Suchergebnisse

This book looks at codification from a broad, international perspective, discussing general themes as well as various legal fields. Since codification is a subject of intense current interest in East Asia, this second volume on codification is dedicated to the sub-theme of codification and legal transplant in this area, focusing on China, Japan, Korea and Taiwan. It includes two papers that discuss development of codification in East Asia and Korea in particular. It is also comprised of two reports that draw comparative lessons from Japan, India and Indonesia. In addition, this volume consists of four general reports and 19 national reports that guide readers through the knowledge of codification of commercial law, administrative law, civil law and private international law in East Asia. This book is developed from papers presented at the 2012 Thematic Conference of the International Academy of Comparative Law

The purpose of this paper is to examine the liberalization of Taiwan's capital market regarding cross-Taiwan-Strait listing of securities. Taiwan is in an advantageous position to compete with other Asian rivals to attract issuers and capital from China. However, the long political hostility ensures that there is little regulatory cooperation on both sides of the Taiwan Strait. Assuming that the creation of a cross-strait capital market is an unstoppable trend, this paper examines from the perspective of regulatory competition several regimes that may facilitate Taiwan to overcome regulatory obstacles arising from the special Sino-Taiwan relationship. This paper argues that regulatory cooperation or even harmonization of Sino-Taiwan laws will be very difficult. However, the cooperation of stock exchanges in China and Taiwan may be a first step toward further official collaboration. Another approach is to strengthen domestic supervision in Taiwan with a sponsorship program. Nevertheless, such a program may be very expensive to maintain. Given the regulatory obstacles between Taiwan and China, a better approach seems to open an alternative trading market with more flexible rules designed for Chinese securities in Taiwan. Such a market-oriented approach may liberalise Taiwan's capital market to Chinese and foreigners, while still maintain the level of domestic investor protection without raising much regulatory and compliance costs.