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Positive list

{}Posted in2023/2/25 21:13:19 | 5Browse

What fxrebatecentral positive list Positive list means that all the laws best forex rebate company regulations do not allow to do, are not allowed to do the current regulation of Ch cashback forexas securities rebatesforexbroker, on the main take this approach objectively speaking, this is also its inevitable reason is that our securities market is not mature enough, the ability of investors to bear the risk is also relatively weak, while the regulatory capacity and means are relatively inadequate, the market instability is also a lot of factors The disadvantages of positive list The current mature market generally take "negative list" of regulation, "from the evolution of the international forexrebatecommission bestforexrebatecompany regulatory system, most countries have abandoned the practice of strict foreign exchange control, in the absence of a major political and economic crisis, the worlds foreign exchange regulation will Further relaxation" (Li Shiyang, 2009), the current implementation of Chinas "positive list" of foreign exchange management approach has the following drawbacks: (a) contrary to the "law does not prohibit than can be done" the basic principles of social behavior Chinas "Administrative License Law" stipulates that where citizens and non-governmental organizations can independently and independently decide or coordinate things, the executive authorities should not intervene; where the market can solve the problem, the executive authorities should not intervene because of the implicit assumption of the behavior of micro-actors "presumption of guilt", the current foreign exchange management "forward List" of the legislative model, as well as in response to sudden changes in the situation "non-administrative approval items without the name of administrative license, but administrative license" management stereotypes, contrary to (b) the impetus to promote the development of the market is tied to the management, ignoring the power of the market itself  "With the rapid development of financial innovation, information technology and financial globalization, changes in the financial market environment will always be ahead of regulatory initiatives, and any regulatory rules will lag behind the development of financial markets" (Shang Jing, 2007) "positive list" focuses on The essence of "rule-oriented" is "clear boundaries", which clarify what is allowed and what is not allowed, and facilitate the implementation, but the innate nature of rule changes lagging behind the market always leaves arbitrage opportunities for the market; in addition, the rules are becoming increasingly complex and detailed, and there may be contradictions between the rules, which are often not fully understood by the public, and the U.S. subprime crisis was The U.S. subprime crisis is considered to be a consequence of the lack of flexibility and foresight of rule-oriented regulation market innovation needs to be promoted by the market itself, practice, management responsibility is to negate or follow certain rules to regulate, the current foreign exchange management of a large number of matters not clear using the cumbersome "case-by-case" approval of institutional arrangements, restricting the market innovation (3) ignore the interests of market participants and the role of market discipline Around the magpie of promoting foreign exchange balance, the current foreign exchange management in the spirit of legislation and value orientation, emphasizing the regulatory interests of the state, emphasizing the maintenance of administrative objectives and the obligations of the foreign exchange market participants, emphasizing the overall security and order of the foreign exchange market, management behavior relies on administrative mandatory supervision and in To meet the needs of the foreign exchange market subjects own interests and the needs of foreign exchange market transactions, to maintain the independent rights and interests of the foreign exchange market subject, as well as to play the role of self-discipline and market discipline of the market subject and trekking (d) higher management costs, easy to trigger rent-seeking behavior At present, the logical premise of the administrative license is the general prohibition of legal norms, implicit in the micro-behavior subject " The presumption of guilt" assumption of behavior, that is, before the approval of the license to determine that the market subject does not have the qualifications to implement a certain behavior or the effect of its behavior does not meet the requirements, only the applicant to provide evidence to prove that they are qualified or behavior in line with the requirements to be approved in the "positive list" model, the regulator set Policy-making power, enforcement and inspection power and penalty ruling power in one, easy to induce rent-seeking behavior at the same time, the management of everything, frequent policy adjustments, increased the cost of legislation, increased the cost of micro-object operation, increased the cost of supervision of policy implementation, resulting in the foreign exchange management department devoted to the daily management of micro-object behavior, wasting limited regulatory resources