On The Problems Of Securities Regulation Structure

AbstractMarket economy needs regulation. Securities regulation is defined in a broad sense as the government intervention aimed at coping with failures in securities market by means of laws, economic policies, administrative orders and self-regulation. The core objectives of securities regulation are: the maintenance of a fair, efficient, and transparent market; the protection of investors; the reduction of systemic risk; and the promotion of economic development. It is very important to choose appropriate securities regulation structure for the government of every country. The thesis brings forth some ideas on the topic of securities regulation structure.This article is divided into five parts. A brief summary reads as follows:Part IGuidelines on Securities RegulationThe author defines the means of securities regulation and briefly analyzes its necessity; through a country comparative study, comes up with macro and micro objectives of securities regulation; sums up the means of regulation.Part II The Rationale of Securities RegulationThe author endeavors to approach the following subject from an economic viewpoint: failures of market and securities market, cost and boundary of securities regulation, failure of securities regulation; brings forward a theoretical model to explain the selection of securities regulation structure.Part III Transverse Securities Regulation StructureThe author analyzes the two reasons of the foundation of transverse securities regulation structure; makes a comparative study of western developed countries; draws the conclusion that the ideal securities regulatory system is to be independent; comments on the evolution of transverse securities regulation structure in the past twenty years.Part IV Lengthways Securities Regulation StructureThe author compares governmental regulation with self-regulation; research the way that governmental regulation and self-regulation cooperate in harmony; gives some advice to design lengtbways securities regulation structure.Part V Securities Regulation in ChinaThe author makes a remark on securities regulation structure of China; looks back on securities regulation in China in the past years and expresses good wishes to Chinese securities market.