当前课程知识点:Economic law > 6. Financial Law > 6.5the securities regulatory system > 6.5
同学们大家好
hello everyone
今天我们来讲讲证券监管制度
today let's talk about the securities regulatory system
说到证券
when it comes to securities
你可能马上想到股票
you may think of stocks right away
对
yes
股票属于证券
stocks belong to securities
证券法上的证券
securities in securities law
除了股票以外
in addition to stocks
还有公司债券
also includes corporate bonds
和国务院依法
and other securities
认定的其他证券
recognized by the state council according to law
证券是财产性权利凭证
securities are certificates of property rights
它的发行
and their issuance
交易活动
and trading activities
必须遵守法律
must comply with laws
行政法规
and administrative regulations
禁止欺诈
fraud
内幕交易
insider trading,
和操纵证券市场的行为
and manipulation of the securities market are prohibited
一个规范有序的证券市场
a regulated and orderly securities market
是保证交易公平的条件
is the condition to guarantee the fairness of trading
因此
therefore
必须设置法律监管制度
it is necessary to set up a legal supervision system
在我国
in our country
由国务院证券监督管理机构
the securities regulatory body under the state council
也就是证监会
that is, the CSRC
对全国证券市场
the national securities market
实行集中统一
exercises centralized and unified
监督管理
supervision and management over
那今天呢我们来讲两个问题
so today we're going to talk about two questions
一个是为什么要监管
one is why it should be supervised
一个是监管什么
one is what’s to supervise
那首先我们看第一个问题
first of all, let's look at the first question
为什么要监管
why should it be supervised
我举个著名的
i would like to illustrate a well-known case of
英国南海泡沫案来说明
the South Sea Bubble
在18世纪的时候
in the 18th century
英国模仿荷兰的东印度公司
the British imitated east India company in Holland
搞了一个南海公司
and founded a South-Sea company
来做国际贸易
to do international trade
当时
at that time
英法战争刚刚结束
the Hundred Years' War had just ended
英国政府一直债台高筑
the British government was heavily indebted
这个时候呢有人想出了个办法
at that time, someone came up with an solution
让南海公司来搞一次
let South-Sea company make a
债转股的金融创新
financial innovation of debt-to-equity swap
具体做法就是
specifically
南海公司把英国政府
South-Sea company takes over
900多万的债务
more than 9 million debts of the British government
全部接收下来转成股权
and converted them into equity
这样一来
in this way
英国国债的债权人就变成了
the creditors of British government bonds become
南海公司的股东
the shareholders of South-Sea company
由南海公司负责
the company is responsible for
向股东支付股息
paying dividends to the shareholders
这么一来
and that
就把英国政府
freed the British government
从债务的枷锁里面给解放出来了
from the shackles of debt
你们应该懂得
you should understand
债权跟股权的差别
the difference between debt and equity
债是需要还的
debt needs to be repaid
但是股权不需要还的
but equity does not
这样就把债权的相对关系
in this way, the relative relationship of creditor's rights
转变成了风险共担
is transformed into a equity relationship of risk sharing
利益共享的股权关系
and benefit sharing.
也就是说
that is to say
企业的还债压力没有了
there is no pressure for enterprises to repay their debts
这种做法算是南海公司
this practice was a help to the British government
给英国政府帮了一个忙
from the South-Sea company
那么产生了两个效果
there were two effects
一个是英国政府
one is that the British government
赋予了南海公司
gave the South-Sea company
南美海域的专属贸易权
the exclusive trade rights in South American waters
另一个是
the other is that
由于政府和南海公司的利益
because the interests of the government and
被绑在了一起
the South-Sea company are tied together
很多人就开始利用政府信用
many people began to use the government's credit
背书来对南海公司的股票
endorsement to speculate on the shares
进行概念炒作
of the South-Sea company.
说到概念炒作
when it comes to concept hype
各种小道消息
all kinds of gossip
比如南海海域
for example, the South-Sea waters
像秘鲁
like Peru
墨西哥等等
Mexico and so on
这样的地区呢都发现了黄金
gold had been found in such places
那个时候呢
back then
通讯不发达
communication was underdeveloped
于是市场一下就被炒得火热
as a result, the market was fired up
南海公司的股价就开始飞涨起来
South-Sea company's share price began to soar
不到一年多的时间
in less than a year
上涨了十多倍
it had risen more than ten times
到了1160多英镑
it's more than 1,160 pounds
18世纪初的1000多英镑
more than 1000 pounds at the beginning of the 18th century
相当于现在的30多万英镑
is worth more than 300,000 pounds now
整个英国一下子都疯狂了
the whole of England went mad at once
当时的科学家牛顿
Newton, the scientist of the time
都陷入了股票致富的梦想里头
also fell to the dream of becoming rich in stocks
南海公司达到了一股难求的地步
The South-Sea company had reached the point of stock shortage
大量的资金涌到市场上
a great deal of money was poured into the market
想买南海公司的股票
to buy shares in South-Sea company
股票被严重泡沫化
the stock was severely bubbled
同时
at the same time
在南海公司的带动下
driven by the South-Sea company
整个英国的资产都在泡沫化
all of Britain's assets were bubbling
这时候对泡沫和对危机
at this time,
进行监管的呼声就出现了
the voice of supervising bubbles and crisis appeared.
政府这个时候也担心
at the same time, the government was also worried that
这样下去会让国家的经济彻底泡沫化
this would make the country's economy completely a bubble
于是
so
在1720年的时候
in 1720
英国通过了
Britain passed
泡沫法案
bubble act
对这种遍地开花的股份公司
this kind of joint-stock company that blooms everywhere
进行了严厉的整顿
had been severely rectified.
结果
as a result
整个监管的初衷
as a result, the original intention of the whole supervision
本来是要对股市进行治理整顿
was to rectify the stock market,
但是
but
监管者没有想到的是
what the regulators didn't expect was that
股民担心
the shareholders were worried about
持股的公司被整顿
the rectification of the holding companies
于是拼命地抛售股票
so they sold the stocks desperately
造成踩踏出逃事故
causing stampede and escape accidents
同样地呢
in the same way
也影响到了本来
it also affected the.
政府要保护的南海公司
South-Sea company that the government wanted to protect
南海公司的那个泡沫
the South-Sea company's bubble
一下子被这种情绪轻易地刺破了
was easily punctured by this sentiment
股价就呈现出雪崩式的下滑
and the share price showed an avalanche slide
几个月时间
in a few months,
从一千多英镑跌到
the stock fell from more than a thousand pounds to
不足100英镑
less than a hundred pounds
牛顿当时把自己的后半生的积蓄
Newton had put in all his savings for the rest of his life
全部给搭进去了
into the stock market
所以
that's why
整个英国市场动荡
the turmoil in the UK market.
很多投资者都是倾家荡产
had put an end to many investors’ life savings
这次危机
this crisis
对后来英国的金融监管的
had a great impact on the financial supervision
影响是很大的
in the UK later.
英国政府觉得
the British government felt that
这是股份制闹出来的事儿
this was caused by the shareholding system
所以采取严格的监管
so it adopted strict supervision
当然
of course
这也影响了后续英国的
this also affects the development of
股份公司的发展
the follow-up British stock companies
当然这是后话
of course, this is the latter part
所以你看
so you see
一个债转股
a debt-to-equity swap
引出了股市膨胀
had led to a stock market inflation
金融资产泡沫化
and the bubbling of financial assets
进而开始金融监管
and thus to start financial regulation
这个案例就是金融史上的著名的案例
this case is a famous case in financial history
那么从中我们可以看到
then we see from it is
对股市要实行严格的
that the stock market should be strictly
和科学的监管
and scientifically supervised
那么同学们
so students
今天我们也在经历着股市的变动
today we are also experiencing changes in the stock market
比如
for example
2015年股灾
stock market disaster in 2015
我们深切得感受到离开了
we felt deeply that
有效监管的股市
a stock market without effective supervision
必将是股市的疯狂和混乱
would be crazy and chaotic.
背离了股市
it deviated from the original intention
设立的初衷
of stock market establishment
股市
the stock market
本来是为企业提供融资服务的
is supposed to provide financing services for enterprises
是为投资者提供投资机会的
and investment opportunities for investors
而不是赌场
rather than a casino
如果这个市场里充满了证券欺诈
if the market is full of securities fraud
内幕交易
insider trading
操纵价格
price manipulation
等不正当行为
and other improper behaviors
这样的股市还能为企业
can such stock market still
提供融资服务么
provide financing services for enterprises?
所以
that's why
我们必须对证券市场监管
we must supervise the securities market
那下面呢我们就说说如何监管
then let's talk about how to supervise
如何监管呢
to supervise
我们要解决两个问题
we need to solve two problems
谁来管
who's to supervise
管什么行为
what's to supervise
那么先看第一个
so first look at the first one
谁来管
who's in charge
监管主体是谁
who is the main body of supervision
我国证券法明确规定
China's securities law clearly stipulates that
国务院证券监督管理机构
the securities regulatory authority under the state council shall
依法
in accordance with the law
对证券市场实行监督管理
supervise and manage the securities market
维护证券市场秩序
maintain the order of the securities market
保障其合法运行
and guarantee its lawful operation
1998年8月
in August 1998
国务院批准了
the state council approved
证券监管机构体制改革方案
securities regulatory institutional reform programme
正式建立目前的
and formally established the current
集中型的证券管理体制
centralized securities management system
也就是说
that is to say
由证监会实行
a unified management system
统一的集中管理
is implemented by the CSRC
同时在部分中心城市
and meanwhile, a management system of CSRC
设立中国证监会派出机构
is established
这样的一种管理体制
in some central cities
也就是说
that is to say
证监会是我国的证券监管主体
CSRC is the main body of securities supervision in China
那么再看第二个呢
then look at the second one
监管什么
what's to supervise
从监管的对象来看
from the perspective of regulatory objects
主要包括了证券的发行
it mainly includes securities issuance
证券承销
securities underwriting
证券交易
securities trading
持续信息公开
continuous information disclosure
上市公司收购
acquisition of listed companies
等证券市场行为
and other securities market behaviors
这些行为有些是合同关系
some of these acts are contractual relations
受合同法调整
and are regulated by contract law.
由于这些行为对国家的金融秩序
because these behaviors have an important influence on the
社会公众具有重要影响
financial order of the country and the public
所以呢
so
还要受公法约束
they should be restricted by public law
也就是说
that is to say
要接受证券法调整
we should accept the regulation of securities law
属于被监管的对象
and it belongs to the regulated object
没有法律责任监管
no legal liability supervision
不是有效的监管
is not an effective supervision
因此呢
therefore
也必须要对
we must also have
违反证券监管的行为
strict legal liability
规定严格的法律责任
for the violation of securities supervision
我国证券市场
China's securities market has been
建立时间短
established for a short period of time
在快速发展的同时呢
with the rapid development of China's securities market
存在着许多违法情形
there are many illegal cases
严重破坏了证券市场
which seriously undermine the basic principles of
公平
fairness,
公开
openness
公正的基本原则
and justice in the securities market
影响了市场机制的正常作用
and affect the normal function of the market mechanism
因此
therefore
我们必须加重证券市场的
we must increase the efforts to
违法行为打击力度
crack down on illegal acts in the securities market
追究违法者的
and investigate the legal responsibility of those
法律责任
who violate the law
那下面我们说一下
now let's talk about it
几种典型的证券违法行为
several typical securities violations
这个呢是证券监管的重点
this is the focus of securities regulation
第一个
first
虚假陈述行为
act of false statement
所谓虚假陈述
the so-called false statement
是指证券信息
refers to the statement that
披露义务人
the securities information disclosure obligor
违反信息披露义务
violates the information disclosure obligation
在证券发行和交易过程中
and makes false,
对证券活动的事实
misleading and omitted statements on the facts
性质
nature,
前景等事项做出不实
prospects and other matters of securities activities
误导
in the process of
遗漏的陈述
securities issuance and trading.
致使投资者不明真相
the illegal act of causing investors to lose their investment
而产生投资损失的违法行为
due to their ignorance of the truth
信息披露本来是要求真实
information disclosure is supposed to be true
全面
comprehensive
及时
timely
容易获得和容易理解才对
easy to obtain and understand
如果发行人或上市公司
if the issuer or listed company
上市公司中的董监高责任主体
the high responsibility subject in the listed company
证券承销商
securities underwriter
保荐人
sponsor
以及
and
证券专业服务机构
securities professional service institution
有故意制造虚假信息
have the intention to make false information
提供不完全真实信息等行为
and to provide incomplete real information, etc
则需要承担民事责任
they shall bear civil liability
行政责任
administrative responsibility
和刑事责任
and criminal responsibility
这方面的案例不可谓不多
there are not many cases in this aspect
比如
for example
这两年媒体关注的
a case that gained media attention these two years
龙薇传媒信息披露违规案
Longwei media information disclosure violation case
案件的主角呢就是演员赵薇
the main character of the case is actor Vicki Zhao
大家可以上网搜索了解一下
you can search on the internet to find out
第二个
second
是内幕交易行为
it's insider trading
所谓内幕交易行为
so-called insider trading behavior
是指内幕信息的知情人
is insider's source of information.
利用获取的内幕信息
make use of the inside information obtained
进行证券交易活动的行为
to carry out securities trading activities
内幕信息的知情人
insiders of inside information
有上市公司的董监高
include directors and supervisors of listed companies
控股股股东的董监高
directors and supervisors of controlling shareholders
证券监管机构工作人员
and staff of
证券公司
securities companies
证券交易所的工作人员等等
and securities regulatory agencies, etc
内幕信息呢就是那些可能影响
insider information is what might affect
公司股价的信息
the company's share price
比如
for example
股利分配计划
dividend distribution plan
股权结构调整方案
equity structure adjustment scheme
公司重要的人事变动
important personnel changes in the company
公司的并购方案等等
the company's m&a plan and so on
同学们
students
股票之所以能够交易的原因
the reason why stocks can be traded
是买卖双方
it is the buyers’ and sellers’
对股市的认识不同
different understandings of the stock market
如果一方知晓了内幕信息
if one party knows the inside information
然后做出交易决定
then make a trade decision
则是对交易对方的极大欺骗和伤害
it is a great deception and injury to the other party
因此必须严厉打击
therefore, it is necessary to crack down on
维护市场的公正
so as to safeguard the justice of the market
第三个呢
third
是操纵市场行为
it is the manipulation of the market
操纵证券交易市场
manipulation of the securities market
主要是通过一定的手段影响
is mainly through a certain means of influencing
证券交易价格或证券交易量
stock exchange price or securities trading volume
制造虚假繁荣
to create false prosperity
虚假价格
false price
诱导
inducement
或者迫使其他投资者
or force other investors to do so
在不了解真相的情况下
without knowing the truth
做出错误的投资决定
and make the wrong investment decision
使操纵者获利
actions that make manipulators profit or
或减少损失的行为
reduce losses from it
比如这样的行为
such behaviors, for example
就是操纵市场行为
is the manipulation of the market
单独或者合谋利用资金优势
make use of the advantage of funds alone or in collusion
信息优势
information advantage
联合购买
joint purchase
或者连续购买
or continuous buying
进而操纵证券交易价格
to manipulate the price of securities trading
再比如
again, for example
在自己实际控制的账户之间
to trade securities among accounts under one's
进行证券交易
actual control,
影响证券交易价格
to influence the price of securities trading
或者证券交易量
or the volume of securities trading
等等
etc.
这样的行为
If such behavior
给投资者造成损失的
causes losses to investors
要成承担民事责任
civil liability
行政责任
administrative responsibility
甚至是刑事责任
even criminal responsibility will be resumed
我给大家说个典型的案例
let me tell you a typical case
你们也可以百度一下
you can also check it on Baidu
就是2015年股市比较疯狂那时候
that's when the stock market was crazy in 2015
徐翔
Xu Xiang
王巍等利用信息优势
and Wang Wei used information
资金优势操纵证券市场
and capital advantages to manipulate the stock market
拉抬股价的违法行为
and raised the stock price.
他们影响了13家公司的股票交易价格
they affected the stock prices
和交易量
and trading volumes of 13 companies
累计使用人民币424亿余元
using 42.4 billion yuan in total
非法获利近百亿元
and making illegal profits of nearly 10 billion yuan
最终徐翔被处以罚金110亿元的处罚
in the end, Xu Xiang was fined 11 billion yuan
判处有期徒刑5年6个月
and sentenced to five years and six months in prison
那么其他人也同样被处罚
other involved were also punished
你们可以去了解这个案件
you can get to know the case
会让你感觉到触目惊心
it will make you feel shocked
除了上面我讲的这三种行为
in addition to the above three behaviors
还有欺诈客户的行为
there are also the behaviors of cheating customers
主要是
mainly
证券公司
the behaviors of securities companies
及其从业人员
and their employees
在证券交易活动中
in securities trading activities
诱骗投资者买卖证券
to lure investors to buy and sell securities
以及其他违背投资者真实意愿
and other behaviors against the real will of investors
损害其利益的行为
to damage their interests.
这些行为都是法律所严厉禁止的
these acts are strictly prohibited by law
证券监管的内容很多
there are many contents of securities supervision
那我概括的讲以上的内容
so i will summarize
在这里总结一下
the above contents here
证券市场必须接受监管
the securities market must be supervised
我国对证券市场的监管主要由
the supervision of the securities market in China
证监会负责
CSRC is mainly responsible for
证监会对证券市场实施全方位
the CSRC implements a full range
全流程监管
full process supervision of the securities market
以此呢来保障证券市场的公平
so as to ensure the fair
公开
open
公正运行
and just operation of the securities market
对虚假陈述行为
it is the guarantee
内幕交易行为
of the stability and order of the stock market
操纵证券交易市场等行为呢给予严厉打击
to crack down on the behavior of false statement
是证券市场稳定有序的保证
insider trading and manipulation of the stock market
另外
in addition
随着人工智能的发展
with the development of artificial intelligence
科技监管也将成为
technology supervision will also become an
监管的重要手段
important means of supervision
那我们也相信
we also believe that
证券市场会越来越健康
the securities market will become more and more healthy
也必将为实体经济的发展
and will provide
提供更加有力的支持
stronger support for the real economy development
好
ok
关于证券监管制度
that’s all for the securities regulatory system
我们就讲到这里
for today
再见
goodbye
-1.1 Meaning and characteristics of economic law
--1.1
-1.2Adjusting object and system of economic law
--1.2
-1.3 Relations between economic law and adjacent law
--1.3
-1.4Origin and development of economic law
--1.4
-1.5.Basic principles of economic law
--1.5
-1.6Subject and types of Economic Law
--1.6
-1.7The rights of the subjects of economic law and their obligations and responsibili
--1.7
-1.8The formulation and implementation of economic law
--1.8
--Chapter homework
-2.1The basic issues of Anti-Monopoly Law
--2.1
-2.2Related markets and their definitions
--2.2
-2.3Legal regulation of monopoly agreement
--2.3
-2.4Legal regulation on abuse of market dominance 2.4
--2.4
-2.5 Centralized legal regulation of operators
--2.5
-2.6 Legal regulation of administrative monopoly
--2.6
-2.7 Enforcement system of antimonopoly law
--2.7
-Chapter homework
--章节习题exercises
-3.1The basic problem of Anti-Unfair Competition Act
--3.1
-3.2 Regulation of Market Confusion Act
--3.2
-3.3 Regulation of Commercial Bribery
--3.3
-3.4 Regulation of False Publicity Act
--3.4
-3.5 Regulation and Defamation of Goodwill
--3.5
-3.6 Regulation of the Infringement of Trade Secrets
--3.6
-3.7 Regulation of Improper Sales with Prizes
--3.7
-3.8 Regulation of Unfair Competition in Network Field
--3.8
-Chapter homework
--exercises
-4.1 Overview of Consumer Rights and Interests Protection Act
--4.1
-4.2 The Right of Consumers
--4.2
-4.3 Operator's Obligation
--4.3
-4.4 The Protection of Consumers' Rights and Interests Made by the State and
--4.4
-4.5 Legal Liability
--4.5
-4.6 The Category of Civil Liability
--Chapter homework
--4.6
-5.1 overview of Finance and Tax Law
--5.1
-5.2 Budget Preparation
--5.2
-5.3 budget review and preparation
--5.3
-5.4 Budget Implementation and Adjustment
--5.4
-5.5 scope of application in the Government Procurement Law
--5.5
-5.6 principles and policies of government procurement
--5.6
-5.7 government procurement procedures and methods
--5.7
-5.8 government procurement contract
--5.8
-5.9 government procurement relief mechanism
--5.9
-5.10 principle of law-based taxation
--5.10
-5.11 taxpayer's right
--5.11
-5.12 tax constitutive requirements
--5.12
-5.13 the principles of the turnover tax law
--5.13
-5.14 principle of income tax law
--5.14
-5.15 principle of Property Tax Law
--Chapter homework
--5.15
-6.1 the concepts of finance and Financial Law
--6.1
-6.2 China's financial institutions and regulatory agencies
--6.2
-6.3 central bank law
--6.3
-6.4 commercial bank law system
--6.4
-6.5the securities regulatory system
--Chapter homework
--6.5
-Final Examination