Legal Framework For International Cooperation Of Financial Supervision

In the context of financial globalization, financial crisis has the universality and conductivity. Its occurrence and spread has once again aroused the great attention of the financial supervision from the international community, which should strengthen cooperation and coordination between the regions under the financial supervision, and create conditions for stability of financial markets for each countries and regions; the international cooperation of financial supervision has been certain for the financial marketing and international financial movement. Therefore, to create a new order of the international cooperation of financial supervision, and to construct a unified financial legal system is an inevitable trend in the development of international finance in the future. Through the comparative analysis of the existed documents, it can be seen that after the financial crisis, financial regulatory reformation has been positively carrying on in all countries, which have sought the international cooperation of financial supervision. The existing efforts have proved that it has been feasible for international cooperation financial supervision. Up to now, it has already formed the several financial supervision areas or multilateral cooperation, and published the relevant legal documents. The international financial cooperation practice has proved that international cooperation of financial supervision is not only necessary but also feasible, and some international cooperation forms have already existed, which laid the foundation for establishing a unified international cooperation mechanism of financial supervision. Based on the particularity of the financial supervision movements, the international community has not formed the unity of the legal system for financial supervision cooperation, but the pressing requirement of financial movement globalization forces to found a legal framework for international cooperation of financial supervision, which becomes one of the important topics discussed in the international society now. The international legal framework for financial supervision should be constructed on the premise of strengthening the international financial movements, and the scope of the international financial supervisory body should be made from each nations and areas regulators to extend to global or regional international financial organizations; through providing the platform and mechanism of international cooperation of financial supervision for the all countries'supervision department, and formulating relevant industrial supervision standards to achieve the goal of international cooperation. The forms of international cooperation of financial supervision can be implemented by formulating the financial supervision multilateral international treaties and forming a unified international financial supervision rules. The cooperation structure of international financial supervision can be embodied in the multiple flexible bilateral, regional and global cooperation of financial supervision, and finally achieve the aim of the international cooperation and supervision for the financial movements.