论证券交易所自律监管制度及其与行政监管的互动关系

证券交易所自律监管是证券市场监管体制的重要组成部分,其实质是股东、券商、上市公司和其他市场参与者共同参与的自律监管。在证券交易所的自律监管框架中,监管者也是被监管者,被自律规章规范者也是自律规章的制定者。综观各国成功的证券市场监管模式,无论是自律监管主导模式(英国) ,还是自律监管与行政监管共享模式(美国) ,都重视发挥证券交易所的自律监管职能。我国应建立健全“以政府监管自律组织、自律组织监管市场为主,政府直接监管市场为辅”的双层监管体制。我国证券交易所作为核心自律组织,应当在证券市场监管体制中有更大作为。

On the Interaction between the Securities Transaction System of Self-Regulation and that of Administrative Regulation

Self-regulation for the Securities Exchange is an important component of the regulatory system of the securities transaction market, where shareholders, securities traders, listed companies and other markets are jointly committed to the regulation among them. Within the self-regulatory framework, regulators also play the role of regulatees. With regard to the successful regulatory models in other countries, both the self-regulatory and self-and-administrative-regulatory models focus on the full play of the self-regulatory function. China should improve its regulatory system, namely, by "playing the major role of administrative supervision of self-regulatory organizations and their self-regulation in the market, with administrative oversight of the market as a supplement".