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目前正在进行的新一轮证券法修订,在理念方面应当鼓励金融创新、提升资源配置效率、进一步放松管制、适度监管。证券定义应当体现投资性金融商品性质,反映证券的投资性、可转让性、收益或交易价格与资产或股价指数相连动等特征。构建股票发行注册制,证券公开发行向注册机构注册,交易所依法审核发行申请人拟披露的信息,监管机构监督交易所的审核是否依法进行。应当反映和规定功能性监管,凡是投资性金融商品,均由证券监管机构统一监管。应当将投资者适当性制度写入法条。应当赋予股权众筹以法律地位,规范股权众筹市场发展,防范集资诈骗风险。
The new round of securities law revision currently underway should encourage financial innovation in terms of philosophy, enhance the efficiency of resource allocation, further ease the control and regulate it appropriately. The definition of securities should reflect the nature of investment financial products, reflecting the investment securities, transferability, earnings or transaction price and asset or price index linked to other features. Establishing the registration system of stock issuance, the registration of securities public offering with the registration institution, the exchange examining the information that the applicant intends to disclose in accordance with the law, and whether the supervision of the exchange supervising the audit is conducted according to law. Should reflect and provide functional supervision, all investment financial products, by the securities regulatory agencies unified supervision. The proper system of investors should be written into the law. We should give equity crowdfunding legal status, standardize the development of the equity crowdfunding market and guard against the risk of fund-raising and fraud.