Analysis On Regulatory System Of China Securities Broker

Regulatory system of securities brokers has already had to be faced and resolved under up-to-date China's securities market development. During the development process of China securities brokers in more than 20 years, many problems that brought lots of troubles and challenges to securities companies and regulatory institution. With the constant regulatory for the securities market norms and China Securities brokers'expansion, the requirements for regulating China securities brokers have become stronger. What is securities brokers? What is the regulation of securities brokers system? In this paper, the basic concepts of securities brokers are introduced. At the same time, the U.S. Securities Brokers System, Singapore Securities Brokers System and Hong Kong Securities Brokers System are fully analyzed. Four aspects analysis are inspired, clarifying the securities brokers' position and classification in China securities market are the legal requirements of supervision, strict legislative control is the basis of supervision, strict market access system is the first step of reasonable norms, and scientific classification management system is more explicit to regulation of securities brokers. Therefore, combining with the domestic security market actual situation, regarding establishment and regulation of China securities brokers system, the author brings forward following recommendations. First, Clear the legal status of security brokers and establish law to protect the rights and interests of brokers inviolate.In past years, security brokers have no clear legal status, there is no law to protect their interests, but in fact, their rights are constantly violated by many aspects. For example, the securities companies do not keep their promise according to the contract, cut the commission income, do not abbey the labor law to pay Five Insurances & One Fund, which cause hard to solve the problem of brokers'social security. The problem of"moral hazard","excessive agent"and"illegal operation"during developing new customers are the main issues to trouble brokers development. Once the laws set up on main issue, these troubles will be solved accordingly.Second, establish completed regulatory management system and self-discipline management system.Drawing from abroad management experience, it is put forward to establish the management system for domestic securities brokers, including establish rule of law for relative securities brokers, self-discipline management by China Securities Regulatory Commission, qualification examination, issue brokers certification, and annual audition, etc. by China Securities Regulatory Commission and Securities Brokers Union, and the daily management of securities brokers, making special administrative measures according to the relevant documents of China Securities Regulatory Commission by Securities Company, such as,"the securities broker's marketing administrative measures","compensation administrative measures"and"risk administrative measures"and so on. Third, establish and optimize the service supportive system and risk administrative measures.By reality working performance, securities brokers need securities companies have perfect service support system to support them extending all kinds of authorized services. It includes, job responsibility training system, research reports on market topics, and etc. as supporting. However, there are many risk factors of securities brokers in the process of authorized services, for example, guiding customer trade frequently and over using the authority to agent. In order to solve these problems, we should utilized regime to supervise, establish the"compensation system","risk fund system","complaint dealing system"and"responsibility system"to regulate the risk of securities brokers and reduce the implicit risk of securities companies.Of course, the setting up of securities brokers institution and perfecting the regulatory institution become to be better along with the development of securities market. Therefore, perfect the procedure of supervision for securities brokers will be a long process, need the theory basis and practice researchers to explore, discuss and analyze, only under this kind of consideration, it can improve the securities brokers institution, make it play a more important role and promote the development of China securities market.