Introduction and development of securities supervision system

Overview of securities supervision system

The securities supervision system is the way and organization system of dividing the rights and responsibilities of securities supervision, and it is the product of the country and national conditions. The effectiveness and standardization of the securities supervision system is an important basis for the continuity and stability of the securities market. The formation of a country's securities supervision system is determined by many factors such as the country's political, economic, cultural traditions and the developed degree of the securities market.

Securities supervision system is an important part of the whole securities legal system. The securities supervision system in different countries is different because of the differences in the understanding of the functions of the securities market and securities supervision means and the differences in legal traditions, and it is constantly improved with the progress and changes of the securities market. China's securities supervision system has also been reformed, especially after the revision of the securities law, the improvement of the securities supervision system will be more urgent.

The traditional model and process of securities supervision system are classified according to the main body of supervision. The traditional research habit of securities law divides the modes of securities supervision system in various countries into three categories: centralized supervision, self-discipline supervision and intermediate supervision.

1. Centralized supervision mode. Under this model, the state securities regulatory agency directly under the government department or the legislature exercises centralized and unified supervision over the securities market, while various self-regulatory organizations, such as stock exchanges and trade associations, only play an auxiliary role. The centralized and unified supervision mode is represented by the United States, Japan, South Korea, Singapore and other countries.

2. Self-discipline mode. Self-discipline mode has two characteristics: (1) Under normal circumstances, there are no direct laws and regulations for the operation and management of the securities market, but some indirect laws and regulations are used to restrain the behavior of the securities market; (2) There is no national securities regulatory body, but securities market participants such as stock exchanges and securities dealers associations practice self-regulation. Britain is a typical representative of the self-discipline model.

3. Intermediate supervision mode. The intermediate model is a model between centralization and self-discipline, which emphasizes both centralized and unified legislative supervision and self-discipline management, and can be said to be the product of the mutual coordination and infiltration of centralization and self-discipline models. Intermediate supervision mode is sometimes called hierarchical supervision system, which includes two types: secondary supervision and tertiary supervision. Secondary supervision refers to the supervision of the central government and self-regulatory agencies; Three-level supervision refers to the supervision of central and local governments and self-regulatory agencies. Germany is a typical representative of the intermediate supervision model. In addition, Italy, Thailand, Jordan and other countries also adopt this regulatory model.

In the past 20 years, with the progress of financial globalization, electronic transactions and cross-border free flow of capital, securities transactions have increasingly broken through the restrictions of national boundaries and time zones, and made progress in global online transactions. What followed was the Lian Heng integration of the securities market, the endless stream of financial innovations and the mixed operation of finance, which made the crisis of the securities market worse and worse. Therefore, while opening up the domestic market and relaxing the market access conditions, countries have gradually strengthened the supervision of their own securities markets, especially the government's control over the market, and the self-regulatory supervision has gradually weakened. For example, in Britain, which has always been self-disciplined, in order to better control the market crisis, the Financial Services Authority was established on 1997 to implement comprehensive supervision, and the law was revised again, and the Financial Services and Financial Markets Act of 2000 was formulated to standardize the supervision objectives of the Financial Services Authority.

The evolution of China's securities supervision system is in step with the progress of China's economic system. China's securities management system has experienced a development process from scratch, from simple to complex, from naive to mature.

(1) Independent management stage of the Ministry of Finance (198 1 year-1985)

At this stage, the form of securities is national debt. Its issuance is organized and managed by the Ministry of Finance, and because of the influence of the planning system, Chinese people generally lack the concept and enthusiasm of investment, so the issuance of national debt must be realized through administrative apportionment.

(2) The critical stage of the People's Bank of China (1986-199210 month)

At this stage, a securities supervision system with the People's Bank of China as the main body was formed.

The stage of China People's Bank's supervision of China's securities market is the initial stage of China's securities market.

(3) the State Council Securities Commission in charge stage (199210-1998 August)

(IV) The competent stage of China Securities Regulatory Commission (1998 till now)

1998 is a very important year in the development history of China stock market. There are two key points: First, according to the June 1 9971Central Financial Work Decision, the State Council implemented a major reform of China's securities regulatory system: (1) the State Council Securities Commission was abolished, and its original duties were exercised by China Securities Regulatory Commission; (2) The China Securities Regulatory Commission exercises direct leadership over the national securities regulatory agencies, that is, the former securities regulatory office of the provincial people's government or the CSRC is no longer a functional department of the provincial people's government, and the people, finances and materials are all under the unified leadership of the China Securities Regulatory Commission, while the former securities regulatory offices or the CSRC in some provincial capital cities are merged into the provincial securities regulatory office and are subject to vertical leadership.