The law of internet securities fraud mainly concerns internet safety, securities offering, information disclosure and securities trading on internet, the imperfections of which mainly include the low level for legislation, short of fundamental legislation, imperfect special legislation, conflicts among traditional legislation, and short of rules of international coordination. The discreet measures for perfection should include promoting legislation level, establishing relevant provisions for cyberspace conduct and special law such as Electronic Securities Trading Law, and amending Securities Law to regulate the prominent securities fraud in cyberspace. At present, it is urgent for securities regulator to establish and perfect the relevant supervision rules.
Key words: Cyberspace; Securities Exchange; Securities Fraud; Legal Supervision
Résumé: La loi de la fraude en valeurs mobilières sur Internet concerne principalement la sécurité Internet, l'offres des titres, la divulgation de l'information et la transaction des titres sur internet, dont les imperfections incluent principalement un faible niveau de législation, une absence de législation fondamentale, une législation spéciale imparfaite, les conflits entre la législation traditionnelle, et une absence de règles de coordination internationale. Les mesures discrètes de la perfection devrait inclure la promotion du niveau de la législation, l'établissant des dispositions pertinentes pour la gestion de cyberespace et des lois spéciales telles que la Loi sur le commerce électronique des titres, et la modification de la Loi des titres pour réglementer la fraude en valeurs mobilières dans le cyberespace. A l'heure actuelle, il est urgent pour les régulateurs d'établir et de perfectionner les règles de surveillance appropriées.
Mots-Clés: cyberspace; taxes de transaction; fraudes en valeurs mobilières; surveillane légale
With the internet securities exchange becoming prevail and popular, securities fraud occurs endlessly. The basic legislation on supervising this kind of fraud is fairly important, especially in China, whose aim is a society governed by the mie of law. Yet China is still on the primary stage of s socialism market economy and relevant legislation and practical experience is insufficient, so comparing and referencing are significant. This article first refers to the practice of United States of America whose market economy is developed, then analyses the current situation of China, so as to put forward a conception which concerns the system of supervision, and, we hope, is beneficial for improvement on supervision on securities fraud in cyberspace in China.
1. UNITED STATES' LEGAL SYSTERM OF SUPERVISIONG ON SECURITIES FRAUD IN CYBERSPACE
United States of America has a perfect legal system of supervising securities fraud in cyberspace, although which is contained in the legal system of regulating internet securities exchange. In United States, the laws of governing the illegal act of internet securities (including fraud) have formed a system. (Zhong Wei, p37) Firstly, the foundations of supervision system are Securities Act in 1933, Investment Exchange Act in 1934, Investment Advisors Act and Investment Company Act in 1940. No matter how market participant trade by traditional approaches or internet, they must abide by these four laws. US Securities and Exchange Commission [SEC] issued many releases regulating internet securities exchange, all referred to those four laws. Secondly, internet securities exchange should abide by the laws concerning e-business, including United Computer Information Exchange Act, United ?-exchange Act, The Globe And National Business ?-signature Act. Thirdly, the series of laws that concern the special problems of internet securities exchange, of which Online Brokerage Keeping Aspace of Cyberspace, E-securities Exchange Act and Online Investment Protect Act are most famous. …