Abstract: Characterized by high flexibility， fastness and professionalism characteristics， soft laws have become chief tools of governance in terms of international securities. Although the soft law of international securities is not mandatory in theory， the effectiveness is not affected in practice. There are three ways to harden the soft law: transferring to the international conventions， adopting the national laws， and being admitted into domestic regulatory practices. These hardening approaches could secure the effectiveness of soft laws to some degree， which make an easy target to blame. Through the economic， political and legal analysis， it was found that the criticism does have its reasonable part， but there are also some misunderstandings. As an emerging economy， China should hold a rational view of the influence from the developed countries and the consequences from the hardening of soft laws. It is of necessity to get involved in the global securities governance so as to realize China's interest demands.

Key words: international securities regulation, international soft law, global secarities gorernance