金融法双语版课件袁达松 ISBN9787566303028 PPT第五章 证券法律制度2.pptx

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1、第五章证券法律制度一、证券交易二、证券业的监管第五章证券法律制度一、证券交易1.中国的证券交易概念：证券交易是指证券持有人依照交易规则，将证券转让给其他投资者的行为。证券交易是一种特殊的买卖行为，除需遵守一般的商事交易法律规定（如《合同法》）之外，还要遵守相关证券法律法规的规定。法律：《证券法》内容方面：证券交易中对证券的要求：依法发行并交付证券交易和转让的场所：依法设立或国务院批准对证券发行人的相关信息披露要求就证券交易中的典型违法行为：内幕交易、操纵证券市场、证券欺诈第五章证券法律制度一、证券交易2.美国的证券交易（securitiestradingintheUn

2、itedStates）Tradingplaces:Stockexchange;over-the-countermarketThefourlevelsoftheOTCmarket(1)TheNASDAQcapitalmarketinthecountry(2)TheNASDAQsmallcapitalmarkets(3)OverTheCounterBulletinBoard(OTCBB)(4)PinkSheets第五章证券法律制度一、证券交易2.美国的证券交易（securitiestradingintheUnitedStates）Illegalsecuritiestrad

3、ingrulesUndersection9oftheSecuritiesExchangeActof1934,engagedinthelistedsecuritiesmarketmanipulationbehaviorisillegal.Thissectionalsoprovidesstockmarketmanipulationbehaviorsandtheprivatelawreliefofinvestorssufferedfromlossbecauseofmarketmanipulation.Section10authorizedtheSECtoissuerules

4、topreventmaneuverabilityandfraudulenttransactionsSection15prohibitsthefraudandmanipulationbehaviorofbrokersanddealers.Intermsofinsidertrading,theSECmadetherules10b-5第五章证券法律制度四、证券交易3.案例资料Morrisonv.NationalAustraliaBankLtd.Fact-〔1〕RespondentNationalAustraliaBankLimited(National)wasthelarg

5、estbankinAustralia.ItsOrdinarySharesaretradedontheAustralianStockExchangeLimited,butnotonanyexchangeintheUnitedStates.〔2〕InFebruary1998,NationalboughtrespondentHomeSideLending,Inc.,amortgageservicingcompanyheadquarteredinFlorida.〔3〕From1998to2001,National’sannualreportsandotherpublicdoc

6、umentstoutedthesuccessofHomeSide’sbusiness,andseniorexecutivedidthesameinpublicstatements.〔4〕HomeSideandHomeSideseniorexecutivewhoisalsoarespondentherehadmanipulatedHomeSide’sfinancialmodelstomaketheratesofearlyrepaymentunrealisticallylowinordertocausethemortgage-servicingrightstoappear

7、morevaluablethantheyreallywere.〔5〕NationalandCicuttowereawareofthisdeceptionbyJuly2000,butdidnothingaboutit.〔6〕petitionersRussellLeslieOwenandBrianandGeraldineSilverlock,allAustralians,purchasedNational’sOrdinarySharesin2000and2001,beforethewrite-downs〔7〕TheysuedNational,HomeSi