微信游戏预约礼包在哪:谁有英语的文献,有关国际上各个国家的证券监管的对比分析.

National and international securities regulation agents
Regulation in the force field of internationalized securities markets
The regulation of a market for trading securities
evolves as a result of the constant
interaction of industrial and market structures
and associated regulatory measures. To that
extent, the status quo of a financial system’s
securities regulation framework also always
mirrors this financial system’s historical development
and particular structural features.15
The increasing integration of securities
markets is not without consequences for the
regulation of these markets and the organisation
of such regulation. Internationally
active financial service providers and issuers
are confronted with numerous national rules
and regulations. National securities regulations
should therefore be implemented in the
light of international developments and
needs.

Creating a“level playing field”
The elimination of barriers to the cross-border
exchange of financial services and the creation
of a “level playing field” for the production
and distribution of financial products is
important for the efficiency of the financial
markets and thus, above all, for their users, ie
investors and capital seekers. For EU countries,
securities regulation has been increasingly
shifting to the European level. This has
resulted in ex ante coordination, which is expedient
owing to the ever-advancing integration
of European markets. European rules,
however, could lead to implicit locational effects
for national markets. The safeguarding
of the stability of the securities markets is
thus no longer a task for national supervisors

Regulation in Germany
The regulatory framework of the German financial
system and thus also of the securities
markets in Germany is increasingly being defined
at the European level. One such way is
through regulations that enter into force directly
and another is through directives that
must be transposed into national law (see
below regarding the regulatory process in
Europe). The framework for German exchanges,
however, is still provided largely
nationally. Owing to the historical fragmentation
of the German stock exchange land-
scape, the stock exchange and securities
supervision systems in Germany were highly
decentralised for a long time. This also applies
to the vast majority of other national stock
exchange systems, however.16 Only since
1995 has securities supervision been conducted
at a Federal level. The regulatory and
supervisory tasks are currently performed in a
three-pronged system by the Federal Government,
the states and each stock exchange’s
self-regulatory institutions.

At the Federal level, securities supervision is
At the Federal level, securities supervision is
the domain of the German Federal Financial
Supervisory Authority (Bundesanstalt f_r
Finanzdienstleistungsaufsicht, or BaFin). BaFin
was created through the amalgamation of
the Federal Banking Supervisory Office (Bundesaufsichtsamt
f_r das Kreditwesen, or
BAKred), the Federal Supervisory Office for
Insurance Enterprises (Bundesaufsichtsamt
f_r das Versicherungswesen, or BAV) and the
Federal Supervisory Office for Securities Trading
(Bundesaufsichtsamt f_r den Wertpapierhandel,
or BAWe) in May 2002, and reports
to the Federal Ministry of Finance. As one of
the predecessor agencies, BAWe was established
by the Second Financial Market Promotion
Act (Zweites Finanzmarktf_rderungsgesetz)
of 1994 and given responsibility for
supervising German securities markets with
effect from 1 January 1995. This was the first
time that the Federal Government had been
given the power to supervise securities trading.
17 The legal and market supervision18 of
stock exchanges,19 and thus of trading on
stock exchanges, however, is still within the
remit of the respective Federal states. Supervision
of exchanges is the responsibility of
each respective state’s finance ministry or
ministry of economic affairs.

The exchanges’ self-regulatory bodies are an
additional element of German exchange and
securities supervision. Each exchange issues a
set of stock exchange rules and regulations
which it presents to the state supervisor for
approval. Moreover, exchanges are required
to set up “Trading Surveillance Offices” (Handels
_berwachungsstellen), whose task is to
independently monitor the trading and settlement
of trades at the exchange. If problems
occur, they inform the stock exchange supervisory
authority and the exchange management,
of which they are independent. The
Trading Surveillance Offices are a hybrid of
statutory regulation and self-regulation.

Regulation in the United Kingdom
Financial market regulation in the United
Kingdom has changed profoundly in the past
two decades.20 By tradition, the system was
based strongly on self-regulation by exchanges
and organised market players (ie
reputation-based supervision). Although the
state provided a framework, it did not
constantly intervene. Regulators, however,
always reserved the right to intervene at their
discretion. The increasing internationalisation
of financial markets, the growing importance
of new financial products, communication
technology innovations, as well as several
financial scandals in the United Kingdom in
the mid-1980s all paved the way for the “big
bang”, which led to a much more rule-based
securities regulation framework in the United
Kingdom.21 The Financial Services Act of
1986, which entered into force on 29 April
1988, was intended to create a modern, more
competitively-oriented regulatory system. The
main supervisory authority created by the Act,
the Securities and Investments Board (SIB), entrusted
several self-regulatory organisations
(SROs) with the task of supervising the respective
markets. However, some of the individual
SROs’ spheres of responsibility overlapped
and SROs competed with each other
for members. Owing to apparent and serious
supervisory deficits, further profound changes
in the United Kingdom’s securities regulation
were implemented in May 1997. The principle
of self-regulation was jettisoned in favour of
statutory regulation. To that end, the Financial
Services Authority (FSA) was created to succeed
the SIB with effect from 1 June 1998.
Until the FSA completely assumed its regulatory
powers at the end of 2001, the existing
organisations continued to perform their previous
tasks. In parallel, the Bank of England
Act of 1998 transferred responsibility for
supervising the banking system and the interbank
money market from the Bank of England
to the FSA. The FSA completely assumed
its regulatory powers through the Financial
Services and Markets Act (FSMA) in 2000. The
FSMA gave the FSA four regulatory objectives:
the creation and maintenance of market confidence,
public awareness, consumer protection
and combating financial crime. Since autumn
2004 the FSA has also been responsible
for regulating the mortgage market and,
since January 2005, for supervising general insurance
business. The FSA is thus evolving
more and more into a cross-sector supervisor.
It maintains an intensive dialogue with market
participants and involves them in the decisionmaking
process through, for instance, consultation
procedures.

Regulation in the USA
The regulation of the US securities markets by
tradition stresses the principle of selfregulation.
However, since the 1930s, ie
following the banking and stock exchange
crisis, the government has also issued distinct
framework regulations. The leitmotif of
securities regulation in the United States is to
ensure that an investor has all the information
about the issuing company and the markets
that he needs to make an independent
investment decision. Another feature that is
distinctive of the USA is the large number of
agencies involved in the regulation and supervision
of the securities markets. Exchanges in
the United States – against the background
of the framework rules laid down by the
Securities and Exchange Commission (SEC)22
and the Commodity Futures Trading Commis-
sion (CFTC) – are SROs which are responsible
for laying down the specific rules and regulations
under which exchanges and market
players operate. They are also responsible for
the proper conduct of securities trading and
for sanctioning violations of the stock exchange
rules and regulations. Along with the
registered exchanges as SROs, the National
Association of Securities Dealers (NASD) also
plays a key role. As a self-administrative body,
the NASD supervises the NASDAQ23 electronic
exchange (to which it was closely linked
until 2000) and the over-the-counter (OTC)
markets as well as the persons active in the
securities industry. It defines standard trading
practices and monitors brokers and dealers.24
The task of the SEC, which is a federal supervisory
agency (with a mandate from the US
Congress), is to constantly monitor the functioning
of this self-supervision and, if necessary,
to intervene in stock exchange activities
for regulatory purposes.25 The SROs are responsible
for fleshing out the details of what
constitutes permissible trading practices. Although
the SEC has thereby delegated part
of its control and steering functions, it still reserves
the right to supplement or amend
existing trading rules. If an SRO wants to
amend any rules, these amendments have to
be submitted to the SEC for approval. New
securities have to be registered with the SEC
prior to issue and the SEC checks for compliance
with the formal rules regarding the information
to be disclosed. Securities traders
(brokers and dealers) are also required to
register with the SEC before they are permitted
to conduct securities transactions. As a
Congressional commission, the SEC is also required
to report to Congress on a regular
basis and to apply for a renewal of its mandate.
Additionally, each US state has its own
securities supervisory authority, which regulates
intra-state securities trading and has its
own regulatory and sanctioning powers.
However, the provisions of an individual state
apply only to securities trading within that
state, not to trading between states. The financial
and commodity futures markets and
exchanges are regulated and supervised by
the Commodity Futures Trading Commission
(CFTC), which is a federal commission comparable
to the SEC; the SRO approach is pursued
here as well.