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我国将在上海适时推出证券市场的国际板,因此,证券监管机构需要合理借鉴发达资本市场国家的相互认可机制,以处理我国监管机构和第一上市地对企业的监管冲突问题。相比其他的监管协调措施,相互认可机制有着独特的优势,同时,为了保障这一机制的有效实施,监管者也必须处理事前的“不确定性”和事后执行的“囚徒困境”两个问题。欧盟成员国之间的超国家机构,以及美国和加拿大之间的“多管辖区披露制度”(MJDS),分别从多边和双边两个互认体系对上述问题进行了有效的解决。在我国证券市场国际板引入以上两种相互认可机制之前,还需要对其所依赖的运行环境进行仔细分析,并由此得出一些可行的具体方案,如可以与欧美国家实行单方面的认可,与东盟国家建立一个超国家机构进行统一协调,并积极推进与我国香港、我国台地区湾证券监管的相互认可机制。
China will launch an international board of securities market timely in Shanghai. Therefore, securities regulators need to draw lessons from the mutual recognition mechanism of developed capital market countries in order to deal with the regulatory conflict between the regulators and the first listed cities in China. Compared with other regulatory coordination measures, the mutual recognition mechanism has unique advantages. At the same time, in order to guarantee the effective implementation of this mechanism, supervisors must also handle the ex ante “uncertainty” and the “prisoner’s dilemma ”Two questions. The supranational agencies among the EU member states and the “Multi-jurisdictional Disclosure System” (MJDS) between the United States and Canada effectively address the above issues separately from the multilateral and bilateral mutual recognition systems. Before the introduction of the above two types of mutual recognition mechanism in the international securities market, we also need to carefully analyze the operating environment on which it depends, and come to some feasible concrete solutions. For example, we can unilaterally approve with European and American countries, Establish a supranational mechanism with the ASEAN countries to coordinate and coordinate with each other, and actively promote the mutual recognition mechanism with China’s securities regulatory of Hong Kong and Taiwan in China.