Our Country Securities Market Regulation Of International Board

With the process of internationalization of China’s capital market graduallyaccelerating, the process of internationalization of securities markets also take place,the phenomenon of the international board of China’s securities market becomesinevitable. After all, for regulatory authority the international board of the securitiesmarket is totally a new thing, it will affect our country’s financial security andeconomic stability and bring a series of challenges to the securities regulatoryauthority. In the view of this, this article based on the basic theory of the internationalboard of securities market, learn from the experience of mature market countries, anddiscuss the monitoring related issues on China’s international board of the securitiesmarket.The article is divided into introduction and main text, and the main text containsfive chapters.The first chapter is a brief introduction on the international board of thesecurities market. As for there’s no authoritative definition of the international boardof the securities market, then this article defined the international board of thesecurities market based on the analysis of several common definitions. Theappearance of the international board of the securities market is inevitability. Theauthor analysis the deep-seated reasons for the appear of the international board of thesecurities market from the national level, company level and investor level, andanalysis the impact on our capital market and financial security while China open theinternational board of the securities market. The second chapter is an overview of the supervision of the international boardof securities market. On the base of introducing the concept of regulatory and legalcharacteristics of the international board of the securities market, this article analysisthe necessity of regulating the international board of the securities market. The authortakes the market imperfections, the alienation of agency relationship as well as seriousinformation asymmetry as the theoretical basis of its regulation. As well, theinternational board of the securities market regulation embodies a certain value thatpass through the entire regulatory activities, protecting investors’ interests andcontrolling the financing cost.The third chapter is about the challenges posed to China’s securities regulators bythe international board of the securities market. The international board of thesecurities market is different from the domestic plate, and it will bring a series ofchallenges to the current securities regulatory inevitably, and these challenges containthe requirement for a higher regulatory legislation, the challenges of the existingsecurities issuing audit system, the defects of information disclosure regulation,imperfections of current delisting system and conflict of regulatory laws etc. Theseare the problems in practicing China’s international board of the securities market thatChina’s securities regulatory authorities must face to.The fourth chapter is about the International Reference from the mature marketcountries and regions, which include The United States and Hong Kong. It should besaid that the U.S. and Hong Kong model are more typical, they both make detailedprovisions about regulatory issues on the international board of the securities market.The American model takes information disclosure as the center, and the Hong Kongmodel is more flexible which emphasizes the protection of the interests of investors.The fifth chapter is the legal advices about regulatory regime on china’sinternational board of the securities market, which based on combining with thedemand of our country and experiences of United States and Hong Kong. Thesespecific regulatory systems can be divided into the listing supervision, delistingsupervision, continuing information disclosure and the coordination of the conflict ofregulatory laws. The article makes some legislative proposals on the four aspectsabove.