House of: Markanite XKI Political Party: TCP - The Circle Party XKI Generation: The Security Council Generation XKI Map Nation Color: Red XKI NS Join Year: 123 - Friday, 18 December 2009
A resolution to repeal previously passed legislation.
Proposed by: Magecastle Embassy Building A5
General Assembly Resolution #401 “Stock Exchanges and Foreign investment” (Category: Free Trade; Strength: Mild) shall be struck out and rendered null and void.
The World Assembly,
Recognising that GA #401 establishes the International Securities and Exchange Commission (ISEC), and directs it to enact regulations on currency exchange in order to "prevent artificial manipulation of the exchange rate [and] ensure that [currency] exchanges operate without bias toward the citizens of any one nation",
Disheartened that the resolution fails to clearly delineate what regulations the ISEC would enact to further these goals,
Further noting that the resolution's ambiguity on what constitutes "artificial manipulation of the exchange rate" severely limits the ability of a member nation to engage in currency intervention operations, such as to stabilise its currency's exchange rate,
Baffled that the definitions on stocks, bonds, and securities in GA #401 are very poorly written, excluding such instruments as preferred stocks, pay-in-kind bonds, convertible bonds, and insurance-linked securities, and thus leaving the ISEC to offer inferior and potentially misleading recommendations to member nations in its "model code of securities regulations",
Repeals "Stock Exchanges and Foreign Investment".
Co-author: Simone Republic
This is the discussion thread. To cast your vote, go HERE