The Study On Conflicts And Coordination Of Rules Of Law In EU's Securities Markets

At present,the integration of EU is gradually deepening,the integration of the securities market has been put on the agenda,the process of the integration of EU securities market is gradually accelerating.In order to promote the integration of securities market,EU proposed the capital market alliance plan in 2015 and planned to complete it in 2019.Law is an important tool and inevitable result in the process of the integration of European securities market.Therefore,the realization of the goal of the integration of EU securities market depends on the coordination and unification of eu securities laws.However,due to the different development levels of the securities market of EU member states,it is difficult for the member states to form a common interest in the establishment of a unified securities market.As a result,there are legal conflicts between EU,the member states and the member states in the securities legal system of EU,which hinders the integration process of the securities market of EU.The securities legal system with EU characteristics promoted the internal unification of EU securities market at the beginning.On the one hand,the adoption of soft laws such as directives and court cases to achieve the objectives of EU securities market reflects the respect of EU for the sovereignty of member states.On the other hand,it also ensures that EU laws can adapt to the actual situation of member states in the process of transformation,application and gradual development.But with the deepening of securities market integration,the coordination of securities market iscloser to the core interests of member states.The application of the directive in the member states becomes difficult,and the member states have different understanding and big difference in the conversion becomes the main problem.The role of ECJ in judicial creation is limited.The existing ways to coordinate conflicts of securities laws cannot adapt to the ever-changing securities market,which hinders the realization of the goal of EU securities laws.How to achieve the consistency and coordination of the legal system on the basis of respecting the differences in the development of the securities market of different countries and promoting the integration of the securities market has become a problem that must be faced and solved in the integration of the securities market of EU.If EU wants to promote the formation and establishment of a unified securities market,it must coordinate the legal conflicts in the securities field of EU.This paper mainly studies the existing securities legal conflicts and coordination methods in EU through literature analysis and case analysis,finds out the advantages and disadvantages of the main coordination methods for the solution of securities legal conflicts,and proposes future improvement paths for the defects of the main coordination methods,which are mainly divided into the following four parts.The first part of this paper introduces EU securities legal system and its legal conflicts.To promote the integration of the securities market in EU,it is necessary to ensure the smooth development of various investment activities in the internal market of EU,that is,to promote the freedom of investment and financing activities.In the case of free investment and financing,to ensure the efficient and accurate allocation of resources,give play to market efficiency,promote economic development.The goal of the integration of the securities market is to promote the maximum coordination and freedom of each member country in the securities market,so as to promote the integration of the securities market.The legal system of EU is between the state and the supranational state,and there are different securities legal rules in both EU and the member states,which constitute the unique securities legal system of EU.For EU,law is an important tool to promote the integration of the securities market and build a unified European securities market.Therefore,EU has also made alot of efforts in the harmonization of securities laws to reduce legal conflicts within EU.But the interests of the between member and member states and EU is not completely the same,in the case of the coexistence of multiple interests,and securities market as share power field,domestic securities law of EU and member states securities laws are easily produce conflict of laws,mainly for EU and member states securities in securities law conflict,members of conflict of laws.The legal coordination among the member states of EU has encountered more and more conflicts with the deepening integration of the securities market.EU applies the principle of authorization and has limited powers within a limited scope.With the development of integration,the scope of EU is expanding,not only existing in the economy,but also including the scope of public law such as social welfare and education and the scope of special interests protected by member states.The capital market is in a very sensitive and core position in the national economic system.In this aspect,the conflict of interests between member states is more obvious.This will not facilitate the integration of EU securities market.The second part of this paper analyzes the role and defects of EU's existing coordination tools directive in the coordination of legal conflicts in the securities market.As an important part of the legal innovation of EU,the directive gives full play to its soft law effect.But at the same time,there are also some inherent defects such as long formulation time and great difference in transformation.In the process of securities market integration,in order to coordinate the legal differences among countries,EU mainly issues various directives to guide the implementation of integration.However,how to ensure the timeliness and appropriateness of the implementation of the directive has become a major difficulty for EU.Integration of EU securities market is a big obstacle to local protectionism,in the instructions for selective conversion will appear the phenomenon of incomplete implementation such as instruction,lead to,even though EU level perfect regulation and coordination of rules,it will be difficult to play its due role in the implementation stage can't really coordination of the securities market laws and regulations,which hindered the development of securities market integration.Based on this,EU needs to set up arelatively independent and impartial supervision institution in the transformation and implementation stage of member states,as the supervisor of the application of EU laws by member states and the existence of the communication bridge between EU regulators and member states.Made clear when EU needs to set up institutions,as well as to do with the question of who is in charge of its power source,in order to guarantee the impartiality of the supervising agencies for member states,can have the constitution or precedent to determine its power source,and report directly to EU Commission to supervise the implementation,thus reducing the local protectionism in the securities market transformation rules governing bring negative effects.But EU's legal system does not replace member states'.On the contrary,the laws of EU member states still play the most important role,especially when there are no cross-border disputes within the member states,and the laws of member states are the most important legal source.EU also adopts the idea of respecting differences to guarantee the implementation of legislation in its legislation,and adopts legislative forms such as directives and Suggestions,so as to facilitate member states to formulate detailed implementation rules on the basis of their objective conditions.It can be said that the organic combination of EU legal system and the legal system of member states is a major legal feature of the integration of EU securities market.At present,EU's coordination directive has covered the content of company law,securities law,economic and monetary policy,etc.The third part of this paper analyzes the role of ECJ in the conflict coordination of eu securities market.As an important legal coordinating body,ECJ plays an irreplaceable role in the process of the integration of European securities market.It establishes many general legal principles,including the control of the mother country,through legal precedents,but it has the defects of hysteresis and inability to comprehensively solve legal conflicts.Because the securities market belongs to the core interests of all countries,and the interests of many EU member states show a trend of diversification,leading to the integration of the securities market is difficult to promote the goal.At present,EU has adopted relatively moderate directive legislation,and at the same time relied on the legislative mode of court casesimposing influences on member states,forming a scattered securities legal system at the level of EU.Through the judicial creation of ECJ,EU has established a series of principles in the securities market,including the principles of mutual supervision and home country control.Although ECJ has promoted the harmonization of EU securities law through the preliminary adjudication procedure and judicial practice the role of ECJ in the legal harmonization of securities market is weakening at present.The reason is that the existing European securities legal system is not perfect,so ECJ can only coordinate in the imperfect securities legal system,which is difficult to carry out.Secondly,ECJ is usually coordinated by judicial precedents,which are generated by practice,and the judgments always lag behind the practice.At the same time,fuzzy rules are often adopted in the principles established by judgments for the convenience of implementation.Although it is beneficial to adapt to the ever-changing society,it further leads to the deviation in the interpretation of fuzzy rules by member states,thus failing to achieve the original goal of coordinating laws.The inherent defects of EU directive and court case legislation,such as the difference in translation and delay,lead to many conflicts in the legal system of EU securities market due to the lack of uniform rules.Since the integration of EU securities market needs the help of law,it is an important tool for EU to coordinate legal conflicts and establish EU securities law coordination mechanism.In the fourth part of this paper,aiming at the defects of the existing coordination mode in the second part,the author puts forward the improvement path for the existing coordination mode.Firstly,EU securities legal system should be constructed fundamentally to enrich the legislative form and reduce the dependence on directive.Secondly,it is necessary to perfect the supporting system of instructions transformation and application,and reduce the differences in the process of instructions transformation and application.Finally,a unified regulatory body should be established at the level of EU to ensure the consistency of the implementation of EU securities law system,and timely feedback the law enforcement situation to solve problems such as lagging legislation.Suggestions and ideas on ways to improve the existing securities law conflict coordination mode in EU are put forward.In theconstruction of the new coordination system,starting from the root causes of legal conflicts,we should first change the existing chaotic and directive oriented securities market legal system in EU and establish a unified and coordinated European securities legal system.Secondly,in the unified and coordinated European securities legal system,the function of the directive in the coordination of the securities market should be improved to reduce the issuing cycle of the directive.In the formulation and transformation of the full name of the directive,the will of the member states should be satisfied in the formulation stage,and the will of the securities market should be maintained before and after the transformation.Finally,in terms of securities regulators,a unified and coordinated regulatory body of EU should be established.By strengthening national cooperation and establishing an information sharing system,legal conflicts in EU securities market can be reduced and legal coordination in EU securities market can be promoted.