Research On China 's Securities Administrative Permission System

The securities market plays an important role in China’s market economy; however, researches about the securities market regulation are mainly from the view of finance, securities law and business law, the view from administrative law are uncommon. Administrative permission is one kind of administrative acts. For a long time, studies about administrative permission are mainly focused on the basic theory, and therefore becomes disconnection between the two subjects, which makes the securities regulation belongs to economic field and the administrative permission to administrative field. However, what cannot be ignored is that, administrative permission is one of the most important measures and functions of the government to regulate the securities market; the administrative permission system plays an important role in securities market. Lacking researches on such behavior makes some of the problems that exist in securities market cannot be solved properly. Especially with the promulgation of the Administrative Permission Law> and the amendment of<Securities Law>, the reform of securities administrative permission functions are imperative.The thesis is divided into the following chapters:"Introduction" introduces the definition and characteristics of administrative permission, and then describes the particularity of securities market. However, association studies on these two subjects are uncommon, that makes some of the problems that exist in securities market cannot be solved properly, which therefore leads this thesis’s meaning in both academic and practicing."First chapter" introduces the concept of securities administrative permission first:the securities administrative permission means, according to the application of the applicants (including companies, enterprises, securities companies and relevant securities intermediaries institutions) in securities market, the securities administrative licensers will review whether the applications are complying with the laws and regulations, and then decide whether the applicants are grant to engage in certain activities or obtain the qualification to engage in certain activities in securities market in written form. Secondly, the chapter is going to introduce the basic theory of the securities administrative permission system:public interest theory, power supervision theory, market failure theory and incomplete law theory."Second chapter" discusses the securities administrative subject system, which including the State Council and China Securities Regulatory Commission (CSRC). The key point of this chapter is that CSRC is an institution directly under the State Council; it qualifies to be an administrative subject; it is the main administrative permission implementation organ. CSRC’s power of administrative permission comes from<Securities Law>,<Company Law> and so on. Although the CSRC is an institution nominally, it really has the characteristics of administrative department when look into its powers and duties. CSRC’s institutions characteristic is inconsistent with its regulatory functions. Therefore, the reform is necessary.Third chapter" introduces the securities administrative permission procedure system. This procedure system is divided into two parts:enacting the administrative permission and implementing the administrative permission. There still exist many problems to be solved in the securities administrative permission procedure system so far. For example:permission items are still too many, the clearing of CSRC’s regulations and normative documents is far from completely, enacts permission items beyond its authority. On the other hand, the securities administrative permission implementation procedure also has many problems to be solved, such as failing to grant the administrative permission within the statutory time limit, lacking openness and transparency during the implementation procedure and so on."Forth chapter" introduces the securities administrative permission supervision system. The supervision system includes legislative supervision, administrative supervision and judicial supervision. There are also many problems remain to be solved, for instance, supervision by the National People’s Congress to administrative licensors is still not perfect, administrative and judicial supervision are still having limit usefulness. "Fifth chapter" is the specific recommendations for system improvement according to the above deficiencies. At the beginning, I mention about what basic principals should be followed when improving the securities administrative permission system. They are legal principal, openness principal, fairness and justice principal, efficiency principal and proportionality principal. When improves the administrative licensor system, the most important thing is to reposition the CSRC and specify its legal position. When improves the procedure system, the unnecessary administrative permission items should be cleared, the securities administrative permission provisions should be refined and make them more transparence and operable. When improves the supervision system, I suggest that a special financial supervision commission should be set up in the NPC Financial and Economic Committee; secondly, the internal administrative supervision should be established. According to the judicial supervision, the court should be allowed to intervene the administrative penalties by the CSRC. Finally, we should encourage the social supervision.