| Cross-border securities supervision cooperation is an extremely important part of securities supervision.Article 177 of the "Securities Law of the People’s Republic of China" officially implemented in March 2020 clarifies that the China Securities Regulatory Commission(CSRC)can establish a cross-border securities regulatory cooperation mechanism with other countries,and also emphasizes that foreign securities regulatory agencies can’t investigate and collect evidence directly in China.Subsequently,Luckin Coffee was exposed to huge financial fraud by Muddy Waters Research,and the US Securities and Exchange Commission(SEC)sent a letter to the CSRC requesting a thorough investigation of the case,which once again triggered a crisis of trust among Chinese concept stock investors.In the context of the revision of the Securities Law,the "Luckin Coffee" has aroused heated discussions in the society.At this stage,the trend of international integration of China’s securities market has increased,leading to frequent abuses in cross-border markets,and cross-border securities supervision issues need to be resolved urgently.The core of cross-border securities supervision issues lies in how to carry out cross-border securities supervision cooperation,and the core of supervision cooperation lies in audit cooperation and the improvement of the law enforcement power of the CSRC.Therefore,the author has reviewed various systems and legal regulations of domestic and foreign securities regulatory agencies and audit supervision agencies,starting from three aspects: cross-border securities regulatory cooperation,cross-border audit regulatory cooperation,and CSRC’s enforcement authority.Some feasible opinions are put forward in the supervision of international securities.The body of this article contains four chapters:The first chapter of this article directly introduces the "Luckin Coffee" case,taking the negative impact of the case and the current situation of China’s external cross-border securities supervision as the background of this article,and cooperating with cross-border securities supervision and cross-border securities supervision Finally,the three major problems in the cross-border supervision of the securities market in China are proposed: the cross-border securities supervision cooperation model needs to be improved,the cross-border audit supervision of China’s concept stocks is divergent,and the law enforcement of China’s securities regulatory authorities is lacking.The second chapter of this article aims to analyze and solve the first problem mentioned above.First,it is introduced that the basic forms currently adopted in cross-border supervision cooperation can be divided into bilateral supervision cooperation and polygon supervision cooperation.Secondly,it separately elaborates the forms of cross-border securities supervision cooperation between China and the United States,and conducts a comparative analysis of their differences,and draws the conclusion that the United States has rich forms of cooperation and China’s awareness of cross-border securities supervision cooperation still needs to be strengthened.Finally,based on the above conclusions,two major suggestions are put forward on the path of China’s securities regulatory cooperation,namely,improving bilateral cross-border securities regulatory cooperation and broadening multilateral cross-border securities regulatory cooperation.The third chapter of this article aims to discuss and make suggestions on the second question raised in Chapter 1.First of all,discuss the necessity of cross-border audit supervision cooperation.Because of the urgency and limitations of China’s audit manuscripts going abroad,it is necessary for our country to conduct cross-border audit supervision cooperation to promote the exchange of audit manuscripts.Secondly,a comparative analysis of Sino-US cross-border audit supervision cooperation is carried out,and the overview of cross-border audit supervision cooperation in the United States and the course of China’s current cross-border audit supervision cooperation are respectively elaborated.Finally,based on the analysis of the US cross-border audit supervision model,it puts forward recommendations for joint inspections,and based on China’s laws prohibiting the export of audit manuscripts,it puts forward a proposal for triage of companies with stocks of stocks and classification of audit manuscripts.The fourth chapter of this article aims to analyze and improve the third question raised in the first chapter.First,based on the analysis of the integrity of the cross-border securities market and the deterrence generated by the abuse of the cross-border market,the necessity of cross-border securities supervision and enforcement is put forward.Second,compare and analyze the law enforcement powers and investigation methods of securities regulatory agencies in and outside the four countries.Finally,based on the above analysis of the law enforcement authority of domestic and foreign securities regulatory agencies,it is proposed that the existing law enforcement powers of the CSRC need to be appropriately expanded.At the same time,based on the above-mentioned rich law enforcement investigation methods of domestic and foreign securities regulatory agencies,it is concluded that The CSRC’s current cross-border securities supervision and enforcement methods need perfect suggestions. |
