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《证券法》中回避了一些问题,如国有股、法人股暂不交易的问题;未上市公司股票转让的问题;职工内部股不规范的问题;配额发行的问题;不能用人民币买B股、不能用外汇买A股的问题;A股、B股、H股同股不同价的问题;中资企业在香港上市发行的红筹股的问题;证券交易所的总经理由政府任命的问题。(北京大学教授,《证券法》起草小组组长厉以宁) 《证券法》的出台为保护大众投资者提供了切实的保障;将有利于改善司法审判机关无法可依的局面;为政府监管市场提供了法律基础,改变了以前仅以行政法规作为基础的局面。更重要的是,《证券法》标志着我国证券产业发展的试点阶段已告结束,正规化产业发展阶段已经开始。(北京大学法律系主任吴志攀教授) 《证券法》起草时争论较多的有:第一调整对象是什么,一种观点认为只调整股票和公司债,另一种观点认为还应该包括其他有价证券。《证券法》采纳了后一种观点,给调整对象留下了空间;第二调整范围,是只调整交易市场还是发行与交易市场都调整?《证券法》将发行和交易市场置于自己的调整范围内,因为二者不可分;第三是管理体制,强调了证监会有权进行集中统一的管理;第四是对券商的监管,《证券法》将券商分为综合和经纪类加以规范,对融资操作也留下了余地。另外有关开放场外交易市?
Some problems have been avoided in the Securities Law, such as the non-trading of state-owned shares and legal person shares; the transfer of shares in unlisted companies; the problem of non-standardization of internal shares of employees; the issue of quotas; the use of RMB to buy B shares can not be used The issue of foreign exchange buying A shares; the issue of different prices of A shares, B shares and H shares; the issue of Chinese red chips raised by Chinese-funded enterprises in Hong Kong; and the appointment by the government of the general manager of a stock exchange. (Professor Li Yining, head of the drafting group under the Securities Law of Peking University) The promulgation of the “Securities Law” has provided effective protection for public investors; it will help to improve the unpunctuality of judicial adjudication organs; and provide the government regulatory market with The legal basis has changed the previous situation based on administrative regulations alone. More importantly, the “Securities Law” marks the end of the pilot phase of the development of China’s securities industry. The formalized phase of industrial development has begun. (Professor Wu Zhiban, Head of Department of Law, Peking University) There are many debates at the drafting of the Securities Law: what is the first adjustment target, and one view is that only stock and corporate bonds should be adjusted, and the other view is that it should also include other prices Securities. The Securities Law adopts the latter viewpoint and leaves room for adjustment. The second adjustment is to adjust only the trading market or both the issuance and trading markets. The Securities Law puts the issuance and trading markets on its own Adjustment range, because the two are inseparable; the third is the management system, emphasizing the Commission have the right to conduct centralized management; the fourth is the regulation of securities companies, “Securities Law” will be divided into brokers and brokers to regulate, Also left room for financing operations. In addition, about the OTC market?