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《证券法》等法律赋予中国证监会较大的行政处罚权,以应对处于新兴转轨时期的中国证券市场层出不穷的违法违规行为,但我国证券违法处罚机制存在的不足影响到了证监会行政处罚的有效性和公正性。因此,借鉴证券市场发达国家证券监管机构处罚机制的经验,反思中国证券违法行政处罚机制存在的问题并提出完善建议,就非常具有现实意义。
The Securities Law and other laws give China Securities Regulatory Commission a greater power of administrative punishment in response to an endless stream of illegal acts in China’s securities market during the new period of transition. However, the inadequacies of China’s securities penalties affect the effective administrative penalties of the CSRC Sexuality and fairness. Therefore, it is of great practical significance to draw lessons from the experience of the securities regulatory authorities in developed countries in the securities market to reflect on the problems existing in the system of administrative penalties for illegal securities in China and to put forward their suggestions.