On The Mutual Recognition Regime In International Securities Regulation

With the development of international financial integration,countries have built a number of securities regulatory mutual recognition system,involving various areas of securities regulation.This paper intends to study this system.The first chapter introduces the research background and significance,the research scope,the research content and the method and the innovation of the thesis,and systematically combs and analyzes the domestic and foreign literature related to the mutual recognition system of securities regulation,thus summarizing the merits of the existing research results And the establishment of the framework of the whole article,for the next step to provide a strong basis for research support.The second chapter introduces the connotation and system advantage of mutual recognition of international securities regulation.This chapter first combs the concept of securities regulation and international securities regulation,and thinks that the connotation of securities regulation includes both the supervision standard and the supervision and implementation,and the core problem of international securities regulation lies in the distribution of jurisdiction.Both are in the scope of adjusting securities issuance behavior,securities service behavior and securities trading behavior,and to protect the interests of investors,safeguard the effectiveness of the securities market and prevent systemic risk for the purpose.On the basis of this,we can find a starting point for the analysis of the connotation and system of the mutual recognition system of international securities regulation.This paper argues that the connotation of mutual recognition of securities regulation is a dynamic concept that includes the supervision system and the implementation of "equivalent”,And through institutional arrangements to make mutual recognition of the jurisdiction of the parties to the rational distribution of the country,which is inclusive,the home country control,restrictive principles of the formal legal system.Although the title of different,but the world's existing regulatory equivalent system,a single passport system and alternative compliance system contains the above principles,and can be considered mutual recognition of the system norms.In addition,the mutual recognition system also contains the corresponding rules and decision procedures.The mutual recognition system has a unique advantage in resolving the jurisdictional conflicts of securities regulation in various countries.For the sake of clarity,this paper compares mutual recognition with other five ways of conflict of jurisdiction,such as regulatory competition,regulatory cooperation,supervision Convergence,regulatory coordination and regulatory harmonization,and found that the mutual recognition system is more binding on the soft legal nature of regulatory cooperation and regulatory convergence,and is more binding on the participating countries.Compared with the way of regulatory coordination and integration,Institutional flexibility.As a result,the trade-offs between sovereign costs and contractual costs have resulted in a considerable number of institutional arrangements in which mutual recognition of mutual recognition and bilateral securities regulation of multilateral securities has been established.The third chapter mainly discusses the uncertainty and system guarantee in the mutual recognition of international securities regulation.Whether the uncertainty can be resolved,whether the mutual recognition system can be constructed and maintained,and affect the exit decision of the participating countries.Moreover,the uncertainty is influenced by the number of participating countries and the degree of information symmetry.First,in the stage of mutual recognition of securities regulation,the uncertainty is manifested as the information asymmetry of the participating parties.In this regard,the EU's multilateral mutual recognition system is mainly based on the "Ran's legislative procedure",and the national regulatory standards And in the bilateral mutual recognition system,mainly through the "equivalent" rules and procedures to implement,and in practice more emphasis on mutual recognition of the parties to the information sharing,mutual legal assistance and regulatory cooperation Etc.,to solve the problem of information asymmetry.Secondly,in the stage of the system of mutual recognition of securities supervision,the uncertainty is mainly manifested in the "regulatory arbitrage" and "prisoner's dilemma" caused by the implementation problem.In this regard,there are differences between the multilateral mutual recognition system and the bilateral mutual recognition system.The EU is mainly through the supervision and implementation of the EU and the European Union,and the mutual recognition of the United States and Canada and the United States and Australia are mainly resolved through regular review and limitation.Finally,this chapter illustrates the uncertainty of mutual recognition through the UK's referendum,as well as how the EU withdraws from the EU's financial market integration and market participants in the EU The impact.The fourth chapter mainly discusses the mutual recognition system of cross-border issuance supervision,and mainly takes the issuance of information disclosure supervision as an example.Cross-border securities issuance supervision of the increasingly serious conflict of jurisdiction,the root cause of the problem lies in the geographical reasons for cross-border securities information asymmetry more serious;and,national organizations and the law of the boundaries between the increasingly blurred,the adjustment of the law of the organization was governed by the conduct law of the host country.In response to the above problems,the United States and Canada conducted MJDS,that is,the issuance of information disclosure supervision of bilateral mutual recognition,but the system has its own special environment and set up the foundation,and the United States and Canada on the mutual recognition system of the standard,the jurisdiction of the arrangements are carried out A lot of restrictions,leading to the system's influence and practical use are not widely.Members of the European Union have repeatedly revised and changed the order,set up a comprehensive cross-border information disclosure of mutual recognition system,the home country and the host country between the jurisdiction of a more clear definition,and mutual recognition the content of the disclosure of information for a detailed list.However,due to the existence of ambiguities in the rules of the system,there are still some conflicts in the jurisdiction of the countries in certain matters;and the minimum coordination does not benefit from the advantages of regulatory competition,resulting in the increase in the financing costs of SMEs the listing of the securities market to raise the threshold.Therefore,this chapter concludes that it is more conducive to the development of EU financial market integration than the regulatory costs of issuers' cross-border issuance,so that investors can freely access all other capital markets in other countries.Chapter 5 mainly discusses the mutual recognition system of cross-border securities service supervision,and mainly takes investment bank as an example.Cross-border securities services include cross-border establishment and cross-border operations of financial services such as investment companies,fund companies,investment consulting firms and stock exchanges.The establishment of a cross-border securities service mutual recognition system in various fields around the world has both the multilateral multilateral securities mutual investment arrangement of the European Union's multilateral securities investment enterprises and the stock exchange,as well as the new bilateral mutual recognition arrangement The However,these systems are based on the mutual recognition system of investment banking cross-border services as the starting point for the extension,which comes from the investment banking is the main force and bridge of financial services,and there is a huge negative externalities;and the EU " Directive ",opened a new milestone in the mutual recognition of financial services-based financial services.The scope of supervision of the investment bank's home country mainly includes capital adequacy ratio supervision,organization standard supervision,and conflict of interest supervision and so on;the host country can not arbitrarily restrict the access of another member's investment bank.It is undeniable that the Financial Instruments Market Directive has made an outstanding contribution to advancing the integration of the EU financial services market.But there are also large deficiencies,such as mutual recognition of the rules of coordination fuzzy,can not set the regulatory barriers to host countries,and may lead to the emergence of "competition";and part of the regulatory rules of the product of political compromise,in terms of effectiveness greatly reduced.Especially after the international financial crisis,the investment bank's mutual recognition system has increased the impact of the original mutual recognition system under the interests of all countries once again waves in the new capital adequacy rules and shadow banking rules can not reach a consensus on specific rules.In this case,perhaps only learn from the EU regulatory supervision of a single regulatory reform in order to carry out effective coordination and supervision.Chapter 6 mainly discusses the mutual recognition system in cross-border securities transaction supervision,and takes the cross-border financial derivatives transaction and systemic risk prevention as the breakthrough point.After the financial crisis,measures to prevent systemic risk caused by derivatives quickly focused on the establishment of a mandatory central counterparty clearing system,but the lack of a unified international financial regulatory system is an obstacle to the construction of this system.Relying on motivational differences between domestic regulators will inevitably lead to regulatory arbitrage and national regulation of "competition".However,attempts are made to promote regulatory harmonization through multilateral consultations of international organizations or extraterritorial jurisdiction of major powers.Are unable to cope with jurisdictional conflicts,and the systemic risks that arise from the global application of a single regulatory approach may be much higher than the regulatory diversity.Therefore,mandatory liquidation is not a universal prescription for the prevention of systemic risk.Derivative regulation should be used to encourage systemic risk prevention objectives by encouraging a variety of coexistence of flexible regulatory structures.This paper argues that the implementation of international derivatives regulation under the mutually acceptable path is not only conducive to the promotion of innovation,the effective supervision and accumulation of successful experiences and failure of supervision,but also the firewall function to prevent the diversification of risk,Thus avoiding a country's regulatory failure led to the collapse of the global financial system.Chapter 7 is the conclusion that the overall evaluation of the mutual recognition system,that the mutual recognition system for international securities regulation or have a positive effect,mutual recognition system can lead to more effective standards to adapt,so that regulators for other The regulatory regime of all parties creates trust and confidence,and transparency requirements can facilitate transnational processes and promote tolerance for greater differences.Through the development of mutual recognition system,it has experienced from the "equivalent standard" to "equivalence procedure";from the accountability mechanism to the hard democratic predicament process.It is more valuable to promote the liberalization,internationalization and openness of capital markets in various countries.It promotes the precision and comparability of regulatory rules,and then moves towards regulatory reunification.Therefore,for developing countries,the international interests should be used as a fundamental principle,and actively use the mutual recognition system.For the development of China's current capital market situation,we should be cautious and developed countries to recognize each other;actively with the Hong Kong and Taiwan capital market linkage mechanism;Finally,ASEAN integration and the way back all the way,should learn the EU,the establishment of a super National institutions,in order to facilitate the long-term development of mutual recognition system.