Therefore, in order to improve the structure of China's securities market and fundamentally solve the negative impact of the multi-head management system on China's bond market, it is necessary to amend the Securities Law to explicitly bring the bond market and OTC market into the scope of the Securities Law and the centralized and unified supervision system of the securities market; Second, it is suggested that the State Council issue a special document to further clarify the division of responsibilities and cooperation between CSRC and relevant ministries and commissions in the State Council, especially local governments. In recent years, some local governments have set up financial offices, listing offices and other functional departments, which have played an active role in cultivating, developing and managing local capital markets. At the same time, it also puts forward how to further clarify the division of responsibilities and cooperation between the CSRC and its dispatched institutions and local governments. Judging from the relevant laws and regulations and the administrative functions of local governments, there are two important functions in the securities market: (1) cultivating and developing the local securities market. Including actively supporting qualified local advantageous enterprises to be restructured and listed, properly solving the problems such as taxation, asset ownership and equity norms in the process of restructuring and listing of local enterprises, and coordinating and supporting the restructuring and listing of listed enterprises in terms of fee reduction, debt divestiture, injection of high-quality assets and placement of surplus employees; (two) to manage some affairs of the local securities market. Such as the examination and approval of local joint stock limited companies, the supervision of enterprises delisted from the original legal person stock market and local securities exchange centers, the regulation of stock trading behavior of unlisted enterprises, the management of state-owned shares of local listed enterprises and securities and futures operating institutions, and the territorial management of party organizations and administrative affairs of the above-mentioned enterprise executives.
In addition, local governments also play an important role in cooperating with the CSRC to investigate and deal with securities violations, crack down on illegal securities and futures trading, jointly promote listed companies and securities companies to establish a modern enterprise system, be responsible for resolving and handling the crisis of local listed companies and securities companies, and maintain the stability of the securities market.
2. Adjust the setting of regulatory agencies appropriately to further enrich the regulatory personnel. First of all, it is suggested that the central government should appropriately adjust the establishment plan of securities regulatory agencies, and change the nominal three-level regulatory system into a two-level regulatory system, that is, the agencies of the provinces (autonomous regions and municipalities directly under the Central Government) of the CSRC. For provinces (autonomous regions and municipalities directly under the central government) with two securities regulatory offices or special offices, the names of the dispatched offices can be collectively referred to as the securities regulatory bureaus of provinces (autonomous regions and municipalities directly under the central government). In order to facilitate the work, the securities regulatory bureaus of all provinces (autonomous regions and municipalities) are unified into bureau-level bureaus. At the same time, in some central cities under the jurisdiction of the Securities Regulatory Bureau in some provinces with developed securities markets and heavy supervision tasks, directly affiliated supervision offices were set up to extend the supervision arm. Directly under the Ministry of Supervision, in principle, it is designated as a department-level institution, and those with particularly heavy individual supervision tasks can also be designated as deputy bureau-level institutions, which are completely subordinate to the provincial (autonomous regions and municipalities) Securities Regulatory Bureau and perform the duties and tasks entrusted by the Securities Regulatory Bureau. Each directly under the supervision department can be equipped with 10-20 people, and its establishment and funds are included in the total establishment and budget of its securities regulatory branch. In the initial stage, the supervisory department directly under the CSRC shall perform the following duties: First, closely supervise listed enterprises, securities and futures institutions and other intermediaries in the region, find problems in time and participate in the investigation of related issues under the leadership of the CSRC; The second is to assist local governments to deal with crises and emergencies in the securities and futures markets; Third, investigate and deal with the illegal business activities of illegal securities and futures institutions in relevant areas, and coordinate relevant departments of local governments to crack down; The fourth is to accept complaints and reports from investors and social parties in relevant regions on securities violations, and to be responsible for mediating general securities and futures disputes in relevant regions; Fifth, do a good job in securities and futures information, and understand the opinions and suggestions of the regulated objects, investors, local governments and relevant departments on the securities and futures market.
Secondly, it is necessary to further enrich the supervisors. When determining the staffing, we should comprehensively consider the market size, the number and distribution of institutions under the jurisdiction of the securities regulatory bureaus of all provinces (autonomous regions and municipalities), and refer to the level of the CBRC and its dispatched institutions to determine the ratio of supervisors to market size, the ratio of supervisors to regulatory regions and other specific indicators.
3. Further rationally allocate the power of securities supervision. First, authorize regulators to take non-punitive preventive measures and change passive law enforcement into active law enforcement. Non-punitive administrative measures are flexible and simple, which can not only relieve and prevent illegal acts, but also reduce supervision costs and improve supervision efficiency. The conversation reminder system currently implemented by China's regulatory authorities has achieved certain results. It is suggested that when the Securities Law is revised, the regulatory authorities should be given more powers, such as issuing bans, administrative intervention, administrative law enforcement reconciliation, and securities dispute mediation, so that the regulatory authorities can have more flexible and realistic regulatory means besides administrative punishment.