Crafting an Investor- friendly Securities Law to Promotethe Modernization of the Governance in Capital Market

To promote the modernization of the governance in capital market,it's necessary to crafting an investor- friendly Securities Law. The scope of securities should be broadened. All the capital securities with expectation of investment returns should be governed by the Securities Law. Deregulation should be encouraged to promote free and fair competition. IPO registration should be designed in good details,the review of application documents should be exercised by the securities regulator,instead of by the stock exchanges. Serious legal liabilities should be imposed to curb the wrongdoings in capital market. Disclosure requirements should be upgraded to promote the transparency of Chinese capital market.