Judicial Review Of The Effectiveness Of Self-regulatory Rules On Securities

The securities self-regulatory organization shall,in accordance with law,formulate self-regulatory rules to provide a basis for the market supervision of securities trading markets,exchange members,listed companies and investors,and achieve self-discipline of securities trading activities and securities industry organizations.Due to the imperfection of the legal system,the nature of the securities self-discipline rules is public and private.When it is applied,the legal status is not clear enough.The face of its administrative normative documents and the characteristics of civil contracts hinder its effectiveness.In real life,there are many typical cases that question the effectiveness of the self-regulatory rules on securities,and the litigation procedures and trial results based on judicial trials vary from case to case.There is no uniform standard for the effectiveness,effectiveness,review method and review effect of the securities self-discipline rules.The judicial review of the self-regulatory rules of securities is the need to restrict the self-regulatory right and protect the legitimate rights and interests of market participants,as well as the need to standardize the development of market innovation.After the first relief has been exhausted,the validity of the securities self-discipline rule can be reviewed according to the double path.The principle of legality review,the principle of exhaustion of prior remedies,the principle of limited judicial intervention and the principle of respect for commercial rules should be followed in the examination of the self-regulatory rules of securities.Based on the highest public interest,the judicial remedy for legal rights has a corresponding review effect,which not only ensures that the right to self-discipline and administrative power are not illegally interfered by the judiciary,but also ensures that the self-regulatory rules of securities have the greatest effect under judicial supervision.