《证券法》修订草案一审稿整体上比较成熟,不过在公开发行、内幕交易、短线交易、操纵市场、客户资产保护、监管权限方面仍存在不少疑问。针对上述问题,从规范意图、制度变迁、海外实践、条文衔接、立法技术等角度展开讨论,并提出进一步完善的建议。 The first draft of the revised “Securities Law” is relatively mature as a whole. However, there are still many questions regarding public issuance, insider trading, short-term trading, market manipulation, protection of customer assets and regulatory authority. In view of the above problems, this paper discusses from the perspectives of normative intention, institutional change, overseas practice, the convergence of articles and legislative techniques, and puts forward further suggestions for improvement.