论转轨背景下证券法治逻辑与制度的现代化——兼评《证券法(修订草案)》“一读稿”

Modernization of Logic and System of Securities Law Under the Background of Transition

在资本市场加速转轨发展中,资本市场已经从单一的股票市场、交易所市场发展成为多品种、多层次、多类型的稳步迈向成熟的市场,但我国证券立法在法理逻辑、法律规定、制度设计上,仍处于"股票时代","股票化"思维严重,法律体系、监管制度、市场层次"碎片化"严重。要推动证券法治逻辑与制度的现代化,确立证券法的基本法地位是基础,针对证券品种、监管和市场层次进行差异化的制度设计是基本路径,建立健全完善的资本市场法律体系是保障。

The capital market has steadily developed from a single and exchange--traded market into a diversified, multi --layered, multiple maturing market in the process of accelerated transitional development. However, the juridical logic, provisions and design of securities legislation are still in the ＂Time of Stock＂ with serious thought of equitisation and grave fragmentation of legal system, regulatory regime and market level. For the modernization of the legalization logic and statutory system of security, it is necessary to ensure the Securities Act as the fundamental law, design differentiated system of securities, regulation and market layers as the basic path, establish and improve the sound and thorough legislative system of the capital market as the guarantee.