网上证券欺诈及其监管

华东政法学院硕士学位论文网上证券欺诈及其监管姓名：沈恒亮申请学位级别：硕士专业：经济法指导教师：吴弘200401012SECMarketManipulationOfferingFraudIllegalTouting3ImposterIOSCO1998920016IOSCO4OnlineSecuritiesFraudandSupervisionAbstractmajorEconomicLawdirectionSecuritiesLawCyberspaceLawautherShenHengliangsupervisorProfessorWuHongWiththedevelopmentoftheInternet,moreandmoreindustriesbegintopracticetheirbusinesswithnewthemedia–internent,whichthe“e-bisuness”comesfrom.Thecombinationofe-businessandthetranditionalSecuritiesBusinessisSecuritiesE-Business.CurrentlyourSecuritiesE-Businessisstillonthestatusofconceptiondevelopment,whichmainlyreflectsonOnlineSecuritiesTransaction.So-called“OnineSecuritiesTransactionbasedonthepracticeintheorigin,U.S.A.,includes3kindsofbusinessOnlineBroker,DirectPublicOfferingandOnlineDirectSecuritiesTransaction.Accordingtotheruleofcommissionproportion,nowadaysOnlineSecuritiesTransactionintheworldcanbedividedinto2modesFreeSqueezemodeandFixSqueezemode.TheadvantagesofOnlineSecuritiesTransactionarelow-cost,eliminationtheunevenstructureofthemarketinginformation,theconvinienceoftheinformationdeliveryandwide-usage,etc.Butbecauseofthehugeamountoftheinformation,wemaymeetthefaultinformationonInternet.Besideswiththecharacteristicof5anonymity,someproblemsareinevitable,forexampleOnlineSecuritiesFraud.SECdividedtheOnlineSecuritiesFraudinto4kinds,MarketManipulation,OfferingFraud,IllegalToutingandmposter.ThethesiswillmainlydiscussMarketManipulation,IllegalToutingandmposteandpointouttherelavantamendmentsuggestiononourSecuritieslegislation.SinceOnlineSecuritiesFraudisanewphenomenantheauthorhavesomeforethoughtonit.FirstlytheautherhavetheCriminologyanalysisontheOnlineSecuritiesFraudactionwiththeuseoffalseinformation.ThentheauthorexplorestherelationshipbetweencontrolanddisengagementandthepromotionoftheusageonIDSs.RegardingOnlineSecuritiesFraudIOSCOsubmitted2reportsrespectivelyonSep,1998andJun,2001,whichprovidedalotofsuggestionsonOnlineSecurtiesFraudforSecuritiesRegulatoryCommissions’references.TheInternetsupervisingsuggestionsofIOSCOarefrom2aspects,IDSssupervisingandInvestorEducation.TheyalsorecommendthatSecuritiesRegulatoryCommissionfromdifferentcountryshouldmakeuseofInternettoenhancethecooperationandunitetoinspectandeliminateillegalWebsite.ConsideringthepracticeinPRCandtheinternationalexperiencestheauthorpointoutthefollowingmeasurestosupervisingOnlineSecuritiesTransaction,First,weneedtoenhancethecentrolisedefficeintSecuritiesMarketsupervisingsystemthatiscomposedbyChinaSecuritiesRegulatoryCommissionsanditssubsidiaries.Second,SecuritiesDealersupervisingshouldalsobepotentiating.Third,TostrenghtenthesupervisingpoweronSecuritiesWebsitesestablishtheauthoritywebsitepublishSecuritiesinformation.Fouth,wealsoneed6toreinforecethecooperationbetweendifferentdepartments,whichmainlyshowsonthecooperationwithPropagandaDeaprtmentsandenhancethesupervisingonthesupplierwhopovidedtheinformationservicesespeciallythesuperiserofIDSs.91011ECNsATSATS1160ARPANETARPANET1986NSFNETARPANET19923415223200031144IOSCOReportonSecuritiesActivityontheInternetI1998951NYSENasdaq132132416ECN31AlternativeTradingSystemsATSATSATSATSATSSTAQNET21714199540%2000151998ICISIA11%161720016185078080.7200318250030,940199962002002140020002501962%20142001524715://://*TradeWEB27200082234ECNs28129.953151.525090199929282001525129272330ITITITIT30200242424SEC1998SEC12019971015250330%SEC199925SECSEC193317b199892438311999225133219995SEC20009pump-and-dump20013SEC20075033SEC31://://://://://://