Research On International Regulatory Cooperation Of False Statements In Cross-border Listing Of Securities

With the development of capital globalization,cross-border securities listing activities are also increasingly frequent.In the cross-border listing of securities,the regulatory mechanism for the issue of false statements has always been an important issue for the capital markets of all countries.In order to protect the legitimate rights and interests of domestic and foreign investors and prevent the financial risks that the false statements in the cross-border listing of securities may bring to the domestic capital market,national regulators adopt different cross-border regulatory cooperation methods to achieve the corresponding regulatory objectives.Therefore,the research focus of this paper is on how to take effective international regulatory cooperation in the process of cross-border securities listing to prevent the occurrence of cross-border securities misrepresentation.As an important part of the global capital market,the Sino-US securities market plays an indispensable role in the development of the global capital market.On the one hand,as an important part of the global capital market,the China-US securities market has a great impact on the development of the global capital market.On the other hand,the regulatory conflict of cross-border securities activities between China and the United States is also one of the main manifestations of the global securities regulatory conflict.At present,the object of securities supervision is mainly domestic securities activities.The overseas listing of domestic companies undoubtedly increases the difficulty of supervision.There is a regulatory dilemma on whether there are false statements by cross-border listed companies.In order to solve the problem of cross-border securities regulation,the International Organization of Securities Regulatory Commission and China and the United States and other countries have also made some attempts.On the premise of not violating international law,the bilateral regulatory agreement has become an important basis for cross-border securities regulatory cooperation,but it is still hindered by many factors in the specific implementation process.In this context,from the perspective of Sino-US securities disputes,it is self-evident that it is important to investigate the regulatory cooperation of false statements in cross-border securities listing and improve the regulatory cooperation mechanism of cross-border securities.In addition to the introduction and conclusion,this paper is divided into four parts to study the regulatory cooperation of false statements in cross-border securities listing between China and the United States.The first part is an overview of cross-border securities regulation and misrepresentation.By clarifying the concept of false statements,identifying the specific situations of false statements,and then pointing out the possible adverse effects of false statements in securities information disclosure,highlighting the importance of the regulatory system of securities information disclosure,and clarifying the regulatory principles and standards of cross-border securities.The second part is the manifestation of the problem of false statements in cross-border securities.Taking the Ruixing coffee event as an example,the adverse impact of the Ruixing coffee event reflects the current problems in cross-border securities regulation,mainly due to the weak implementation of cross-border supervision and the lack of efficient cross-border securities regulatory cooperation mechanism.The third part is the regulatory dilemma of false statements in cross-border securities listing and trading.In the absence of the supervision of the International Securities Regulatory Commission on the issue of false statements,China and the United States also have jurisdiction difficulties on the issue of false statements in cross-border securities listing transactions,including the conflict between the different provisions of the securities laws of China and the United States on issues related to false statements,and the conflict between the current cross-border securities regulatory requirements of China and the United States and the information confidentiality system of China,This makes it difficult for cross-border securities to effectively hold accountable for false statements in listed transactions.The fourth part is the way to improve the regulatory cooperation mechanism in cross-border securities listing transactions.From the perspective of international law,we should optimize multilateral regulatory cooperation,improve the status of the securities regulatory rules of the International Securities Regulatory Commission in cross-border securities regulation,and improve the coordination mechanism of cross-border securities regulation;Secondly,strengthen bilateral regulatory cooperation,improve the legal system of cross-border securities regulation,standardize the scope of application of cross-border securities regulatory jurisdiction,unify cross-border securities regulatory standards,and form a more complete cross-border securities regulatory cooperation mechanism;Finally,we will improve the accountability mechanism of cross-border securities supervision by establishing the integrity files of cross-border listed companies and strengthening cooperation in cross-border securities supervision and law enforcement.