分析英國在危機后金融監管改革和其靈感 Analysis of the UK financial regulatory reform after the crisis and Inspiration
Abstract 摘要
Daier Turner in the British Bankers' Association 2009 Annual International Banking Conference in his speech pointed out: Before the crisis the so-called 'market can self-balancing', 'financial innovation to improve the market and has an absolute value,' 'market discipline effective, 'and so we have cherished theoretical assumption is entirely wrong. We must learn a lesson, a 'radical reform' eleven reform regulatory style, reform of the banking regulatory approach and the reform of the banking business model. Turner's remarks on the crisis in the financial regulatory reform in Britain after a brilliant summary.
英國銀行家協會的Daier Turner在2009年度國際銀行會議的講話中指出:在危機之前所謂的“市場可以自動平衡”、“金融創新可擴大市場并具有絕對的價值,我們寶貴的理論假設“市場有效原則”,也是完全錯誤的。我們必須學到一個教訓：一個“激進的改革”十一改革監管風格,改革銀行業監督管理方法,改革銀行的商業模式。特納的言論在危機后英國金融監管改革的進行了總結。
1.A post-crisis financial reform 后危機時代的金融改革
Before the United Kingdom In the financial reform legislation, the British financial reform legislation quickly, February 21, 2009 '2009 Banking Act' (Banking Act2009) effect. Each bank with the previous method compared to this law have the following characteristics: (1) to give the Bank of England in the prevention and response to the financial risks with greater responsibility and authority; (2) the Bank of England's Financial Stability Committee established under the Board ( Financial Stability Committee). Whose role is to determine the nature of financial risks, financial risks concern the formation and development of strategies to develop and implement financial stability; (3) the Bank of England to further strengthen the supervision of the payment system; (4) the establishment of special coping mechanisms (Special Resolution Regime), banking crisis in order to carry out rapid intervention; (5) more effectively protect the interests of depositors. June 16, 2010, the British Chancellor of the Exchequer George Osborne announced a more radical overhaul of the UK financial regulatory system proposal.
英國金融改革法案之前,英國的金融改革法案,在2009年2月21日很快頒布的“2009年銀行法”(2009銀行法令），其影響，每家銀行與以前的方法相比,本法有以下特點:
2.After the crisis the UK financial regulatory system perfect main content 危機后完美的英國金融監管體系
2.1 Financial regulatory reform 金融監管改革#p#分頁標題#e#
UK Treasury 'reforming the financial markets,' the White Paper proposed two reform proposals: First, set up the Financial Stability Board (Councilfor Financial Stability, CFS), to replace the Ministry of Finance, the Bank of England and the Financial Authority in March 2006, established the 'tripartite Standing' (The Tripartite Standing Committee). Financial Stability Council is a statutory committee (statutorycommittee), has the power to make rules, by the Ministry of Finance, the Bank of England and the Financial Supervisory Authority tripartite, responsible to Parliament by the Finance Minister as Chairman of the Council. The purpose of the Financial Stability Board include: (1) through regular consultations and discussions, to detect the risk of financial markets; (2) the development of financial policies tripartite coordination; (3) all kinds of information on the financial markets to increase transparency. Second is to further improve and strengthen the functions of the Financial Services Authority.
However, the Chancellor of the Exchequer George Osborne announced a comprehensive reform of the UK financial regulatory system more radical proposal, namely the FSA's functions would be replaced by three institutions, namely: the Bank of England - Bank of England's monetary policy committee under the jurisdiction of the competent macroeconomic economic risks; Risk Management Authority under the jurisdiction of the central bank responsible for the supervision of financial institutions, including banks and insurance risks. This program means that the Bank of England to take over from the FSA financial regulatory responsibilities, becoming the only financial regulatory agency, and the UK Treasury retains the final moments of veto.
In fact, this is the UK financial regulatory reform 13 years after the 'return to the old road.' FSA is a product of the last round of financial reform in the United Kingdom. Labour government came to power in 1997, decided to establish the Financial Services Authority. Since then, the UK financial regulatory system on the show Ministry of Finance, Central Bank, FSA 'three pillars' of the situation. 'But there is no clear division of the three, no one knows exactly who is responsible.' And according to the latest regulatory reform program, the central bank's authority will be re-established.
2.2 To strengthen the supervision of systemic risk regulation 加強監管和系統的風險管控
White Paper on enhancing systemic risks clearly put forward two aspects: First, pay close attention to 'systemically important financial firms.' These companies are often very large, involving all aspects of their business, the majority of the market players will have a huge impact. These large-scale enterprises in any crisis, will result in heavy losses for the entire financial system. Although the idea of ??a free market economy does not encourage government restrictions on the size of financial companies, financial firms do not encourage specific business interference, but these heavyweights to make appropriate requirement is necessary, can be an appropriate way to these enterprises instill on social responsibility, market discipline, capital requirements, crisis response strategy knowledge. This knowledge and ideas partly with binding, some only a guiding significance, but it really can be better to reduce the risks of these financial firms to improve the security of the entire financial system. Second, improve the management of systemic risk prevention system, including: (1) improve the accounting system to increase the transparency of the financial system; (2) to improve the standardization of financial products, improve the infrastructure of the wholesale banking market.#p#分頁標題#e#
2.3 To protect the interests of consumers 保護消費者利益
In general terms the international financial crisis on the banking sector hazards are universal and profound, wholesale banking and retail banking are deeply hurt. But unlike the wholesale banking business, ordinary consumers and SMEs rely more on retail banking, financial crisis, they were hit even harder, their interests more serious damage. White is also aware of this problem, stressed that the government in the implementation of the process of financial regulation should be more emphasis on protecting the interests of consumers to minimize their risk and losses.
The Chancellor of the Exchequer George Osborne announced a comprehensive reform of the UK financial regulatory system is put forward a proposal to establish an independent consumer protection bureau. Coincidentally, the U.S. program of reform called for the establishment Consumer Financial Protection Bureau, to provide consumers with clear and concise information to prevent 'unfair and deceptive trade', and to promote equitable, efficient and innovative financial markets. British and American reform illustrates the strengthening of consumer protection has been called the subprime mortgage crisis financial regulatory reform is an important content.
3. The UK financial regulatory reform Enlightenment 英國金融改革啟蒙運動
3.1 Improving the financial regulatory system 提高中央銀行監管體系
the central bank in a country's financial system in the core position of a country's financial stability is of great significance, while the Central Bank from the date of birth, it is charged with the maintenance of a country's financial system is stable duties. But in real operation, the national central bank has the statutory authority of different sizes, which depends both on the national legislative process, but also depends on each country's market economy mechanism. For example, in advocating free competition, the United States, in the past there is no central bank that acts as the central bank of the Federal Reserve which is not a long history. But the financial crisis and the accumulation of frequent occurrence, would national financial regulators and the corresponding legislative irritation, forcing countries to strengthen financial supervision mechanism, thereby enhancing the security of the financial system. The functions of the central bank is also in the process of gradually strengthening, play an increasing role. But taking into account the complexity of modern finance and systematic, first take into account the modern financial and other sectors overlapping features, the traditional focus only on the banking sector also seems inadequate financial regulation, on the urgent need for innovative ideas and legislation. Coupled with the central bank's regulatory authority traditionally appear too small, too many restrictions, it is binding the hands, regulatory forces can be mobilized and regulatory resources are limited, difficult to effectively constrained bank behavior in frequent financial operations appeared to be inadequate. From the United Kingdom and other countries for financial reform of view, the central bank's authority is being further expanded the scope of its regulatory issues are being overcome narrow. Specific to the People's Bank of China, too, there is little regulatory authority, regulatory narrow range of other issues, which need to learn from Western experience in the financial industry, but according to China's national conditions and strengthen the financial legislation, clarified and extended by the central bank's regulatory authority, only to expand the central bank's regulatory authority, in order to strengthen the central bank's regulatory capacity, and thus improve our financial regulatory system.#p#分頁標題#e#
3.2 To strengthen prudential regulation 加強審慎監管
Taking into account the complexity of modern financial risk and contagion, financial regulatory authorities is necessary to control sooner, do some proactive monitoring, as far as possible preventive measures to avoid financial crisis is struggling to cope. From the British bank Northern Rock crisis of view, the regulatory authorities and dereliction of duty guard is an important reason for causing the crisis, it is dereliction of regulatory authorities so that the risk of further bank Northern Rock does not accumulate until the outbreak. This case on China's financial regulatory work has important implications. China's financial regulators are mostly separated from the central bank, and its idea of ??separation set is quite clear. But in supervision, there are still insufficient regulatory resources, regulatory means backward, the low level of supervisory staff and other issues. These problems are China's financial industry in the WTO is even more pronounced under the impact of the lack of competitiveness and security deficiencies. China's financial regulatory authorities should accelerate the training of highly qualified personnel, mostly to the West to learn financial regulatory experience, so that more people took to the competence of the supervisory positions, rather than cheating. Should also be regulated in the actual work will be sooner, early detection of problems, to solve problems, instead of just looking in retrospect remedies. Through a variety of measures to achieve the prudential supervision after the risk of China's financial industry will be able to get better control.
3.3 To increase efforts to protect the interests of consumers and investors 采取更多措施保護消費者和投資者利益
Due to modern financial knowledge increasingly complex, increasingly professional, ordinary consumers and professionals in the knowledge there is a huge gap compared to the two sides of the information is also very asymmetry, which led to the average consumer in the face of financial professionals in a relatively weak position. In a sound financial market, only established a strict standard protection mechanism, so that the interests of ordinary consumers practical and reliable protection, financial markets in order to the depth and long-term development, and will not be the bottleneck constraints. The main principle is to protect the financial interests of a fundamental principle of law, this principle also stressed the need to pay attention to protect the interests of consumers. Because of this, we need to improve the legal norms, greater efforts to protect the interests of consumers, regulating financial operating procedures, and increase information disclosure efforts to reduce information asymmetry, so as to develop a multi-level, sound financial markets, build regulated financial market order. The only way to win the trust of consumers, so as to provide a higher level of consumer financial services.#p#分頁標題#e#
