Research On The Legal Regulation On Cross-Border Listing Company Of China

Since 1970s, the internationalization of securities greatly contributes to global economy. At the same time, it brings a great deal of challenges in regulation on the securities, especially in the fields of Cross-Border Listing. Because the complicated factors, it faces many challenges to deal with the regulation well: How to avoid the negative impact on the economy and society by the cross-border capital? How to control the cross-border violations and the offences? Many scholars have paid their close attention to perfecting their legal systems, but there are few researches concerning regulation on Cross-Border Listing. The text is mainly consisting of four sections.The first section of the paper has a general analysis for Cross-Border Listing. Cross-Border Listing is the issued company that has been listed overseas securities. It is divided into direct and indirect listing. Then, I analyze the theory of regulation including objectives content and necessity.The second section develops the analysis for the legal characteristics of foreign country on Cross-Border Listing and the reference to China. This part develops the foreign measures such as the supporting to Listed company, the approval of the supervision, Follow-up monitoring, Holders of foreign investors, Legal supervision of the coordination of conflict and. At last, I advice the inspiration to China.In the third section of the paper, on the basis of the above, I describe the basic situation of China's Cross-Border Listing, and divide the supervision of the legal regulation into indirect, direct supervision and the special provisions on private enterprises. It concerns the law of Securities Law , Regulatory Cooperation Memorandum,Red Chips Guidelines,M & A Regulations, and so on.The fourth section specifies the present shortcomings of China law and the improvement to it. Deficiencies of Legal supervision of listed overseas have conditions listed too high, lack of stability of regulations, the restrictions on the proportion of foreign investors and the law inadequate supervision on the follow-up supervision. Perfecting principle includes the national economic interests, promoting offshore listing. Correspondingly, Specific measures are as follows: Lowering the standards listed overseas, simplifying the procedures for overseas listing, the enactment of the legal system and other laws and regulations, reasonable legal classification and the specific provision etc.