w88 casino games login regulatory cooperation is the biggest test after the launch of Shanghai-Hong Kong Stock Connect
Hao Xuguang, Huang Renjie
(Source: Xinhuanet 2014-11-18)
In the context of the internationalization of w88 casino games login market regulatory laws, Shanghai-Hong Kong Stock ConnectAfter the launch of regulatory cooperation, there is still more work to be done. In particular, there are still some areas that need to be worked on in improving the relevant regulatory legal system, such as improving the investigation and evidence collection system and the judicial cooperation system; shifting the focus of regulation and development of the mainland w88 casino games login market from legislation to law enforcement, increasing law enforcement efforts, and establishing an efficient administrative law enforcement mechanism; introducing an expert authentication system; refining the definition standards for misrepresentation, fraud, insider trading, market manipulation and false information disclosure; focusing on the protection and relief system for investors, etc.
The Shanghai Stock Exchange and the Stock Exchange of Hong Kong Limited’s Shanghai-Hong Kong stock market trading interconnection mechanism (referred to as Shanghai-Hong Kong Stock Connect) was officially launched yesterday. This is not only a major opportunity for the development of the markets in Shanghai and Hong Kong, but also a challenge to market supervision. Regulatory cooperation between the two places under new market conditions requires clarifying the differences between the regulatory systems of the Mainland and Hong Kong, and analyzing w88 casino games login supervision's international development trend.
On the first day of the Shanghai-Hong Kong Stock Connect, the trading volume of the Shanghai-Hong Kong Stock Connect and the Hong Kong Stock Connect was mixed. Half of the Shanghai Stock Connect quota was used up within a few minutes of the opening; and by 2 p.m., on the day of the Hong Kong Stock Connect105The 100 million limit has only been used16.8%, northbound funds seem to be dominating the Shanghai-Hong Kong Stock Connect, while southbound funds are slower. It is generally estimated that mainland investors still need a process to become familiar with Hong Kong stocks. One of the most important aspects, I believe, is the regulatory system of the Hong Kong market.
Due to historical reasons, Hong Kong’s legal system was born out of the United Kingdom, so it has a strong British background. in197412423_12529197412557_12581198712609_12635
Since the evolution and gradual improvement of Hong Kong’s w88 casino games login regulatory legal system is accompanied by market crises one after another, it is also called a system change driven by “crisis”. The framework of this w88 casino games login regulatory legal system mainly includes three aspects: First, the legislation of the Legislative Council, including the w88 casino games login Ordinance, the Company Ordinance, the Investor Protection Ordinance, etc.197413421_13669
The current w88 casino games login market supervision in mainland my countryThe model is based on centralized supervision, supplemented by self-regulatory management by stock exchanges and w88 casino games login industry associations. However, the centralized supervision of my country's mainland w88 casino games login market is very different from the American-style centralized supervision. The U.S. w88 casino games login and Exchange Commission is detached from the government, integrating quasi-legislative, enforcement and quasi-judicial powers. It is directly responsible to Congress and can independently implement strong management of the w88 casino games login market without relying on other administrative or judicial agencies. The US w88 casino games login Regulatory Commission is responsible for supervision rather than supervision. It is not responsible for issuance and listing, and has no approval authority. The China w88 casino games login Regulatory Commission has been an administrative-level government department from the beginning and is positioned as an institution directly under the State Council. This gives the centralized supervision with the China w88 casino games login Regulatory Commission as the core a strong administrative color.
At the same time, there are many differences in the trading systems of the Shanghai and Hong Kong markets, such as those implemented in the Hong Kong marketT+0A set of trading mechanisms that are in line with international mature markets such as trading and no price limit. And Shanghai and ShenzhenThe market will do itT+1The trading system has a price limit design.
In recent years, with the internationalization of production and capital, cross-border economic activities have become increasingly frequent, and companies have expanded overseas. Coupled with the securitization of international financing, the w88 casino games login market has moved from domestic to international. The different capital demand structures, financial systems and financial markets of countries or regions, as well as the international differences in investment returns and interest rates, have provided investors with a broad international investment space; and inWTOUnder the system, the w88 casino games login markets of many countries or regions have successively launched a series of innovative measures to reduce or eliminate market entry barriers to encourage foreign investors and allow foreign w88 casino games login operations and service institutions to enter; the rapid development of the electronicization of the global w88 casino games login industry and the "information highway" has further internationalized the w88 casino games login marketLaid a solid technical foundation. Therefore, the w88 casino games login markets of various countries are becoming increasingly internationalized.
The degree of internationalization of a country or region's w88 casino games login market can reflect the actual level of development of the country's or region's financial industry. Therefore, the international development of the w88 casino games login market has positive significance for the development of a country's or region's economy. It is firstly reflected in the integration of a country's or region's economy, especially finance, with the world economy and international finance; secondly, the w88 casino games login market Market internationalization is conducive to expanding the scale of w88 casino games login supply and demand, quickly raising low-cost funds, and helping to improve the national visibility and international competitiveness of enterprises; thirdly, the internationalization of the w88 casino games login market is conducive to the internationalization of financial institutions and financial businesses in a country or region; finally, the internationalization of the w88 casino games login market is conducive to the standardization of a country or region's w88 casino games login market and the improvement of its market supervision legal system.
In the process of internationalization of the w88 casino games login market, effective legal supervision of the w88 casino games login market has become more urgent. Cooperation and coordination of international supervision have become the inevitable result of the further development of the w88 casino games login market. In fact, all countries or regions are seeking regulatory cooperation and coordination, which has greatly promoted the coordination and unification of regulatory systems in various countries or regions.
In the context of the internationalization of w88 casino games login market regulatory laws, there is still more work to be done in regulatory cooperation after the implementation of Shanghai-Hong Kong Stock Connect. Supervisory cooperation after Shanghai-Hong Kong Stock Connect will first include communication of information, exchange of experience and discussion of major issues in the w88 casino games login market. Secondly, it should at least include the following specific contents: first, restrict the application of respective w88 casino games login laws in the other's region; second, stipulate the content of Shanghai-Hong Kong cooperation in the w88 casino games login law; third, mutually recognize the supervision of each other's regulatory agencies, and fourth, further refine the w88 casino games login law mutual assistance agreement and bilateral memorandum of understanding. The China w88 casino games login Regulatory Commission and Hong Kong’s regulatory authorities already have a memorandum of understanding, which is essentially a non-legally binding statement of intent between the two parties regarding certain types of cases. These MOUs are reached between regulatory authorities and are therefore more effective and more predictive than mutual legal assistance agreements in obtaining intelligence on w88 casino games login violations and crimes. Another form of memorandum of understanding is a financial information sharing agreement (FISMOU), the content of which usually gives the parties to the agreement the right to understand the general conditions of the market. The agreement could specify that companies operating in both regions regularly disclose relevant information, such as risk assessments related to the company, to the regulatory authorities of both parties.
As far as the reality of w88 casino games login supervision in mainland my country is concerned, because the Shanghai and Shenzhen w88 casino games login markets developed later than the Hong Kong w88 casino games login market, there are still some areas that need to be improved in improving the relevant regulatory legal systems, such as improving the investigation and evidence collection system and the judicial cooperation system (in specific cases, the litigation procedures should be further simplified and the litigation procedures should be improved. Litigation efficiency, etc.); shift the focus of regulation and development of my country's mainland w88 casino games login market from legislation to law enforcement, increase law enforcement efforts, and establish an efficient administrative law enforcement mechanism; introduce an expert authentication system; refine the definition standards for misrepresentation, fraud, insider trading, market manipulation, and false information disclosure; focus on investor protection and relief systems, etc.
(Author’s affiliation: w88 casino of International Business, w88 casino, Institute of International Economics, w88 casino)
Attachment: Original report link
http://news.xinhuanet.com/finance/2014-11/18/c_127223525.htm
