证券法律制度是我国证券市场的基本法律制度,它的全面深入改革将直接推动证券市场的繁荣与发展。即将进行的新股发行注册制的改革,从新股发行的行政许可制到新股发行的注册制,对证券法律制度改革具有全局意义,它有利于发挥市场的决定作用,改革政府对证券市场的监督。实行新股发行的注册制,并不是“行政许可”的搬家,从证券监督机关移至证券交易所,而是根本性变革。应该承认,我国证券法律是没 The securities legal system is the basic legal system of China’s securities market. Its comprehensive and in-depth reform will directly promote the prosperity and development of the securities market. The forthcoming reform of the registration system of new shares issuance, from the administrative license system of IPO to the registration system of IPO, has the overall significance to the reform of the securities legal system. It is good for giving play to the decisive role of the market and reforming the government supervision over the securities market. The registration system for the issuance of new shares is not a move of “administrative permission ” and moves from the securities regulatory authority to the stock exchange. It is a fundamental change. It should be admitted that China’s securities law is not