Research On Security Law Enforcement And Reconciliation System

The administrative reconciliation of securities enforcement is the application of administrative reconciliation system in the field of financial securities.In recent years,with the vigorous development of China’s securities capital market,in order to deal with various kinds of securities violations,it has become the real demand of China’s securities futures market to reasonably use fair and efficient administrative means to effectively regulate the violations.On April 24,2019,China Securities Regulatory Commission(CSRC)and Goldman Sachs(Asia)and other relevant institutions reached an administrative settlement on the behavior of the administrative counterpart involved in the case,which is the first practical application of the administrative settlement system of securities regulatory law enforcement since the trial implementation of the administrative settlement pilot measures in 2015.The implementation of administrative reconciliation system in the field of securities is not only in line with the basic value orientation of modern administrative rule of law,but also in the background of strong supervision of the securities industry in China.At present,China has made some achievements in the reconciliation system of securities supervision and law enforcement.However,in the process of exploration and practice,it is found that the applicable scope and conditions of reconciliation,the effectiveness of reconciliation agreement,the protection of the interests of the third party and other laws and regulations are relatively simple,which can not fully cover all aspects of the administrative reconciliation system of securities supervision and law enforcement.There are many disputes,which are insufficient to deal with Illegal miscellaneous securities.At the same time,the CSRC and Goldman Sachs securities administrative settlement case,as the first case of securities law enforcement settlement in China,also reflects that there are some deficiencies in the current administrative settlement system of securities supervision and law enforcement in China.It is necessary to constantly modify and improve the system,and the construction of the administrative settlement system of securities supervision and law enforcement has a long way to go.In the first part of this paper,starting from Goldman Sachs case,the first case of administrative reconciliation of securities enforcement,we sort out the background of the case and the specific procedures of reconciliation,track the follow-up progress of the case,and briefly summarize the new securities law and the second case of reconciliation in Shanghai,which leads to the existence of an administrative reconciliation of securities enforcement Think about some problems.The second part explains the basic theory of the administrative reconciliation system of securities enforcement,introduces the characteristics of the system by clarifying the concept of the administrative reconciliation inthe securities field,and makes a comparative analysis with other systems to reflect the unique advantages and positive significance of the application of the administrative reconciliation system in the securities financial field.The third part uses the comparative research method to compare and analyze the countries and regions such as the United States,Germany and other countries and regions with relatively complete administrative reconciliation system of securities enforcement,summarizes the commonness and draws lessons from the legislative experience,and combines the legislative changes and practical exploration of administrative reconciliation in the securities field of our country,with the purpose of understanding the positive and negative conditions of the applicable conditions for the future legislation on securities supervision Some ideas on the scope and conditions of application of administrative reconciliation in law enforcement are put forward.The fourth part focuses on the settlement agreement in the administrative settlement system of securities enforcement.It first explains the general provisions of the content of the settlement agreement,focuses on the effectiveness of the settlement agreement,and discusses the effectiveness defects of the settlement agreement,such as invalidity,revocability,and undetermined effectiveness.Finally,it puts forward the supervision and relief measures to ensure the improvement of the pre supervision and post supervision the views and suggestions on the combination of supervision and improvement of the third-party participation mechanism.