“THE AUSTRALIAN POLICY APPROACH TO STOCKMARKET INTEGRITY” 澳大利亚的政策措施...
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Transcript of “THE AUSTRALIAN POLICY APPROACH TO STOCKMARKET INTEGRITY” 澳大利亚的政策措施...
“THE AUSTRALIAN POLICY APPROACH
TO STOCKMARKET INTEGRITY” 澳大利亚的政策措施健全的证券市场
Presented by Geoff Miller, Australian Treasury主讲人:澳大利亚国库部梅杰夫
AUSTRALIA’S STOCKMARKETINTEGRITY REGIME 确保澳大利亚证券市场完善性的体制
• Getting the right balance between market integrity and encouraging competition有效平衡完善市场和鼓励竞争之间的关系
• Separation of making the law, and administering the law将制定法律和监督法律执行分离开来
FINANCIAL MARKET REGULATION 金融市场的规定
• Regulation of corporate control对于商业控制的规定
• Rules on market conduct市场行为准则的规定
• Licensing and regulation of financial markets and participants向金融市场及其参与者颁发执照和进行管理
• Transparency and disclosure透明性和信息披露
REGULATION OF CORPORATE CONTROL商业控制的规定
• Limit on share buying限定购买股票数额
• Rules on shareholder disclosure披露股东信息的规定
• Takeovers Panel resolves takeover disputes收购委员会解决收购中的纠纷
TRANSPARENCY AND DISCLOSURE 透明性和信息披露
• Rules on shareholder disclosure股东信息披露的规定
• Continuous disclosure rules持续性的信息披露的规定
• Rules on disclosing beneficial owners of shares对于股权受益所有者的信息披露的规定
• Rules on directors to disclose their dealings in a company’s securities对于董事会成员披露其交易某一公司证券的信息的规定
MARKET MISCONDUCT市场上的错误行为
• Insider trading prohibited禁止内幕交易
• Short selling restrictions限制沽空交易
• Market manipulation prohibited禁止操纵市场
REGULATION OF FINANCIAL MARKETS AND PARTICIPANTS对于金融市场及其参与者的规定• Financial markets, and market participants (for example, brokers) are
licensed and regulated金融市场及其参与者(例如经纪人)需要持照经营并遵守法规
• ASIC ensures all licensed markets have appropriate supervision arrangements澳大利亚证券及投资委员会确保所有持照经营的市场都有适当的监督机制
• Financial markets are responsible for supervising trading on their own markets金融市场有责任对本市场内的交易进行监管
CREDIT RATINGAGENCIES 信贷评级机构
• All credit rating agencies to be licensed from 1 July 2009自2009年7月1 日起,所有的信贷评级机构需要持照经营
• Must issue annual compliance report必须出具年度合规报告
SHORT SELLING 沽空交易
• Short selling of financial stocks banned at least until 31 May 2009至少在2009 年 5月 31日之前禁止对于金融股的沽空行为
• “Naked” short selling banned禁止“无担保”沽空
• Comprehensive disclosure for “covered” short selling对于“有担保”的沽空交易要求有全面的信息披露
COMMON THEMES 主旨
• A fair marketplace公平的市场
• National consistency全国统一
• Investor and consumer confidence投资者和消费者信心