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对证券市场的监督管理,是有效地执行证券法规。保障证券市场公平交易、健康发展,保护投资人利益的必要措施。成熟的证券市场必然有成熟的证券监管。香港在其证市场漫长的兴衰起伏发展过程中。吸收以往证券监管中的经验教训,在组织机构、证券立法、监管制度等方面积累了有效的经验。我国内地新生的证券市场,在飞速发展中,证券监管建设取得了可喜成果,但仍有许多亟待充实之处。深圳证券市场毗邻香港,香港的回归造成了两地更多的学习交流机会,比较和借鉴香港证券监管措施,正是完善深圳乃至全国各地证券市场监管机制的一条捷径。 一、监管机构的构架与职责比较 香港证券监管的最高机构是1989年成立的证券及期货事务监察委员会(证券会),它直接受命于政府,个有独立的法定监察权力,负责监察和管理香港的证券和期货市场,以及有关经纪的运作,确保证券与期货市场诚实经营,以共同确实保障投资者的利益。 证监会不经政府批准即可制定规章、条例。政府虽也可检查和指导证监会的工作,但政府不干预证券及期货市场的
The supervision and administration of the securities market effectively enforce the securities laws and regulations. The necessary measures to ensure the fair trade in securities market, healthy development and protection of the interests of investors. Mature securities market must have mature securities supervision. Hong Kong is in the long process of ups and downs in its securities market. Absorbing the experiences and lessons from the past securities supervision and accumulating effective experience in the fields of organization, securities legislation and supervision system. In the nascent securities market in mainland China, gratifying achievements have been made in the securities regulatory construction in the rapid development. However, there are still many problems to be fulfilled. The Shenzhen Stock Exchange is adjacent to Hong Kong. The return of Hong Kong has created more learning and exchange opportunities between the two places. Comparing and using Hong Kong’s securities regulatory measures is a shortcut to improving the securities regulatory regime in Shenzhen and throughout the country. First, the framework and responsibilities of regulatory agencies compare the supreme body of the Hong Kong securities regulator is the Securities and Futures Commission (Securities will), established in 1989, its direct orders from the government, an independent statutory supervisory authority responsible for monitoring and management in Hong Kong Securities and futures markets, as well as the operation of brokers, so as to ensure that the securities and futures markets operate honestly so as to jointly safeguard the interests of investors. Commission without the approval of the government can make rules and regulations. Although the government can also inspect and direct the work of the SFC, the government does not interfere with the securities and futures markets