金融行为监管模式分析与国际经验借鉴
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摘要
在国际金融监管发展中,各国在制定金融体制和监管立法时,甚至国际监管规则,普遍倾向于审慎监管,强调金融机构维护金融体系稳定的作用,而自2008年金融危机后,逐步重视行为监管,强调对金融机构间的交易行为的监管和对金融消费者的权益保护。强化行为监管,无疑是弥补双峰监管理念的短板,形成审慎监管与行为监管有效互补的监管框架。本文从行为监管的认识层次、模式划分和实践探索的角度,探究行为监管理念的演进、存在形式,总结了主要国家行为监管的实践经验,旨在为我国新时代下金融监管机制如何纳入行为监管机制提供借鉴。
In the development of international financial supervision, when countries formulate financial system and regulation legislation a, even international supervision rules, they generally tend to exercise prudent supervision, emphasizing the important role of financial institutions in maintaining the stability of the financial system. However, since the global financial crisis in 2008, they have gradually attached importance to behavioral supervision, emphasizing the protection of the rights and interests of financial consumers.Strengthening behavioral supervision undoubtedly makes up a shortcoming of the twin peaks supervision conception, and a regulatory framework of effective complementation between prudential supervision and behavioral supervision is formed.From the perspective of understanding level, pattern division and practical exploration of behavior regulation, this paper explores the evolution and existing form of the concept of behavior regulation, and summarizes the practical experience of major national behavior regulation, aiming at providing reference for the financial regulation mechanism in the new era of China on how to be included in the behavior regulation mechanism.
In the development of international financial supervision, when countries formulate financial system and regulation legislation a, even international supervision rules, they generally tend to exercise prudent supervision, emphasizing the important role of financial institutions in maintaining the stability of the financial system. However, since the global financial crisis in 2008, they have gradually attached importance to behavioral supervision, emphasizing the protection of the rights and interests of financial consumers.Strengthening behavioral supervision undoubtedly makes up a shortcoming of the twin peaks supervision conception, and a regulatory framework of effective complementation between prudential supervision and behavioral supervision is formed.From the perspective of understanding level, pattern division and practical exploration of behavior regulation, this paper explores the evolution and existing form of the concept of behavior regulation, and summarizes the practical experience of major national behavior regulation, aiming at providing reference for the financial regulation mechanism in the new era of China on how to be included in the behavior regulation mechanism.
引文
[1]Taylor M.W.Twin Peaks:A Regulatory Structure for the New Century[J].Center for the Study of Financial Innovation,Iss.12,1995.
[2]钟震,董小君.双峰型监管模式的现状、思路和挑战——基于系统重要性金融机构监管视角[J].宏观经济研究,2013(2).
[3]孙天琦.金融业行为、风险行为监管与金融消费者保护[J].金融监管研究,2015(3).
[4]孙天琦.金融消费者保护:行为经济学的理论解析与政策建议[J].西部金融,2014(5).
[5]Llewellyn D T.Institutional structure of financial regulation and supervision:the basic issues[C].World Bank seminar A-ligning Supervisory Structures with Country Needs,Washington DC,6th and 7th June,2006.
[6]廖岷.对危机后银行业“行为监管”的再认识[J].金融监管研究,2012(1).
[7]Taylor M.The Road from“Twin Peaks"and the Way Back[J].Connecticut Insurance Law Journal,2009(16).
[8]何剑锋.论我国互联网金融监管的法律路径[J].暨南学报(哲学社会科学版),2016(1).
[9]刘鹏.金融消费权益保护:危机后行为监管的发展与加强[J].上海金融,2014(4).
[10]高田甜,陈晨.基于金融消费者保护视角的英国金融监管改革研究[J].经济社会体制比较,2013(3).
[11][16]冯乾,侯合心.金融业行为监管国际模式比较与借鉴——基于“双峰”理论的实践[J].财经科学,2016(5).
[12]于晓东,关于互联网金融业态在我国分业金融环境下的证券业发展实务问题探讨和研究[D].硕士毕业论文,上海交通大学,2013.
[13]World Bank.Global Survey on Consumer Protection and Financial Literacy:Results Brief[EB/OL].http://responsible finance.World bank.org/.2013.
[14]叶文辉.“双峰型”金融监管模式的国际实践及对我国的启示[J].金融发展评论,2015(10).
[15]徐云松.我国金融行为监管体系的构建与发展研究:国际经验与借鉴[J].征信,2016(8).
[17]董小君.在借鉴国际经验中补我国金融监管体系的短板[J].理论探索,2018(1).
(1)资料来源:World Bank.Global Survey on Consumer Protection and Financial Literacy:Results Brief[EB/OL].http://responsible finance.World bank.org/.2013.
(1)金融消费者保护特殊性是指基于维护市场公平本质的社会利益需要,作为社会商品和服务消费者保护之一种的“金融消费者保护”,是否需要基于金融产品和服务的特殊性而与一般消费者保护有所区别。
(1)“三方金融监管”是指英国的财政部、英格兰银行、金融服务局组成的基于原则的统一监管模式。
(2)“双层”是指美国联邦和州两个层面;“多头”是指每个层面上有多家监管机构。
(1)在2018年3月的机构改革中,“一行三会”的监管机构框架转变为“一行两会”的监管机构框架,其中银行业监督管理委员会与保险业监督管理委员会合并成为银行保险监督管理委员会。
[2]钟震,董小君.双峰型监管模式的现状、思路和挑战——基于系统重要性金融机构监管视角[J].宏观经济研究,2013(2).
[3]孙天琦.金融业行为、风险行为监管与金融消费者保护[J].金融监管研究,2015(3).
[4]孙天琦.金融消费者保护:行为经济学的理论解析与政策建议[J].西部金融,2014(5).
[5]Llewellyn D T.Institutional structure of financial regulation and supervision:the basic issues[C].World Bank seminar A-ligning Supervisory Structures with Country Needs,Washington DC,6th and 7th June,2006.
[6]廖岷.对危机后银行业“行为监管”的再认识[J].金融监管研究,2012(1).
[7]Taylor M.The Road from“Twin Peaks"and the Way Back[J].Connecticut Insurance Law Journal,2009(16).
[8]何剑锋.论我国互联网金融监管的法律路径[J].暨南学报(哲学社会科学版),2016(1).
[9]刘鹏.金融消费权益保护:危机后行为监管的发展与加强[J].上海金融,2014(4).
[10]高田甜,陈晨.基于金融消费者保护视角的英国金融监管改革研究[J].经济社会体制比较,2013(3).
[11][16]冯乾,侯合心.金融业行为监管国际模式比较与借鉴——基于“双峰”理论的实践[J].财经科学,2016(5).
[12]于晓东,关于互联网金融业态在我国分业金融环境下的证券业发展实务问题探讨和研究[D].硕士毕业论文,上海交通大学,2013.
[13]World Bank.Global Survey on Consumer Protection and Financial Literacy:Results Brief[EB/OL].http://responsible finance.World bank.org/.2013.
[14]叶文辉.“双峰型”金融监管模式的国际实践及对我国的启示[J].金融发展评论,2015(10).
[15]徐云松.我国金融行为监管体系的构建与发展研究:国际经验与借鉴[J].征信,2016(8).
[17]董小君.在借鉴国际经验中补我国金融监管体系的短板[J].理论探索,2018(1).
(1)资料来源:World Bank.Global Survey on Consumer Protection and Financial Literacy:Results Brief[EB/OL].http://responsible finance.World bank.org/.2013.
(1)金融消费者保护特殊性是指基于维护市场公平本质的社会利益需要,作为社会商品和服务消费者保护之一种的“金融消费者保护”,是否需要基于金融产品和服务的特殊性而与一般消费者保护有所区别。
(1)“三方金融监管”是指英国的财政部、英格兰银行、金融服务局组成的基于原则的统一监管模式。
(2)“双层”是指美国联邦和州两个层面;“多头”是指每个层面上有多家监管机构。
(1)在2018年3月的机构改革中,“一行三会”的监管机构框架转变为“一行两会”的监管机构框架,其中银行业监督管理委员会与保险业监督管理委员会合并成为银行保险监督管理委员会。