Regulation Of Securities And Commercial Law

As one of the most important subjects in the securities market, securities dealers play an important role in linking up the investors and fund-raisers with its intermediary status in the securities market. The development situation of securities dealers is greatly related to the prospective of securities market and sound development of market-oriented economy. Therefore, the reinforcement of the supervision on securities dealers affects not only the stability and prosperity of securities market, but also the whole market-oriented economy. Since the opening-up, there have been a continuous study and research on the topic of securities dealers' supervision in authorities and academic circles. They have achieved a lot by integrating practice and experience of western countries with our own reality. All these achievements have provided authorities with valuable reference on the implementation of the supervision from economic perspective. It is a pity that few of them concentrate on this topic from a jurisprudence perspective, while such kind of research is quite valuable since the legal supervision is the most important section of supervision on securities dealers. This dissertation is a tentative attempt and sincere effort on this topic. It is hoped that this dissertation may contribute a bit to the further research and echo more efforts on the supervision on securities dealers.The preface states securities dealers' present condition in China and points out the research objective.Chapter one demarcates mainly of securities dealers' extension and connotation in legislation. Legal supervision on securities dealers refers that supervisory authorities and executing organizations or some specific bodies implement rules and regulations to securities dealers and their acts under the grounds of authorization of law and legal procedure so as to urge securities dealers to operate steadily under the scope of the law. Due to the different history of economy development there comes a great disparity of economic level among the countries. Consequently,the degrees of maturity of securities market, demarcation of securities dealers' extension and connotation in legislation differ too. All these lead to the differences in the setup of supervisory organizations, the choice of supervisory system and operation of supervisory means in every country.Chapter two serves as the theoretical basis of implementation of the legal supervision on securities dealers from macroeconomic perspective. Owing to the unconquered flaws of market-oriented economy, the phenomenon of "market malfunction" is present in the securities market i.e. it is impossible to achieved the aim of optimizing arrangement of resources only depending on the market mechanism itself. Securities market is characterized by the competitive structures. As the theoretical basis of supervisory and control to securities dealers in macroeconomic pubic goods, natural monopoly, externalism and information asymmetry are internal causes of the emergency of the phenomenon.Chapter three focuses on the natures of supervisory legal form on securities dealers. As significant means of supervision and macro-regulation mediation to securities market, supervisory legal form on securities dealers belongs to the category of economic law. Meanwhile, supervisory legal form of securities dealers embodies the settlements of public law and private law. Its cardinal point is the participation of the supervisory organization in the securities market to coordinate the interests between individual securities dealer and the society. Furthermore, the participation also keeps balance of the contradictory relationship between the power of supervisory organization and managerial autonomy of securities dealers so as to realize the sound and steady development of securities industry. In addition, supervisory legal form of securities dealers is a law taking public interest of society as its own standard. The legal supervision of securities dealers is an obligatory restriction and supervision to securities de...