纽约证券交易所与泛欧证券交易所合并背景下美国跨境监管的路径选择

发布时间：2018-06-01 00:53

本文选题：交易所合并 + 跨境监管　；参考：《南方金融》2015年08期

【摘要】：由于会员所有的互助型证券交易所未能提供足够的融资灵活性,越来越多的公司选择海外上市。为了应对市场竞争,全球证券交易所推行非互助化,通过对外扩张获得规模经济效应以实现股东利益最大化,导致证券交易所合并浪潮的兴起。美国《萨班斯奥克斯利法案》采取严格的监管标准,对这一浪潮的发展起到推波助澜的作用,直接导致纽约证券交易所与泛欧证券交易所跨境合并。在此背景下,美国实施跨境监管的最佳路径就是与欧盟建立一种互认机制。事实上,美国证券交易委员会通过反思与重构证券监管体制,提出了替代性遵守框架,契合了互认机制的基本原则。为了实施替代性遵守框架,美国证券交易委员会应当与欧盟监管机构建立一种持续的监管合作关系,并为跨境监管合作建立一个明确的法律框架,进一步实现美国与欧盟之间的证券监管协调。
[Abstract]:As member-owned mutual-stock exchanges fail to provide sufficient financing flexibility, more and more companies are opting for overseas listings. In order to cope with the market competition, the global stock exchanges implement non-mutualization and obtain economies of scale through external expansion in order to maximize the interests of shareholders, which leads to the rise of the wave of stock exchange merger. The Sarbanes-Oxley Act adopted strict regulatory standards, which contributed to the development of this wave and directly led to the cross-border merger of the New York Stock Exchange and Euronext Stock Exchange. In this context, the best way for the United States to implement cross-border regulation is to establish a mutual recognition mechanism with the EU. In fact, by rethinking and reconstructing the securities regulatory system, the Securities and Exchange Commission of the United States has put forward the alternative compliance framework, which accords with the basic principle of mutual recognition mechanism. In order to implement an alternative compliance framework, the SEC should establish a continuous regulatory partnership with EU regulators and a clear legal framework for cross-border regulatory cooperation. Further realize the securities regulatory coordination between the United States and the European Union.
【作者单位】：南开大学法学院;
【基金】：国家社科基金重点项目《反商业贿赂立法研究》(项目编号:06AFX003) 教育部基地重大项目《联合国工商业与人权指导原则框架下的企业人权责任研究》(项目编号:14JJD820004) 国家留学基金项目(项目编号:201506200082)的阶段性成果
【分类号】：F831.51

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