China's securities market after more than 10 years of development, has initially established the self-discipline management system, stock exchange and the securities association of importance is given to the self-discipline management function, the self-discipline management also had a certain role to play. However, the regulation of the securities market stipulated by China's securities law is mainly administrative supervision, but no systematic expression of self-regulation. This is mainly because China is in the transition period, and the market development is mainly led and promoted by the government. The supervision of the market also relies on administrative power. The self-regulation management mechanism and function have not been put into full play, and the legal self-regulation management of securities market also lacks the corresponding status. Due to historical reasons and special national conditions, at present, our country stock exchange and the securities industry association with certain administrative color, also the lack of proper independence, not in the true sense of self-discipline organization, is generally regarded as quasi-governmental agencies. Correspondingly, the self-regulation management carried out by stock exchanges and securities industry associations is often regarded as an extension of government regulation. The power boundary between self-regulation management and government supervision is not clear enough, and the division of responsibilities and supervision mechanism have not been straightened out.
We should try to learn from the European and American countries' successful countermeasures against insider trading countries and gradually introduce their effective theories, means and judicial practice system on insider trading supervision to China. For example, by defining insiders in a more open and detailed legal framework, the us system of burden of proof is adopted for securities violations such as insider trading and price manipulation. In addition, the relevant laws such as the insider-trading laws, such as the small and medium-sized investors protection act should also speed up the legislative process, let the crackdown on insider trading, maintaining the rights and interests of investors, improve the efficiency of stock market regulatory action has a solid legal basis for support, is to build a curb insider trading system is an important measure.
There is nothing wrong with the role of regulators in the operation of the securities market, but at the same time we cannot ignore the problems. Due to the division of executive power in the special status and monopoly, regulatory role in the development of the securities market should not be ignored, if regulators labor do not, that is not power enough and hinder
