The administrative regulators of Hong Kong's securities market are the Hong Kong SAR Government and the Hong Kong Securities Regulatory Commission. Among them, the Hong Kong Securities Regulatory Commission was established in 1989, which is mainly responsible for supervising the operation of the securities and futures market in Hong Kong, and is independent of the statutory organization for government civil service positions. The main responsibilities include formulating and implementing market supervision laws and regulations, licensing market participants and conducting continuous supervision, supervising market operating institutions (including exchanges and clearing houses), examining and approving sales documents of investment products, supervising corporate activities of listed companies, and educating investors. The self-regulatory bodies of Hong Kong's securities market are the Hong Kong Association of Securities Brokers and the Stock Exchange. In addition, the Hong Kong stock market has a Securities and Futures Appeals Tribunal, which is chaired by a judge of the High Court. It has the right to comprehensively review all disciplinary decisions made by the CSRC, and overturn the decision of the CSRC or make a new ruling. ?
2. Shanghai stock market adopts centralized management mode? The administrative regulatory agencies of Shanghai securities market are the the State Council and China Securities Regulatory Commissions and their dispatched offices, and the self-regulatory agencies are the China Securities Association and the Shanghai Stock Exchange. The Shanghai stock market also has regulations on the supervision of the CSRC, but there is no appeal mechanism similar to that in Hong Kong. According to the Administrative Procedure Law of the People's Republic of China, anyone who refuses to accept the punishment decision made by the administrative organ may bring an administrative lawsuit. There is a phenomenon that the supervision of Shanghai securities market pays more attention to examination and approval than supervision. Investors are more concerned about the risks of government actions than the market risks related to listed companies. Securities supervision lacks systematicness and planning, and the function of multi-level supervision system has not been fully exerted. Although the three-level supervision system of government supervision has been established, the division of labor is not clear and self-discipline management needs to be strengthened. Compared with Hong Kong, the role of trade associations and public opinion supervision are weak, and the exchange is not independent enough.
3. Comparison of legal systems of securities supervision between the two places? After the promulgation of Hong Kong Securities and Futures Ordinance and its subsidiary legislation, a complete legal system has been formed, including laws, subsidiary legislation, provisions of the CSRC and exchange rules. The provisions are detailed and operable, and there are provisions on issues that involve or may involve securities supervision. The securities law is the main law in the mainland securities market, but the content and detail of this law are far less than that of the Hong Kong securities legal system, which overemphasizes principle and flexibility and has poor operability. Secondly, the connection between the securities law and other relevant basic laws is not enough, especially the part involving civil liability, and there is no further provision. However, the new statutory civil litigation system of Hong Kong's Securities and Futures Ordinance stipulates that any victim has the right to file a civil lawsuit against the person who is found responsible for market misconduct or who has released false or misleading information affecting the stock price to the public, and has not set any preconditions for accepting securities civil litigation; In addition, there are a large number of securities regulatory systems in the Mainland, but most of them are remedial measures afterwards, which are relatively backward, arbitrary and lack predictability and continuity.