Control in the usual sense refers, according to certain rules on individuals and economic entities constitute a particular economic activity constitute a particular social restrictions behavior. Regulate the body includes two forms of private and public institutions, regulatory economics sense mainly refers to the latter. Government control is _set_ by the government for the private sector (manufacturers and family) to restrict certain activities or requirements, with a strong industrial policy tendencies. Pan Zhenmin analysis of U.S. government control, also known as public regulation, government intervention in the economy at the micro-level, can be grouped into the economy (such as antitrust laws, price controls on certain sectors) and society (such as environmental protection) two categories. Samuelson pointed out that regulation issued by the government to control prices, manufacturers decide to sell or regulations and legal components. Thus, the regulation refers to government action to prevent harm to those in the "public interest" and private decision makers through a public way to control prices, sales and production decisions. As a kind of government regulation, compared to other economic regulation, securities regulation more clear goals and humane care colors. Examine relevant laws and regulations around the world of securities regulation can be found in the clear goal is to crack down on its regulatory illegal trading on the stock market, in order to protect the legitimate rights and interests of investors from infringement, so as to maintain its long-term confidence in the stock market . Securities regulation is manifested in human care color, its purpose is different from the industrial control emphasis on economic efficiency, but based on the interests of the most vulnerable groups in the maintenance of the stock market. The reason why this unique control features, a very important reason is that the stock market is different from the general market composed by the manufacturers and consumers, but an open financial market, by the different stakeholders, such as multi-listed companies , investors, financial intermediaries, self-regulatory agencies (such as the stock exchange, etc.) and government regulators together constitute. Among these, the basis for the normal operation of the market and maintain the healthy development is investor confidence in the future of the market. So, any operation of this market and its movements are sensitive to the touch of the national economy each root nerve endings, for the entire economy, finance, politics and society (including the international community) to produce common products market unattainable influence. In this extremely complex multi-game world, the government not only needs to restrict monopolies and unfair competition on the securities market, and the need to respond to natural monopolies and information asymmetry caused by market failures, not only from the perspective of the securities industry for As a securities transaction intermediary financial institutions to implement the micro-industry regulation, and the need to achieve its overall economic goals starting the implementation of macro-control and management of the securities market to maintain market stability, and help from the stock market. What is more, an emerging markets (especially in transition economies) the government also needs to undertake to create, nurture and even improve the entire stock market mechanisms duties. Therefore, the concept of securities regulation inevitable, it must have in order to maintain the healthy development of market-based content and features. For the purpose to protect the legitimate rights and interests of investors, to correct and improve the problems inherent in the securities market (market failure) for the purpose of government and regulatory authorities through legal, economic, administrative and other means of participation: Based on the above analysis, securities regulators should be defined as guide the behavior of all kinds of securities markets in the main carried out various activities, intervention and control. The emphasis here is that any violations of the legitimate rights and interests of investors, such as stock price manipulation, securities fraud, insider trading and other regulators should become the undisputed object, and its effective advance warning and severely punished afterwards, effectively put an end to all kinds of organizations or individuals for its information and financial advantages for small investors owned deprivation and injury. The concept is both a general securities regulatory control based on the concept, but also has a special significance with phase difference, thereby defining the content and scope of the book studies the securities regulatory issues.
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Principles of Securities Regulation
To protect the securities markets efficient, stable, orderly, smooth running, around the goals of securities regulation, effective securities market regulation must be established on the following principles. "Three" principle "Three" refers to the fair, open and impartial, which is the most basic principles of securities regulation. Fair, requires participants on the securities market have equal market opportunities, competitive equality of opportunity and equal trading opportunities, there is no discrimination or special treatment. Fair market under market economy conditions, in essence reflects the equivalent of paid sexual commodity exchange. On the stock market, a unified market rules and equal market opportunities, equal status and treatment of the subject, in the form of securities trading based on the law of value is fair. The primary requirement is that the principle of fairness and completeness of information symmetry, that all investors have timely information homogeneous. Contents of the status of the principle of equity also involves a fair, equitable tax burden, right to a fair, equitable benefit; fair is intended primarily for the general public, but also other market participants. Equal opportunities and fair competition is a prerequisite for the normal operation of the securities market. Justice, impartiality requirements of securities regulators conduct market management and treatment of market participants. Content impartial justice, including legislation, law enforcement justice, fairness arbitration. Justice is effective supervision of life, is a key regulator in the legal framework to achieve balance and order among all participants in the market, and constitutes managers, legislators, judicial rights conferred and constraints. Disclosure requirements of various public disclosure of information on the securities market to market participants, market participants shall not use any inside information engaged in market activities. Information here includes a variety of financial information, transaction information, behavioral information, policy information as well as regulatory information and all information associated with the interests of market participants. The principle of openness is to achieve the necessary market conditions for fair and equitable, but also the essence of the securities laws of lies. Moreover, the openness and transparency of information is regulated microscopic point of integration between the stock market and stock market efficiency. Openness of information directly related to the level of market efficiency. It can be said, "Three" principle are the three principles of the market economy is the basic principle of the securities regulatory activities must be pursued, but also the management of the core countries in the securities market and the soul. Principle of protection of investors' interests Look from the source of funds, securities market development is key to investor confidence in the market. To ensure investor confidence, we must effectively protect the interests of investors. Because ordinary investors generally inferior in information and funds, to eliminate competition in the market asymmetry, requiring regulators try to eliminate fraud on the stock market, manipulation, partial information on other issues, to ensure that the interests of investors from abuse. Principle of good faith Securities regulators in the formulation and implementation of laws, regulations and systems, it must to require market participants to achieve the principle of good faith: as the stock market financing, must be true, accurate and complete financial information to the public; as the stock market intermediaries in providing market information and services may not be fraudulent or materially misleading conduct; as a stock market investor, should not spread false information to manipulate the market price of monopoly or disrupt the normal market order. According to management principles Management is not in accordance with law and the need for economic regulation by administrative methods under certain objective conditions negation, but stressed that the principle of the rule of law in order to manage the city. According to management has two meanings: First, the requirements of securities laws and regulations, institutional improvement and concrete; Second, the requirement of strict enforcement and strong. A no laws, lax enforcement of the rule of law or the rule of man instead of the stock market turmoil and even inevitable crisis. Government regulation and self-regulation principle of combining Government securities regulators must focus on the combination of government regulation and self-regulation, thereby starting to build a complete securities market supervision and management system. Even in Britain and other Western countries have a long tradition of self-management and play a major role, and government regulation is becoming an integral part of the entire securities regulatory framework theme. For emerging securities markets, it should be emphasized more centralized, unified regulatory status of government powers and functions of the self-regulatory organization to build on this foundation.
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Securities regulators object
Securities regulation covers all the main objects involved in the stock market run, both including securities brokers and dealers in securities and other financial intermediaries, including businesses and individuals. For _set_ting the securities regulatory objects can be explained from different angles: The nature of the subject's participation in the securities market to distinguish Various legal and natural persons subject so angle, the object is to participate in the securities market securities regulatory activities. Generally include: 1, industrial and commercial enterprises. Means to enter the stock market to raise funds for capital needs, is also included in the securities market involved in corporate transactions; 2 funds. Both are listed funds as trading partners, including market forces as an important investment funds (just a different perspective on); 3 individuals. Generally contain two types. The main investors in the stock market means that fund providers on; Another refers to a variety of securities professionals; 4, securities and financial intermediaries. Mainly refers to all types of financial institutions involved in the business of securities issuance and trading of securities, etc.. It can be a professional securities brokers, underwriters, dealers, commercial banks may also be unity under the system of banks and securities and other financial institutions; 5, the stock exchange or other centralized trading venue. A stock exchange is to provide centralized securities trading venues, and bear a special body self-management functions. It includes the traditional physical market, but also for the operation of electronic trading systems approach intangible market; 6, other intermediaries securities market. Including securities registration, custody, clearing organizations and securities consulting agencies, accounting firms, law firms, as_set_ evaluation agencies. To the status of each of the securities markets and the role of the main distinguishing Using this criteria, the securities regulatory objects can be broadly divided into four categories: 1, the listed objects (ie, fund-raisers), in the form of securities, including stocks, bonds, funds and other types of market players listed; 2, the transaction object (ie investors), including all market players involved in securities trading; 3, intermediary objects, including various types of securities issuance and trading activities in the media, to provide these financial institutions, consulting firms, marketing services agencies, such as various kinds of intermediary services; 4, self-managed objects, mainly refers to the centralized securities trading places. A more authoritative international division way Fabozzi (fabozzi) and Modigliani (modigliani) points out, starting from the securities regulatory activities covered face, that the Government should take four forms of securities market Regulatory: 1, the information disclosure regulation, which requires issuers of real or potential purchasers of publicly traded securities to provide relevant financial information; 2, the securities regulatory activities, including securities trading and securities transactions by relevant regulations (such as the regulation of the typical insider trading); 3, for the supervision of financial institutions; 4, regulation of foreign participants, whose main content is to limit the role of foreign companies in the domestic market as well as its controlling ownership of financial institutions.
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Means securities regulation
Legal means That state through legislation and enforcement to conduct various forms of legal norms in the stock market run into the legal system, issuance and trading of securities in the process of participating subjects required by law to regulate their behavior. Use legal means to manage the stock market, mainly through legislation and enforcement to suppress and eliminate fraud, monopoly, manipulation, insider trading and vicious speculation, etc., to maintain good operating order and the securities market. Involved in the management of the securities market laws and regulations a wide range, roughly divided into two categories. One is the direct supervision of the securities laws and regulations, in addition to the basic legal Securities and Exchange Act, the Securities Exchange Act, but also in the countries listed on the review of accounting standards, securities investment trust, securities finance business, securities custody and agency trading, clearing and _set_tlement of securities specially discounted securities regulations, stock management, securities tax, securities regulators, securities self-regulatory organizations, securities and other aspects of foreign investment, virtually all areas of the stock market. The other is involved in portfolio management, securities market is closely related to other laws, such as company law, banking law, negotiable instruments law, bankruptcy law, fiscal law, antitrust law. Thus, the formation of a Securities Law is the core, specifically with securities regulations or rules supplement other securities laws supporting the legal system. Economic instruments Refers to the management and regulation of the government securities market (as opposed to other economic goals) as the main purpose of the indirect effects of regulation by the stock market operation and participation of the subject's behavior. In the securities regulatory practice, there are two common methods of economic regulation: 1, financial credit instruments. The impact of monetary policy on the use of financial securities market is quite remarkable. Relax on the occasion of money in the stock market downturn, reducing the discount rate and the deposit reserve ratio, increase the money supply to stimulate the market rally; otherwise inhibit the stock market soared. The use of "stabilization fund" to carry on the public stock market operations can directly regulate supply and demand and the price of securities. Financial and monetary means to effectively stabilize the irrational and excessive speculation in the stock market volatility, expected to help achieve management objectives stabilize the stock market; 2, the tax policy. As the stock market tax income securities and securities transaction tax (ie stamp duty) based directly attributable transaction costs, adjusting tax rates and tax structure of the transaction costs directly caused by the change, which can inhibit or stimulate the market to produce the effect of regulatory and who exploited; 3, administrative means. Refers to government regulators adopted plans, policies, systems, methods and other securities markets direct administrative intervention and management. Compared with the economic means, the use of administrative means securities market regulation is mandatory and direct characteristics. For example, take the issue of the securities market approval system, the administrative control of listed species and size of the market; strict permit system and the quasi-market stock exchanges, securities companies, securities advisory body, securities clearing and depository institutions; Transactions during the emergency closing and so on. Administrative means to exist in the history of any country's securities market regulators into. The difference is in the early stage of market development management using administrative means more to the mature stage, with less administrative means something. Early stock market affected the socio-economic aspects of conditionality is often unsound legal means and economic means inefficient, resulting in inadequate supervision of the situation, it takes a positive supplementary administrative means. However, the stock market, after all, is a highly developed market economy with biological characteristics of its full market economy inevitably requires accompanying market maturity and gradually reduce administrative intervention because of excessive administrative intervention is not easy to form an appropriate regulatory over-distorting the market mechanisms. Self-management General government securities market regulators are taking a combination of management and self-management form. Self-management (or self-management) accounted for an important reason why the management of one seat in the stock market, is the result of Western historical development of securities market to a considerable extent. In the historical evolution of the market before the government fully involved in the self-management has become the main form of market management. In addition, the high degree of specialization and interest securities industry securities transactions correlation between the complex and the securities markets itself determines the objective need for self-management. It should be noted that exists between government regulation and self-management of master-slave relationship, self-management is an effective complement to government regulation, in itself is a self-regulatory organization of government regulation of a regulatory framework object. In recent years, securities regulators and strengthening of centralized government regulation is becoming a status of Western countries, especially the development trend of the stock market management.
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Objectives of securities regulation
IOSCO (iosco) at the international level presents the main objectives of securities regulation: protection of investors; ensure market fair, efficient and transparent; reduce systemic risk. As for the goal or purpose of the securities regulators of expression around the world is not the same securities legislation. 1933 "Securities Act" contains two basic objectives: 1) to provide substantive information on the public offering of securities to investors; 2) the sale of securities in the process of misleading, false, and other fraud prohibited. Obviously, protecting the public interest is the essence of the United States Securities Legislation prominent. The United States in 1986, "Government Securities Act" states: "The government securities transactions affected the public interest, this must be so: 1) to provide uniformity, stability and efficiency for transactions and their related matters or activities; 2) for government securities government securities brokers and dealers generally implement appropriate management; 3) the provisions of the respective financial responsibilities, accounting records, reports and management practices in order to ensure a fair, equitable and high mobility of the government securities market, to the greatest. limits to protect the interests of investors. Japan, "the Securities and Exchange Law" (1984) stated: "In order to issue securities, trading and other transactions can be conducted impartially, and to the smooth flow of securities in order to ensure the normal operation of the national economy and to protect the interests of investors, . formulated laws "Korea" Securities and Exchange Law "(1962) states:" This Act aims to maintain extensive and methodical marketable securities, fair insurance by protecting investors, purchase, sale or other securities exchange, promote the development of the national economy. "Taiwan" Securities Exchange Act "called legislative purpose is" for the development of the national economy, and to ensure investment Act is enacted. "China's Hong Kong," the Securities and Futures Commission Ordinance "(1989) 4 pointed securities regulatory goal is to allow the market has enough liquidity and fair, orderly and efficient operation; trading systems to control and reduce risk, avoid market failure and manage risk appropriately to ensure a market crisis will not affect other financial areas; protect investors; promote the establishment of an environment conducive to investment and economic growth economic environment. China's "Securities Act" in Section 1 states: "In order to regulate the issuance of securities and transactions, to protect the legitimate rights and interests of investors, maintain social and economic order and public interests, and promote the development of the socialist market economy, the development of this law." A subtle difference is that Asian countries for the regulatory objectives of qualitative statements more prominent in government philosophy "promote economic development". Comprehensive mature Western markets and emerging markets in developing countries for the purpose of the various securities regulatory definition of its underlying social, economic, political, institutional and other internal factors, the goal of this book on securities regulation summarized as follows: Play first, to overcome the deficiencies securities market (stock market failure), the protection of the legitimate interests of market participants (in particular, the interests of investors), the securities market to maintain a fair, transparent and efficient mechanism to promote the operation of securities markets and securities markets function . This is a realistic goal of securities regulation. Second, to ensure the stability, soundness and efficiency of securities markets, promote stability and development of the entire national economy. This is the ultimate goal of securities regulation. The first layer of meaning more from the micro level to elaborate, and form the basis of the second layer of meaning: the broad stock market failures is a necessary condition for securities regulation, which requires the government and the securities regulatory authorities to limit and overcome all monopolies, manipulation, fraud, insider trading and other illegal activities, regulate the issuance of securities, transaction behavior, and to ensure its fair and smooth manner, so as to protect the legitimate rights and interests as the foundation of the stock market investors; through government regulation to strive to achieve a healthy, stable, sequence, efficient securities markets. Just as Stigler said: This regulation is intended to make life more real economy to prevent or punish fraud. Can not be ignored is that emphasizes the role of securities regulation does not negate the securities market mechanism for allocation of resources is of decisive significance. The stock market is undoubtedly a market mechanism and free competition in the market mechanism is about the stock market can achieve the basic function of the strength of its economy, the securities regulatory objectives must be positioned to solve the problem of market failure, and thus to promote and protect market mechanisms to better play role, rather than an alternative market mechanisms. Reflect the reality of this goal is to look in the securities markets function smoothly and economic role to play and reflect. The second layer of meaning more from the macro level to elaborate, is an extension of the first layer of meaning: whether it is in those plans and administrative intervention obvious characteristics securities markets in developing countries, or free competition in those colors more rich developed State securities markets; regardless of whether such "securities regulation to promote economic development" clearly and consciously incorporated into law and economic planning - ultimately by securities regulators to maintain the stability and development of the national economy is the fundamental goal of any government regulators to pursue . In public pages iosco's also _set_ out: securities regulators should promote capital formation and economic growth. In the government's perspective, the stock market is always a complex whole social economy as an integral part of the specification and development of the securities market is always subordinate to the needs of the entire national economy, stability and growth. The stock market is not only a country's financial system with (including money markets, credit markets and other financial markets) and the real economy in close contact, but also with economic development, social stability and even political situation, such as solidarity, any government securities regulators must also From the social economy as a whole is bound not just to develop and implement systems, regulations and policies from the local securities market regulation itself. Even in Western countries, this target-based government intervention also common. greenspan face of stock market ups and all kinds of remarks published (eg hint of a rate cut) is not less than the China Securities Regulatory Commission Chairman speak; And when the 1998 financial crisis away as Hong Kong SAR government authorities to intervene into the market against further acts of international speculators indicates the significance of the specificity and regulation of financial markets in the ultimate goal of government action. It should be emphasized noted that, both in terms of the meaning of the first layer or the second layer of meaning to speak, one can not ignore the core objectives of securities regulation is to ensure the protection of investors, especially the interests of small investors. Because only the cornerstone of long-standing investors in this market and actively participate in the securities market mechanisms and functions in order to play the stock market but also to the healthy development of high efficiency, the stock market was also likely to promote stability and development of the national economy.
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Related Phrases
economics
minister
Containing Phrases
securities regulator
Securities custody system
Securities custody body
Securities Custody of Definitions
Securities custody the principle of a more simplified taxation system, broader tax collection basis, lower tax rates and stricter tax collection