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操纵市场行为是严重的证券市场违法违规行为。对此,世界各国都从立法上作出相应的禁止性规定。我国《证券法》及相关行政法规和规章也对操纵市场行为进行了立法禁止。但遗憾的是,我国立法仍然存在诸多问题。如操纵定义的不明确、操纵类型概括的不全面、没有明确可行的认定标准、监管机构监管力度的不到位、法律责任规定的不明晰、立法之间的相矛盾等等。而面对着庄家日益猖獗的操纵市场行为,完善立法已是迫在眉睫。
Manipulation of the market behavior is a serious violation of the securities market behavior. In response, all countries in the world have enacted corresponding prohibitions on their legislation. China’s “Securities Law” and related administrative rules and regulations have also prohibited the manipulation of market behavior. However, there are still many problems in our country’s legislation. Such as the definition of manipulation is not clear, the generalization of the type of manipulation is not comprehensive, there is no clear identification of feasible standards, lack of supervision of regulatory agencies in place, the legal liability is not clear, the contradiction between legislation and so on. In the face of increasingly rampant market manipulation by market makers, improving legislation is imminent.