1 Financial Law: a Comparative Law Perspective Xiaoyan Song Prof. of Law, Law School Shanghai University of Finance and Economics

2 What does this course include -- Central banking law -- Different modes and transition of financial regulation -- International banking supervision and BASEL system -- International securities law -- Financial consumer protection -- Resolution of problem financial institutions

3 Introduction  What’s finance?  What’s financial market?  What’s financial law?  Why do we need financial law?

4 What’s finance  According to the view of macro- economy, all the economy units are to be divided into either money-surplus department or money-deficit department.  Finance is a bridge of money.  Finance is the blood of a country’s economy.

5 Financial Market  Financial markets include indirect and direct market.  Banking industry is the typical of indirect market. Why?  Securities market is the typical of direct market. Why?  A brief comparison between these two markets: factors to be considered while financing——funds’ amount; different benefits and drawbacks of equity capital and debt capital; disclosure requirements.

6 Financial Instruments  In general financial instruments are to be divided into spot product and derivative product (according to delivery time)  Financial instruments are created to meet different needs: saving, investment, hedging, speculation, etc.

7 Why to regulate  Financial safety;  Financial efficiency;  Consumer protection

8 What is financial law  Financial law is all the norms which are to adjust parties’ behavior and relationship occurred in financial markets.

Some important international financial organizations and supervisory authorities

● organizations   

● supervisory authorities: GB U.S  spx spx    

● supervisory authorities: EU     html html 