A study on the supervisory regulation of securities market-Research on the securities supervision relating to disclosure of information of cross-listing corporation within multinational market

• Main Authors: WEN-CHING CHUNG, 鍾文卿
• Other Authors: 王煦棋
• Format: Others
• Language: zh-TW
• Published: 2017
• Online Access: http://ndltd.ncl.edu.tw/handle/zaqwm4

碩士 === 東吳大學 === 法律學系 === 105 === Due to globalization and liberalization of securities markets, cross-border funding and international investment have come to a new trend. However, one of the biggest issues regarding the inconsistent information disclosure might cause dark trading for investors. In this regard, the supervision mechanism of information disclosure is one of key protections to the rights of investors. To protect investors’ rights to timely access sufficient disclosing information, the supervision mechanism of information disclosure under multinational listed companies will be analyzed. This Thesis expects to provide a comprehensive analysis to the information supervision in multinational listing markets based on the mechanism of domestic secondary listed companies. Additionally, the current scenarios and practices of information disclosure system for multinational listed companies in foreign securities market will be explored. This research includes three main purposes. Firstly, to discover the current status in connection with information disclosure practice and supervision system of secondary listed foreign companies in Taiwan. Secondly, to provide on the current practices of information supervision mechanism in Hong Kong, Singapore, United States and China. Lastly, to provide the framework established by international organization and international developing trends regarding information disclosure supervisions. This Thesis concludes and suggests that there should establish a multinational cooperative supervision mechanism by engaging mutual legal assistant agreements or memorandum of understandings with the host states of the foreign issuers or the listing markets. Hence, on top of the progress of hardening of soft laws to internalize the rules initiated by international organization into domestic legislation, this Thesis also advises authorities to involve international cooperation to inspire Taiwan’s securities business activities and supervision experience sharing and engage with cooperation agreement. For the supervision mechanism in China with consideration on the emerging and transiting features of its markets, this Thesis would incorporate the supervision mechanism in Taiwan, APAC countries, Europe and United States or international securities organization (e.g. IOSCO) and abovementioned supervision mechanism into China’s unique system in order to significantly improve the completeness of the supervision system in China.