发达国家证券市场监管法律的比较及借鉴

A Comparison of the Laws Supervising National Stock Markets in Developed Countries

根据发达国家证券法规的特点,可将各国证券市场的法律大体分为三个体系:美国证券法体系、英国证券法体系和欧陆证券法体系。在执法方面美国以严厉著称,英国次之,日本较差。这告诉我们,证券市场法规体系要体现本土性,在法律上明确证券市场各级执法机构的权限,并在移植发达国家证券市场的法律时必须考虑到立法的配套问题。

There are three systems of law in stock markets in developed countries： the American stock law system, the British stock law system, and the European continent stock law system. In the execution of the stock law, America is the most strict, Britain comes next, while Japen is rather loose. We can draw a lesson from them that the stock law system must be established according the the national features and taking in what is good in the developed countries. Furthermore, the rights of the executive organizations at different levels should be made clear and consistent with other laws.