Research On Cross-border Securities Regulatory Cooperation Mechanism

With the acceleration of globalization,the number of domestic enterprises listed overseas is increasing day by day.However,the financial fraud case of Luckin Coffee in 2020 caused a sensation around the world.Before that,many Chinese concept stock companies were shorted due to financial fraud,and Chinese stock market suffered credibility crisis.On the one hand,it has affected the ability of other enterprises to continue to list overseas,and on the other hand,it has exposed many problems in China’s supervision.Cross-border supervision cooperation mechanism in our country there are still many short board,including the new implementation of the "securities law" although perfected the extraterritorial jurisdiction of cross-border supervision cooperation and supervision of power,but due to just come on stage,has not been a corresponding implementing rules and regulations are still too broad,in too much discretion to the problems existing in the practice.In international cooperation,China’s cross-border supervision cooperation mode is single,there are still conflicts and contradictions in audit supervision cooperation,and the construction of law enforcement team is not complete.With the Luckin Coffee incident as the starting point,this paper mainly studies the problems existing in China’s cross-border regulatory cooperation and draws on the models of other countries and international organizations,with a view to improving China’s cross-border regulatory cooperation mechanism from two aspects of legislation and enforcement.The text of this paper is divided into five chapters:The first chapter is the introduction of this paper.Based on the Luckin Coffee case,this paper introduces the causes and consequences of the case in detail for the purpose of attracting others,and leads to the three problems currently existing in China’s crossborder supervision,including the problems in the legal system,the punishment of regulators on both sides of the issuer,and the problems existing in the audit of accounting firms.The second chapter makes theoretical research and analysis on cross-border supervision and cross-border supervision cooperation under the background of the case mentioned above,and analyzes the main contents of cross-border supervision cooperation and the main principles of its application from the perspective of meaning and characteristics.In addition,based on the above analysis,the necessity of crossborder regulatory cooperation is given,that is,motivation analysis.The third chapter mainly draws lessons from the experience of cross-border supervision of other countries and international organizations.Through the International Organization of Securities Commissions,the European Union,the United States and other international organizations and mature financial markets cross-border regulatory cooperation is investigated.Including the current cross-border regulatory cooperation models applicable to the international community,including the single regulatory model,bilateral regulatory model,supranational regulatory model and multilateral regulatory model,finally summarized the advantages and disadvantages of various models,in order to improve China’s cross-border regulatory mechanism to provide an operational experience.The fourth chapter is based on her love coffee events,from two aspects of legislation and enforcement are analyzed under the background of our country environment status and the deficiency existing in cross-border supervision cooperation,legal aspects,for example,although the implementation of the new "securities law" in China has improved "extraterritorial jurisdiction" and added to the CSRC of the executive,but because of the clause is too broad there is room for improvement.The fifth chapter is the inspiration for China to improve the cross-border regulatory cooperation mechanism based on the mature experience of the aforementioned countries and the international community.Still from the perspective of legislation and enforcement of the reference suggestions,mainly taking the United States as an example,it is suggested to improve the legislation of the Securities Law of China,introduce implementation rules or judicial interpretation,and further clarify the terms of extraterritorial jurisdiction,can refer to the United States to formulate the"effect test standard".In addition,targeted professional construction should be strengthened for law enforcement teams,and on this basis,the cross-border regulatory cooperation mechanism should be prospected.