证券交易所一线监管的渊源、属性及应用
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摘要
近年来随着我国证券市场的快速发展,证券交易所的一线监管逐渐进入国内学术研究的视野。但至今学界对"一线监管"并没有形成普遍接受的概念界定。从历史上看,基于证券商自发组织的证券交易所实施纯粹意义上的证券自律监管,是证券交易所最初的组织管理形态。但随着资本市场的不断发展,传统会员制交易所的自律机制逐渐瓦解,并慢慢具备了公共机构的属性。作为证券交易市场的组织者和基础设施提供者,证券交易所通过行使公共职能,将市场一线的优势充分发挥,使市场异常能在最短时间内得到响应。但与境外相比,我国证券交易所一线监管还存在定位不清和惩戒手段缺乏等问题。因此,应从完善顶层设计入手,对一线监管体系进行全面的制度建设。
引文
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[2]路易斯·罗思、乔尔·塞利格曼.美国证券监管法基础[M].张路等译.北京:法律出版社,2008:579.
[3]乔尔·塞利格曼.华尔街变迁史--证券交易委员会及现代公司融资制度的演化进展[M].田风辉译.北京:经济科学出版社,2004:164.
[4]张学政,刘磊.境外主要交易所一线监管的现状、发展趋势及启示[J].理论月刊,2010,(03):81~84.
[5]Friedman William I.,The Fourteenth Amendment’s Public/Private Distinction Among Securities Regulations In The U.S.Marketplace[J].Ann.Rev.Banking&Fin.L.,2004.
[6]Gadinis,Stavros and Jackson,Howell E.,Markets as Regulators:A Survey[J].Southern California Law Review,Vol.80,2007.
[7]Margot Priest,The Privatization of Regulation:Five Models of Self-Regulation[J].Ottawa L.Rev.,1997~98.
[8]Poner Norman S.,Broker-Dealer Law and Regulation[M].2001.
[9]Smythe Marianne K.,Government Supervised Self-Regulation In The Securities Industry And The Antitrust Laws:Suggestions For An Accommodation[J].North Carolina Law Review,1984,March 482~83.
[10]Sobel,R.,The Big Board[M].1965.
[11]Stone Richard,L,Perino Michael A.,Not just a Private Club:Self-Regulation Organizations as State Actors When Enforcing Federal Law[J].COLUM.BUS.L.REV.,1995,453.
[12]Stringham E.,The Emergence of the London Stock Exchange as a Self-Policing Club[J].Journal of Private Enterprise,2002,17(2).