求 证券市场监管方面的英文文献两篇

求 证券市场监管方面的英文文献两篇

网站链接我也正在找，不过这里边文章不错，可以作为参考

here is one Stock exchange supervision Background Stock exchanges and securities firms have been subject to regulation and required a licence since the Stock Exchange Act (BEHG) came into force on 1 February 1997. Stock exchange legislation is intended to ensure transparency and equality of treatment for investors and create the framework for functioning securities markets. The Swiss system of stock exchange supervision is based on the principle of self-regulation. The Stock Exchange Act is designed as a framework law that offers a high degree of flexibility. Regulatory functions in several areas are delegated to self-regulatory organisations. Authorised stock exchanges therefore assume considerable powers of monitoring and approval. The law makes a distinction between domestic stock exchanges, foreign stock exchanges and bodies similar to stock exchanges. Domestic stock exchanges The overall supervision of domestic stock exchanges by FINMA mainly relates to granting operating licences and approving stock exchange rule books. It also covers ongoing monitoring by means of audits. Under the self-regulatory powers granted to them, stock exchanges must be organised in such a way as to ensure they can provide operational, administrative and monitoring functions that are appropriate to their activities. This includes adequate organisation for trading, regulating the authorisation of securities firms and the listing of securities, a complaints procedure and direct and efficient trade monitoring. The latter covers price creation and the execution and settlement of trades (see Market Supervision). The domestic stock exchanges supervised by FINMA are SIX Swiss Exchange, plus Scoach and Eurex, which are both joint ventures between SIX Group and Deutsche Börse AG. SWX Europe is a 100% subsidiary of SIX Group but is not regulated by FINMA; as the firm’s operations are in London, it falls under the aegis of the UK Financial Services Authority. However, it is recognised as a foreign stock exchange, so access is permitted to Swiss participants. Foreign stock exchanges Stock exchanges organised under foreign law must seek authorisation from FINMA if they wish to provide securities firms in Switzerland with remote electronic access to their institutions. Recognition requires supervision by the competent foreign authorities, which must also grant permission for cross-border activity and be in a position to provide administrative assistance. Bodies similar to stock exchanges Bodies similar to stock exchanges are a main feature of today’s markets. They fall wholly or partially under the scope of the law to the extent that this is justified by the objectives of the law, these being: investor protection, transparency, equal treatment and protection of functioning. Application of the law may not be necessary, however. FINMA has been granted considerable discretion and the greatest possible flexibility in assessing whether bodies similar to stock exchanges come within its ambit. Where modern trading systems require it, they may be appropriately subject to the law and monitored. This allows suitable and tailored regulation of alternative trading systems (ATSs) and multilateral trading facilities under MiFID (MTFs). FINMA partially regulates the International Capital Market Association (ICMA), which has its headquarters in Zurich, as a body similar to a stock exchange. The ICMA has a stock-exchange-type structure and is mainly active in international bond trading. It provides its members with a rule book for processing international trading in bonds. BX Berne eXchange is also subject to FINMA regulation as a body similar to a stock exchange. The degree of structure and organisation at BX is not equivalent to that of a stock exchange, so full regulation is not appropriate.

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