Research On The Development And Improvement Of Self Regulatory System Of Stock Exchanges Under The Background Of Registration System Reform

The development of the securities market is not only to make the securities market bigger,but also to do well and strengthen the securities market,not only to pursue the scale and influence of the securities market,but also to pay more attention to the internal order and function of the securities market,and to emphasize the quality of the development of the securities market.The securities market is essentially a market for investment,financing and risk management,and it has an important impact on the financial system and the economic security of the country as small as market investment individuals and commercial enterprises.Because of the importance of the securities market,it determines its pivotal position in the financial system of our country,and should strengthen the effective supervision and reasonable supervision of the securities market.Under such a direction,the supervision of the illegal and violation behavior of the securities market has become the development of the securities market,the protection of the operating environment of the securities market,and the maintenance of the security market.It is an important measure to protect the normal order of securities market,to promote the development of securities market to be high-quality and efficient,and to standardize and rationalize operation.An important part of the regulatory structure is always the first line of supervision in the stock market.We should pay full attentionto the unique and irreplaceable supervisory function and status of the self-regulation of the stock exchange.It is not only the supplementary and spare power of the administrative supervision of the administrative authorities of the securities industry of the China Securities Regulatory Commission and the local securities regulatory bureau,but also the same as the administrative supervision,which is the same as the administrative supervision of the government.The special regulatory way between market and spontaneous management has different regulatory concepts and regulatory measures which are quite different from administrative regulation.On the one hand,the supervision of the administrative organs and the self-regulation of the stock exchange are an indispensable part of the unique regulatory framework of the securities market.It is difficult to define which side is more important,or to emphasize which supervision is more conducive to the maintenance of the order of the securities market.Both of them should be used to maintain the order of the securities market.Get full attention,do not care for this and lose that.On the other hand,with the substantial promotion of the stock issuance registration system in China’s securities market,the stock exchange has undertaken more important and specific work than it used to be.Its self-regulation is also faced with new challenges,new changes and functional choices.In this context,how to play the self-discipline supervision of the stock exchange more effectively The efficiency of the management is directly related to the effect of the implementation of the registration system and the stability and effect of the overall supervision system of the securities market.It is of great significance and far-reaching impact.Therefore,it is necessary to clarify the source and structure related to the self-regulation under the background of the reform of the registration system as soon as possible,and improve it in time to adapt to the new situation and the new situation and the new situation of securities.Market demand and positioning for self-regulation.Starting with the analysis of the theoretical basis of the self-regulation system,the paper introduces the self-discipline supervision system of the stock exchange and the theoretical analysis of the reform of the registration system,to absorb the useful experience from foreign maturity,and to put forward the practical suggestions for thedevelopment and perfection,and discuss the securities exchange of China under the background of the reform of the registration system.How can it be developed and perfected.The first chapter of the article is to deeply analyze the legal basis and economic motivation of self-regulation behavior,and to restore the true face of the self-regulation system.The second chapter of the article is to analyze the top level of the "registration system" reform,which is being pushed forward by the current securities market in China,and analyzes the listing of securities issue listing.The theoretical starting point behind the nuclear system,discussing its characteristics and advantages,and combining with the theoretical analysis of the supervision end of the issuance review,grasps the current regulatory structure and defects of the securities market in China,and expounds the new institutional arrangement on the production of the self-regulation system of the stock exchange and the new changes brought about by the new institutional arrangement of the issuance review.The third chapter,on the basis of several typical self-regulation modes of the foreign mature economy,rationally absorbs the relevant advanced experience and the system design that can be referenced,and provides useful reference for the mechanism arrangement of the self-regulation of the stock exchange in our country;the fourth chapter of the article is to analyze the self-discipline of the stock exchange in a comprehensive way.In order to provide new ideas and useful references for the development and improvement of the self-regulated supervision system of the stock exchange,the regulatory system and the reform of the registration system of the issue auditorial system,and the comprehensive introduction of the foreign mature system that can be used for reference.