论证券监管机构的法律定位

The Legal Orientation of Securities Regulation Authority

证券监管体制改革的实质是证券监管机构法律定位的调整。监管机构的法律定位可分为职能定位和主体定位两个方面。职能定位决定政府与市场的关系。主体定位决定监管机构与其他政府机构的关系。证券监管机构的职能定位应当是担当证券市场的"交警",维护市场秩序,规范市场行为。各国证券监管机构的主体定位呈现朝向独立机构发展的明显趋势。我国证券监管机构法律地位尴尬、独立性不强、审批权力过大,不能适应市场发展的新形势,其法律定位需要重新厘清和调整。

The essence of securities regulation system reform is to adjust the legal orientation of the securities regulation authority, which could be divided into function orientation and subject orientation. Function orientation determines the relationship between the government and the market, as the subject orientation to determine the relationship between regulation authority and other government agencies. The function orientation requires the securities regulation authority to play the role of ＂traffic police＂ to maintain market order and regulate market behaviors in the stock market. Generally, the subject orientation of the securities regulation authority shows an obvious trend towards the development of an independent body in most countries of the world. The legal orientation of securities regulation authority in China is so awkward that it can＇t match the situation of the market development, because of its strong dependence and approval power. It is emergent to clarify and adjust the legal orientation of the securities regulation authority in China.