证券市场如何实现政府的有效监管How to achieve effective securities market re

证券市场如何实现政府的有效监管How to achieve effective securities market re

来源:www.51fabiao.org作者:meisishow发布时间:2014-05-08 10:08
因经济、政治背景不同和证券市场发展路径的差异,导致发达国家和新兴市场国家政府证券监管权的发展呈现出不尽相同的特征,但两种类型国家的历史仍然有共同的规律性,这对我国政府证券

 

Securities market development model in the world, the region can be divided into natural and government-led growth categories. Natural growth in the United States, Britain and other developed countries represented in the development of the market under the shadow of a free market philosophy , the government has not taken specific development plan or to excessive administrative guidance. Government-led countries with emerging securities markets on behalf of the Government, through clear planning and active policy designed to promote the development of securities markets . Two different types of countries, there is a big difference in development of government securities custody .
世界主要国家地区的证券市场发展模式大致可划分为自然成长型和政府主导型两类。自然成长型以美、英等发达国家为代表,在自由市场理念笼罩下的市场发展中,政府并未采取具体的发展规划或加以过多的行政引导。政府主导型以新兴证券市场国家为代表,政府通过明确的规划和积极的政策设计来推动证券市场发展。
 
Government regulation of securities a natural growth of the securities market development modelwww.51fabiao.org
一、自然成长型证券市场发展模式的政府证券监管
 
( A ) Government securities regulatory authority of the missing period
(一)政府证券监管权的缺失时期
 
History shows that the development of the securities market , the stock market is the earliest form of the OTC market began. Stock is the stock market scale, openness and orderly development product , the stock market showed early regulatory loose and self-regulation in order to dominate , lack of government regulation characteristics . Non-intervention policy pursued by the Government , national regulations on securities regulation is not complete , the lack of a unified , specialized securities legislation. 1930s economic crisis in the United States before , in the 1980s before the British , German before 1994 : State are in this period .
证券市场的发展历史表明,最早的证券市场是以场外市场的形式开始的。证券交易所是证券市场规模化、公开化和有序发展的产物,早期的证券市场监管呈现出松散及以自律监管占主导地位,政府监管缺失的特征。
 
( B) Government securities regulatory authority to obtain legal authorization and gradually strengthened during the
(二)政府证券监管权取得法律授权并逐步强化的时期
With the growing size of the stock market , and increase the number of investors increased trading volume , gradually became aware of the role of the government securities market is essential for a country 's economic development play . Accompanied by a self-regulatory shortcomings exposed , the dominant self-regulatory status quo has been unable to meet the requirements of the securities market development , national regulatory bodies set up by government securities legislation , the securities regulatory authority which carried out and continue to strengthen its regulatory authority , and the formation of a government regulation self-regulation parallel situation, government regulation and self-regulation requires not only the division of labor , but also to meet with various other government departments.
 
In response to the economic crisis hit investor confidence , the U.S. Securities and Exchange Commission (SEC) in accordance with 1934 , " the Securities and Exchange Law" established as the unified management of government securities the U.S. stock market regulator , to investigate violations of the focus of the SEC's work . Stock exchanges and self-regulatory agencies, including the National Association of Securities Dealers (NASD). The basic division of labor between the SEC and self-regulatory organizations are: the listed companies, securities dealers and securities regulators daily transactions mainly by the self-regulatory organization , but mainly on the self-regulatory organization SEC regulation , however, still retains limited to securities companies, listed companies and securities transactions under the direct supervision of power. SEC will not only play a supervisory role in securities self-regulatory organizations , also plays the role of cooperation with the self-regulatory organization . In addition to the division of SEC and self-regulatory organizations , but also deals with other financial regulatory agencies , including: the Treasury , the U.S. Federal Reserve Board , the OCC , insurance regulators, collaboration and cooperation Commodity Futures Trading Commission (CFTC) between .
 
Britain and Germany to set up government securities regulators, the main purpose is to enhance the international competitiveness of domestic financial markets. In 1986 , the British Parliament enacted the "Financial Services Act " authorized the establishment of new securities Investment Board (SIB) on behalf of the government financial institutions engaged in securities and investment regulation , since then, the British government established securities regulators , but SIB under the self-regulatory body set up three , therefore , the UK is still a self-regulation based. Germany enacted the federal " Department of Financial Market Promotion Act II ," according to the law authorizes the Federal Securities Trading Authority (BAWe) for the management of federal agency securities market , since Germany established securities market in 1994 , three- state regulatory framework , self-regulatory organizations . Since 1994 , Germany has conducted a number of legislative , adopted a series of measures to implement further reforms in the financial markets , market management shift from self- management model to government regulation mode.
 
(C ) expanding the right to establish a single financial regulatory and supervisory bodies of both periods
 
To accommodate Mixed unified supervision of the financial needs of countries gradually abandoned the previous sub-sector regulatory approach , the establishment of a unified financial market supervision of a single financial regulatory bodies , to improve regulatory efficiency , increasing the powers of the institution . At the same time , in order to overcome the regulatory powers of the evils of excessive exercise of power by a clear program , the establishment of mechanisms to strengthen its supervision, to provide a variety of ways to remedy the legitimate interests of the losers .
 
The United States did not establish a unified financial regulatory bodies . However, because U.S. law has taken the concept of functional regulation , and SEC attaches great importance to cooperation with other financial regulators , therefore , separate financial regulators Mixed does not affect the effective regulation of the body . In order to improve the efficiency of the SEC's regulation , Congress passed several amendments to the Securities Act and related laws , the expansion of the powers of the SEC . Expand the powers of the regulatory efficiency play a role , but it also brings some drawbacks, one of which is a violation of the existing self-regulatory organization of space , frequent exercise the powers reserved to the original direct supervision of securities companies , resulting in a high degree of overlap of government securities custody and the right to self-regulation , regulatory costs, decrease efficiency. In order to prevent a similar situation , SROs first reformed , NASD and NYSE member regulation between the Executive and arbitration functions of integration, in July 2007 established the Financial Industry Regulatory Authority (FINRA) . Currently the council is the nation's largest self-regulatory body responsible for overseeing all securities firms operating in the U.S. . SEC must consider the next question is how to achieve cooperation with FINRA .
 
Another expanded powers may infringe drawback is that investors' legitimate rights. To prevent this happening , the United States passed many laws the SEC's authority to exercise strict rules procedures . Which by the 1946 rulemaking process , " the Federal Administrative Procedure Act " ( hereinafter referred to as " procedural law " ) , 1995 " instruments streamline Law" , 2003 , " Regulatory Flexibility Act ." Adjustments, other powers exercised mainly by the adjustment program "Program Act" . Moreover , SEC also according to the above requirements of the law , developed a "SEC norms , rules and fair fund repayment plan ," applies to all SEC enforcement procedures . Due to space limitations , the rule of law can not be expanded , but the SEC procedural requirements of these regulations common characteristics: First, the provisions of the program is extremely detailed, consistently implement the principle of the protection of and respect for the rights of the parties to the particular emphasis to the public and interested parties to participate and opportunity to express their views , all programs are reflected openness and public participation ; Second, the procedural requirements of flexibility and rigor coexist , reflecting the principle of regulatory efficiency , highlights can be based on the provisions of the administrative law enforcement agencies in the "Program Act" needs , according to a given situation choose different programs. SEC according to legal procedures in order to protect the exercise of power , but also on the SEC conducted a parliamentary oversight and judicial review .
 
Mixed trend under the influence , in order to enhance the competitiveness of the domestic financial market system , the United Kingdom and Germany are on the national securities regulators have been integrated , and establish a single authority to exercise comprehensive financial regulatory rights. According to the British " Financial Services Act 2000 " (FSMA) has established a set of regulatory functions banking, securities and insurance and other financial services in one of the Financial Services Authority (FSA). Since its establishment , its mandate has gradually expanded. As a single financial regulator , FSA does not regulate all financial activities , also involves coordination with other regulatory agencies , such as the Ministry of Trade and Industry is responsible for managing corporate law matters , occupational pension Authority responsible for occupational pension schemes , etc. . In order to avoid too much power FSA , FSMA FSA 's exercise of power carried out a detailed program requirements, including administrative licensing procedures and penalties to the FSA program , these provisions are reflected in the public , to protect the interests of the relative characteristics . Meanwhile, other measures to prevent the expansion of the powers of the FSA conducted extensive external oversight : First oversight of the Ministry of Finance and Parliament ; Second, the Financial Services and Markets Tribunal ( hereinafter referred to as " financial court" ) supervision and judicial oversight .
 
In 2002, according to the German " financial regulation bill integration " and " Federal Financial Services Authority Act " , the original Bank Authority (BAKred), Insurance Supervisory Authority (BAV) and the Securities and Exchange Authority (BAWe) merged to form the Federal Financial services Authority (BaFin), the implementation of the entire financial market compatibility of unified supervision, independently perform financial market regulation , consumer protection and regulation of all the functions of mobility , is the core of the German Securities administrative law enforcement organs . BaFin financial regulation in the form of site forum , and Federal Ministry of Finance and the Federal Bank for cooperation and coordination of financial regulation . In addition, because Fafin still inside the securities, banking and insurance markets are regulated by different agencies , involving coordination between institutions , for which , FaFin cross -site Coordination Department , responsible for coordination. BaFin procedural requirements for law enforcement including " Administrative Procedure Law" and " violation of the order of law ," which analyzes the applicable filing stage and the first stage of a legal investigation , after a penalty phase of applicable laws . In order to conduct effective supervision of BaFin 's supervision , equipped with the Management Committee , Chairman of the units of the Federal Ministry of Finance , which oversees regulatory actions BaFin and decide its budget ; while a professional advisory committee to make recommendations on business management BaFin , and help them improve regulations .
 
(D ) Summary
First, the Government securities regulatory authority to obtain legal authorization for different reasons , in general, can be summarized as a self-regulatory remedy deficiencies . However, they vary from country to country , like the United States in response to the economic crisis hit investor confidence , the UK and Germany in order to improve the international competitiveness of domestic securities market, these are just the surface reason . The deeper reason is that the political and economic differences between countries lead to different understanding of the importance of the stock market , which determines the orientation of government functions from the original non- intervention in the economy , and later actively fulfill its mandate , the ultimate goal is to promote the national economy prosperity.
 
Second, government securities custody future trends of development, by the exercise of a centralized department is the trend , is designed to adapt to the financial mixed 
二、政府主导型证券市场发展模式的政府证券监管
 
comprehensive regulatory requirements. Britain and Germany have achieved a unified financial supervision , but due to internal German financial regulators are still taking sub-sector supervision, coordination and therefore there are still problems . The United States has insisted the original separate supervision , mainly due to the laws of the country to take the concept of functional regulation of the financial regulation , and focus on cooperation with other agencies , does not affect its response Mixed regulatory efficiency. So , how to set up regulatory bodies must be based on national conditions , but also depends on the level of development of other related systems.
 
Third , in recent years , governments content and scope of expanding the securities regulatory authority , the power to prevent endless tentacles invade the private sphere , countries have detailed provisions powers of government securities regulatory authorities exercise program by law , and stressed that public programs , public participation , flexibility , as well as protecting the interests of the parties and stakeholders . Moreover , countries are also increasing emphasis on government securities regulators oversee the exercise of power in these oversight mechanisms , and supervision from internal administrative bodies should be located on the first level , as well as parliamentary oversight because the law passed by Parliament is the power source of the regulatory agencies , so this oversight is the most fundamental and most effective .
 
Fourthly, the Government securities regulatory authority must be effective coordination and complementarity with the right to self-regulation in order to achieve optimal regulation of the securities market . Experience tells us that these countries , " although whether self-regulatory organization has the ability to maintain a fair and transparent transactions have been in doubt , but the facts have shown that government regulation also has been flawed, the government as the sole regulator is not the most efficient and although the government had initially hoped to micro-manage the exchange regulation, but now it seems to give more power to govern the self-regulatory organization is more effective . " Therefore, the government and self- regulation of the securities must be combined , so that self-regulatory organizations play fundamental role of regulation.
 
Fifth , the status of government securities regulators have differences, regardless of whether the establishment of a single financial regulatory agencies , countries have attached great importance to the independence of regulatory bodies , and confirm and consolidate through legislation. Regulatory experience of countries has shown : " The main benefit of an independent regulatory model is its ability to bring avoid being captured by the intervention of politicians and bureaucrats market disruption caused by the independence of regulators from making special interest groups ( such as regulated entities . , financial institutions and other non-governmental interest groups ) interference. independence also improved transparency , stability, improve the level of expertise . "
 
Government regulation of securities Second, government-led model of development of securities market
 
Emerging stock markets in developed countries is different from traditional securities markets , securities markets of developing countries. Defined in accordance with the authority of the International Finance Corporation , as long as a GNP per capita countries (GNP) did not reach the level of high-income countries the World Bank delineated , then the stock market of the country or region is emerging markets.
 
( A ) South Korea
South Korea's stock market basically started in the 1950s , to emulate the United States to establish a stock market system. Overall, the development of the South Korean government securities regulatory body can be divided into three stages. The first stage : from 1956 to 1996 , the Ministry of Finance and Economy in charge of the stock market , with the highest financial regulatory authority. After the early 1960s, the military government came to power , South Korea gradually implement government-led market economy , the government greatly strengthened the financial sector such as banking and securities intervention . To adapt , adopt large fiscal and small financial practices in financial financial relations , the Head of Finance and Economy, the stock market , the financial sector in order to take orders from the government , for the government to raise development funds in a timely manner . Specialized government securities regulatory authorities is based on 1976 revised " Securities Exchange Act " Securities and Exchange Commission , established in 1977 and its implementing agencies - the Securities Supervisory Service , established a strong comprehensive securities administration system. The second stage : from 1997 to 2004 , right from the stage of financial regulation from the financial and economic part of it , focusing on the Financial Supervisory Commission to exercise . 1997 outbreak of the Korean financial crisis, the Korean government recognizes the importance of establishing an independent financial regulator , so according to the 1997 "financial regulatory organization established law " , the establishment of an independent government agency - the Financial Supervisory Commission (FSC), responsible for the supervision of the entire financial market. Under the FSC, the establishment of the Securities and Futures Commission (SFC), in charge of the securities and futures market regulatory affairs and may be transferred to FSC some of the primary issues . The third stage : 2005 so far. In order to create a South Korean financial center of Northeast Asia , etc. Mixed response to a variety of changes , the South Korean government recognizes the need to reform the existing laws and regulations related to capital markets in order to strengthen the country's competitiveness in the international financial markets in the 21st century . So in December 2006 submitted to the National Assembly , " the Financial Investment Services and Capital Markets Act ," the law will greatly broaden access restrictions Korean non-bank financial sector , based on the current number of Korean financial sector abatement regulations, relax financial sector supervision , management and protection of cross- constrained investors in several ways.
 
Overall, South Korea's financial regulatory system has been a government-led model. However, the development trend, South Korea is to follow the trend of the world economy , reduce government intervention to some extent , under the supervision of the Financial Supervisory Commission, self-regulatory bodies to play South Korea - Korea Exchange (KRX) and the Korea Securities Industry functions Association (KSDA) , the government-led and self-discipline to a combination of intermediate management system. " Development of the Korean stock market show that the smaller the limit and extent of government intervention in the stock market , the greater the likelihood of the development of the securities market . Healthy development at the same time , government restrictions and interventions necessary , and how would the stock market have a positive impact . "
 
(B ) India
After independence in 1947 , India and China , as a long-term plan to pursue economic principles . The mid -1980s began , the Indian government firmly implement economic liberalization reforms. Since then, the Indian government spared no effort to improve the transparency and efficiency of the securities market, to make laws to protect investors , so that the Indian stock market has made great achievements since the 1990s . July 1991 , the Indian economy began a dramatic change : state control , permits, lengthy approval procedures and rigid bureaucracy was abolished , the economic rebirth . In the same year , the Indian stock market liberalization and strengthen the implementation of the securities market infrastructure, through the " 1992 India Securities and Exchange Commission Act " established the Securities and Exchange Commission (SEBI), gives SEBI investor protection and promote the development of securities markets and regulatory functions of the sole securities market . SEBI is a statutory body , not a government agency . Although its chairman appointed by the government, but SEBI is not the only government securities regulators, the Indian Ministry of Economic Affairs , Ministry of India , the Reserve Bank of India and SEBI jointly regulated securities markets. In addition , SEBI also attaches great importance to cooperation and self-regulatory organizations , securities regulators jointly implemented . By integrating market supervision system to collect evidence of violations , SEBI has decided to implement an integrated system of market regulation in all exchanges and markets, consolidated supervision by the Ministry responsible for overseeing the market trends , analyze evidence and transaction index trading patterns , and with the exchange and negotiation Strategies hosting company . In order to fulfill its mandate to prevent the SEBI does not regulate , supervise reflect on SEBI carried out in two ways : First, within the system of government oversight , and in the appointment and dismissal of the President of the Treasury on the terms of SEBI , and under certain circumstances , according to the " 1992 India securities and Exchange Commission Law "Article 17 stipulates that the Central Government can act as SEBI duties ; Second, judicial supervision, subject to SEBI body refuses to accept the punishment may appeal until the Supreme Court.
 
Over the past decade , India has a direct relationship with the government securities market development relaxed policy environment and its listed companies to appeal on the basis of the product itself , relying on the market to price discovery , and achieved good results. However, India's securities regulators have urgent improvements , such as: excessive regulatory agencies led to split custody functions overlap and conflict , is not conducive to the integration of regulatory resources ; central tendency of excessive government intervention in the stock market is still evident , particularly evident in " 1992 the provisions of Article 17 of the Securities and Exchange Commission Act of India "on.
 
(C ) Russia
Russia's stock market was established in 1991 , is an emerging market economy during the transition period , the development of its government securities regulators can be divided into four stages. The first stage of the 1996 regulatory period before the Ministry of Finance . In 1991, the Russian Federation adopted a resolution " securities issuance , circulation and charters stock " , marking the official birth of the Russian securities market , the charter establishes the Ministry of Finance of the Russian stock market managers . The reason for such settings, mainly because there was just experienced the shock therapy in Russia , the economy in the doldrums, the legal confusion, the government is to restore the functions of positioning and promoting economic development, the Ministry of Finance as a major financial and economic sectors of the country , naturally assume the regulatory responsibility of the market. 1993 , according to the presidential decree established the Securities and Exchange Commission for the ministerial-level agencies, but no independent enforcement powers . The second stage is from 1996 to 1998 . 1996 , according to the Presidential Decree No. 1009 , " Stock Market Committee " will be replaced with the Securities and Exchange Commission, the Russian Federal Securities Market Commission (FCSM), the agency for the ministerial-level agencies, the chairman appointed by the President . 1996 "Russian Federal Securities Market Law" ( hereinafter referred to as " market approach " ) supervisory powers conferred FCSM financial markets. The third stage is from 1998 to 2004 . 1998 Russian financial crisis experienced three serious blow to the national economy , prompted the government to promote the recovery of the stock market through further protect investors and improve market conditions . Therefore , the government securities market regulatory framework has been important reforms , modify " market approach " and develop " Investor Protection Act " ( 2000 ), effective government regulatory agencies to strengthen the powers by 1999 , power FCSM occurred in 1999 completely changed. The new law changed in the past FCSM must allow the court to impose fines on illegal provisions expressly FCSM can be granted to the enforcement powers of its domestic branches , to further strengthen the position of the institution , then Russia has a legal framework similar to the U.S. model of securities regulation . But FCSM not only the stock market regulator, the Ministry of Finance and the Central Bank are also on the securities market regulation , because the division is unclear, often responsibilities conflict. The fourth stage of 2004 so far. 2004 Presidential Decree No. 314 announced the establishment of the Russian Federal Financial Markets Services Authority (FSFM), the agency for the government agency directly responsible to the Prime Minister , uniform regulation throughout the securities markets. The purpose of the agency is to follow the development trend of the Russian financial sector to the mixed operation , thus changing the long regulatory phenomenon. FSFM as FCSM 's successor, has greater authority. But the agency is not similar to the German financial regulator BaFin Almighty , because the insurance fund owned by the federal regulation of insurance regulators , auditors supervision by the Ministry of Finance , Bank supervision by the central bank , and FSFM no administrative legislative power , and therefore still involve different agencies coordination problems , but its future development direction of the Almighty regulators .
 
On the history of the Russian securities market, especially in the 1991 to 1995 period the government has not yet focused on securities market regulation , self-regulatory bodies play an important role , which also led Russia to implement the intermediate government regulation and self-regulation combines . However, due to the early development of the Russian stock market is extremely confusing, the economic downturn , the functions of the government must be positioned economic recovery , to develop the securities market . Therefore , government regulation has been in a dominant position , has also led to the Russian securities regulators are intermediate imperfect.
 
(D ) China
China 's securities regulator can be divided into three phases: from 1990 to 1992 as a decentralized regulatory phase. During this period, government securities regulators in the main central banks , multi-sectoral ( Ministry of Finance, Planning Commission, People's Bank Restructuring Commission ) to intervene , formed by a number of departments securities regulatory situation. But because so many departments , lack of coordination , in practice caused some confusion. Local governments, mainly in Shanghai and Shenzhen municipal government , as well as the local branch of the People's Bank acts as a master regulator of the securities market . Due to the lack of clear regulatory body , self-regulatory bodies play an important role in practice. During this period, " the state-owned enterprise reform, the huge demand for capital market system is intrinsic motivation rapid development of capital markets ." Under the influence of this motive , the functions of government is positioned to develop the securities market , state-owned enterprises financing predicament led government regulatory authorities assume regulatory responsibility , but also undertake the development of the market for corporate finance and other state-owned non-regulatory responsibilities. Government function leads to a comprehensive government intervention in the stock market fundamentally and establish self-regulatory organizations through institutional arrangements , self-regulatory bodies to determine the long-term subordination , can not play the self-regulatory functions. 1992 to 1997 for the long regulatory stage. In 1992 the supreme body of the Chinese government securities regulator - the Securities Commission of the State Council and its implementing agencies eleven Securities Regulatory Commission (CSRC) was established , China's stock market began to regulatory standardization and institutionalization . In addition to the Securities Commission and the Commission , the local government is responsible for selecting and recommending public offering of shares of the enterprise, in conjunction with the department in charge of approving local pilot joint-stock enterprises, the Shanghai and Shenzhen exchanges in Shanghai and Shenzhen municipal government centralized management . March 1996 , the Commission decided to grant partial local regulatory authorities to exercise part of the regulatory responsibilities. Since 1997 is a centralized and unified supervision phase. August 1997 , the State Council decided , the Commission was placed under the direct leadership of the Shanghai and Shenzhen stock exchanges , local governments no longer exercise management rights . Meanwhile, the revocation of the original Securities Commission, the Commission will transfer its regulatory functions, the regulatory functions of the People's Bank also handed over to the Commission , the original local government under the securities regulatory authorities reverted to the Commission . National Securities Commission as a futures market authorities, the institution directly under the State Council. Government securities regulatory authority has not focused entirely on the Commission , Ministry of Finance, People's Bank of China Banking Regulatory Commission , China Insurance Regulatory Commission , the SASAC , the NDRC still has some government securities regulatory authority , the Commission does not realize the fact that the stock market 's focus on law unified supervision. " Bull regulation" still exists, and there is the phenomenon of power overlap and conflict between these institutions , seriously affecting the securities regulatory efficiency. This situation exists with the path history relied on the formation of multi-sectoral regulators , more
 
As the fundamental reason is in the interests of the sector affect the power of the agencies seek to maximize the sector 's interests. How to coordinate with these agencies is a serious problem , a direct impact on the operational efficiency of government securities custody .
 
2004 State Department "Opinions on Promoting the capital market reform and opening up and stable development " ( referred to as " nine " ) made ​​it clear to a greater extent the basic role of the market in allocating resources for the goal to build a transparent and efficient, reasonable structure, mechanisms, functional, safe operation of capital markets. Repositioning of government functions has led to a change in the Commission 's regulatory mandate , also contributed to the legal recognition of the status of self-regulatory organizations . 2005 " Securities Act " clearly defines the organization and supervision of the securities exchange transaction , a self-regulatory body . However, the current status and the fact that the legal status of the exchanges still do not match, the SFC and the right to self- regulatory organizations ill , leading to inefficient regulation , especially the low efficiency penalties for violations of the Commission .
 
Expanding powers of the Commission arising from the date , the biggest problem is the lack of effective control and supervision of power , especially in the absence of the regulatory process , resulting in the exercise of power is not standardized, there lawlessness in law enforcement , harm the interests of investors . SFC's existing oversight of the administrative system mainly based internal supervision , other oversight mechanisms are not yet play its due role .
 
(E ) Summary
First, the reason for the emerging market countries involved in the government securities market regulation is not due to lack of self-regulation to compensate , but to raise funds , or to deal with the economic crisis , more profound reason is that government decisions under political and economic background eager to promote the stock market functions of the position. Therefore , early intervention powers have been focused on the stock market overall management , self-regulation has become the institutional arrangements of government. But with the changing economic and political conditions , particularly in the market depth, changes in government function again , and gradually realized that deregulation, the importance of market mechanisms play a role in promoting and began market-oriented reforms embodied in the administrative license , approval, and other system abolished, and promote self-regulatory role to play , but the government-led state will continue for a long time .
 
Second, the relatively developed countries, emerging market countries, securities markets and shorter development time , lack of experience in government regulation , the regulatory system has not yet formed. Therefore, the Government securities regulators in emerging market countries generally experienced co- regulated by the Financial ( economic ) Department, the Central Bank and other regulatory bodies to establish a more centralized securities market regulatory process , the future trend is the establishment of a unified government securities regulators. However, since the relevant legal systems of these countries is not sound , coupled with the maintenance department for the interests of the path leading to dependence , even after regulators appear focused , multi-sectoral regulatory pattern still does not eliminate the short term, there are still among the various regulatory functions of the body phenomena overlap and conflict. It has also become one of the main problems affecting the securities regulatory efficiency . How to improve regulatory efficiency , is the core of the problem to be solved countries .
 
Third, emerging market countries , the nature of the government securities regulatory authorities or public institutions , though , including statutory bodies , its chairman ( or president ) by the President ( or Prime Minister ) appointed , but independence is still poor. Coupled with the development of securities market changes quickly, more government intervention in the stock market , subject to regulatory oversight of legal constraints and inadequate, resulting in government securities regulators vulnerable to the impact of government policy adjustments to the regulatory and normative acts of continuity lowered. Meanwhile, as more and more government securities regulators have broad regulatory powers , such discontinuities poor regulatory and normative acts of the interests of the regulated body may produce greater damage . Therefore , emerging market countries need to improve discipline and supervision of the securities regulatory authority exercised by the government , but this is mainly concentrated in the internal administrative supervision system , supervision and other relatively weak , which is above the national judicial system, the degree of improvement related .
 
Third, government securities regulators consensus and Its Implications
三、政府证券监管的共识及其启示
 
Evolution of historical comparison of developed and emerging market securities regulatory authority of the national government , government securities regulatory authority can be drawn with the following consensus, which is also the Government of Canada securities regulatory authority in the future design of the system is the direction.
First, the reason governments the right to intervene in the stock market securities regulatory differences, to make up for the self-regulatory defect , or to deal with the economic crisis are just the surface of reasons , the most fundamental reason is that domestic political and economic environment , the specific national conditions, and thus determine the positioning of the different government functions . Redefining the Role of Government intervention not only determines when the stock market , but also determines the relationship between the government and the right to self-regulatory securities regulatory authority . The level of development of different national conditions and related systems , decided to set up situations in different government securities regulators.
 
Second, the Government securities regulatory authority with the right to self-regulation must be to play a role . However , exactly how fit, countries need to choose a different sound paths. A long history of self-regulation in developed countries , is relatively mature , so these countries are core task is how to clear the border between the two circles of power , to prevent regulatory overlap bring regulatory costs surge , down regulatory efficiency . Emerging market countries, "Development and norms" dual functions of positioning the securities market, determines the status of government-led regulation is difficult to short-term changes in long-term self-regulation can only be in a subordinate position . Therefore, for these countries , in order to achieve the coordination and cooperation between the two , the first problem to be solved is to clear the legal status of self-regulatory organizations , on this basis , through government securities regulators and self-regulatory organizations gradual decentralization of authority to promote SROs play its regulatory functions . Thereafter, the division between the two boundaries in order to improve the efficiency of supervision . The same applies to the Canadian experience .
 
Third, the future development trend of the stock market centralized regulatory requirements is the consensus of all countries. Especially in emerging market countries , since there are multiple government agencies regulatory history of the stock market , path dependence , and the interests of the power sector led to the securities regulatory authority is still not completely focused on being a regulatory powers overlap and conflict serious , reducing the efficiency of supervision , therefore, must consider how to solve this problem. For developed countries , the unity of the securities market regulation has been largely achieved , whether the establishment of a unified financial regulatory agency , the level of development according to the situation of the domestic financial sector and the country's Mixed legal system 's decision. For Canada , the Commission on how to deal with the powers of other ministries overlap and conflict phenomenon , truly centralized supervision of the Commission is to improve the government securities market regulatory efficiency must be solved.
 
Fourth, the Government has been generated from the securities regulatory authority , has been in the content and scope of the powers constantly being expanded . Expand the powers of the hand can improve regulatory efficiency , but it also led to the government securities regulatory authority in the field of self-regulatory intrusion , damage is increased violations of the legitimate rights and interests regulatory body . Therefore, countries have emphasized the constraints of power and supervision , which developed from the protection of the rights tradition, and authority "evil" understanding of the thus formed , emphasizing the power of exercise program open, transparent, public participation and stakeholder protection of people and build a multi-level system of supervision and parliamentary oversight of which the most fundamental, but in practice play an important role is to oversee judicial supervision and within the government . Emerging market countries because they do not have this history and tradition , coupled with the requirements of economic development , on the authority of the procedural constraints little oversight of the government securities custody of more reflected in the internal supervision of the administrative system , other oversight mechanism is still very difficult to play. Canadian Commission on how to improve the legislative , judicial and media oversight mechanisms , the Canadian government is the problem in the future design of the system should be considered securities regulatory authority .