美国证监会的“无异议函”(no action letter)制度是一种广泛运用的证券市场监管方式,旨在对一些证券市场当中的一些尚无定论或法律规范的疑难问题表达“无异议”的立场,默认行为人可以按照某种方式进行某种行为。美国证监会的“无异议函”是一种非正式的、法律解释性文件,发布十分灵活,效力较为温和。而我国证监会的“无异议函”性质非常暧昧,但在实际效果上基本等同于行政审批,因此需要进一步的改进,向美国证监会的“无异议函”制度靠拢。 The SEC’s “no action letter” system is a widely used method of securities market regulation designed to address some of the most difficult issues that are still not defined or regulated by the stock market. Objections “position, the default actor can somehow conduct some kind of behavior. The SEC’s ”no-objection letter“ is an informal, legal interpretive document that is very flexible to publish and more effective. However, the CSRC’s ”no-objection letter“ is very ambiguous in nature. However, its actual effect is basically equivalent to administrative examination and approval. Therefore, it needs further improvement and moves closer to the ”no objection letter" system of the CSRC.