目前的金融监管规则铺天盖地，不排除其中有政出多门、多层和多时的现象，有些让银行无从招架，当务之急是从战略上进行框架性的、系统性的金融立法，抓紧修订商业银行法、证券法和保险法，以适应金融实践的发展文

The current financial supervision rules blots out the sky,Would not rule out there are government out of many/Multilayer and the phenomenon of it,Some Banks have no way to parry,From strategic priority on the frame/Systemic financial legislation,Revision to commercial Banks/Securities law and insurance law,To adapt to the development of financial practice text

    自2008年全球金融危机爆发以来，大批的金融机构重组、倒闭，紧接着的欧债危机又将欧洲各国拉入泥淖，同样影响了全球的经济和金融格局。时至今日，各种贸易保护主义抬头，世界多个地区频繁爆发政治社会冲突，可以说是危机的余震一直延续至今。那么，在后危机时代，我国的金融业监管又有哪些问题亟待反思与探求？

    Since the 2008 years since the outbreak of the global financial crisis,A large number of financial institutions restructuring/collapse,Immediately after the European debt crisis and European countries to pull into the mire,Can also affect the global economic and financial structure.today,All kinds of trade protectionism growth,The world more frequently outbreak in political and social conflict,Can be said to be crisis aftershocks continue so far.so,In crisis era,China's financial sector supervision and have what problem to be reflection and exploration?

　　2012年10月28日，由上海法学会银行法律实务研究中心和上海交通大学凯原法学院主办、法人杂志协办的“后危机时代金融监管及法律体系重构研讨会”在上海举行，正是对此问题的一次集中讨论。

On October 28, 2012,By the Shanghai law bank law practice research center and Shanghai jiaotong university law school kay original host/Corporate magazine assisted"After the crisis era of financial supervision and legal system reconstruction seminar"Held in Shanghai,This problem is a focus on.

　　“大”和“大而不能倒”的挑战 "big"and"Big and can't fall"challenge

　　金融业的国际化有目共睹，面对金融业跨国界、跨行业的竞争，中国金融行业的“综合金融”发展也逐渐提上了日程。虽然目前相关监管机构仅批准了少数金融机构开始了综合金融试点，但成立金融控股公司、走综合金融之路的倾向已经在业内非常明显。

Financial internationalization be obvious to all,In the face of financial industry across national borders/Cross-industry competition,China's financial industry"Comprehensive financial"Development also gradually brought into schedule.Although at present the relevant supervisory agency only approved a few financial institutions started comprehensive financial pilot,But established financial holding company/Walk the road of comprehensive financial tendency has been in the industry is very obvious.

　　中国平安(601318,股吧)保险（集团）有限公司首席律师姚军认为，综合金融之路是市场竞争的必然结果。从理论上说，一个金融集团涉及到银行、保险、信托、基金等多个行业的业务，集团内部可以发挥协同效应的优势，集团更加有活力，应对风险的能力也更高。

China peace(601318,guba)insurance(group)Co., LTD., the chief lawyer YaoJun think,Comprehensive financial road is the inevitable result of market competition.In theory,A financial group involves the bank/insurance/trust/Fund and other industries business,Group internal can play the advantage of synergistic effect,Group more vitality,Deal with the ability of the risk is also higher.

　　据平安银行(000001,股吧)首席内控执行官周立介绍，目前综合金融的类型主要有四类。一是银行进军信托、保险、租赁等行业，代表有中国银行(601988,股吧)、招商银行(600036,股吧)等；二是保险进军银行和信托等，例如中国平安、中国人寿(601628,股吧)等；三是一些国有企业涉足金融行业，例如早期的光大集团、中信集团和近期的中粮集团、中石油等；四是地方政府大力推进金融集团的建设，比如上海。

According to ping an bank(000001,guba)Chief executives ZhouLi internal control is introduced,At present the comprehensive financial types mainly has four categories.One is the trust bank/insurance/Leasing industry,Representative have the bank of China(601988,guba)/Merchants bank(600036,guba), etc;The second is insurance into Banks and trust, etc,For example, China ping an/China life(601628,guba), etc;The third is some state-owned enterprise in the financial industry,For example early everbright group/Citic group and recent cofco/Petrochina and;The fourth is the local government to vigorously push forward the construction of the financial group,Such as Shanghai.

　　但是，在具有更大优势的同时，金融集团也面临着更大的风险。姚军认为，金融集团的覆盖面广，如果不能有效地进行风险对冲的话，所涉行业的风险就会传导或者叠加，系统性影响和外部性影响也更大，比如“大而不能倒”的问题，当政府需要拿纳税人的钱去救一家大型金融集团的时候，企业是否又面临着道德风险呢？

but,In a greater advantage at the same time,Financial group is faced with more risk.YaoJun think,Financial group of coverage,If you can't effectively to hedge against words,The risk of industry involved will conduction or stack,Systematic influence and externalities and more big,For example"Big and can't fall"problems,When the government needs to take the taxpayer's money to save a large financial group's time,Enterprise whether it is faced with the moral risk??

　　针对大型金融机构“大而不能倒”的问题，香港金融管理局副首席法律顾问张少慧女士介绍说，香港已经建立了一项成熟的银行处置制度，是政府拿公费去救大金融机构之外的另一项选择。不过处置行动必须在两个基础上进行，一是这家金融机构的业务还可以持续，其财政困难还有机会解决，那么监管机构就通过处置行动来帮助金融机构维持部分或全部业务；另一种是金融机构的困难已经非常严重，监管机构的处置行动是为了尽量避免其倒闭对系统性的负面影响。

According to large financial institutions"Big and can't fall"problems,Hong Kong monetary authority deputy chief legal adviser ZhangShaoHui lady said,Hong Kong has established a mature bank disposal system,Is the government take fee to save the big financial institutions outside of the another choice.But disposal action must be in two basis,One is the financial institutions business can also continued,The financial difficulties still have a chance to solve,So regulators will through the disposal action to help financial institutions to maintain part or all of the business;Another kind is the difficulty of financial institutions has been very serious,Regulators disposal action is in order to avoid the collapse of a systematic negative effects.

　　“但这并不代表我们的处置制度已经完善，我们也在不断地检讨。”张少慧表示。

"But this doesn't mean we disposal system has perfect,We also in constant review."ZhangShaoHui said.

　　制度冲突提高金融机构合规成本 System conflict improve financial institutions compliance costs

　　面对金融业实践的发展和挑战，金融监管的要求也水涨船高，2008年以来的金融危机更加提高了各国政府以及国际金融监管机构对于金融业的管控，大量的法律和政策相继出台。但一些法律与监管政策本身也遭遇到质疑，金融机构的合规成本居高不下。

In the face of financial industry practice and challenges,The requirements of financial supervision is rising,Since 2008 financial crisis more improve the governments and the international financial regulators for financial control,A large number of law and policy releasing.But some legal and regulatory policy itself also encounter question,Financial institutions compliance cost remains high.

　　交通银行(601328,股吧)法律合规部副总经理栾立冰感叹，感觉目前的监管规则“铺天盖地”，不排除其中有政出多门、多层和多时的现象，有些让银行无从招架。他举例说，比如金融机构股息政策的问题，银监会和证监会的要求之间就会有冲突。此外，在宏观政策、流动性要求、跨地区监管、中间业务监管、特殊风险领域的监管等方面，国家相关部门密集出台了很多政策，有些无法协调和冲突的内容让银行不知该如何做才能合规。

Bank of communications(601328,guba)Legal compliance of vise general manager LuanLiBing exclamation,Feel the current regulatory rules"Blots out the sky",Would not rule out there are government out of many/Multilayer and the phenomenon of it,Some Banks have no way to parry.He said one example,Such as financial institutions dividend policy problems,The requirements of the banking regulatory commission (CBRC) and securities regulatory commission between will have conflict.In addition,In the macroscopic policy/Liquidity requirements/Cross-regional supervision/Intermediate business supervision/In the field of special risk supervision, etc,The relevant state departments intensive introduced a lot of policy,Some can't coordinate and conflict content to the bank didn't know how to do ability to compliance.

　　汇丰银行亚太区首席法律顾问伍成业则坦言了在跨国金融机构做法务的“疲于奔命”。他分析说，金融危机以来，由于各国政府和金融监管机构都在颁布各种要求以避免危机的再次出现，特别是防止境外机构业务对境内的不良影响，像汇丰这样的金融集团遭遇了很大的合规挑战。

HSBC bank Asia Pacific chief legal adviser, said WuChengYe in international financial institutions to the legal affairs"Bustle about".He said the analysis,Since the financial crisis,By governments and financial regulators are enacted requirements in order to avoid crisis appeared again,Especially overseas institutions to prevent business within the territory of the adverse effects,Like HSBC such financial group had a lot of compliance challenge.

　　具体而言，金融危机以来的新的监管规定主要集中在两大方面，一是对风险的管理，要求银行加强资本的充足率，尽量减低金融集团内部成员之间相互影响的水平；二是加强了对金融投资者和消费者的保护，例如，有监管规则要求银行销售理财产品的员工收入不得与其销售产品的数量挂钩。银行的合规成本为此大为增加。

In particular,Since the financial crisis of the new regulations are mainly concentrated in two aspects,One is to risk management,Require Banks to strengthen the capital adequacy ratio,Try to reduce financial group internal members of influencing each other between level;The second is to strengthen the financial investors and consumer protection,For example,A regulatory rules for Banks to sell the financial products and sales staff income may not be the quantity of products hook.Bank's compliance costs to increase greatly.

　　周立则对我国对金融行业施行的分业经营、分业监管制度设计本身提出了反思。他认为，在这样的监管体系下，现在综合金融试点中的很多混业经营业务主要靠一些规范性文件来指导，法律层级过低。对于什么样的机构可以有资质成立金融控股公司，目前法律上也没有明确规定，导致不少行政审批的事项以及尺度不统一的现象。

ZhouLiZe to our country and to the financial industry of separated operation/The dividing of the supervision system design itself puts forward reflection.He thinks,In such a regulatory system,Now many of pilot comprehensive financial mixed operation business, mainly by some normative documents to guide,The law level is too low.For what kind of institution can have aptitude established financial holding company,At present the law also did not make clear a regulation,Lead to a lot of administrative examination and approval matters and scale not unified phenomenon.

　　“当务之急是从战略上进行框架性的、系统性的金融立法。”周立表示，“商业银行法、证券法和保险法这三部基本的法律也亟需调整修订，以适应金融实践的发展。”

"From strategic priority on the frame/Systemic financial legislation."ZhouLi said,"Commercial Banks/Securities law and insurance law of the three basic laws also needs adjustment revision,To adapt to the development of financial practice."

　　未来监管制度建设的建议 The future of the construction of the supervision system suggestion

　　面对大型金融集团的产生和现有监管制度中的缺陷，法律和监管体系应该怎么做？

In the face of large financial group's production and the existing defects of the supervision system,Legal and regulatory system should do?

　　姚军强调了公司法修订的重要性。他认为，金融集团要发挥出协同效应的优势、避免大集团的风险叠加和传导，就必须要求整个集团有强有力的管治，包括集团公司的治理、子公司的治理以及集团公司对子公司的管理。

YaoJun emphasized the importance of the revised company law.He thinks,Financial group to play the advantages of synergistic effect/To avoid the risk of large group superposition and conduction,We must demand the whole group has strong governance,Including group company governance/Subsidiary company management and the management of the group company.

　　但是，公司法关于治理已经明确了独立法人的有限责任原则，那么金融集团公司该如何面对自己的子公司，集团的统一战略如何能够在具有有限责任的独立法人地位的子公司之间得到贯彻。如果集团公司对于子公司的干预过多的话，是否又应该承担相应的、更大的责任？

but,Corporation law about management have already been clear about the independent legal person limited liability principle,So the financial group company how to face their own subsidiary,How can the unity of the group strategy with limited liability of the independent legal person status between subsidiary carried through.If the group company subsidiary to the intervention of the words too much,Whether or not and should bear the corresponding/Greater responsibility?

　　“公司法没有涉及到公司集团的规定，关于控股公司的责任应当进行明确，这样金融集团公司才有可能发挥优势、避免劣势。”姚军认为。

"Company law not covered by the provisions of the group of companies,About the responsibility of the holding company shall be clearly,This financial group company can be bring into full play the advantages/To avoid the disadvantage."YaoJun think.

　　周立也认为，当务之急是研究综合金融的立法框架，尽快出台针对金融控股公司的法律，明确其资质和责任等，并且修订现有的商业银行法、证券法和保险法与之相衔接。

ZhouLi also think,The urgent task is to study comprehensive financial legislation framework,Come as soon as possible for financial holding company law,Clear the qualification and responsibility, etc,And revision of existing commercial Banks/Securities law and insurance law and the phase cohesion.

　　张少慧则提出了金融监管制度与破产法衔接的问题，这在处理“大而不能倒”的问题时尤为重要。

ZhangShaoHui, puts forward the financial supervision system and bankruptcy law on the problem,In dealing with this"Big and can't fall"The problem is particularly important.

　　她表示，建立一个跨境的处置制度是非常复杂的，如果监管机构要实现有效地处置而避免政府用纳税人的钱去救银行，那么，监管机构必须拥有相应的权力，包括在金融机构出现困难的时候，监管机构有权采取措施、有权促进金融机构与第三者的并购、有权将金融机构的债权人变为股东、有权成立临时性机构处理金融机构的部分业务等等，而这些可能与现有的破产法产生冲突，需要修改破产法的相应条款后才能实现。

She says,To establish a trans-national disposal system is very complicated,If regulators to realize effective disposal and avoid the government is using taxpayers' money to rescue Banks,so,Regulators must have the corresponding power,Included in the financial institutions in difficult times,Regulators have the right to take measures/Has the power to promote financial institutions and the third party m&a/Financial institutions shall have the right to creditors to shareholders/Has the right to deal with financial institutions established temporary agencies part of the business and so on,While these may conflict with existing bankruptcy law,Need to modify the relevant clause after the bankruptcy law can be achieved.

　　“相对其他社会领域的立法，我们的经济立法和法律修订都比较慢，实际指导金融业实践的法律规定的层级大部分比较低，相互之间的冲突也就容易出现，这种局面亟需改变。”栾立冰建议说。

"Relative to other social areas of legislation,Our economic legislation and legal revision is slow,Actual guiding the practice of financial law most level is low,The conflict between each other is easy to appear,This situation need to change."LuanLiBing suggested.