新《证券法》下证券行政执法的挑战与对策

Challenges and Solutions of Securities Enforcement under the New Securities Law

新《证券法》秉承公平、效率、秩序等法律基本价值,做出了一系列新的制度安排,如全面推行证券发行注册制、拓展证券法适用范围、显著提高违法成本、强化投资者保护等,同时完善了证券行政执法职权配置。文章分析了新《证券法》对执法领域、执法环境、执法理念、执法规则等诸多方面带来的挑战。在此基础上,提出证券执法实践需要转变执法理念、执法重心和执法方式,坚持全面执法、精准执法、能动执法、规范执法、合力执法,围绕服务实体经济和资本市场深化改革,加大对欺诈发行、违法信息披露等市场不当行为的打击,以强化执法对投资者的保护,使新《证券法》得到有效实施。

The newly revised Securities Law has made a series of new arrangements,such as comprehensively implementing registration-based stock-issuing system,expanding the scope of application of the securities law,significantly increasing the cost of illegal activities,and strengthening the protection of investors.At the same time,the new law enhances the allocation of enforcement authority.The author analyzes the challenges brought by the new securities law to securities law enforcement from the aspects of law enforcement field,law enforcement environment,law enforcement concept,law enforcement rules and so on.On this basis,the author puts forward that the practice of securities law enforcement needs to change the law enforcement concept,focus and mode,adhere to comprehensive law enforcement,accurate law enforcement,dynamic law enforcement,standardized law enforcement and joint law enforcement.In order to serve the real economy and the comprehensively deepening reform of capital market,we should strengthen the enforcement activities on market misconduct such as fraudulent issuance and illegal disclosure,and enhance the protection of law enforcement on investors.Only from that,the new securities law can been effectively implemented.