On The Administrative Regulation Of Securities Market In China

Since the establishment of China's securities market has made great development, but due to some of China's securities market law, violations have not been effectively controlled, so the healthy development of China's securities market still faces strong resistance. I stood administrative law perspective, a whole legal administration, and reasonable administration as a starting point, in the administrative supervision of the content of the securities market a brief introduction, a further analysis of the United States, Britain, Germany and other administrative supervision of the securities market of several mature model, and administrative controls to regulate the securities market model of other countries the advantages and disadvantages to conduct assessment, in the of his country on the basis of administrative supervisory experience, Analysis of China's securities market regulatory system administration flaws, finally proposed the legislation, law enforcement, judicial, and several other aspects to improve the administration of China's securities market regulatory regime.The first paper some of the major administrative supervision of the securities market so as to introduce the basic concepts, and further analysis of the root causes of the existence of administrative controls to regulate the securities market. First of all, explained the concept and characteristics of the securities market, and gives the definition of administrative supervision of the securities market, namely the so-called administrative supervision of the securities market, is to maintain the healthy operation of the securities market and steady development for the purpose of administrative supervision of the main through legal, administrative regulations, administrative functions conferred on the securities market in the stock market all kinds of subjects and their behavior on the implementation of the supervision and management.Next, it analyzes the root causes of the existence of administrative controls to regulate the securities market, manifested in two aspects: First, economic causes, that competition is the market mechanism can play a role in the basic premise, but the market competition will lead to excessive accumulation and concentration, thus forming monopoly capital, and inhibit the normal fair market competition, seriously affect the market in a reasonable run, but the market itself is unable to overcome this shortcoming, in order to eliminate such defects, the effective intervention is indispensable, the securities market as a market economy an integral part, of course, dominated by this law; second is to promote the development of the rule of law. That in the new situation the integration of public and private law, public powers to promote the wider involvement of the main areas of private right, which aims to better serve the private right of the main services, and to protect the public interest.In the second part of the United States, Britain, Germany, administrative supervision of the securities market model. Administrative supervision of the U.S. securities market to the United States, the federal Securities and Exchange Commission as the core, the performance as a centralized regulatory model; Britain's stock market regulatory framework is developed from a single self-regulatory mechanism, so even in today's administrative control has been wide range of intervention still showed a kind of self-regulatory organization of the high priority; Germany's securities regulatory system is known as the middle of the executive type, its highly developed financial sector, making the banking and securities industry, mixed operation, which led to the mixed supervision.PartⅢbegins by describing the administration of China's securities market regulatory system development process. Then administrative controls to regulate China's securities market analysis of the shortcomings pointed out that China's securities market regulatory system exists in the executive of the legislation does not regulate administrative supervision, administrative supervision and self-regulation with the poor, their lack of administrative control and supervision of the main issues raised for the above defects improve the administrative control system of China's securities market should be launched in the following aspects: First, administrative supervision from the stock market started the legislative system to change the traditional administrative supervision of China's securities market legislation idea; secondly, Strengthening of administrative supervision and securities market with the degree of self-regulation, thereby improving the entire securities market regulatory system; the strengthening of administrative litigation, criminal, civil functions in the stock market play, is the principal judicial supervision of the effective means of administrative control.In short, China's securities market can not develop without effective administrative monitoring system, while the need to have complete administrative control, a good legal system to protect, by law, rational administration is the administrative supervision of the construction of the securities market must adhere to the basic principles of the road. The administrative supervision of the principal securities market in the stock market holds great public power, it is highly likely to lead to rent-seeking behavior generation, therefore, in improving the process of securities market regulatory system administration, and continuously strengthen the administrative supervision of the main internal oversight and external oversight is essential. Only in this way can China's stock market in a good regulatory environment to survive and develop the securities market in the lawless speculators will be subject to lawful sanctions, the legitimate interests of various types of bona fide investors, will be reasonably protected, the entire securities efficient functioning of the market will in turn promote the development of the entire national economy and social harmony and stability.