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3 "Securities Law" and "company law". "Company law" promulgated in the front,,,work efficiency ent,, "Securities Law" promulgated in the rear. Therefore there is an opinion is, "company law" tube "of securities issuance,, trading securities law" pipe securities. Our opinion is: "Securities Law" should be not only tube securities, and securities trading. After a long time of discussion,, finally clear on this point: "Securities Law" management of securities issuance and trading. But there is a problem,, there is the "company law" in >

"Securities Law" was drafted in 1992 by the seven session of the National People's congress chairman Comrade Wan Li proposed. The drafting group by Peking University, the NPC Financial and Economic Committee,, China University of Political Science and Law, China Securities Regulatory Commission of some experts, I served as the head of the drafting group. After the draft is completed, in 1993 August eight session of the National People's Congress Standing committee. The eight session of the Standing Committee of National People's Congress has on the "Securities Law" draft three times. The nine NPC Standing Committee has considered two times. "Securities Law" was finally approved in December 29, 1998.

in the "Securities Law" draft review process,, some of the main problems in the larger controversy. Now these disputes are as follows, and explain how they coordinate and solve?

1 security management is decentralized or centralized management. It was the central departments tube stock. The formation of two kinds of opinions in the discussion of "Securities Law" draft,Principle of market,, a view that should maintain the status quo, decentralized management; another view of centralized management. We propose to centralized management at that time, because the stock management is centralized management of the countries all over the world, so the draft proposed the establishment of the Securities Committee of the state. Due to various reasons, the issue that be in suspense. Now the problem solved. And the system reform of the state council. After the institutional reform of the State Council, the China Securities Regulatory Commission's responsibilities clear: by the China Securities Regulatory Commission unified management. So, the State Council issued scheme after system reform,, this problem will be smoothly done or easily solved. "Securities Law" mentioned in the securities regulatory authority under the State Council is refers to the China Securities Regulatory commission. It shall carry out centralized and unified supervision and administration of the national securities market,,China education network resources, new perspective of manage,, maintaining the order of the securities market,, securities market legal operation ensure. Relationship between

2 central and local governments. In the process of drafting, about this problem when three kind of scheme, one is the central and local dual leadership; a second opinion is the central leadership is given priority to, supplemented by local leaders; a third opinion is the central vertical leadership. The problem that debate,, it is clear that the implementation of the central, vertical leadership,, neither the central and local dual leadership, nor the central leadership is given priority to, supplemented by local leadership. This is also a question of the system reform of the State Council and its solution. Now the "Securities Law": the securities supervision and administration institution under the State Council may set up branches, perform the regulatory functions as authorized. Relationship between