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在酝酿《证券法》修改时,对“证券”的准确界定是制度设计的逻辑前提,建议借鉴域外的制度经验,对“证券”的认定朝着“宽口径”的方向发展;同时,转变现行《证券法》的立法理念,并以此为指导对我国当前的《证券法》结构体系进行调整,进一步体现保护投资者的理念。由于证券市场的发展离不开合理有效的监管机制,《证券法》的修改尤其应当调整监管思路,由机构监管模式向功能监管模式转变;同时,尽快使自身适应资本市场国际化的制度需求,建立起完善的跨境监管机制,促进资本在全球范围内的合理流动。当然,《证券法》的修改并非是孤立的,应将其与《公司法》等法律制度中的相关内容进行联动修改,以保证制度间的协调和统一。
When making amendments to the Securities Law, the exact definition of “securities” is the logical premise of the system design. It is suggested that we draw lessons from the experience of the system outside the domain and identify the “securities” in the direction of “wide caliber” At the same time, we should change the legislative concept of the current “Securities Law” and use it as a guide to adjust the current “Securities Law” structural system in our country and further reflect the concept of investor protection. As the development of the securities market is inseparable from the reasonable and effective supervision mechanism, the revision of the Securities Law should in particular adjust the regulatory thinking from the institutional supervision mode to the functional supervision mode; at the same time, adapt itself to the institutional needs of the international capital market, Establish a sound cross-border regulatory mechanism to promote the rational flow of capital in the world. Of course, the amendments to the Securities Law are not isolated. They should be amended in conjunction with the relevant contents of the Company Law and other legal systems so as to ensure the coordination and unification among the systems.