論國際證券監管中的相互認可機制及我國國際板的借鑒

On the Mutual Recognition Regime in International Securities Regulation and its Reference for International Board of Securities in China

我國將在上海適時推出證券市場的國際板，因此，證券監管機構需要合理借鑒發達資本市場國家的相互認可機制，以處理我國監管機構和第一上市地對企業的監管衝突問題。相比其他的監管協調措施，相互認可機制有著獨特的優勢，同時，為了保障這一機制的有效實施，監管者也必須處理事前的“不確定性”和事後執行的“囚徒困境”兩個問題。歐盟成員國之間的超國家機構，以及美國和加拿大之間的“多管轄區披露制度”（MJDS），分別從多邊和雙邊兩個互認體系對上述問題進行了有效解決。在我國證券市場國際板引入以上兩種相互認可機制之前，還需要對其所依賴的運行環境進行仔細分析，並由此得出一些可行的具體方案，如可以與歐美國家實行單方面的認可，與東盟國家建立一個超國家機構進行統一協調，並積極推進與香港、臺灣證券監管的相互認可機制。

China would launch the International Board of securities market in Shanghai appropriately, and thus the securities regulators of Peoples Republic of China (PRC) need to learn from the Mutual Recognition Regime (MRR) adopted in developed capital markets in order to deal with the conflicts between the regulatory authorities of PRC and their counterparts of a companys primary listing country. Compared to other regulatory coordination measures, Mutual Recognition Mechanism has its own advantages. Nevertheless, aimed at implementing the MRR effectively, regulators need to tackle the problems related to (MRR), including the “uncertainty” before its application and the “Prisoners Dilemma” after its implementation. The former issues are well settled through multilaterally or bilaterally mutual recognition respectively, for instance, the supranational institutions among EU members and MJDS agreement between the United States and Canada. Prior to introduce the International Board in Chinas securities market, we need to prudentially analyze its operating environment and thus formulate some feasible schemes, for example, implementing unilateral recognition with European and American; establishing a supranational organization with the Association of Southeast Asian Nations (ASEAN) to perform coordination; promoting the MRR of securities regulation with Hong Kong and Taiwan actively.