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Securities Regulatory Legal System Of International Cooperation

Posted on:2002-03-03Degree:DoctorType:Dissertation
Country:ChinaCandidate:D S SongFull Text:PDF
GTID:1116360065450383Subject:International law
Abstract/Summary:PDF Full Text Request
The internationalization of securities markets has been progressing rapidly from 1980's,all regulators of securities markets in the world should cooperate to maintain the healthy operation of securities markets.The international regulatory cooperation on securities markets is presented as bilateral coopcration.regional cooperation and global cooperation,the main means of bilateral cooperation is memorandum of understanding,the model of regional cooperation is the cooperation among the countries of the European Union,and the global cooperation is conducted by the international organizations as International Organization of Securities Commissions and Basle Committee.Information sharing is the core of international regulatory cooperation on securities markets.Securities companies are the important subjects of international securities markets,the principal part of international regulatory cooperation on securities companies is about capital adequacy and risk control.Due to the mixed-business of international financial industries,transnational financial conglomerates appeared,!! is very difficult to regulate transnational financial conglomerates because of its involving into different countries and industries.A joint group was set up by IOSCO,Basle Committee and IAIS specialized in the regulatory cooperation and studies on transnational financial conglomerates, many problems related to the regulation on transnational financial conglomerates are specified in the several reports provided by the group.The internationalization of securities markets provides many choices for illegal acts.all countries and districts must act in close cooperation to strike them effectively.The forms of transnational illegal acts in securities markets are various,but market manipulation and insider dealing are most important and are within the range of all international regulatory cooperation on securities markets.Because of the differences in securities settlement,there are many risks in transnational markets of securities settlement,common systems of transnational securities settlement should be established,Euroclear and Cedel are such two sucessful systems .After emerging in 1970's,fmancial derivative instruments have been growing rapidly,although financial derivative instruments are created to avoid risks.but they could be used to speculate too,the several events occurring recently led all regulators of securities markets in the world to take financial derivative instruments seriously and cooperate closely.The key to the regulation on financial derivative instruments is the valuation and control of risks,so financial derivative instruments should meet the regulated standards of capital adequacy and discloure.The Internet is an opportunity to securities industries for the characteristics of Internet make it suitable to the development of securities industries,but these characteristics.with the advents of initial public offerings via Internet and alternative trading systems.are the challenges to the traditional securities law.the international regulatory cooperation on securities markets should be advanced to cope with them.The internationalization of Chinese securities market is being in progress now,chinese regulators of securities market have been cooperating with the foreign regulators to promote Chinese securities market,but many difficulties as nonperfect of rules and lack of qualified personnels exist still in our securities market.
Keywords/Search Tags:securities, securities markets, intemationalization, regulation, international regulatory cooperation
PDF Full Text Request
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