王 倩 Wang qian

　　银监会在2013年全国银行业监管工作电视电话会议上提出，进一步改进系统性和区域性风险的防范措施。而综观发达国家金融监管模式的沿革，综合监管早已成为主流模式，2008年国际金融危机爆发以后，逐渐形成了以“无盲区，无缝隙”的全面监管理念为特征的美国监管体系，以德国为代表的全能银行制度的监管模式，以及英国金融控股模式下的超级监管机构。所有这些都为我们健全综合监管机制提供了有益借鉴。

Banking regulatory commission (CBRC) in 2013 the national banking supervision work conference call TV is put forward,Further improve systematic and regional risk prevention measures.And throughout the developed countries financial regulation model of evolution,Comprehensive regulation has become the mainstream mode,2008 years after the outbreak of international financial crisis,Gradually formed a"No blind area,No gap"The comprehensive supervision idea for characteristics of the supervision system,In Germany as a representative of the almighty bank system supervision mode,And the British financial holding mode super regulators.All of these are for our perfect comprehensive supervision mechanism provides the beneficial reference.

　　金融危机前的美国金融监管，是介于分业监管和统一监管之间的“双重多头”监管。这种模式由于监管成本高效率低，监管重叠与监管真空并存，不断受到世人的质疑。2010年，重塑美国金融监管体系的“多德—弗兰克华尔街改革与消费者保护法案2010”（简称“法案2010”）最终获得签署，不仅为国际金融监管树立了新标准，也标志着美国金融体系“去监管化”时代的结束。

Before the financial crisis of the United States financial supervision,Is between supervised respectively and unity between the supervision"Double long"supervision.This model due to the supervision cost efficiency low,Regulatory overlap and regulatory vacuum coexist,The constant questioning.In 2010,,To reshape the United States financial supervision system"Dodd - frank Wall Street reform and consumer protection act 2010"(Referred to as"Act 2010")Eventually get signed,Not only for international financial regulation set up the new standard,Also marks the U.S. financial system"To regulatory change"The end of the age.

　　在新监管体系下，联邦一级的美国金融监管机构及其职能主要包括：负责识别、确认、监控“系统性重要大型金融机构”的系统性风险，同时负责美联储对银行控股公司综合监管解释工作的金融稳定监管委员会，负责制定美国货币政策以及管理和监督联邦银行与其他会员银行及持股公司的联邦储备银行，负责审批银行申请，批准分支机构的设立以及银行的合并，制定有关的管理法规并监督执行的货币监理署，作为证券行业的最高机构的美国证券交易委员会，还有州保险监管局的辅助监管机构美国保险监督官协会，而美国保险业的监督职责仍主要由各州的保险监管局承担。

In the new supervision system,The federal level of the country's financial supervision institution and its function mainly includes:Responsible for identifying/confirm/monitoring"Systemic important large financial institutions"Of systemic risk,At the same time is responsible for the fed to bank holding company comprehensive supervision interpretation work of financial stability regulatory committee,Be responsible for making U.S. monetary policy and the management and supervision of the federal bank and other member Banks and holding company of the federal reserve bank,Responsible for the bank to apply for examination and approval,Approved the establishment of branches and bank merger,To formulate related management regulations and supervise the implementation of the comptroller of the currency,The securities industry as the highest institution of the United States securities and exchange commission,And state insurance regulator auxiliary regulators American insurance supervision and officer association,And the United States to the supervision of the insurance industry is still the main duties by state insurance regulator bear.

　　依据“法案2010”，联邦储备银行还负责监管银行、证券、保险、基金等大型金融机构系统性风险的职能。它同时也受到更严格的监督与审计。同金融稳定监管委员会一样，它也要接受政府问责办公室的问责。美国证券交易委员会则旨在保护市场上公众投资利益不被玩忽职守和虚假信息所损害。大型对冲基金、私募股权基金及其他投资顾问机构必须在其注册，并提供交易信息和资产组合信息，用以评估其系统性风险。

According to the"Act 2010",Federal reserve bank is responsible for the bank/securities/insurance/Fund and other large financial institutions systemic risk function.It also is more strict supervision and audit.With the stability of financial supervision committee,It also to receive the government accountability office accountability.The United States securities and exchange commission is designed to protect the market public investment interests were not dereliction of duty and false information damage.Large hedge funds/Private equity funds and other investment consultants must be in its registered,And to provide trade information and portfolio information,To evaluate the systemic risk.

　　对期货市场的交易机构和产品的监管，由商品期货交易委员会来完成。设立在证券交易委员会之下的信贷评级机构办公室负责对信贷评级机构的监管。衍生品的监管由证券交易委员会和商品期货交易委员会共同完成。此外，联邦金融机构检查委员会负责协调各金融监管部门，为金融机构设定统一的监管原则、标准，并促进监管事务保持一致。

The futures market trading mechanism and supervision of the products,The commodity futures trading commission to complete.The securities and exchange commission set up under the credit rating agency office is responsible for the supervision of the credit rating agencies.The supervision of the derivatives by the securities and exchange commission and the commodity futures trading commission jointly completed.In addition,The federal financial institutions inspection commission shall be responsible for the coordination of various financial supervision department,For financial institutions set up unified supervision principles/standard,Regulatory affairs and promote consistent.

　　德国是西方国家中银行监管制度较完善的国家之一。历经几次金融危机，德国金融业仍能相对稳定，严格的金融监管功不可没。德国的主要监管机构为联邦金融监管局。在它成立之前，德国一直采取混业经营、分业监管的金融模式。2002年5月，负责对德国的银行业、证券投资业和保险业全面统一监管的联邦金融监管局成立，而德国联邦银行在银行监管和审慎监管发挥一定作用。《德国银行法》、《保险监管法》、《德国证券交易法》是联邦金融监管局履行德国金融业统一监管职能的法律依据。

Germany is the west bank supervision system is one of the perfect.After several financial crisis,German finance can still relatively stable,Responsible for the strict financial supervision.Germany's main regulators for federal financial supervision bureau.Established in it before,Germany has been taken mixed operation/The dividing of the supervision of financial mode.In May 2002,Responsible for the German banking/Securities investment business and insurance comprehensive unified supervision of the federal financial supervision bureau was established,But Germany's federal bank in bank supervision and prudential supervision plays a role.[German Banks]/[Insurance supervising]/[The German stock exchange act]Is the financial supervision bureau to Germany unified financial industry regulatory functions of legal basis.

　　从监管体系而言，德国金融监管采取内部监管（即自我监管）与外部监管（即社会监管、联邦银行、联邦金融监管局监管）相结合的模式。金融机构以建立内部治理结构为基础，通过股东大会、理事会、监事会之间的相互制约和制衡机制实现自我监管。社会监管的实现则通过独立的审计机构。它对金融机构营运做出评价，并将其审计报告报送联邦金融监管局。

In terms of the supervision system,The German financial regulation take internal supervision(Namely self regulation)And external supervision(Namely social supervision/The federal bank/The federal financial regulatory bureau of supervision)The combination of mode.Financial institutions to establish internal governance structure as the foundation,Through the shareholders' meeting/council/The board of supervisors mutual restriction and checks and balances mechanism to realize self regulation.The realization of social supervision, through the independent audit institutions.It to financial institutions operating make evaluation,And the audit report submitted to the federal financial supervision bureau.

　　德国金融监管局三个最主要的监管部门是银行监管部（负责颁发经营许可证、资本金充足监管和流动性监管等日常监督管理）、证券/资产管理监管部（负责监管资产管理、金融服务公司和投资公司）和保险监管部。此外，通过国际/金融市场部，消费者与投资者保护、养老金计划合约的认证部，金融体系完善部和反洗钱小组等四个跨行业部门，来满足混业经营的监管要求。

The German financial supervision bureau three major supervision department is JianGuanBu bank(Responsible for the business license issued/Sufficient capital and liquidity regulation and supervision of the daily supervision and administration)/Securities/asset management JianGuanBu(Responsible for asset management/Financial services companies and investment company)And insurance JianGuanBu.In addition,Through the international/financial marketing,Consumer and investor protection/Pension plans contract certification department,Financial system department and anti-money laundering group and so on four cross-industry department,To meet regulatory requirements of the mixed operation.

　　英国金融业的混业经营模式是金融集团制。2000年的“金融市场与服务法2000”使其金融市场实现了金融监管的统一。金融危机后，英国政府强化了金融稳定的目标，并将系统性风险作为金融稳定的主要目标。英格兰银行在金融稳定中处于核心地位，而英国银行业与投资服务业的金融监管由金融服务局来完成。其基本原则是围绕风险管理，对不同的金融机构采用“量体裁衣”式的金融监管。其内部职能部门设置分为金融监管专门机构和授权与执行机构。金融服务局向财政部负责，并通过财政部向议会负责。财政部可代表政府向金融监管局提出具体要求，要求金融监管局执行一些国际义务。

British financial mixed operation mode is financial group system.2000"Financial markets and services act 2000"Make its financial market to realize the unity of financial supervision.After the financial crisis,The British government to strengthen the financial stability of the target,And the systematic risk as the major goal of financial stability.The bank of England in the financial stability in the core position,The British banking and investment services financial supervision by the financial services authority to complete.Its basic principle is about risk management,To different financial institutions use"Act according to actual circumstances"Type of financial supervision.The internal functional departments set is divided into financial supervision specialized agency and authorization and actuator.Financial service to the ministry of finance is responsible for,And the responsible to parliament for the ministry of finance.The ministry of finance on behalf of the government to the financial supervision bureau puts forward specific requirements,Requirements of financial supervision bureau perform some international obligations.

　　按照英国法律，英格兰银行与金融服务局负责人交叉参加对方的理事会，以保证两者之间的有效协调。这种安排，能保证金融服务管理局所负责的金融监管与英格兰银行负责的货币政策，在宏观层面上的决策能保持较强的互通性。

According to English law,The bank of England and financial service bureau chief cross to the other side of the board,To ensure the effective coordination between.This arrangement,To ensure the financial services authority (fsa) are responsible for financial supervision and the bank of England responsible for monetary policy,In the macroscopic level decision can keep strong interoperability.

　　（作者系同济大学副教授 FRM，曾任德意志银行资产管理公司（法兰克福）高级风险经理）

(The author is associate professor FRM tongji university,Once was appointed deutsche bank asset management companies(Frankfurt)Senior risk manager)