经济分析是美国证券立法定规过程中的重要步骤。随着近年来美国证券交易委员会(以下简称“SEC”)因规则制定中经济分析不达标而接连遭遇行政败诉,以及《多德-弗兰克法案》出台后社会对金融监管立法在质量上的愈发重视,SEC出台了《美国证券交易委员会规则制定中经济分析通用指南》以规范SEC在规则制定阶段的经济分析。文章以SEC发布的《市政顾问注册》规则为例,对照上述指南的具体要求尝试分析SEC如何在证券规则制定时开展经济分析,以此希望为发展我国证券立法定规经济分析的实践提供一些思路与借鉴。 Economic analysis is an important step in the regulatory process of U.S. securities. In recent years, the U.S. Securities and Exchange Commission (hereinafter referred to as the “SEC”) suffered successive administrative defeats due to the failure of economic analysis in the rule-making and the quality of legislation on financial regulation after the introduction of the “Dodd-Frank Act” The SEC has issued a “General Guide to Economic Analysis in the Formulation of Securities and Exchange Commission Rules” to standardize the SEC’s economic analysis during the rule-making phase. The article takes the “municipal consultant registration” rule published by the SEC as an example, tries to analyze how the SEC conducts economic analysis when making the securities rules according to the specific requirements of the above guidelines, and hopes to provide some ideas for the development of the practice of the economic analysis of the legal regulation of securities in China Learn from