| 英文摘要 |
China would launch the International Board of securities market in Shanghai appropriately, and thus the securities regulators of Peoples 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 companys 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 “Prisoners 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 Chinas 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. |
