论证券监管立法原则中心主义

On Securities Regulatory Legislation Principles-based Model

我们只能对"规则"与"原则"作相对区别。在"原则中心主义"立法模式下,"监管对象"将转变为"监管代理人"。这种监管方式虽然可能增加了监管对象的守法成本,却降低了社会成本;它也符合"最低限度干预理论"的要求。为了保障顺利实施这种监管方式,我们还需要激励监管对象的守法积极性以及建立中小监管对象特殊监管制度,以防范"原则中心主义"下证券监管的缺陷。"原则中心主义"应是我国证券监管方式立法模式演进之目标。

We only differentiate between ＂rules＂ and ＂principles＂ relatively.Under ＂the principles-based＂,＂the regulatory object＂ will change into ＂the regulatory agent＂.This regulatory way may increase the regulatory object＇s law-abiding cost,but reduces social cost,it also accords with ＂the theory of the least interference ＂.To implement the regulatory way successfully,we also encourage the regulatory object＇s law-abiding initiative,and establish the special regulations of small-medium sized regulatory objects.＂the principles-based ＂ should be our securities regulatory model＇s target.