China's securities market has gradually formed a supervision system and a self-discipline management system composed of the State Council's securities regulatory agency, the State Council's securities regulatory agency, stock exchanges, trade associations and securities investor protection fund companies.
China Securities Regulatory Commission is a directly affiliated institution of the State Council and the competent department of the national securities and futures market. Perform the administrative functions authorized by the State Council, implement centralized and unified supervision of the national securities and futures market in accordance with relevant laws and regulations, maintain the order of the securities market, and ensure its legal operation.
China Securities Regulatory Commission was established, with inspection bureaus in Shanghai and Shenzhen, and securities regulatory bureaus in all provinces, autonomous regions, municipalities directly under the Central Government and cities under separate state planning. China Securities Regulatory Commission (hereinafter referred to as "China Securities Regulatory Commission") is an institution directly under the State Council and the competent department of the national securities and futures market. It performs administrative functions in accordance with the authorization of the State Council and relevant laws.
Accountability mechanism:
1, institutional accountability.
(1) Accountability relationship with the legislature.
In the west, parliament influences supervision activities through legislative power and is responsible for establishing a legal framework for the operation of financial supervision institutions. Financial regulators are responsible to the legislature for three purposes: to ensure that financial regulators have an appropriate mission; Ensure that the powers entrusted to the financial supervision institutions are effectively exercised and are conducive to achieving the expected goals; Provide communication channels when legislation needs to be amended.
(2) Accountability relationship with administrative organs.
The administrative department bears the ultimate responsibility for the overall direction and formulation of financial policies, and the government, as the publisher of laws and regulations, plays a key role in appointing the principal responsible persons or board members of financial regulatory agencies. Therefore, financial regulators need to be responsible to the relevant administrative departments.
2. Oversight and accountability.
That is, the accountability relationship with the judiciary; Individuals and companies affected by the decisions of financial regulators should have the right to seek legal relief through the courts. In view of the extensive discretion of financial regulators, judicial review of regulatory measures is the cornerstone of their accountability relationship. This form of accountability is carried out on an ex post facto basis to ensure that the actions of financial regulators are within legal limits.