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美国证券管理法规体系是由一系列管理证券发行、证券商以及证券交易市场的法规和执行这些法规的管理机构与司法机关组成的有机整体。它的形成和不断完善的过程也是美国经济金融化和证券化不断完善的过程。研究并借鉴美国的证券管理法规体系,对进一步培育和管理好我国刚起步的证券市场具有一定的现实意义。一、证券市场的欺诈行为和其他非公平及不公正交易导致美国的证券立法1929—1933年世界经济大危机之前,美国经济是由一只“看不见的手”来安排一切的,证券业当然也不例外。大危机前的一段时间是美国证券市场大欺诈、非公平非公正交易最猖獗的时期,主要方式有:
The securities regulatory system in the United States consists of a series of laws and regulations governing the issuance of securities, securities dealers and securities exchanges and the organic whole of the regulatory agencies and the judiciary that enforce these laws and regulations. Its formation and continuous improvement are also processes of continuous improvement of the financialization and securitization of the United States. Studying and referring to the securities regulatory system in the United States has certain practical significance for further nurturing and managing China’s nascent securities market. I. Fraudulent Securities Market and Other Non-Fair and Unfair Transactions Lead to US Securities Legislation Prior to the Great Economic Crisis in 1929-1933, the U.S. economy was arranged by an “invisible hand.” Of course, the securities industry No exception. The period leading up to the Great Crisis was the period of the most fraudulent and non-fair non-fair trade in the U.S. securities market. The main ways are: