在第三届上证法治论坛上，北京大学常务副校长吴志攀指出，“金融市场要健康有序可持续地发展，就必须高度地法治化”。他从信任问题、法治问题和建设法治政府三个方面对“资本市场诚信与法治建设”进行了阐述。

The third session of the rule of law in the BBS,Vice President of Peking University WuZhiPan pointed out,"Financial market to the healthy and orderly sustainable development,We must highly legalization".He from the problem of trust/The rule of law and the rule of law government construction in three aspects"Capital market integrity and legal construction"discussed.

　　吴志攀指出，尽管目前中国社会比较缺乏横向信任，但拥有很好的纵向信任，即对政府、对大银行大国企等大机构的信任。因此，保持政府、大银行等大机构的信用十分重要。“现在讲资本市场的诚信建设，首先就是要求政府要保持诚信，要严格遵守市场的规范和法律的规范来办事。”他同时认为，一旦破坏了这种纵向信任，市场就难以稳定且会出现涣散。

WuZhiPan pointed out that,Despite the current Chinese society is lack of lateral trust,But have a very good longitudinal trust,Namely for the government/For large Banks and large state-owned enterprises large institutions of trust.so,Keep government/Big Banks and other large organizations credit is very important."Now speak good faith construction of capital market,The first is called for the government to keep good faith,To strictly abide by the market standard and legal norms to do things."He also think,Once destroyed the longitudinal trust,Market is difficult to stable and will appear slack.

　　关于法治问题，吴志攀表示，由于资本市场“利润最高”的倾向，因此市场出现违法行为的几率理论上也会是最高的。“这种情况下，就必须有高度的法治，而且必须公平、严格执法，使得违法的成本无限高，远远高于可能获得的利润。”同时，针对“法不责众”的情况，吴志攀也做出了批判。“这些年来，有很多证券从业者因为违法行为受到制裁，但是大多数都是针对个人的制裁，很少制裁机构。一旦每个人心里就存在侥幸，法律的权威就受到影响。”

The rule of law problems about,WuZhiPan said,Because the capital market"Highest profit"tendency,So the market to appear the illegal behavior of probability theory will also is the highest."In this case,We must have a high degree of the rule of law,And must be fair/Strict law enforcement,Make the cost of illegal infinite high,Far above may gain profit."At the same time,According to the"FaBuZeZhong"situation,WuZhiPan also made critical."Over the years,There are a lot of securities practitioners for illegal behavior by sanctions,But most of them are personal sanctions,Rarely sanctions mechanism.Once everyone is a heart,The majesty of the law is affected."

　　第三就是建设法治政府。吴志攀表示，目前市场的发展，有很大功劳来源于政府，但与此同时，政府“裁判员”和“运动员”的界限应该更清晰。目前政府距离自觉守法和执法；在法律面前不许有特权，不许有超越法律的政府等目标还有一段距离。

The third is the construction of the rule of law.WuZhiPan said,At present the development of the market,Has great contribution from the government,But at the same time,The government"referee"and"athletes"Boundaries should be more clear.The government distance consciously law-abiding and law enforcement;Not before the law is the privilege,Not allowed to have beyond the law of government goal and a distance.

　　“我们必须建设一个成熟完善的法治政府，有法治政府，才能有完善的信用体系，才能规范执法、严格执法，投资者才能对资本市场有信心，对社会有安全感。中国资本市场发展要害在这里，希望也在这里。”吴志攀总结道。

"We must build a mature and perfect legal government,A government under the rule of,To improve the credit system,To standardize law enforcement/Strict law enforcement,Investors can have confidence in the capital market,To the society security.China's capital market development the key here,Hope here."WuZhiPan concluded.