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操纵证券市场不但破坏市场秩序,而且严重损害投资者利益,因此必须予以严格禁止。现行《证券法》一方面可操作性不足,使得执法与司法人员无法适用法律;另一方面没有对一些典型的操纵证券市场类型予以规定,从而给了不轨者以可乘之机。《证券法》不仅要增加虚假申报、蛊惑交易和反向操纵等操纵市场类型,还要增加“单次申报或交易数额巨大但不通过大宗交易系统交易”的操纵市场类型。《证券法》应当明确大宗交易规则为强制性而非任意性规则,使大宗交易系统成为证券的价格与股指避免被操纵的稳定器。《证券法》应当授权监管部门制定各操纵市场类型的认定细则,提高法律条款可操作性的同时也给投资者以明确的行为指引。
The manipulation of the securities market not only undermines the market order but also seriously damages the interests of investors, it must be strictly prohibited. On the one hand, the existing “Securities Law” is not operable enough to make law enforcement and judicial personnel unable to apply the law; on the other hand, some typical types of securities market are not regulated, which gives the unlucky an opportunity to take advantage of. The “Securities Law” not only increases the types of market manipulation such as false declaration, confidential trading and reverse manipulation, but also adds the type of market manipulation in which “a single declaration or a transaction with a large amount of trading volume is not traded through the block trading system.” The Securities Law should make it clear that the block trading rules are mandatory rather than arbitrary rules, making the block trading system a stabilizing instrument for preventing the price of securities and stock indexes from being manipulated. The Securities Law should authorize the regulatory authorities to formulate the rules for determining the types of markets to be manipulated, and to improve the operability of legal provisions and also give investors a clear guideline of behavior.