打造投资者友好型证券法 推动资本市场治理现代化

Crafting an Investor- friendly Securities Law to Promotethe Modernization of the Governance in Capital Market

为推动资本市场治理现代化,必须打造投资者友好型证券法。建议扩大证券外延,凡是具有投资回报期待的各类资本证券均应纳入证券法调整。主张在资本市场进一步简政放权,充分鼓励自由、公平的市场竞争。主张进一步完善IPO核准制的制度设计,审核权作为注册权的核心权能必须由证券监管机构统一行使,而不能由证券交易所行使。建议重典治乱,创新民事责任、行政责任与刑事责任的追究机制。主张进一步完善信息披露制度,推动资本市场透明化。

To promote the modernization of the governance in capital market, it＇ s necessary to crafting an investor - friendly Se- curities Law. The scope of securities should be broadened. All the capital securities with expectation of investment returns should be governed by the Securities Law. Deregulation should be encouraged to promote free and fair competition. IP0 registration should be designed in good details, the review of application documents should be exercised by the securities regulator, instead of by the stock exchanges. Serious legal liabilities should be imposed to curb the wrongdoings in capital market. Disclosure require- ments should be upgraded to promote the transparency of Chinese capital market.