Research On The Legal Issues Of Regulation On Cross-Border Listing

Since 1970s, with the internationalization of the world's securities markets, cross-border listing has become an important method of financing. It advances the development of the companies and related countries, but at the same time it challenges the countries' systems of regulation: How to avoid the negative impact on the countries? How to control the cross-border violations and offences? And how to settle the conflicts resulted from different countries' regulation? Many countries devote in perfecting their legal systems, and they try hard to establish the international cooperative mechanism of regulation. In 1984, the first Chinese company listed abroad. Cross-border listing not only brings us a great deal of money, but also promotes the development of the companies and accordingly the whole Nation's economy. But our regulation system is not so perfect: there is no complete regulation mechanism; some laws and rules are not that adequate. So it is not good enough to encourage the companies to list abroad or to regulate the listed companies well, and at the same time, not good enough to protect the interest of the country and the investors. In my opinion, it is necessary to perfect our regulation system.This dissertation focuses on the legal issues arising from regulation on cross-border listing. Research methods such as taxonomy, comparison and induction have been used to analyze the general laws and some specific regulations. The emphasis is how to perfect our country's regulation system. The whole paper is about 45,000 words, divided in 4 chapters.Chapter one is a brief introduction of cross-border listing. It first introduces the concept, significance and trend of cross-border listing, then analyzes the legal characters of all sorts of it. From analyzing its impact on the countries, it points out that countries should strengthen their regulation on cross-border listing.Chapter two deals with the regulation on direct cross-border listing. First it analyzes some common legal characters of different countries' regulation system. Some characters show the general laws of regulation, especially those about openness of securities markets and protection of investors. The emphasis is about how countries settle their legal conflicts of regulation, and then the author gives comments on the achievements and backwards of the ways they settle their legal conflicts.Chapter three deals with the regulation on indirect cross-border listing. It analyzes the countries' attitude towards this kind of listing and their legal basis of regulation, then points out that generally it is the country where the company is listing that exercises the power of regulation. But in some special situations the countries have to seek cooperation from each other.Chapter four is the emphasis of this paper, dealing with the current situation of regulation in China, and what's more, about how to perfect the regulation system of China. It analyzes the legal issues of regulation and, consulting from the foregoing chapters, it puts forward some legal suggestions. Finally, according to the trend of internationalization of securities markets, it gives some suggestions, stressing that we should perfect our regulation system, and should open our securities market step by step.