Study On Judicial Intervention Of Self-regulation Of Stock Exchanges

Stock exchanges as places for centralized trading of securities in accordance with the law are the bridgehead for the reform of the financial system,shouldering the responsibility of maintaining stability of financial market.However,China stock exchanges are flawed in expanded but unspecific self-regulation,inadequate civil and administrative litigation system,and unsatisfactory judicial review.Those are often ignored in most researches in the field of self-regulation and judicial intervention of stock exchanges as researchers expect to balance the public and private attributes but fail to clarify attributes of both.This paper admits the dualism of the attributes of stock exchanges based on administrative attribute is dominant,which is regarded as "quasi administrative subject".On that basis,this paper adapted the principle of "the purpose-driven" to precisely build judicial intervention system,expounded and confronted the real issues caused by unknown attributes and the ambivalent attitude of legislators.This paper tries to build China stock exchanges self-discipline supervision judicial intervention system in the full consideration of China’s national conditions for solving the problems in the current judicial practice.This paper held the opinions that the judicial intervention system of self-regulation of the stock exchange in China should use the "prudent principle" to perfect the judicial intervention system,construct the immunity system of civil liability and the exhaustion system of internal remedy,clarify the scope and content of judicial review,and set the pre-judicial review procedures.In a word,this paper highlighted judicial justice and hope to help China stock exchanges legally maintain the stability of financial market,which has practical significance for the internationalization of China’s financial market.