Research On Legal Issues Of Chinese Government Regulation Of The Securities Issue Market

Government regulation of securities issue market, refers to the sum of the securities regulatory authorities in accordance with law on the issuance of securities activities and securities of the subject involved in the implementation of activities supervision and management, to maintain order and to safeguard their legitimate security market for the purpose of running behavior. Issuance of securities market regulation of securities market regulation is an important part of the government, only the issuance of securities market supervision appropriate to ensure that the quality of assets of listed companies in order to achieve the legitimate purpose to protect the interests of investors.Experienced 20 years of development, China’s stock market made a lot of achievements, the number of listed companies has been close to the developed countries. However, with the continuous development of the socialist market economy and the deepening of reform, the issue of regulation of the securities exposed many problems:SFC excessive administrative intervention in the issuance of securities market, inhibiting the play to market allocation of resources function; regulation Functions Stock Exchange and the Securities Industry Association and other self-regulatory agencies have not yet been effectively play; regulatory aspects of the issuance of securities laws and regulations are imperfect...... the interests of investors can not be protected. Through comparative analysis of securities regulators in the developed countries, summed up our country can learn from the lessons, the government should do to put tubes in combination, clarify the relationship with the market, things change from prior approval to the regulatory direction afterwards. Issuance of securities registration system can stimulate the vitality of the market, give back the right to the market to prevent the power of rent-seeking, lower the threshold for SME financing, compared with a large superiority approval system, the issuance of securities regulation is the future trend. At present,China’s securities issuance system to the registration system transition from being the approval system, in order to achieve a smooth transition, the early introduction of a registration system, the government issued regulation should adhere to market-oriented, rule of the road.