日本证券交易所法制改革及其启示

The Legal System Reform and Revelation of Stock Exchanges in Japan

1998年以来,日本证券市场经历了从集中交易到市场间竞争、从证券交易所到综合交易所的变革,这一时期,日本通过修改相关法律,赋予了交易所自主选择的自由,使证券交易所可以自主选择采取会员制形式或者股份公司制形式。同时,为保障证券交易所自律监管的公正性和独立性,日本《金融商品交易法》还要求证券交易所或其持股公司设立自律监管法人或者在交易所内设立自律监管委员会,并规定了保障自律监管法人和自律监管委员会独立开展监管活动的配套制度。借鉴日本证券交易所法制改革的经验,将有助于我国证券交易所法律制度的完善和证券市场的健康发展。

The securities market of Japan has witnessed a change from centralized trading to market competition and from securities exchanges to comprehensive exchange since 1998 during which the securities exchanges are granted the right to freely select their organization module from two options, that is, the membership-participating system and corporate-based system. Meanwhile, Financial Instruments and Exchange Act of Japan, in order to guarantee the impartiality and independence of self- regulation institution, requires that the exchange or its holding company establishes self-regulatory legal person or self-regulatory committee as a part of the exchange. Some measurements are also stipulated in the law to assure the self-regulation institutions to perform their function independently and effectively. Studying the experiences of Japan is conducive to the improvement of the securities exchange and the securities market of China.