The Practical Dilemma and Improvement of the Accountability System of the Capital Market--The Necessity of Accurately Defining the Subject of Responsibility

DOI

10.2991/aebmr.k.220405.300How to use a DOI?

Keywords

securities infringement; subject of Responsibility; investor protection; precision accountability; regulatory system

Abstract

The effective implementation of investor protection and securities supervision is related to the stable operation of the capital market. How to identify and appraise the responsible parties for infringing on the rights and interests of small and medium investors in complex real-life cases is related to the effectiveness of the implementation of the new “Securities Law” and the development and improvement of China’s capital market. Combined with the actual situation in China, the judgment dilemma of the responsible subject is mainly manifested in two aspects: theory and practice. In theory, there is a dispute over the attribution of the obligation after the principal-agent theory is updated, and the core of the accountability system is not clear in the legislation. In practice, there is a problem of different judgments in the same case in the determination of the responsibility of the intermediary agency of a specific subject, and a unified judgment standard has not been formed. In addition, advance compensation is not included in the compulsory obligation, and the compensation subject lacks the initiative to perform their duties. Based on this, when perfecting the accountability system and clarifying the core of accountability, it is necessary to clarify the enterprise’s fiduciary duty in theory, clarify the identification of the actual controller, make up for the deficiencies in the legislation, and form a unified liability identification standard. In practice, it is necessary to improve the implementation efficiency of the securities regulatory mechanism, unify adjudication standards, and unite various entities to improve the level of investor protection.

Copyright

© 2022 The Authors. Published by Atlantis Press International B.V.

Open Access

This is an open access article distributed under the CC BY-NC 4.0 license.

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TY  - CONF
AU  - Xi Yang
PY  - 2022
DA  - 2022/04/29
TI  - The Practical Dilemma and Improvement of the Accountability System of the Capital Market--The Necessity of Accurately Defining the Subject of Responsibility
BT  - Proceedings of the 2022 7th International Conference on Social Sciences and Economic Development (ICSSED 2022)
PB  - Atlantis Press
SP  - 1791
EP  - 1798
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.220405.300
DO  - 10.2991/aebmr.k.220405.300
ID  - Yang2022
ER  -