编者提示：根据国际金融资本市场发展的最新动向和趋势，及时对本国的金融立法取向作出调整，以适应国际国内变动的需要

Editor hint:According to international financial capital market development of the latest trend and the trend,Timely the country's financial legislation orientation to make adjustment,To adapt to the needs of the international and domestic changes

　　自2011年始，中国证券法学术界和实务界开展了对《证券法》实施效果的评估工作，并拟在此基础上研究《证券法》的进一步修订。中国证监会已委托中国证券法学研究会进行学术评估。

Since the beginning of 2011,Chinese securities law academic circle and the practice circle began to[Securities law]The effect of implementation of the evaluation work,And quasi based on this study[Securities law]Further revision.The China securities regulatory commission has been entrusted the China securities law of research will be carried out academic evaluation.

　　《证券法》的修订对于券商创新无疑是具有重要意义的。中国的券商创新要有大的发展，券商创新的产品和工具，乃至证券市场的创新趋势，必须得到法律条文的认同和支持， 同时应借鉴他国经验。

[Securities law]Revision for the securities trader innovations is of importance.China's securities trader innovation will have big development,Brokers innovative products and tools,And the innovation of the securities market trend,Must have legal provisions for the recognition and support, At the same time we should use for reference the experience of other countries.

　　进入21世纪以来，以英国、德国、日本、韩国等国家为代表，金融法制出现了从以往的纵向的金融行业规制到横向的金融产品和金融服务规制的发展趋势，著名的日本《金融商品交易法》和韩国《资本市场法》即反映和确认了这一转变。

In the 21st century,In Britain/Germany/Japan/South Korea and other countries as a representative,Financial legal system appeared from previous longitudinal financial industry regulation to lateral financial products and financial services regulation development trend,Famous Japanese[Financial Commodity Exchange act]And South Korea[Capital ShiChangFa]That is reflected and confirmed the transformation.

　　日本的证券法转变为金融服务法制的进程，可以归纳为以1996年桥本龙太郎首相的“金融大爆炸”为起跳点的一个“三级跳”过程。

Japan's securities law into financial services process of the legal system,Can be summarized as prime minister ryutaro hashimoto... in 1996"Financial big bang"For the takeoff point a"Triple jump"process.

　　第一跳是2000年制定的《金融商品销售法》，第二跳就是2006年将《证券交易法》转换为《金融商品交易法》，第三跳就是以英国2000年的《金融服务与市场法》为模型，在不久的将来制定真正大一统的金融法制，即日本版的《金融服务与市场法》，将存款和保险商品也真正纳入统一规制中，实现横向统合规制的最终最高目标。

The first jump was instituted in 2000[Financial commodity selling],The second jump is 2006[Securities exchange act]Conversion for[Financial Commodity Exchange act],The third is to jump Britain's 2000 years[Financial services and ShiChangFa]For model,In the near future real financial legal system for united,Now this[Financial services and ShiChangFa],Will deposit and insurance commodity also really into unity in regulation,Realize transverse integration regulation ultimate highest goal.

　　2006年制定的日本《金融商品交易法》是对1948年制定的《证券交易法》全面修改后变更的名称。形式上是对迄今为止的《证券交易法》的修改，但其实质可以说是制定了一部金融服务法堪称日本战后50年以来金融法制改革之创举，是民法法系国家最典型、最具代表性的金融服务法，其诞生迎合了金融商品（金融服务）、金融组织和金融监管的多元化、统合化的发展趋势，在规范模式与内容上，均与传统的金融法不同。

Japan enacted in 2006[Financial Commodity Exchange act]Is set in 1948[Securities exchange act]Overall the revised the name of the change.To form is so far[Securities exchange act]changes,But its essence can be said to be established a financial services act can be Japan's post-war 50 years since the financial legal system reform of the world,Civil law countries is the most typical/The most representative financial services act,Its birth cater to the financial commodity(Financial services)/Financial organizations and the diversification of financial supervision/The development trend of identity change,In the standard model and content,With the traditional finance law are different.

　　日本奉行实用主义的立法哲学，能够根据国际金融资本市场发展的最新动向和趋势，及时对本国的金融立法取向作出调整，以适应国际国内变动的需要，对金融立法的横向化趋势，分阶段有效地进行推动。2006年的《金融商品交易法》实现了从传统《证券交易法》到“过渡型”的金融服务法的转变。该法最大限度的将其认为投资性的金融商品及投资服务作为适用对象，有相同经济机能的适用相同的规章，以构筑从销售、劝诱到资产管理和投资建议的横向、全方位的行业规制和行为规制的基本框架。《金融商品交易法》彻底修改了《证券交易法》，从以往的纵向行业法转变为以保护投资者为目的的横向统合法制，对金融法制体系进行了改革，制定了目前世界上最先进的证券金融法制之一，特别是其金融法制的横向统合规制的制度设计，值得包括中国在内的其他民法法系国家借鉴和参考。

Japan pursues the legislation of pragmatism philosophy,According to international financial capital market development of the latest trend and the trend,Timely the country's financial legislation orientation to make adjustment,To adapt to the needs of the international and domestic changes,On the financial legislation transverse trend,Effectively promote stages.2006[Financial Commodity Exchange act]Realized from the traditional[Securities exchange act]to"transitional"The change of financial services act.The maximum limit will be its think investment financial products and investment services as applicable objects,Have the same economic function covered by the same rules,To build from sales/Coax to asset management and investment advice transverse/A full range of industry regulation and behavior regulation of the basic framework.[Financial Commodity Exchange act]Thoroughly changed the[Securities exchange act],From the previous longitudinal industry transformation method for to protect investors for the purpose of transverse identity legal system,On the financial legal system reform,Make the current of the world's most advanced one of securities finance legal system,Especially the financial legal system of transverse integration regulation system design,Worth, including China, other civil law countries reference and reference.

　　再看韩国。为顺应国内金融市场的变化和国际金融服务法制的发展趋势，以英国2000年《金融服务与市场法》为蓝本，并借鉴和参考2001年澳大利亚《金融服务改革法》，韩国政府于2003年初提出了制订“资本市场统合法”的计划，并于2003年8月公布将《银行法》、《证券交易法》、《保险业法》等合计41种金融相关法律予以统合的“金融统合法”方案，让金融市场、金融机构能提高其附加价值及全球竞争力，使韩国首尔成为东北亚的金融中心。韩国“金融统合”实为韩国金融法律创新的雄心壮举。

Look at South Korea.In order to adapt to the change of the domestic financial market and international financial services development trend of the legal system,Based in the UK in 2000[Financial services and ShiChangFa]As the chief,And reference and reference in Australia in 2001[Financial services reform act],The south Korean government in early 2003 set is put forward"Capital market legal system"plan,And in August 2003 announced[Banks]/[Securities exchange act]/[Insurance method]Total and 41 kinds of financial related laws shall be of identity"Financial system legal"scheme,Let the financial market/Financial institutions can improve its additional value and global competitiveness,Make Seoul become the financial center of northeast Asia.South Korea"Financial integration"South Korean financial legal innovation is the ambitious project.

　　《资本市场统合法》特别强调通过改革规范，培育金融投资业，使其能发挥其最大作用，带动整个金融业的发展，另通过严格的投资者保护，提升投资者对资本市场充分的信心，促进金融创新与竞争，提高金融市场竞争力。由此看出，《资本市场统合法》的金融产业政策法的色彩较为浓厚，体现了韩国急于培育大型投资银行，增强国际竞争力，使韩国资本市场成为东北亚区域金融中心的强烈愿望。

[Capital market legal system]Special emphasis on through the reform specification,Cultivating financial investment business,Make it can exert its maximum effect,Promote the development of the entire financial industry,The other through the strict investor protection,Ascension investors in the capital market full of confidence,Promote the financial innovation and competition,Improve the financial market competitiveness.From that,[Capital market legal system]Financial industrial policy law color relatively strong,Embodies the South Korea to cultivate large investment Banks,The enhancement of international competitiveness,Make south Korean capital markets become northeast Asia's financial center's strong desire.

　　《资本市场统合法》的一个亮点是扩大金融投资公司的业务范畴。韩国的旧金融法规严格限制证券公司、期货公司、资产运用公司、信托公司等金融机构相互间的兼营，即一个金融公司仅能经营一个业务，不得兼营其他业务。《资本市场统合法》允许投资买卖业、投资中介业、集合投资业、投资咨询业、投资委托业、信托业等六个行业间可相互兼营，即可以设立兼营所有业务的巨无霸——“大型综合金融投资公司”。

[Capital market legal system]A window is to expand financial investment business category.South Korea's old financial regulations strictly limited stock company/Futures companies/Assets using company/Trust companies, and other financial institutions as well as between each other,That is a financial company can only run a business,Shall not be engaged in other business.[Capital market legal system]Allow investment trading industry/Investment brokerage industry/Set investment business/Investment consulting/Entrusted investment industry/Trust industry and so on six industry as well as among each other,Namely may establish engaged in all business big MAC --"Large comprehensive financial investment company".

　　与日本《金商法》相比，韩国《资本市场统合法》的意义和作用更为广泛。其不仅仅是规制证券交易、金融投资商品、金融商品的交易和金融投资业者、金融交易业者的行为，更主要的是更具金融产业法的特性，其重要目的是培育具有国际竞争力的金融投资集团。

And Japan[Gold commercial law]Compared with,South Korea[Capital market legal system]The significance and role of more widely.It is not only a regulation of securities trading/Financial investment goods/Financial commodity trading and financial investment industry/Financial transactions operator behavior,More important are more financial industry characteristics of the method,The important aim is to cultivate internationally competitive financial investment group.

　　从整体来说，该法的施行有利于资本市场的良性发展。企业通过资本市场筹措资金的比率增加，可提升资本市场的资金中介功能。企业除传统的股票、债券等之外，还可通过多样化的新型证券，并结合信贷与市场筹措的流动性资金，形成复合性、多元化的筹资方法。同时，多样化的衍生品可为企业回避在经营过程中所可能发生的风险提供避险工具。《资本市场统合法》的实施，促成证券经纪商转型为综合投资银行，并进而将首尔打造成为东北亚金融中心，以振兴韩国经济。韩国《资本市场统合法》与日本并驾齐驱，毫不逊色，成为民法法系国家金融服务法的典型代表，为全世界金融立法和金融法治做出了重要贡献。

From the overall,The method is helpful to the implementation of the positive development of capital market.Enterprise through the capital market financing rate increase,It can improve the capital market capital intermediary function.Enterprise besides the traditional stock/Bonds outside,Still can through the diversification of new securities,Combined with credit and market financing of liquidity,Formation compound/Diversified financing methods.At the same time,The diversity of derivatives can be avoided in for the enterprise in the operation process of the possible risk provide hedge tool.[Capital market legal system]implementation,A securities broker to transformation into a comprehensive investment bank,And then will make Seoul northeast Asia financial center,To revitalize the south Korean economy.South Korea[Capital market legal system]And Japan's neck and neck,No less,Civil law countries as the typical representative of financial services act,For the world financial legislation and financial law made an important contribution.

　　这一动态显示了国际券商改革和创新的发展趋势，同时也向我们昭示了对资本市场法律环境进行大胆突破的重要性。

The dynamic display of the international securities trader reform and innovation development trend,At the same time also tells us the capital market legal environment for the importance of bold breakthrough.

　　（作者为中国人民大学法学院教授）

(The author is a professor of people's university of China)