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136 2015 8 P. 347 1 10 P. 95 1992 11 12 SEC SEC Regulatory Actions Securities Enforcement Measures SEC SEC 13 2002 2 2005 SEC SEC 3 rulemaking adjudication SEC 4 1 See Rafael La Porta Florencio Lopez - De - Silane Andrei Shleifer and Robert W. Vishny Legal Determinants of External Finance Legal Determinants of External Finance Vol. 52 No. 3 Jul 1997 pp. 1131-1150 Rafael La Porta Florencio Lopez - de - Silane Andrei Shleifer Robert W. Vishny Law and Finance Journal of Political Economy Vol. 106 no. 6 1998 pp. 1113-1155. 2 See Sarbanes - Oxley Act of 2002 Sec 603 Sec 1103 Sec 1105. 3 2007 6 28 3 4 See Walter Werner The SEC As a Market Regulator Virginia Law Review Vol. 70 No. 4 May 1984 pp. 755.
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4 139 1 2010 9 2011 2 2007 3 1 2011 6 4 11 1994 2 2011 2 5 WTO 2011 5 2004 6 1998 6 2009 2 14 7 2011 8 2009 1993 2012 10 2008 12 13 2010 2 15 1 Securities Regulatory Measures Challenges and Solutions Zhang Hong Abstract There are hundreds of securities regulatory measures in Chinese current laws which are used by securities regulatory institutions increasingly more often. These measures challenge the categorization theory of administrative acts the administrative procedures and the judicial review. It is both the challenge of the administrative regulation theory to traditional administrative acts theory and the results of the law transplantation and localization. Securities regulatory measures are essentially the measures taken by securities regulatory institutions to exercise securities regulatory power. It is the specific means and forms for securities regulation. On the one hand securities regulatory measures should be combed the regulatory measures which essentially belong to administrative penalties or administrative coercion measures should be respectively defined their nature and follow the rules from the Administrative Penalties Law and the Administrative Coercion Law for a large number of securities regulatory measures that are difficultly included in the current types of administrative acts the theory of government regulation should be introduced to specify. On the other hand the codification of administrative procedures should be achieved including revising the Securities Law and completing the administrative procedures rules from the inside of the China securities regulatory commission. Key words Securities Regulatory Measures Securities Regulatory Power Government Regulation