The United States On The Issuance And Trading Of Securities Cross-border Legal And Regulatory Research

With the development of the globalization of the securities markets, it is becoming a more and more important issue of the regulations on cross-border securities offerings and transactions to the regulatory organizations of each country and the International Organization of Securities Commissions. There are more and more studies in improving the regulations on cross-border securities offerings and transactions. The securities market of the United States is the most developed and it's regulatory system is the most advanced in the world, so the regulatory system on securities market of America can be used by other countries for reference. With the entrance to WTO, the development of economy and the improvement of the investment environments, China will face the matter of listing of the foreign companies on the Chinese securities market sooner or later; in the mean time, there are a lot of Chinese companies are listing on the securities markets of other counties or districts, particularly in America. So, it is very necessary to study the regulatory system on cross-border securities offerings and transactions of the United States.This paper has studied the regulatory system on cross-border securities offerings and transactions of the United States, which focus on the above-mentioned issue. The paper is divided into five parts. The first part of this paper discusses the jurisdiction principles taken by the United States in the regulatory system on cross-border securities offerings and transactions. The second part of this paper introduces the regulations on cross-border securities offerings and transactions of America in detail. The third part of the paper analyses the economic costs brought to foreign companies, American stock exchanges and investors by the strict report system which insisted by the SEC, and their reactions to these regulations. In the following part, it introduces the international cooperation taken by the United States under the pressures from domestic and abroad. In the final, it analyses the influences to foreign companies (including Chinese companies) listed on American securities market by American strict regulatory system, particularly the promulgation of Sarbanes-Oxley Act in 2002 after the financial scandal of Enron and Worldcom. It also instructs the problem occurred during the course of listing and provides some measures for Chinese companies to list on American securities market.The experience of the regulatory system on securities market of the United States can be used by us for reference. The author of this paper hope it will advance the standardization of the securities market and the perfection of the regulatory system of China, and promote the Chinese listing companies to improve the corporate governance and strengthen the idea of information disclosure so as to meet the requirements of listing and the stipulations of securities regulation through the study on the American regulatory system on cross-border securities offerings and transactions.