系统重要性金融机构监管的国际法制构建与中国回应
袁达松系统重要性金融机构监管的国际法制构建与中国回应
Regulation of Systemically Important Financial Institutions：International Law making and China’s Response
期刊名称：《法学研究》
期刊年份：
作者：袁达松
单位：北京师范大学法学院
中文关键词：系统重要性金融机构;SIFIs;金融监管法制
英文关键词：systemically important financial institutions;SIFIs;legal system of financial regulation;international financial law
中文摘要：
作为金融市场的一类特殊参与主体，系统重要性金融机构(SIFIs)具有负外部性，容易引发系统性风险与巨大政府救助成本。在传统的微观审慎监管体制之下，SIFIs的负外部性得不到充分处置，由此导致金融体系乃至实体经济的稳定受到严重威胁，2008年的全球金融危机充分暴露出传统金融监管法制的重大缺陷。在后危机时代，国际社会正在力图构建新型法制，对SIFIs实施专门监管，以防范金融系统性风险和危机。新型监管法制的构建围绕SIFIs的合理识别、强化监管以及有效处置这三个方面展开。我国应积极参与SIFIs监管的国际法制构建工作，同时积极构建与我国金融业现实情况相符的对SIFIs监管的国内法律制度。
英文摘要：
As a special kind of participant in financial market, systemically important financial institutions ("SIFIs") have negative externalities, i.e., they could lead to systemic risk and huge government bailout costs. Under the traditional micro-prudential financial regulation system, negative externalities arising from SIFIs could not be adequately addressed, which causes serious threat to the stability of financial system and even the real economy. The 2008 global financial crisis has fully exposed the material weakness and defects in the legal system of traditional financial regulation in supervising SIFIs. In the post-crisis era, the international community is in an effort to overcome the defect in traditional micro-prudential regulation through the construction of the legal system of SIFIs regulation.The construction of such a legal system should be centered on reasonable recognition, strengthened supervision and effectively resolution of SIFIs. In response, China should actively participate in the construction of an international regulation system of SIFIs, and establish its own regulation system in conformity with China's current financial industry. In China, SIFIs exist in many sectors of financial industry. As a result, the legal system of financial regulation in China also faces the negative externalities problem of SIFIs. Ever since the 2008 financial crisis, China has attached great importance to the regulation of SIFIs. Considering the national condition and basic state of financial industry in China as well as the working product of relevant international organizations and the legislative practices of developed countries such as the U.S., as a next step China should focus on the following two aspects. The first is to continue to play a role in the relevant international organizations, promoting the construction and perfection of the legal system of SIFIs regulation in international community. The second is to further promote the construction of relevant legal rules and develop a comprehensive legal system of SIFIs regulation in China.
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