical vertical management mode,because of the differences and conflicts between the securities regulatory Bureau and the local government in the division of authority,function positioning,target setting and other aspects,there are many obstacles in its relationship with the local government.Starting from the vertical system of securities supervision,this paper takes A Securities regulatory Bureau as A case study and analyzes the dilemma in its relationship with local governments from the aspects of interest appeal,functions and responsibilities,basic security,and personnel system : Power friction,separate administration,unclear responsibilities,Fiscal dependence,Information gap,the personnel barriers.The root cause of the predicament is that the vertical management system of securities supervision fails to improve with the development of the situation.On this basis,this paper puts forward the basic objective of straightening out the relationship between CSRC and local government: To achieve collaborative governance.Finally,this paper puts forward the concrete ways to realize collaborative governance and solve the relationship between securities regulatory Bureau and local government: Clarifying the boundaries of central ownership and liability,Standardize the vertical management system to reduce the dependence on performance;To establish and improve the working rules of the coordination mechanism,Strengthen the linkage of local coordination mechanism;Strengthen the sharing of regulatory information,Promote cross-ministerial and cross-departmental coordination.