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美国证券市场是一个高度开放活跃的市场。为了适应经济发展需要,维护证券市场的稳定,充分发挥资本的积极效益,运行有序、管理有效的证券服务机构显得非常重要。因此,美国证券市场重视对律师、会计师和信用评级机构等证券服务机构建立有效的监管体系,发挥其积极作用。在具体实施中,由美国SEC统一实施对证券服务机构的监管,同时配合行业自律和市场投资者的监督,完善责任追究制度,最终实现对证券服务机构的有效监管。借鉴美国的监管经验,笔者提出,我国应进一步完善对证券服务机构的行业监管,可探索先行试点在证券服务机构行政监管中推进行政和解执法模式,以期提高执法效率。
The U.S. securities market is a highly open and dynamic market. In order to meet the needs of economic development, it is very important to maintain the stability of the securities market, give full play to the positive benefits of capital, and operate an orderly and effectively managed securities service institution. Therefore, the U.S. securities market places great importance on establishing an effective regulatory system for securities service agencies such as lawyers, accountants and credit rating agencies, and plays an active role in this. In the concrete implementation, the United States Securities Regulatory Commission (SEC) supervises and supervises the securities service institutions. At the same time, with the self-discipline of the industry and the supervision of the market investors, it improves the accountability system and finally realizes the effective supervision over the securities service institutions. Drawing on the regulatory experience in the United States, the author suggests that China should further improve the industry regulation of securities service institutions, explore pilot projects in advance to promote administrative reconciliation law enforcement models in the administrative supervision of securities service agencies in order to enhance the efficiency of law enforcement.