INTERNATIONAL SECURITIES REGULATIONPDF|Epub|txt|kindle电子书版本网盘下载

INTERNATIONAL SECURITIES REGULATIONPDF格式电子书版下载

注意：本站所有压缩包均有解压码： 点击下载压缩包解压工具

PART ONE. REGIONS1

CHAPTER ONE International Aspects of U.S. Securities Regulation2

A. Internationalization of U.S. Securities Markets2

B. The Basic Securities Law Framework23

1.General Rules23

2.Special Rules for Foreign Private Issuers30

C. GAAP Reconciliation36

1.Daimler-Benz Case36

2.International Accounting Standards39

D. Opening up U.S. Securities Markets42

1.Rule 144A and Private Placements42

2. The MJDS Approach46

3.The Use of ADRs53

E. Issuing Securities Abroad58

1. The Regulation S Framework58

2.Regulation S Reforms for U.S. Companies Issuing Securities Abroad63

3. Directed Selling64

4.Regulation S - Rule 144A Offerings65

5.Regulation S - A Reform Proposal66

CHAPTER TWO Securities in the European Union69

A. Securities Markets69

1.Disclosure69

2.Provision of Services83

Appendix91

CHAPTER THREE Japanese Securities Markets103

A. Japanese Securities Markets to the Early 1990s105

B. Foreign Access to Securities Markets in Japan108

1.Regulation of Non-Resident Issuers in Japan109

2.Foreign Securities Firms in Japan115

3.Foreign Securities Firms and the Corporate Bond Market117

C. The Japanese Role in Foreign and International Securities Markets123

1. The Regulation of Offshore Securities Operations125

2. The Financial Services Agreement of 1995 and Cross-Border Capital Flows127

D. The Stock Market Crisis and the Government’s Response130

E. The Big Bang and Japan’s Securities Market136

PART TWO. MARKETS AND INSTRUMENTS144

CHAPTER FOUR Eurobonds and Global Securities145

A. Eurobonds145

1. The Market145

2. Emerging Market Issues157

3.Euro-Deutschmark Issues159

4.Issuing Procedures163

B. Global Securities183

CHAPTER FIVE Stock Market Competition196

A. U.S. Market197

1.Overview of the U.S. Market197

2. NYSE versus NASDAQ214

3. NASDAQ Reforms224

4.Circuit Breakers226

B. Foreign Markets228

C. Worldwide Competition Between Stock Markets240

1.Trading Systems240

2.Competition in Europe248

3.Competition between Europe and the United States257

CHAPTER SIX International Asset Securitization260

A. Introduction260

B. Elements of a Securitized Transaction and the Reasons to Securitize261

1.Securitizable Assets263

2. The Special Purpose Vehicle264

3. The Form of the SPV and the Investor’s Interest in It265

4.Bankruptcy Remoteness267

5. Accounting Treatment269

6.Taxation270

7.Credit， Liquidity， and Other Enhancements272

8.Investors and the Types of Asset Backed Securities275

9.Rating277

C. The Development of National ABS Markets280

1. The US ABS Market280

2. ABS Markets in Europe and Germany285

3. ABS Markets in Japan291

4. ABS Markets in India293

D. Legal Issues for Cross-Border ABS296

E. Proposed Capital Adequacy Rules for ABS301

CHAPTER SEVEN Offshore Mutual Funds304

A.United States Regulatory Barriers to Offshore Mutual Funds305

1. The Investment Company Act of 1940306

2.The Investment Advisers Act of 1940339

B. Tax Considerations340

PART THREE.INFRASTRUCTURE352

CHAPTER EIGHT Capital Adequacy for Securities Operations353

A.Risks Associated With Securities Operations355

B. Capital Adequacy and Position Risk360

1.Position Risk and the Building Block Approach360

2. The Comprehensive Approach to Position Risk： The U.S365

3. A Comparison of the Building Block and Comprehensive Approaches to the Portfolio Approach370

4.Internal Models-Based Regulation of Capital375

C.Other Risks and Capital for Non-Credit Risks383

1.Other Securities Risks Addressed by Capital Adequacy Rules383

2.The Definition of Capital for Non-Credit Risk384

D.The Search for a Common Treatment of Banks， Their Affiliates， and Unaffiliated Securities Companies385

E.Overall Evaluation of the Market Risk Capital Adequacy Rules389

CEAPTER NINE Clearance and Settlement391

A.The Basic Elements391

1.Overview391

2.Risks of Clearance and Settlement404

B.Group of Thirty Proposals416

1. The United States418

2. The United Kingdom420

C.International Dimensions428

1.ICSDs430

2.Settlement for Global Bonds438

3.Rights in Dematerialized Securities441

4.Future Arrangements452

INTERNATIONAL FINANCE GLOSSARY465

INDEX487