Research On Legal Mechanism Of International Cooperation On Securities Regulation

The securities market is a country's capital market, which is the financial lifeblood of economic development. along with the trend of economic globalization. Transnational securities issuance and trading behavior is a very common phenomenon. Every state regulatory authorities want to exercise its own regulatory powers to protect the continuing validity, security and transparent of their own securities markets. Therefore, all securities regulatory authorities should work together with each other to establish a complete mechanism for sharing information, preventing cross-border illegal activities and the system risk, and providing technical support for mutual judicial assistance. Otherwise, the pace will be difficult for the international market really hard.Countries and regions of the world are through Memorandum of Understanding, Mutual Legal Assistance Treaties between the securities regulatory authorities in the form of effective regulatory bilateral cooperation. Some countries and regions have had very effective multilateral supervisory cooperation mechanisms in some of the special geographical, economic and cultural background of the region. At the global level, the International Organization of Securities Commissions, the FIBV, the International Monetary Fund, the Basel Committee, the World Trade Organization so as to establish a world-wide monitoring agency cooperation and unremitting efforts. Internationalization of China's securities market is an inevitable trend.China to the international market at this stage can bring much-needed development funds, which can make China's enterprises, reach a certain scale in a short period and upgrade China's industrial. However, there may have great difficulties in the process of China's securities market for the reason that the enterprise system is not standardized, many securities law breakers, the legal system is not perfect and the lack of professional talent and so on. These difficulties make the process of opening China's market in the securities of the heavy task. Frankly speaking, the effectiveness of the securities market in the open period depends upon the following issues, China's regulatory authorities should strengthen supervision and cooperation with all countries in the world regulatory body, to make up for deficiencies in the system of transnational securities regulators and promote the healthy development of China's securities market.The author wants to solve two problems in this paper. First, what kind of regulatory cooperation mechanism China should establish. Research is developed on the world's major countries within the region and globally successful supervisory cooperation mechanism, whose successful experiences and the lessons of failure are generated, and envisage the most reasonable regulation of cooperation. Consequently, what kind of cooperation regulatory mechanism China should establish. The second is how to improve the existing mechanism on the basis of China's securities regulatory cooperation mechanism, then collect lessons from the success of world experiences and make the suggestions, improve our regulatory mechanisms of cooperation. Therefore, According to the geographical scope of the expansion this paper is made up of five parts--from the domestic to regional and then finally to bilateral cooperation in the international field.Chapter one introduces some fundamental issues of international securities regulation cooperation. Firstly, figure out the outstanding securities regulatory authorities in international securities regulation cooperation, which institution have the qualification, which aspects are related in the cooperation between securities regulation. Secondly, review the status of international cooperation in the supervision, which is prepared for later discussion perspective in three dimensions. Finally, clarify the meaning and role of international cooperation in securities regulation theoretically, and provide a theoretical basis and legal foundation for the implementation and development of international cooperation in securities regulation.Chapter two takes cooperation mechanism in the United States and Hong Kong securities regulators and the system they created as a research object. Firstly, the institutional creation of the United States SEC regulation cooperation is got by a comprehensive understanding of United States regulation cooperation system. The legal base of the domestic law grants SEC the power which could make it search bilateral cooperation and MJDs in securities regulation and further expansion of regional and international cooperation. Our country should collect the valuable experience from American for the reason that the development of its economy and legal is the most perfected in the world. Second, Hong Kong is also the world's leading international financial center, and Hong Kong securities regulators SFC has made unremitting efforts in international cooperation too. It is also actively seeking bilateral regional and international levels cooperation mechanisms.Chapter three discusses the cooperation mechanism expansion from bilateral to regional. European Union, whose economic integration system is the most perfect, is studied for reviewing supra-national nature of the regulatory mechanism. Instruction is the base for the securities regulation of EU, and the implementation is carried out by the cooperation among members. In order to build up the function and nature of the specified regulatory cooperation, the regulatory cooperation and better cooperation of two basic principles are inspected under EU law. At last, the specified implementation of EU instruction system is inspected under EU security regulation. The experience of EU supra-national system fits the tendency of globalization.Chapter four develops the discussion of international supervision cooperation in a broader field. Firstly, a very practical contribution is made by International Organization of Securities Commissions in promoting international cooperation in the supervision of securities, and a series of documents, which aim at the harmonization of regulatory standards and the coordination of regulatory institution, are published. Again, further liberalization in the financial sector is also promoted in the promotion of trade and service liberalization. Finally, the cooperation of FIBV is researched. The securities regulator, which is a non-governmental nature, is a useful supplement to the supervisory cooperation of government nature.Chapter five is the core. Considering China's actual situation and the regulatory cooperation, appropriate recommendations are suggested after the paper is summed. The cooperation supervision of China Securities Regulatory Commission is examined in social point of view, and summarized the real situation in China is summarized. First, the examination of the U.S. regulatory cooperation mechanism perspective in domestic law suggests that greater regulatory authority and supervision should be granted to China Securities Regulatory Commission. Second, learn from the European Union and MJDs mechanism, hence international regulatory cooperation mechanisms ought to be established between the mainland and Hong Kong. Thirdly, improve the monitoring of non-governmental cooperation mechanisms in the level of international cooperation.Finally, we could draw the conclusion that the proposed three-dimensional control cooperation mechanism should be established to ensure the effective implementation of the securities regulatory power, for a unified international legal regime cannot be established under the actual circumstances.