论证券市场国际化及其法律调整

Internationalization of Stock Market and its Legal Adjustment

证券市场国际化是金融乃至经济全球化的一个重要组成部分 ,并且是大势所趋。但现行国内证券市场运作系统的法律机制却不适应这一潮流的发展 ,现行国际法律机制对证券市场国际化也是障碍重重。为了更好地适应并促进证券市场国际化 ,签订统一的实体国际证券公约已势在必行。此项公约 ,就宏观而言 ,首先应明确其宗旨是 :最大限度地保护中小投资者的利益和最大限度地维持证券市场运行效率 ;其次是统合各国证券法规和政策的实体规范。就微观而言 。

As an important parts of a financial and economic globalization, the internationalization of stock market is a general trend. But the current domestic laws and regulations for the operation of stock market mechanism are not conformable to this trend of development. Besides, there are barriers to the stock market internationalization in international legal system. To better adapt and accelerate the internationalization of stock market, it is essential to work out an international stock convention of a globalized entity This proposal Convention should be aiming at protecting the interests of small and middle investors and maintaining the efficiency of stock market to the utmost, at merging substantive rules of stock regulations and policies in different countries with the hope to have the different stock laws or supervisory regulations on a unified basis.