4, the U.S. Federal Securities and Exchange Commission of both the legislative, executive and quasi-judicial powers, so to ensure its authority and effectiveness of the securities market management.
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What is the concentration of the Legislative managed
In this mode, the government is actively involved in the management of securities, and a dominant position in the securities management, and various self-regulatory organizations such as stock exchanges, securities dealers association only play a role to assist the Government Management. This model as a typical representative of the United States, it is also known as the American model. Many people believe that this model is a highly scientific operation of the securities markets and the regulatory system, the securities markets of many countries or regions respected and imitated. Here, we mainly introduce such a regulatory approach. Portfolio management to develop specialized legal, pay attention to the principle of openness in the securities management, management of major securities regulations of the Securities Act of 1933, the 1934 Securities Exchange Act, the Investment Company Act of 1940 ", etc. Responsible for the uniform implementation of these regulations by the U.S. Federal Securities and Exchange Commission. In addition, the U.S. states also enacted the Securities Act. Various self-regulatory organizations (non-governmental organizations) under the supervision of the government, but also to retain considerable autonomy. It is a federal, state, and non-governmental organizations are composed of both unified and relatively independent management model.
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集中立法管理型的优缺点
Centralized legislative management type has the following advantages: Centralized the legislative managed insufficient regard: