Comparative Study on Securities Law

Author: Wang Jing / Teng Biyan
Publisher:
Publish Date: 2004-10-01
Features: Comparative civil and commercial law is not a legal system or legal department, but usually refers to the comparative study of civil and commercial law in different countries or regions, also known as comparative civil and commercial jurisprudence, which is an important branch of comparative law. In the history of comparative law, the comparative study of civil and commercial law was the pioneer and mainstream of the rise of comparative law. Since the 19th century, comparative law has become particularly popular in fields such as civil law and commercial law. After the end of World War II, although comparative law has made significant development and its research scope has been continuously expanding, the comparative study of private law still dominates. The representative "International Encyclopaedia of Comparative Law" is primarily focused on civil and commercial law. Comparative civil and commercial law carries out comparative studies on civil and commercial law in all-round and multi-dimensional ways. Its comparative methods include general and sectoral comparison, macro and micro comparison, horizontal and vertical comparison, content and form comparison, and so on. However, among all these comparative methods, there are essentially only two that are truly methodologically meaningful, namely the "descriptive comparative" and "analytical comparative" methods. "Private law is the foundation of all laws; to govern public law, one must first govern private law." Based on the status of private law, i.e., civil and commercial law, in the legal systems of countries worldwide, conducting comparative studies on civil and commercial law holds significant importance. Currently, China is actively researching and formulating a Civil Code, necessitating the bold borrowing and adoption of advanced legal rules and legislative techniques from developed countries and regions in regulating market economy legislation. This requires the foundation and prerequisite of comparative studies on civil and commercial law. Comparison enables differentiation, allowing for the selection of the best. In judicial practice, whether applying private law or public law, legal professionals must broaden their horizons, familiarize themselves with the basic provisions and doctrines of civil and commercial law in major countries and regions, and grasp the intrinsic connections between different legal departments. This enables a higher-level understanding of the spirit of the law and continuous improvement in law enforcement and judicial standards. For legal education and research, conducting research on civil and commercial law holds even greater significance. Comparative civil and commercial law provides fresh insights for faculty and researchers in law schools, helping them understand and respect the unique civil and commercial legal cultures of other countries, thereby deepening their understanding of their own legal systems, refining their knowledge structures, enhancing their research levels, and providing more scientific and reliable theoretical guidance for the development of their national legal systems. Currently, China has made certain progress in comparative studies on civil and commercial law, publishing several works on comparative civil law, and some universities have even offered courses on comparative civil law. However, overall, the comparative study of civil and commercial law remains insufficiently comprehensive and in-depth, and there is no series of works on comparative civil and commercial law, which is disproportionate to the research on civil and commercial law itself. To address this, we have compiled this series of comparative civil and commercial law books, aiming to further promote the development of legal system construction and academic research. This series includes: Comparative Research on General Civil and Commercial Law, Comparative Research on Property Law, Comparative Research on Contract Law, Comparative Research on Family Law, Comparative Research on Inheritance Law, Comparative Research on Intellectual Property Law, Comparative Research on Company Law, Comparative Research on Negotiable Instruments Law, Comparative Research on Securities Law, and Comparative Research on Bankruptcy Law. The authors of this series come from institutions such as the China People's Public Security University, Renmin University of China, the University of International Business and Economics, Zhongnan University of Economics and Law, Xiamen University, the Legal Affairs Commission of the National People's Congress, and the China Securities Regulatory Commission. They include both expert professors from academia and legal professionals from relevant departments. They are all young scholars, most of whom hold doctorates, with solid theoretical foundations and deep academic expertise. They are quick-thinking, ambitious, and have long been active at the forefront of academic research in related fields, while also being familiar with practical operations, laying a solid foundation for ensuring the quality of the series. Securities law is the law that regulates the relationships between securities issuers and securities investors, as well as between them and relevant intermediary organizations. Securities law has become an independent law in many countries, but in terms of its nature, it is subordinate to and supplements and strengthens commercial and civil law. The nature of securities law is determined by its scope and methods of regulation. The scope and methods of regulation, as well as the basic principles, are stipulated in the general provisions of securities laws in various countries. Overall, China's "Securities Law" has a too-singular range of instruments in terms of variety. Horizontally, it mainly includes corporate stocks, bonds, etc., without corporate bonds, financial bonds, or other various rights, which is too limited compared to mature markets in developed Western countries, hindering market vitality. Vertically, it lacks securities derivative financial products. China's "Securities Law" only permits spot transactions and prohibits futures transactions, which is not conducive to risk management. From the perspective of developing the securities market and improving the socialist market economy system, China's "Securities Law" should expand the variety of securities instruments in response to new economic and political developments, promote the vitality of the securities market, and enhance risk control. However, the setting of securities instruments must take into account China's economic development needs, market absorption capacity, and the overall regulatory level of society.