美国证券交易经典案例教程

In Perspective：Securities and Financial Regulation

Foreword 序言

SUMMARY OF CONTENTS

TABLE OF CONTENTs

CHAPTER 1 REGULATORY STRUCTURE

Section 1.1 1 Competition and Regulation：The SEC and the CFTC

1.1.1 Futures and Options on“Government Securities”:Securities or Commodity?

1.1.2 Index Participations：Securities or Futures?

1.1.3 Futures and Options on Single Stock and on Stock Indexes：Securities，Futures，Security Futures

Section 1.2 Regulation of Financial Gatekeepers

1.2.1 Auditor Independence and Oversight by PCAOB Board

1.2.2 Credit Rating Agency NRSRO Designation

Section 1.3 Securities Industry Self-Regulation

1.3.1 Concept of “Statutory Supervisor”

1.3.2 The Shingle Theory

1.3.3 Suitability Doctrine：Application to Online Brokerage

CHAPTER 2 MARE：ET STRUCTURE

Section 2.1 Exchange Markets, OTC Markets, and Customer DMA

2.1.1 NASDAQ Competing Dealers Model；NYSE Hybrid Auction Model；HN Liquidity Model

2.1.2 ATSs and Concept of “Exchange”

2.1.3 OTC Markets for Non-Listed Equities：OTCBB and Pink Sheets

2.1.4 Customer Direct Market Access to Exchanges and ATSs

2.1.5 Multiple Trading of Standardized Options in Listed Stocks

Section 2.2 National Market system：Market Competition and Order Competition

2.2.1 Concept of“Best Execution

2.2.2 Concept of “Customer Order Protection”

2.2.3 The NMS System：Transparency，Competition，Fairness Efficiency

2.2.4 Inter-Market Surveillance for Cross-Market Trading Activities

CHAPTER 3 PUBLIC COMPANY TRANSPARENCY

Section 3.1 Periodic Reporting and Other Disclosure by Public Company

3.1.1 Periodic Reports by China. Based US Public Company &IFRS as Global Accounting Standards

3.1.2 US Public Company Doing Business in China＆Foreign Corrupt Practices Act

3.1.3 Issuer Selective Disclosure &Regulation FD（Fair Disclosure）

Section 3.2 Mandatory Disclosure by Certain Shareholders

3.2.1 Potential for Corporate Control：Disclosure by 5％ Threshold Beneficial Owner

3.2.2 Decoupling by Derivatives：wh0 Is“Beneficial Owner”?

CHAPTER 4 PROPHYLACTIC REGULATION OF MANIPULATION

Section 4.1 Manipulation in Financial Markets

4.1.1 Concept of Manipulation

4.1.2 Market Gaming by NBBO Manipulation

Section 4.2 Transactions for Corporate Control

4.2.1 Tender Offer：ALL-Holders and Best-Price Requirements

4.2.2 Takeover Battle：what Is Tender Offer?

Section 4.3 Trading during Securities Distribution

4.3.1 short Sale Restriction in Advance of Follow-on/Secondary Offering

4.3.2 Market Making Restriction Section

4.4 Short Selling

4.4.1 Prohibition of Manipulative Naked Short Selling

4.4.2 Regulation of Short Sale：Order Marking；Locate；Circuit Breaker Close-Out

CHAPTER 5 FRAUD IN CONNECTION WITH THE PURCHASE OR SALE OF A SECURITY

Section 5.1 Insider Trading Liability Theories

5.1.1 Classical Theory of Insider Trading Liability

5.1.2 Tipper-Tippee Liability Theory；Temporary Insider Concept

5.1.3 Misappropriation Theory；Prophylactic Prohibition Theory

Section 5.2 Private Damages Action for Fraud

5.2.1 Elements of Private Securities Fraud Action；Theory of Economic Loss

5.2.2 In Pari Delicto Doctrine（Equal Fault Concept）

Section 5.3 Transnational Securities Fraud in Globalized Securities Market

5.3.1 Reach of US Insider Trading Law Enforcement

5.3.2 Limit on Extraterritorial Application of US Securities Laws to

Foreign-Cubed Private Action

公正、公平、有序和高效的竞争性证券交易市场对充满活力的经济必不可少。交易市场高度的流通性和高质量、实时信息公开有益于交易价格充分反映上市公司内在价值和供求关系，为投资管理提供基础，给投资者带来机会，建立他们的未来。企业通过证券市场融资扩大生产，不管是IPO还是后续发行，依赖于公平和竞争性的交易市场给其证券进行合理准确定价。公平和竞争性的市场有助于投资者建立对该市场的信心。
这样的交易市场的标志是什么？证券交易市场监管的作用又是什么？概而言之--透明。投资者决定买卖股票，需要瞬时报价信息。证券商履行其法律义务，为证券客户指令提供最佳执行，市场就必须瞬时向所有公众同时发布成交价格、成交量、交易场所和其他交易信息。这有利于各交易市场间的竞争，也有益于投资者监督券商的服务水平。再者，必须有公司业绩、前景等方面信息的真实性和透明度。不然，即使有效资本市场论成立，股票价格也只能反映错误信息而不能反映企业的真实内在价值。此外，监管必须要透明。比如，在卖空、金融衍生品和市场博弈等易受操纵的方面，应采取预防性措施加以管理。对内幕交易和其他证券欺诈行径必须全面禁止，建立强有力的政府强行遏制机制，并为投资者获得经济损失补偿提供法律途径。还应加强对各种新金融产品的研究和监管，以防范风险，保护投资者、交易对方和其他市场参与者，维护整个金融体系的稳定。
一个管理良好的证券市场有助于国家经济繁荣富强。一个管理过度的市场将使竞争窒息，经济增长停顿。一个管理不善的市场则将摧毁财富。美国证券市场在近十几年内所历尽的沧桑风雨--喻示了这些真理。研究美国证券交易市场的监管有助于我们防止类似市场创伤事件的再度发生。