规制与监管_美国金融改革方案对金融法品性的_省略_证明_解读美国金融

2711Vol.27,No.11200911HebeiLawScienceNov.,2009::2009208224:2008:(08AJY013)2007:(07SFB2046):,,(,215006):,,,,,:;;:DF438:A:100223933(2009)1120013211RegulationandSupervision:U.S.FinancialReformPlanReaffirmedtheNatureofFinancialLawThelegalrationalesandbasisforreadingtheaboveplanHANLong(LawSchool,SoochowUniversity,Suzhou215006China)Abstract:TheU.S.FinancialReformPlanemergedfromtheconclusionofthefinancialcrisisisareformplanoffinancialregulationandsupervisionsystem,thereadingofwhichcanbeproperlydonethroughtherationalesoffinanciallaw.Regulationistheadjustmentandadministrationofeconomicaffairsbyformulationandimplementationofrules,supervisionisthesurveillance,urging,organization,moderationandcontrolexercisedbysupervisorsuponsupervisedentitiesandtheiractivities.Therationalesoffinancialregulationandsupervisionarerootedinthemarketfailureanduniquefeaturesoffinance.Theobjectivesoffinancialregulationandsupervisionarepreventionofsystemicrisks,protectionofinvestors,depositorandinsurancepolicyholders,andpromotionofefficiency.TheU.S.Planreaffirmedthenatureoffinanciallawliesinregulationandsupervision.Keywords:FinancialReformPlan;regulationandsupervision;natureoffinanciallaw:,(),,,80,,?,,,,,,,,,31??,(),,,,,,1.,,,,,:(primarylegislation)(secondarylegislation),statuteact,,(delegatedlegislation),,regulation,,regulation[1],,reg2ulation,(),,,,,,,,,,,,(),,,(),,(),,(),2.,,,,,,,,,,,,,,,,,,,3.?,,,:,,,,,,,,,,,,,,,,,,,,,,,41,,,(noticeandcommentprocedure),,,,,,,,,,,(fiduciaryduty),,,,,,,,[2],,,,[3],,,,,,(),,,2006(),,,,,,,,,[4],,,,,,,,,,,(),,,,,,,,,:,;,,,,,,,,,,,,,,,,,,?:51,,,(),,,,,,,,,1.,,,,,,,,,,,,,,,,,,,,,,:,,,,,,,,,,(SEC),,,,,,2009930,,,,,,,2.,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,;,,,61,,,,,,,,,,,,(),,,[5],,,,,,,,,,,,,,,,,,,,,,,,,,,SEC,,,,,,,,,,,,,3.,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,[1],,,,,,71,,,,,,,,,,,,,,,,(),:1.,:(1),,,,,,,,,,,,,,18,,,,,,,,,,,,,,,,,,,,,,,,,,,,SEC,,(2),,[6],100%,,[7],,,,,,,,,,,;,,,,,,,,,81,,,,,,,,,[8],,,,,,,,,,,,(3),,,,,,,,,,A,AB,AB,,,,,,,,[9],,,,,,,,,,,,,,,,,,(),,,,,[1],,,,,,,,,,,,,,,,,13(3),,912.,,;,,,,,,,,,,,5%20%,10%,,20%10%,,,,,,,,,,,,,,,,10%,40%[10],,,,,,,,,,,,,,,,:,,,,,,,,[1],,,,,,,,,?,,,,,,,,,,,,,,:(1)();(2)();(3)();(4)()(),,,,,,,,02(),,,,,,,,,,(OTC),,,,[3],,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,(racetothebottom),()(),,,,,,,,,,,,,:1.,;;2.,,3.,:SEC,SEC,(),,,,(informationaleffi212ciency),,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,?,,[11],,,,,,,,,,,,:,,,,,,,,,22,[12],,,,,,,,,,,,,,,?,,,,,,,,,,,,:1.;2.;3.:,,(mutualfund),,,,,,,,,:(),,:[1],,.:[J].,2009,(10).[2]Noconflict,noprofit,undividedloyaltyanddutyofconfidentiality,seeLawCommission,FiduciaryDutiesandRegulatoryRules,Consul2tationPaper124(1992,HMSO)atpara.2.4.9.[3],,,.[M].,2008.42,46-48.[4].[J].,2008,(3).[5]H.Davies,FinancialRegulation:WhyBother?SocietyofBusinessEconomistslecture,mimeo,January1999.[6]EdStevens,EvolutioninBankingSupervision,availableat[7]A,D.,.12[M].,1992.448.[8]WTOCouncilForTradeinService,EconomicEffectofServicesLiberalization:OverviewofEmpiricalStudies,BackgroundNotebySecretariat,S/C/W/26/Add.1,29May1998.[9]JonathanR.Marcey,GeoffreyP.Milller,RichardS.Carnell,BankingLawandRegulation,AspenPublisher,2001,p.85.[10]JamesR.Barth,GerardCaprio,andRossLevine,BankRegulationandSupervision:WhatWorksandWhatDoesnt,availableat[11].[M].,2007.25-38;.[J].,2008,(3);,,,.[M].,2008.28-52;.[M].,2008.11-32.[12].[J].,2009,(2).(25,593)32