[PASSED] Stock Exchanges and Foreign Investment

[United Federated States of Omega]

This would also ensure that securities are traded fairly.

Exactly how do you get that out of what the resolution says?

I would imagine they mean currencies and not securities. If so they would be correct.

[Bears Armed]

OOC
"WA legislation" is a better term to use than "international law"... After all, a [non-WA] treaty between any number of nations -- even just two nations -- that have agreed mutually to count it among their laws would also count as "international law".

[Secundus Imperium Romanum]

Giulia Maccini: It's a great idea, we'll vote you in favor if it's approved!

[United Federated States of Omega]

OOC
"WA legislation" is a better term to use than "international law"... After all, a [non-WA] treaty between any number of nations -- even just two nations -- that have agreed mutually to count it among their laws would also count as "international law".

OOC: Fixed! Thanks for the pointer.
So anything else before I submit?

[Araraukar]

OOC: Fixed! Thanks for the pointer.
So anything else before I submit?

OOC: Have your campaign sorted out before you submit.

[United Federated States of Omega]

OOC: Fixed! Thanks for the pointer.
So anything else before I submit?

OOC: Have your campaign sorted out before you submit.

Campaign?

[Imperium Anglorum]

Campaign?

The 'quorum' (I'm sure that word is misused here on NS) process requires that 6pc of delegates approve your proposal before it is brought to the floor. To get 6pc of delegates, which is currently a bit over 100, to actually approve your proposal, you will need to campaign for it over the wire. Much fewer than 6pc of delegates regularly check the proposal queue, so to get the needed approvals, you will have to do this.

There are three ways to do this: (1) manually, (2) API, and (3) stamps. Manually, you simply get a list of delegates, and send out your campaign telegram to every one. Doing this will require that you send your telegram to maybe 200-300 delegates, because not all of them are going to vote in favour of your proposal, and being on the safe side is a good plan. This will take probably 30 minutes to an hour.

The API method is rather technical, there is a guide on it, and you can use various different telegram clients (shameless plug, I make one called Communique). You will have to have a client key, which requires that you have some kind of control over a region — or you will have to find someone else who has a client key.

The third method is stamps. It's by far the easiest method. Type `tag:delegates` into your telegram outbox, put in the telegram, mark it as a campaign telegram, and ... you will need to get some stamps. You can get 1000 for a dollar. Stamps cost money, and in return, you get convenience. You will probably need somewhere around 1800, so 1 dollar 80 cents will solve that problem for you.

A word of caution, you will have to mark all your telegrams as campaign telegrams or fall afoul of the site spamming rules.

[United Federated States of Omega]

Honorable members of the General Assembly, the United Federated States of Omega has submitted the current text of this resolution.

[Willania Imperium]

I must admit, I quite admire the work. It helps WA nations profit from the stock markets of other WA nations and allow them to have more money. Plus, it indirectly offers more incentive for non-WA nations to join in so they can have these benefits! Also, I like how you placed a safeguard against things going crazy by creating an organization to make sure that the exchange rates are done fairly. All in all, I'll definitely vote for this!

[Yohannes]

Kia Ora, I am Adolphe Lewingston, and in my position as the World Assembly representative of the nineteen countries, I am speaking on behalf of Her Majesty Garnet til Alexandros, the Yohannesian Empress and Queen of Alexandria.

I shall speak somewhat briefly, as I realise, in my good sense, that time is of the essential to the Honourable World Assembly Representatives, standing or seated, around me.

I was reading through non WA related matters this morning: to be more specific, financial and foreign investment matters pertaining to the government I represent, in my position as a Non-voting Member of the Board of the Bank of Yohannes, a financial and banking institution previously quoted within these hallowed halls, of the World Assembly, under its previous name the Yohannesische Bundesbank, as an institution vital in the furthering of international commerce.

With investment in over six hundred nations around the regions of our worlds, totaling in approximate 55,301 trillion in NationStates Dollars or Universal Standard Dollars, and the currency of our nation, the Quertz russling which are indirectly used as instruments of trade in hundreds of nations abroad, the possible passing of your proposal would surely affect the Bank of Yohannes, and ultimately the interests of Her Majesty and the people of Yohannes.

But most importantly, its possible motion would also affect the lives of billions of citizens and residents in hundreds of nations - both members and non members of the World Assembly - outside Yohannes. As such, I am sure you would understand that I am somewhat apprehensive about the exact nature of this proposal, Your Excellency [ out of character explanation: I am calling your WA representative Your Excellency out of respect/reverence for fellow WA diplomats, United Federated States of Omega, hehe ].

Sir [ out of character: sorry if I got the gender wrong here ], I would like to ask for more explanation regarding the following point:

'Establishes the International Securities and Exchange Commission (ISEC) to develop, maintain, and publish a model code of securities regulations, which may act as a guide for member state governments;'

'Empowers the ISEC to regulate the exchanges on which currencies are traded to prevent artificial manipulation of the exchange rate and to ensure that these exchanges operate without bias toward the citizens of any one nation.'

To be more specific, Your Excellency, I would like to ask: what would this possible 'model code of securities regulations' be like? And would it simply act as a guide, and just that, a guide, and nothing more than that? Or would it perhaps one day be enforced as not just a guide, but rules, upon member states of the World Assembly?

What would be considered as acceptable or unacceptable by the above commission? It would thoroughly terrify the many Yohannesian investors out there to know that their chosen financial instruments would one day be considered as illegitimate or corrupt by the laws of the World Assembly.

Furthermore, given that under the submitted proposal, the ISEC would be empowered to regulate currency exchanges, what would happen to nations which are currently already involved heavily in the furthering of international commerce and trade, such as Yohannes, which through no fault of its own, has an artificially inflated or deflated currency due to the extent to which its currency has been spread to, or be used as instruments of trade, in multiple nations around the regions of the international communities? Would there be a set of time where such nation as Yohannes would be given the time limit to adjust to this new possible resolution?

Thank you for your time.

[United Federated States of Omega]

'Establishes the International Securities and Exchange Commission (ISEC) to develop, maintain, and publish a model code of securities regulations, which may act as a guide for member state governments;'

'Empowers the ISEC to regulate the exchanges on which currencies are traded to prevent artificial manipulation of the exchange rate and to ensure that these exchanges operate without bias toward the citizens of any one nation.'

To be more specific, Your Excellency, I would like to ask: what would this possible 'model code of securities regulations' be like? And would it simply act as a guide, and just that, a guide, and nothing more than that? Or would it perhaps one day be enforced as not just a guide, but rules, upon member states of the World Assembly?

What would be considered as acceptable or unacceptable by the above commission? It would thoroughly terrify the many Yohannesian investors out there to know that their chosen financial instruments would one day be considered as illegitimate or corrupt by the laws of the World Assembly.

Furthermore, given that under the submitted proposal, the ISEC would be empowered to regulate currency exchanges, what would happen to nations which are currently already involved heavily in the furthering of international commerce and trade, such as Yohannes, which through no fault of its own, has an artificially inflated or deflated currency due to the extent to which its currency has been spread to, or be used as instruments of trade, in multiple nations around the regions of the international communities? Would there be a set of time where such nation as Yohannes would be given the time limit to adjust to this new possible resolution?

Thank you for your time.

As of this time the model regulations guide would only be a guide and not at all legally binding. The goal with the ISEC regulations guide is to provide newer nations or exchanges with a guide to securities regulation, I would not encourage it to ever be adopted as international mandatory regulations.

Now you bring up inflation and deflation. The goal is not tell you that you may inflate or deflate your currency. We would not want the WA control how much currency is in circulation and this resolution would not give the ISEC the power to do so. All this resolution does in terms of currency exchanges is make sure no one is being given an unfair deal.

[Yohannes]

Your Excellency, I thank you for your assurance regarding the guide. I am comfortable knowing, further, that the commission will not be a sort of law enforcement agency, or at the very least tries to exert such an authority on Yohannesian investors.

Sir Xavier, thank you for your time.

[United Federated States of Omega]

This proposal is now in the queue. When it comes to a vote we would appreciate any and all support for the resolution.

[Wallenburg]

"Most of this proposal does not do anything, but these clauses concern me:"

Establishes the International Securities and Exchange Commission (ISEC) to develop, maintain, and publish a model code of securities regulations, which may act as a guide for member state governments;

Empowers the ISEC to regulate the exchanges on which currencies are traded to prevent artificial manipulation of the exchange rate and to ensure that these exchanges operate without bias toward the citizens of any one nation.

"By my interpretation, this creates a committee that can create whatever laws it sees fit, without oversight from member states or the World Assembly in general. The committee also receives powers to enforce its laws on member states, a power that not even the World Assembly has. Does this not amount to granting the International Securities and Exchange Commission police powers and, if not, how else does the committee regulate exchanges?"

[Sierra Lyricalia]

"Most of this proposal does not do anything, but these clauses concern me:"

Establishes the International Securities and Exchange Commission (ISEC) to develop, maintain, and publish a model code of securities regulations, which may act as a guide for member state governments;

Empowers the ISEC to regulate the exchanges on which currencies are traded to prevent artificial manipulation of the exchange rate and to ensure that these exchanges operate without bias toward the citizens of any one nation.

"By my interpretation, this creates a committee that can create whatever laws it sees fit, without oversight from member states or the World Assembly in general. The committee also receives powers to enforce its laws on member states, a power that not even the World Assembly has. Does this not amount to granting the International Securities and Exchange Commission police powers and, if not, how else does the committee regulate exchanges?"

Steph looks up in surprise and alarm. "Police powers?!? How'd I miss that?"

She frantically skims the text in front of her, worried about having been unforgivably negligent in her duties. Where were there police powers? Cripes, if I missed that and didn't even raise a stink about it they'll have my ass, she manages not to say out loud.

"Ambassador [OOC: is this still Ogenbond, or has Helen come in to discuss this one?], I don't see any police powers here. Regulatory authority over markets doesn't equate to having swat teams at your fingertips. Sometimes it should, but honestly I don't see where auditing records, requiring process certifications, making trade rules, and assessing fines automatically bestows the kind of unrestricted puissance implied by the term 'police powers.' Nothing I see here seems to permit authority over anything outside the scope of currency exchanges, and even in that scope, only to ensure fair dealings. I'm not sure I see the problem, honestly."

[Wallenburg]

"Ambassador [OOC: is this still Ogenbond, or has Helen come in to discuss this one?], I don't see any police powers here. Regulatory authority over markets doesn't equate to having swat teams at your fingertips. Sometimes it should, but honestly I don't see where auditing records, requiring process certifications, making trade rules, and assessing fines automatically bestows the kind of unrestricted puissance implied by the term 'police powers.'

"Ah, I see. So this committee's regulations are ones that member states do not necessarily have to comply with, even if only out of fear that the committee would exercise police powers to enforce its independently created laws. I must tell you, Ambassador, I am genuinely relieved."

Nothing I see here seems to permit authority over anything outside the scope of currency exchanges, and even in that scope, only to ensure fair dealings. I'm not sure I see the problem, honestly."

"The problem, Ambassador Zakalwe, is that this committee has the power 'to develop, maintain, and publish a model code of securities regulations'. Member states have no influence over what regulations this committee introduces. The resolution grants it free reign to design whatever laws it sees fit."

OOC: This is still Ogenbond, for the moment.

[Covenstone]

"Ambassador [OOC: is this still Ogenbond, or has Helen come in to discuss this one?], I don't see any police powers here. Regulatory authority over markets doesn't equate to having swat teams at your fingertips. Sometimes it should, but honestly I don't see where auditing records, requiring process certifications, making trade rules, and assessing fines automatically bestows the kind of unrestricted puissance implied by the term 'police powers.'

"Ah, I see. So this committee's regulations are ones that member states do not necessarily have to comply with, even if only out of fear that the committee would exercise police powers to enforce its independently created laws. I must tell you, Ambassador, I am genuinely relieved."

Nothing I see here seems to permit authority over anything outside the scope of currency exchanges, and even in that scope, only to ensure fair dealings. I'm not sure I see the problem, honestly."

"The problem, Ambassador Zakalwe, is that this committee has the power 'to develop, maintain, and publish a model code of securities regulations'. Member states have no influence over what regulations this committee introduces. The resolution grants it free reign to design whatever laws it sees fit."

OOC: This is still Ogenbond, for the moment.

The exact clause says "Establishes the International Securities and Exchange Commission (ISEC) to develop, maintain, and publish a model code of securities regulations, which may act as a guide for member state governments;"

So yes, they have the power to develop the laws, but the second part says "may act as a guide for member state governments." Which, to me, implies that member state governments do not necessarily have to follow the regulations they create.

[Nativista]

"Ah, I see. So this committee's regulations are ones that member states do not necessarily have to comply with, even if only out of fear that the committee would exercise police powers to enforce its independently created laws. I must tell you, Ambassador, I am genuinely relieved."

"The problem, Ambassador Zakalwe, is that this committee has the power 'to develop, maintain, and publish a model code of securities regulations'. Member states have no influence over what regulations this committee introduces. The resolution grants it free reign to design whatever laws it sees fit."

OOC: This is still Ogenbond, for the moment.

The exact clause says "Establishes the International Securities and Exchange Commission (ISEC) to develop, maintain, and publish a model code of securities regulations, which may act as a guide for member state governments;"

So yes, they have the power to develop the laws, but the second part says "may act as a guide for member state governments." Which, to me, implies that member state governments do not necessarily have to follow the regulations they create.

Zachary Briars, Nativista's Director of Economic Affairs, taps his fingers on the table. "I reckon dat's how YOU see it, but dis would also give the WA the power to stretch the meaning of the term, "guide for member state governments". They could go along makin' new laws all willy-nilly, sayin' that it's all for the good of the WA member nations."

[Aclion]

Zachary Briars, Nativista's Director of Economic Affairs, taps his fingers on the table. "I reckon dat's how YOU see it, but dis would also give the WA the power to stretch the meaning of the term, "guide for member state governments". They could go along makin' new laws all willy-nilly, sayin' that it's all for the good of the WA member nations."

"And we will be obligated to treat those new laws as a guide, and if the WA tried to treat them as a mandate(they can't by the way, they're perfect) we can tell them to pound sand."

[Covenstone]

Zachary Briars, Nativista's Director of Economic Affairs, taps his fingers on the table. "I reckon dat's how YOU see it, but dis would also give the WA the power to stretch the meaning of the term, "guide for member state governments". They could go along makin' new laws all willy-nilly, sayin' that it's all for the good of the WA member nations."

"And we will be obligated to treat those new laws as a guide, and if the WA tried to treat them as a mandate(they can't by the way, they're perfect) we can tell them to pound sand."

Hence my reason for voting yes, despite my initial reservations about this proposal.

[Yohannes]

That was the reason, Your Excellencies, that I have personally asked the Excellency Mr Alexander Xavier of the Omegan government, regarding the commission and authority, to which the most excellent representative Xavier replied with the most illustrious of assurance that there shall be no enforcement of will upon the good investors of the international community. I am of the opinion that, if the Omegan government would keep the promise of non-enforcement, that the realisation of this resolution might actually do good; only, and only of course, if the Omegan government would keep its promise of not interfering on day to day investing activities.

[United Federated States of Omega]

That was the reason, Your Excellencies, that I have personally asked the Excellency Mr Alexander Xavier of the Omegan government, regarding the commission and authority, to which the most excellent representative Xavier replied with the most illustrious of assurance that there shall be no enforcement of will upon the good investors of the international community. I am of the opinion that, if the Omegan government would keep the promise of non-enforcement, that the realisation of this resolution might actually do good; only, and only of course, if the Omegan government would keep its promise of not interfering on day to day investing activities.

Granted the Omegan Government has no power as to what the ISEC could do if this resolution passed, that would be up to the WA. However, we would vote against any resolution that would expand the powers of the ISEC beyond its advisory role in terms of stock exchanges and it limited regulatory role in terms of currency exchanges.

Of course, the Omegan Government will not be interfering in the day to operations of any stock exchanges.

[Yohannes]

On behalf of Her Majesty's Government, I would like to assure you that we have faith in your at-vote resolution, and we believe in your words. We wish and hope for the best of luck to your government.

[Maddering Ink Islands]

"The problem, Ambassador Zakalwe, is that this committee has the power 'to develop, maintain, and publish a model code of securities regulations'. Member states have no influence over what regulations this committee introduces. The resolution grants it free reign to design whatever laws it sees fit."

OOC: This is still Ogenbond, for the moment.

Markwardt: Sir, I do realise that not everyone has legal education, but perhaps you should look up what a model code of law is. A model code is a code that is developed by an institution independent of the institution that has the jurisdiction to implement it, in this case the legislative branch of each WA member. By stating it as such, the committee admits it cannot force its code upon any member.

All members are free to adopt it, of course. And it is my pleasure to say that Maddering Ink Islands is for the proposal. There are an astonishing lack of financial instruments based on the price of cocaine, and we hope to remedy that.

[Neo Byzantium]

J: "Well, would you look at that. A World Assembly resolution isn't over the moment it starts..."