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“THE AUSTRALIAN POLICY APPROACH TO STOCKMARKET INTEGRITY” 澳大利亚的政策措施 健全的证券市场

“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 STOCKMARKET INTEGRITY 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 encoura ging competition

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“THE AUSTRALIAN POLICY APPROACH TO STOCKMARKET INTEGRITY” 澳大利亚的政策措施 健全的证券市场

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  1. “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

  2. 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

  3. FINANCIAL MARKET REGULATION金融市场的规定 • Regulation of corporate control 对于商业控制的规定 • Transparency and disclosure 透明性和信息披露 • 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

  4. REGULATION OF CORPORATE CONTROL商业控制的规定 • Limit on share buying 限定购买股票数额 • Takeovers Panel resolves takeover disputes 收购委员会解决收购中的纠纷 • Rules on shareholder disclosure 披露股东信息的规定

  5. TRANSPARENCY AND DISCLOSURE透明性和信息披露 • Rules on shareholder disclosure 股东信息披露的规定 • Rules on disclosing beneficial owners of shares 对于股权受益所有者的信息披露的规定 • Continuous disclosure rules 持续性的信息披露的规定 • 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

  6. MARKET MISCONDUCT市场上的错误行为 • Insider trading prohibited 禁止内幕交易 • Market manipulation prohibited 禁止操纵市场 • Short selling restrictions 限制沽空交易

  7. 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 • 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 • 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

  8. 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

  9. 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

  10. 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

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