| The traditional securities supervision mode has the characteristics that are unilateral,mandatory,imperative and authoritative.Although it can quickly maintain the supervision order to realize the public interest,it is also easy to damage the legitimate rights and interests of the administrative counterparts and other subjects,resulting in market turbulence and disorder.The administrative reconciliation of securities law enforcement reflects a significant change in the governance mode of securities market from the traditional governance mode relying on the single will of securities regulatory bodies to the governance mode through negotiation,concession and compromise between securities regulatory bodies and the regulated objects.Limited by the deficiency of modern administrative rule of law construction,combined with the natural rejection reaction in the process of system transplantation,the pilot work of securities law enforcement and reconciliation starting from the Implementation Measures for Pilot Administrative Reconciliation in 2015 has exposed the shortcomings of too strict conditions for reconciliation,lack of public participation procedures and insufficient disclosure of reconciliation information.With the updating of the concept of administrative supervision and the requirement of preventing and resolving systemic financial risks,the regulatory departments need to abandon the concept that punishment is done in the past and turn to the "de-illegality" reform of the involved enterprises.As a governance mechanism established by enterprises to operate in accordance with laws and regulations and prevent and control compliance risks,Enterprise compliance can overcome the limitations of external supervision from government by introducing the concepts of consultation,dialogue,compromise and contract,which leads to activate the capabilities of corporate self-regulation,improve the effectiveness of external regulation and meet the requirements of the new supervision concept on the administrative reconciliation of securities law enforcement.The extraterritorial countries running the administrative reconciliation of securities law enforcement have relatively mature legislative and practical experience in setting the conditions of reconciliation,protecting the rights and interests of the opposite party and controlling the information disclosure.It has its unique solutions to the problems of settlement premise,s ettlement scope and procedure participation.In the face of the practical needs of comprehensive social governance,the administrative regulatory departments of the United States took the lead in introducing the compliance mechanism into the practice of administrative reconciliation.By putting forward the compliance rectification requirements and setting the compliance test period in the law enforcement settlement agreement,the maximum system effectiveness of the administrative reconciliation of securities law enforcement was stimulated.At present,the administrative reconciliation system of securities law enforcement in China has formed a complete and standard system from laws to administrative regulations and then to departmental regulations.In response to the requirements of cooperative governance and efficient supervision proposed under the new regulatory concept,the securities law enforcement to optimize the administrative reconciliation should rely on the introduction of corporate compliance mechanisms and be based on the comprehensive examination of the running process of the system to pointedly optimize the scope of application of reconciliation,disclosure of reconciliation information and public participation in reconciliation and other basic issues.At the same time,the framework of compliance mechanism will be built in the law enforcement and settlement,and the compliance guidance before the settlement agreement,the implementation of compliance provisions in the settlement agreement,and the compliance supervision complement after the agreement will be strengthened. |
