早在5年前，“金融大部制”就已开始各种猜想。然而，由于混业经营的市场基础及法律框架仍有待完善，金融大部制在2008年成为了一场“传说中的神话”。

As early as five years ago,"Finance the super-ministries"It has started to all kinds of guess.However,,Because of the mixed operation market basis and legal framework remains to be perfect,Finance the super-ministries was established in 2008 to a"The legendary myth".

　　5年之后，中国一大批金融控股公司脱颖而出，加上金融业并购行为的频频发生，以及国际金融公司在本土市场的介入，混业经营的市场基础已初现雏形。与此同时，银监会、证监会、保监会等监管机构开始在混业经营的法律政策方面进行先期的探索，“金融业的统一监管问题”被给予越来越多的重视。

After 5 years,A large number of financial holding companies in China,And the behavior of the financial industry mergers and acquisitions happen frequently,And the international finance corporation in the involvement of the local market,Mixed operation at the beginning of the foundation of the market has now.At the same time,Banking regulatory commission (CBRC)/China securities regulatory commission/Mixed operation of circ and regulators in the law policy of the first,"The unity of the financial industry regulatory problems"Been given more and more attention.

　　金融业的统一监管到底离我们有多远？来自中央机构编制委员会的相关人士向《中国经营报(博客,微博)》记者透露，从目前以及2013年的情况来看，金融业统一监管的问题仍未提上议程。

The unity of the financial industry regulatory exactly how far away from us?From the central committee of the agency and staffing of the relevant personage to[China business news(The blog,Micro bo)]reporters,From the current and the situation of 2013,Financial unified supervision of the problem is still not put on the agenda.

　　分业监管问题多多 Supervised the problem a lot

　　2012年底，建设银行(601939,股吧)和工商银行(601398,股吧)正在申请A股承销牌照的消息，再次引发了市场对于金融业是否需要混业经营的讨论。事实上，在此之前，平安集团在保险、银行业的混业经营，即已引发了人们对于当前分业监管所面临挑战的关注。

At the end of 2012,China construction bank(601939,Shares!)And industrial and commercial bank of China(601398,Shares!)Is applying for a-share underwriting license plate of the news,Again cause the market to the financial industry mixed operation of whether to need to discuss.As a matter of fact,Before this,Peace group in insurance/The mixed operation of banking,Which has caused the people to the attention of the current challenges facing supervised.

　　伴随中国金融机构的混业经营渐渐进入深水区，分业监管的问题已日渐突出。

Along with the mixed operation of China's financial institutions gradually into the deep water area,Supervised the problems has increasingly prominent.

　　早在2007年，由祁斌，王欧在其译著的世界银行报告中就指出“机构监管的主要潜在问题是不同监管机构对于不同金融机构相类似的金融业务可能采取不同的监管体制和标准，造成过度监管或监管缺位现象的产生，并导致监管套利的出现。”

As early as in 2007,By QiBin,King of Europe in the translation of the world bank report pointed out"Institutions supervision is the main potential problems of different regulatory agencies for different financial institutions similar financial business may adopt different regulatory system and standards,Caused by excessive regulation or supervision of the phenomenon of the absence,And lead to the emergence of regulatory arbitrage."

　　“同时，随着混业经营的日益普遍，机构监管模式与金融市场和金融机构的发展趋势日益显出明显差距，造成金融监管与金融市场发展的脱节，不利于金融市场的稳定发展。”

"At the same time,Along with the increasing of mixed operation of common,Institutions supervision mode and the development trend of financial markets and financial institutions is becoming more and more show obvious gap,Cause of financial supervision and financial market development,Go against the stability of financial market development."

　　2008年金融危机及其引发的全球性金融震荡，更是引发了人们对分业监管弊端的关注，以及对于统一监管体制的研究和探索。

Financial crisis in 2008 and caused by the global financial turbulence,But also cause the attention of the drawback of supervised,And the unified regulation system of research and exploration.

　　在这场金融海啸中，众多发达国家的金融巨舰倾覆，华尔街五大独立投行更是全军覆没，但秉承审慎和保守理念的日本金融机构的表现却令人刮目相看，三菱UFJ集团购入摩根士丹利20%的股份，野村证券公司以2.25亿美元的价格收购美国雷曼兄弟公司欧洲及亚洲地区的业务。

In the financial tsunami,Many developed countries financial frightened enemy overthrown,The five independent investment Banks on Wall Street is completely annihilated,But with careful and conservative ideas of the Japanese financial institutions but the performance of a sit up and take notice,Mitsubishi UFJ group purchased a 20% stake in Morgan Stanley,Nomura securities company for $225 million acquisition of Europe and the United States lehman brothers Asia business.

　　对此，中国法学会证券法学研究会会长、中央财经大学法学院教授郭锋指出：“我国金融衍生产品的发展和金融混业经营的趋势将对现有的金融监管模式和金融法治提出新的挑战。此次危机虽未对我国的金融安全和金融体系造成大的影响，但从长远战略来看，探讨金融商品的横向统一规制、资本市场统合立法具有重要意义。”

this,Of the securities law under China law society/The central university of finance and economics law school professor GuoFeng said:"The development of China's financial derivatives and the trend of financial mixed operation to the existing mode of financial supervision and financial challenges the rule of law.The crisis is not on our country's financial security and impact of the financial system,But from a long-term strategic perspective,Explore the transverse unified regulation of financial products/Capital market integration legislation is of great significance."

　　安徽大学齐美东教授则表示，“伴随金融业竞争的加剧，金融业的并购将不再是简单的同业合并，而是银行、保险、证券、信托等跨行业的优势互补的并购，这就导致分业经营已然举步维艰，分业监管更是难上加难。”

East anhui university, the professor said,"Along with the financial competition,Mergers and acquisitions in the financial sector will no longer is a simple trade merger,But the bank/insurance/securities/Trust, such as three-dimensional complementary advantages of mergers and acquisitions,This will lead to financial companies already crippled,Much less supervised."

　　“在面对金融创新的时候，只要某个产品牵涉到两个或两个以上部门，监管持续时间长，监管成本增加，其监管效率就大大降低。金融监管体制改革必须从系统论出发，实行统一监管，以降低交易成本。”齐美东教授表示。

"In the face of financial innovation,As long as a product involves two or more departments,Supervision duration is long,Supervision cost increase,The regulation efficiency is greatly reduced.Financial supervision system reform must be based on system theory,Unified supervision,In order to reduce transaction costs."Professor qi beauty east said.

　　混业经营倒逼改革 Mixed operation DaoBi reform

　　除了对金融创新的约束之外，法律与标准的不统一也正影响到企业的经营行为。举例来说，一家横跨银行、保险行业的金融企业在资本市场进行再融资的时候，会面临证监会增发审批、保监会募集资金用途、银监会收购审核等一系列审核，由于监管差异性的要求，企业很可能在信息披露上存在这样那样的问题，稍有不当，就会影响到企业的投资者关系。

In addition to outside the constraints of financial innovation,Law and do not have a unified standard is also affect the enterprise the management behavior.For instance,,A across the bank/Financial insurance industry enterprises in the capital market financing,Will face securities issuance examination and approval/Circ to raise funds/Banking regulatory commission (CBRC) purchase audit and so on a series of audit,Due to the requirements of the regulatory differences,Enterprise is likely to be this or that kind of problems on the disclosure of information,A bit improper,Will affect the enterprise of investor relations.

　　同时，在金融业相关部门法的修订过程中，如何与未来混业经营趋势配套并衔接也成为备受关注的焦点，在2012年证券法的修订中， 郭锋教授就指出：“证券法修改应从"明确混业经营，功能监管""市场化方向和私法自治""改革现行的IPO审核制度""引入风险为本的监管原则"等四个方面进行松绑和创新。”

At the same time,In the financial industry in the process of revision of the relevant department,How to and future trend of mixed operation supporting and also become the focus of attention,In 2012, the securities law of the revision, GuoFeng professor pointed out:"Revision should be"Clear mixed operation,Function of supervision""Market direction and the private law autonomy""Reform the current IPO audit system""Venture for the principles of supervision"And so on four aspects to the individual and innovation."

　　此外，从整个金融体系监管看，随着国际竞争和技术创新，金融机构之间的界限越来越模糊，金融机构往往同时经营多种业务，如银行并购保险公司从事保险业务，商业银行和保险公司都开展基金管理业务等等，容易出现监管盲区或重复监管的情况。

In addition,Look from the financial supervision system,Along with the international competition and technological innovation,The distinction between financial institutions is becoming more and more vague,Financial institutions tend to a variety of business at the same time,Such as bank mergers and acquisitions insurance company engaged in insurance business,The fund management business of commercial Banks and insurance companies are, etc,Prone to regulatory blind area or repeated supervision.

　　专注于国际金融领域的律师则告诉记者，“当前一些国际金融机构的一项主要工作就是发现一国金融监管的盲区，或者重复监管可能产生的利益冲突，进而寻求监管套利的机会。”

Focus in the field of international financial law, told reporters,"The current international financial institutions to a main job is to find a blind area of a country's financial supervision,Or repeated supervision possible conflicts of interest,And pursue opportunities for regulatory arbitrage."

　　事实上，这样的案例已然发生过，荷兰国际集团于1993年下半年始在中国布局，到2005年3月悄然成为全面涉及银行、证券、保险的金融集团，在中国提前实现了“金融控股”。在中国金融行业对外开放程度逐渐增加的背景下，这一趋势尤其值得关注，而更为复杂的金融布局则更需要监管层的审慎处理。

As a matter of fact,This case has happened,The Netherlands international group in China in the beginning in the second half of 1993,To March 2005 quietly become fully involved in the bank/securities/The insurance financial group,In China has realized in advance"Financial holding".In China's financial industry under the background of increasing the level of opening,This trend is particularly worth attention,And more complex financial layout is more need careful handling of regulators.

　　统一监管仍存问题 Unified supervision are still problems

　　既然分业监管之于混业经营的趋势逐渐显现出了这样那样的问题，那么，是不是金融业的统一监管就会呼之欲出呢？

Since the supervised to the trend of mixed operation of gradually appear this or that kind of problem,so,Is the unity of the financial sector supervision will be vividly portrayed?

　　来自世界银行的报告指出:“一方面，如果存在金融监管方面的规模经济（economy of scale）和范围经济（economy of scope），统一监管可能会降低监管成本。但另一方面，如果统一监管部门的监管理念、监管措施不适应市场发展的需要，反而可能在很大程度上加大监管成本，造成规模不经济。”

From the world bank report:"On the one hand,If there is economy of scale of financial supervision(Economy of scale)And economies of scope(Economy of scope),Unified supervision may reduce regulatory costs.But on the other hand,If unified supervision department's supervision/Regulatory measures don't adapt to the needs of the development of the market,May be in the very great degree increase supervision cost,From scale economy."

　　这意味着，即使需要统一监管，但从制度成本角度来考虑，混业经营仍然需要达到规模经济的状态，这也将是新的法律政策的市场基础。

This means that,Even if need to unified regulation,But from the point of view of system cost consideration,Mixed operation still need to reach the state of the Economy of scale,This will be a new legal policy foundation of the market.

　　不仅如此，统一监管丝毫也不能回避分业监管所面临的问题，相反，这些问题的解决可能更会迫在眉睫。比如“分业监管体系必须应对金融集团所提出的挑战；它们也必须努力统一监管标准，以有效抑制监管套利；而统一监管模式同样要建立在不同监管机构之间有效沟通和协调的机制。”

Not only that,Unified supervision does not avoid problems faced by the supervised,On the contrary,The solution of these problems might be more imminent.Such as"Supervised system must meet the challenges of the financial group proposed;They also must try to unified regulatory standards,In order to restrain the regulatory arbitrage;And unified supervision pattern also to establish effective communication and coordination between different regulatory agencies of the mechanism."

　　事实上，采用一致的参数和方法衡量各类金融机构同一类型的风险，是实现从机构监管向功能监管过渡的前提，但如果监管标准不能统一，那么统一监管机构也会流于形式。

As a matter of fact,With the same parameters and method to measure all kinds of financial institutions of the same type of risk,Is the premise of transition from organization regulation to function regulation,But if the supervision standard not unified,So unified regulatory agencies will also become a mere formality.

　　除此之外，适应性的法律框架仍然是有待提上议事日程的重要方面。

In addition to,Adaptability of the legal framework is still needs to be put on the agenda of the important aspects.

　　值得注意的是，来自最高层面的立法虽然仍未破冰，金融监管层（一行三会）却已经在进行实践上的探索，打开一行三会的网站，在其法规的征求意见版块中，不难看到很多跨界监管的政策。

It is important to note that,From the highest level of legislation, though still not ice,Financial supervision layer(A line of three will be)But has been explored in practice,Will open a line of three website,In the laws and regulations in the comments section,It is not difficult to see a lot of cross-border regulatory policy.

　　比如2012年的11月20日证监会就《保险机构销售证券投资基金管理暂行规定》征求意见的通知，2012年8月20日证监会关于就修改《外资参股证券公司设立规则》征求意见的通知等。

As of November 20, 2012 is the commission[Insurance agency sales of securities investment fund management interim provisions]Collect the opinions of the notice,On August 20, 2012, China securities regulatory commission on modification[Rules of the establishment of securities companies with foreign equity participation]Collect the opinions of the notice, etc.

　　而在保监会，则有对《保险公司委托金融机构代理保险业务监管规定（征求意见稿）》以及就《关于外资保险公司与其关联企业从事再保险交易有关问题的通知（征求意见稿）》的相关通知，银监会更是在2012年12月7日发布了《关于商业银行资本工具创新的指导意见》。

And in the circ,It is to[Insurance company entrusts an agency of insurance business of financial institutions regulations(Ask for opinion draft)]And he[About foreign insurance company and its associated enterprise engaged in the inform of the relevant questions of the transaction(Ask for opinion draft)]The relevant notice,Banking regulatory commission (CBRC) is released on December 7, 2012[Guiding opinions on innovation of the tools of the commercial Banks' capital].

　　对于未来混业监管的模式，有知情人士表示，“或采用常设性的部际联席会议模式，条件成熟的时候也可能会在国务院下专设副总理级的相关委员会来进行监管，而这种部际联席会议可能包括一行三会、发改委、财政部的相关金融管理部门参加，除了建立经常性会议制度外，还会建立更为刚性的责任制度。”

Mixed supervision pattern for the future,There are people familiar with the matter said,"Or the use of ChangSheXing BuJi joint conference mode,When conditions mature may also set up under the state council vice ZongLiJi related committee to oversee,And this BuJi joint conference may include a line of three/Development and reform commission/The ministry of finance of the relevant financial management department,In addition to establish a regular meeting system,Will establish more rigid responsibility system."

　　“尽管金融业的统一监管还很难说会在近期提上议程，但最近两年来，中央高层对金融业统一监管的调研在不断增加，这将为未来的统一监管铺就更为坚实的基础。”上述知情人士向记者透露。

"In spite of the unity of the financial industry regulatory agenda in the near future is hard to say,But in recent two years,Investigation on the top unified supervision over the banking industry increasing,This will be for the future of unified supervision paved a more solid foundation."The insider revealed to reporters.