자본시장에 대한 글로벌 규제협력

Global Regulatory Cooperation in capital markets is significant because it enables effective distribution of funds for the promotion of the function of capital markets, contributes to dealing with systemic risk in the global system, and provides a systemic basis to compensate for the incompleteness of the regulation of global markets. Also Global Regulatory Cooperation in capital markets can be described as a means of maintaining order in global markets that has the characteristics of a transnational public policy and is similar to the character of the international knowledge community. Global Regulatory Cooperation in capital markets has some functions that enable the development of capital markets with the exchange of experience and information among many regulatory authorities. In addition, it makes non-binding norms and strengthens cooperation between regulatory authorities while also solidifying relationships with other international institutions in capital markets. Global Regulatory Cooperation in capital markets involves some distinctive features. First, it is operated under the principle of a functional organization, so that a member is classified as an institution rather than being classified as a national organization. Second, it has a technical professionalism, which means that the cooperation has social and ideological features as well as using material and utilitarian facts. Furthermore, the cooperation has the features of both secondary and dynamic non-binding norms. Non-binding norms can provide not only timely and flexible solutions to deal with regulatory problems in accordance with variations in the capitals market, but also they can enable a consensus to be achieved through deep and wide discussions among the regulatory authorities of many countries. The secondary feature of the standards is that they can combine the non-binding norms of global regulatory cooperation with national legislative systems in a particular form. The dynamic feature of the standards is that they are able to place an emphasis on the practice of non-binding norms and reforms rather than adhere to or comply with any particular standard. As a result of these dynamic features, for many regulatory institutions, such as IOSCO and BCBS, the activities, for example the scope of activity, subject matter, and accuracy of the regulatory cooperative structure, can be evaluated as having exceeded the expectations of the established participants.