金融创新时代的监管重构:“原则导向监管”探析
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摘要
金融创新高速发展的时代,金融监管肩负着风险规制与金融发展的双重任务。"原则导向监管"有足够的弹性和包容性来支持金融创新发展与试错,同时也能对金融风险保持充分的警惕性和威慑力。传统"规则导向监管"模式有必要从监管关系、监管者职责、金融机构定位等多重角度进行重构。我国互联网金融的兴起给"原则导向监管"的建立带来突破契机,同时也带来一些挑战。
Financial supervision assumes the dual task of risk regulation and financial development in the era of rapid development of financial innovation. "Principle- oriented regulation"has not only sufficient flexibility and inclusiveness to support the development of financial innovation and trial and error,but also maintain sufficient vigilance and deterrence of financial risk.Thus,the traditional rule- oriented regulatory model needs to be restructured from the perspectives of regulatory relationship,regulators' duty and the positioning of financial institutions. And the rise of Internet banking in China offers a breakthrough for the "principle- oriented regulation",and bring some challenges as well.
Financial supervision assumes the dual task of risk regulation and financial development in the era of rapid development of financial innovation. "Principle- oriented regulation"has not only sufficient flexibility and inclusiveness to support the development of financial innovation and trial and error,but also maintain sufficient vigilance and deterrence of financial risk.Thus,the traditional rule- oriented regulatory model needs to be restructured from the perspectives of regulatory relationship,regulators' duty and the positioning of financial institutions. And the rise of Internet banking in China offers a breakthrough for the "principle- oriented regulation",and bring some challenges as well.
引文
[1]Alan Murray,Paul Volcker:Think More Boldly,Wall St.J.,Dec.14,2009,at R7;Paul Krugman,Op-Ed,Money for Nothing,N.Y.Times,Apr.27,2009,at A23.
[2]Robert E.,In Defense of Much,But Not All,Financial Innovation,Feb.17,2010.
[3]Press Release,U.S.SEC,SEC Announces New Division of Risk,Strategy,and Financial Innovation,at http://www.sec.gov/news/press/2009/2009-199.htm,Sept.16,2009.
[4]Nouriel Roubini,Ten Fundamental Issues in Reforming Financial Regulation an Supervision in a World of Financial Innovation an Globalization,RGE Monitor,March 31,2008.
[5]Abba Lerner,The Economics of Control:Principles of Welfare Economics,Macmillon,1947,p.3.
[6]A.P.Lerner,The Economic Steering Wheel,7 THE UNIV.REVIW,Vol.257,1941.
[7]Black J(2010).The Rise,fall and fate of princiles-based regulation.LSE working paper 17/2010,London School of Economics and Political Science,p.34.
[8]刘媛.金融领域的原则性监管方式[J].法学家,2010,(3).
[9]刘庆飞.多重背景下的金融监管立法的反思与改革[M].上海:上海世纪出版集团,2015.
[10]Ec Ball Mp,Econ.Sec'y to the Treasury,Speech to the Treasury,http://www.hm-treasury.gov.uk/press_42_06.htm,June 14,2006.
[11]Jenny Anderson,U.S.Financial Sector Is Losing Its Edge,Report Says,N.Y.Times,Jan.22,2007,at 3.
[12]Hector Sants,Principles-Based Regulation:Lessons from the Sub-Prime Crisis,Speech at the Securities and Investments Institute Annual Conference,http://www.fsa.gov.uk/pages/Library/Communication/Speeches/2008/0515-hs.Shtml,May15,2008.
[13]李翰阳.从规则导向到原则导向——银行监管制度的法律经济学分析[D].北京:中国政法大学,2011.
[14]Financial Times,1 June 2008.
[15]Juia Black et al.,Making a Success of Principles-Based Regulation,1 Law&Fin.Markets Rev.191,193,2007.
[16]James J.Park,The Competing Paradigms of Securities Regulation,57 Duke L.J.625,634,2007;Harvey L.Pitt&Karen L.Shapiro,Securities Regulation by Enforcement:A Look Ahead at the Next Decade,7 Yale J.on Reg.148,166-167,1990.
[17]Bradley C.Karkkainen,Adaptive Ecosystem Management and Regulatory Penalty Defaults:Towards a Bounded Pragmatism,87 MINN.L.Rev.943,2003.
[18]Cristie L.Ford,Toward a New Model for Securities Law Enforcement,57 ADMIN.L.REV.757.791-792&806-810,2005.
[19]FSA,FSA Handbook,http://fsahandbook.info/FSA/html/handbook/.
[20]Julia Black,Forms and Paradoxes of Principles-Based Regulation,Capital Markets Law Journal,Vol.3,Iss.4,p.456.
[21]Black J(2008).Forms and paradoxes of princiles–based regulation.Cap Mark Law J 3(4):425-457.
[22]刘燎原.蚂蚁金服推出备付金透明监管项目,央行可实时监测[J].法律与新金融,2015,(5).
[23]李有星,陈飞,金幼芳.互联网金融监管的探析[J].浙江大学学报(人文社会科学版),2014,(4).
[24]FSA,Principles-based regulation:Focusing on the outcomes that matter,http://www.fsa.gov.uk/pubs/other/principles.pdf,Dec.12,2015
[25]Ctistie Ford,Principles-Based Securities Regulation in the Wake of the Global Finacial Crisis,55 Mc Gi LL L.J.257,2010.
[26]乔安妮·凯勒曼,等.21世纪金融监管[M].张晓朴,译.北京:中信出版集团,2016.
[27]Carlos Conceicao&Rosalind Gray,Problems of Uncertainty,26int'l Fin.L.Rev.42,43,2007.
(1)如英国金融服务局(FSA)一共制定了11项原则:企业必须诚实经营;企业必须以适当技能、谨慎与勤勉的方式经营;企业必须采取合理注意的方式,负责、有效地实施内部治理,建立充分的风险管理体系;企业必须保持充足资本;企业必须遵守适当的行为标准;企业对于顾客的利益应给与适当关注,公正地对待他们;企业必须适当注意其委托人需要的信息,采用明确、公正、不让人产生误解的方式把信息提供给他们;企业必须公正地处理自己与顾客之间、顾客与另一委托人之间的利益冲突;企业必须实施合理注意义务,确保其建议对于客户的适当性;在负有义务的前提下,企业必须充分保护其委托人资产;企业必须以公开、合作的方式与监管机构交往,必须向金融服务局(FSA)适当披露金融服务局(FSA)合理期待的信息。
[2]Robert E.,In Defense of Much,But Not All,Financial Innovation,Feb.17,2010.
[3]Press Release,U.S.SEC,SEC Announces New Division of Risk,Strategy,and Financial Innovation,at http://www.sec.gov/news/press/2009/2009-199.htm,Sept.16,2009.
[4]Nouriel Roubini,Ten Fundamental Issues in Reforming Financial Regulation an Supervision in a World of Financial Innovation an Globalization,RGE Monitor,March 31,2008.
[5]Abba Lerner,The Economics of Control:Principles of Welfare Economics,Macmillon,1947,p.3.
[6]A.P.Lerner,The Economic Steering Wheel,7 THE UNIV.REVIW,Vol.257,1941.
[7]Black J(2010).The Rise,fall and fate of princiles-based regulation.LSE working paper 17/2010,London School of Economics and Political Science,p.34.
[8]刘媛.金融领域的原则性监管方式[J].法学家,2010,(3).
[9]刘庆飞.多重背景下的金融监管立法的反思与改革[M].上海:上海世纪出版集团,2015.
[10]Ec Ball Mp,Econ.Sec'y to the Treasury,Speech to the Treasury,http://www.hm-treasury.gov.uk/press_42_06.htm,June 14,2006.
[11]Jenny Anderson,U.S.Financial Sector Is Losing Its Edge,Report Says,N.Y.Times,Jan.22,2007,at 3.
[12]Hector Sants,Principles-Based Regulation:Lessons from the Sub-Prime Crisis,Speech at the Securities and Investments Institute Annual Conference,http://www.fsa.gov.uk/pages/Library/Communication/Speeches/2008/0515-hs.Shtml,May15,2008.
[13]李翰阳.从规则导向到原则导向——银行监管制度的法律经济学分析[D].北京:中国政法大学,2011.
[14]Financial Times,1 June 2008.
[15]Juia Black et al.,Making a Success of Principles-Based Regulation,1 Law&Fin.Markets Rev.191,193,2007.
[16]James J.Park,The Competing Paradigms of Securities Regulation,57 Duke L.J.625,634,2007;Harvey L.Pitt&Karen L.Shapiro,Securities Regulation by Enforcement:A Look Ahead at the Next Decade,7 Yale J.on Reg.148,166-167,1990.
[17]Bradley C.Karkkainen,Adaptive Ecosystem Management and Regulatory Penalty Defaults:Towards a Bounded Pragmatism,87 MINN.L.Rev.943,2003.
[18]Cristie L.Ford,Toward a New Model for Securities Law Enforcement,57 ADMIN.L.REV.757.791-792&806-810,2005.
[19]FSA,FSA Handbook,http://fsahandbook.info/FSA/html/handbook/.
[20]Julia Black,Forms and Paradoxes of Principles-Based Regulation,Capital Markets Law Journal,Vol.3,Iss.4,p.456.
[21]Black J(2008).Forms and paradoxes of princiles–based regulation.Cap Mark Law J 3(4):425-457.
[22]刘燎原.蚂蚁金服推出备付金透明监管项目,央行可实时监测[J].法律与新金融,2015,(5).
[23]李有星,陈飞,金幼芳.互联网金融监管的探析[J].浙江大学学报(人文社会科学版),2014,(4).
[24]FSA,Principles-based regulation:Focusing on the outcomes that matter,http://www.fsa.gov.uk/pubs/other/principles.pdf,Dec.12,2015
[25]Ctistie Ford,Principles-Based Securities Regulation in the Wake of the Global Finacial Crisis,55 Mc Gi LL L.J.257,2010.
[26]乔安妮·凯勒曼,等.21世纪金融监管[M].张晓朴,译.北京:中信出版集团,2016.
[27]Carlos Conceicao&Rosalind Gray,Problems of Uncertainty,26int'l Fin.L.Rev.42,43,2007.
(1)如英国金融服务局(FSA)一共制定了11项原则:企业必须诚实经营;企业必须以适当技能、谨慎与勤勉的方式经营;企业必须采取合理注意的方式,负责、有效地实施内部治理,建立充分的风险管理体系;企业必须保持充足资本;企业必须遵守适当的行为标准;企业对于顾客的利益应给与适当关注,公正地对待他们;企业必须适当注意其委托人需要的信息,采用明确、公正、不让人产生误解的方式把信息提供给他们;企业必须公正地处理自己与顾客之间、顾客与另一委托人之间的利益冲突;企业必须实施合理注意义务,确保其建议对于客户的适当性;在负有义务的前提下,企业必须充分保护其委托人资产;企业必须以公开、合作的方式与监管机构交往,必须向金融服务局(FSA)适当披露金融服务局(FSA)合理期待的信息。