中国证券立法的最新发展及趋势

On the Trend of Chinese Securities Legislation

证券立法具有阶段性、行政性、分散性、封闭性的特点。目前我国证券立法存在较高层次法律法规缺少、部门规章在立法形式上不够规范、实践中自律性规则或合同规则的作用较弱、有些证券法律机制的构造不合理、证券市场本身存在不规范现象及制度成本过高等问题。今后,我国证券市场将出现以下几个方面的变化:一是证券产品日益丰富,二是多层次市场体系的建立,三是发行与交易制度的创新,四是混业经营和证券公司组织体系的创新,五是技术创新的发展,六是证券市场逐步开放,七是管制放松和监管加强。

Securities legislation has the following characteristics： having stages, under administration, dispersion and closing up. At present, there exists in Chinese financing legislation the following problems： the lack of higher-level laws, unstandardization in legal＂ forms of regulations, the weakness in the function of self-discipline and contract rules in practice, and the unstandardization of the securities market and the high cost of institutional cost. In the future there will be the following changes： the increasing richness of securities product, the establishment of multi-level market system, the innovation of issue and exchange system, the business-mixed management and the inovation of organization system of securities company, the development of technology, the increasing openness of securities market and the loosening of control and the strengthening of supervision and management.