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本文作为对当代证券监管制度的研究,受到了国际证券法学界的诸多关注,原文发表在2010年的《加利福尼亚法律评论》(California Law Review,第98卷,Citation:98 Cal.L.Rev.327 2010)。按照本文作者布鲁默教授的说法,本文是受到法里德·扎卡利亚(Fareed Zakria)所著《一个后美国的世界》(A Post-American World)的启发所著。各国的金融行业一方面相互竞争,此消彼长,另一方面也面临共同监管,以打开跨境证券欺诈的需求。在证券跨境监管领域,传统的政府监管网络和国际证监会等国际组织存在诸多限制,难以奏效。随着美国资本市场重要性的降低,如何在美国的监管标准上进行全球监管合作,并且输出美国的证券法律制度,是美国证券交易委员会颇为关注的议题。本文通过对政府监管网络、双边备忘录等传统手段以及政府俱乐部和相互承认等新兴手段的剖析,为后美国时代证券监管的发展趋势提出了深刻的见解。作为快速增长的新兴资本市场,我国的证券法律与监管部门面临着长期的课题,证券交易委员会(SEC)当下的合作监管策略,对于我国颇有启发意义,有鉴于此,我们作此译文,权供参咨(但对原文中的有关注释予以了保留)。
This article, as a study of the contemporary securities regulatory system, has received much attention from international securities law circles. It was originally published in the 2010 California Law Review, Volume 98, Citation: 98 Cal.L.Rev.327 2010). This article is inspired by Fareed Zakria’s “A Post-American World,” according to Professor Brummer, author of this article. On the one hand, the financial industries in different countries compete with each other, which is exacerbated and co-regulated, so as to open up the demand for cross-border securities fraud. In the field of securities cross-border regulation, there are many restrictions on traditional government regulatory networks and international organizations such as the International Securities Regulatory Commission, which are hard to work. With the reduction of the importance of the capital markets in the United States, how to conduct global regulatory cooperation on the regulatory standards of the United States and export the securities law system of the United States is a subject of considerable concern to the U.S. Securities and Exchange Commission. Through the analysis of government regulatory networks, bilateral memorandums and other traditional means as well as government clubs and mutual recognition of emerging means, this article provides a profound insight into the development trend of securities supervision in the post-United States era. As a rapidly emerging emerging capital market, China’s securities law and regulatory departments are faced with long-term issues. The SEC’s current cooperation and supervision strategy is quite enlightening for our country. In view of this, we make the translation For the consultative (but the original text of the note was retained).