金融规制改革新基石_重构金融监管与规制

2710Vol.27,No.10200910HebeiLawScienceOct.,2009:美国金融改革方案(金融规制改革新基石:重构金融监管与规制),是自上世纪30年代以来美国最彻底规模最大影响最广的金融改革,堪比当年的罗斯福新政这次金融改革的核心任务是加强和改进金融规制与监管,藉此堵塞金融体系的漏洞,避免金融危机重演或降低其严重性方案的内容相当全面,包括了增进对金融机构的有力监管与规制建立对金融市场的全面规制保护消费者和投资者不受金融滥用行为之害政府具有应对金融危机所需工具和提高国际规制标准以及改进国际合作五个方面,其中,强化美联储权力,加大规制与监管的力度和范围等,是方案的核心要点美国金融改革方案实质上是调整金融规制与监管法律制度及标准的一部宣言,其中的一些改革措施可依法由监管部门直接采取,如提高金融机构的呆账准备金等,而改革方案中的一些核心内容,如扩大美联储的权限,则需要美国国会立法的批准由于国际社会的现实所决定,美国金融改革方案的影响将注定是跨越国界的,其最大影响可能会给包括我国在内的有关国家的金融监管改革提供制度范本或重要借鉴,对世界金融面貌发生深刻影响有鉴于此,我们特约请韩龙教授组织专家学者对方案进行精心的翻译,并于本刊下期(即第11期)对该方案进行深入研评,以期对我国金融改革以及我国参与国际金融制度的改革提供有益的借鉴,敬请社会各界给予关注本文译自美国财政部网站(),美国财政部于2009年6月18日发布本刊编辑部郑重声明:凡引用转载及摘编均须注明出自本刊:韩龙,彭秀坤,包勇恩译韩龙审校(,215006):DF962:A:1002-3933(2009)10-0008-34:2009-08-03:,,,,,:;,,,,:;,,,:,)8),,,,,(Long-TermCapitalManagement),,,,,,,,,,,,,,(subsidiarybank),,,(AIG),,/0,,,,,,,,:(1),:#(FinancialServicesOversightCouncil),,#,,#,#(NationalBankSupervisor),#,#(poolsofcap-ital)(SEC)(2),:#,,##(3),,:#(ConsumerFinancialProtec-tionAgency),#,#,,(4),,:#,#(5),,,,:#,,,,,(FinancialServicesO-versightCouncil),,,,)9),(OfficeofNationalInsurance),(FederalDepositInsuranceCorporation,FDIC),(NationalCreditUnionAdministration,NCUA)(SecuritiesandExchangeCommission,SEC)(CommodityFuturesTradingCommis-sion,CFTC),,:,,(,)(Presidents'Work-ingGrouponFinancialMarkets),,,,,,(aggregateriskexposures),,,,,,,,,,,,,/0,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,(centralcounterparties),,)10),,,,(CFTC)(SEC),,,,,,,,,,,,,,))),,,(ConsumerFinancialProtectionAgency,CFPA),,,,,,,,(FederalTradeCom-mission),,,,,,,,,:,,,,,:(AIG),,,,,,/0,,,,,,(racetothebottom),G20()))),,:,,,20094,G20,,G20,,()(FinancialServicesO-versightCouncil)1.,,,(),(1):1),;2)(BoardofGovernors);3)(DirectoroftheNationalBankSupervisor);4)(DirectoroftheConsumerFinancialProtectionAgency);5);6);7);8)[D-irectorofFederalHousingFinanceAgency(FHFA)])11)(2)2.,()1.(),,2.3.4.,,,,5.,,,(Functionallyregulated),--(Gramm-Leach-BlileyAct,GLBAct,56)))),,6.,,7.,,2009101()1.,,200912312.,,20091013.,,,(publiccompanies),4.5.((FASB,FinancialAccountingStandardsBoard),(IASB,InternationalAccountingStandardsBoard),),,,,6.,()1.,,2.,,3.,,,56[TheBankHoldingCompanyAct(BHCAc)]56/0(grandfathered/nonbank0banks)()(Con-solidatedSupervisedEntityProgram),,(SupervisedInvestmentBankHoldingCompanyprogram.)()(,),,56(InvestmentAdvis-ersAc)t,()(MoneyMarketMutualFunds,MMFs),,,,)12),,,(),,,,,()(GovernmentSponsoredEnter-prises),,,(FannieMae)(FreddieMac)(FederalHomeLoanBankSystem),2011()1.,2.,3.,,4.,,,5.(),(CreditDefaultSwaps,CDS),,:(1);(2);(3);(4)(),(),(),()1.,,2.,3.4.,5.,,,,6.,,,,7.,,,8.9.10.()1.:,2.(plainvanilla),3.,,,(dutiesofcare)4.56(CommunityReinvestmentAc)t,()1.2.,/)13)/,3.,4.,(FinancialConsumerCoordinatingCounci)l,,(InvestorAdvisoryCommittee)5.,(),,,()(FederalDepositInsuranceAc)t()(FederalReserveAc)t13(3),/0,,()2009,,,,(procyclicaleffects)(),G20(centralcounterparties),()G20,(supervisorycolleges),()2009,,()2009,(),()2009G20,,()G20,,,2009()/1.,,2.(ICRG),(FinancialActionTaskForce,FATF),-(ant-imoneylaundering-combatingthefinancingofterrorism,AML-CFT)()1.,2009,2.,2009,,,3.,2009()G20,,,,,,,(aggregateriskexposures),,,,,)14),,,,,,,,/0,,,,,,,,,,,,,,,,,()1.,,,(),()))),,:1),;2)(BoardofGovernors);3)(NBS)();4)();5)(SEC);6)(CFTC);7)(FDIC);8)(FHFA),,(Presidents'WorkingGrouponFinancialMarkets),,:#;#;#,,,,2.,,,,,,,,()1.(),,(AIG),,,,,2008,,56[BankHoldingCompany(BHC)Act]/0)15),,,(Tier1FHCs),,2.,,,,,,(/()),,,,,,,,,,,,3.:#;#();#,,,,,,,,,,,,,,,,,,,,,,,,4.,,,,,,,,,,())16),,,,,,,,56(FDICIA),,,,,,;,,,,(),,,,,,,,56,56,,5.,,,,--(Gramm-Leach-BlileyAct(GLBAc)t,56)))),,,,,--,/,,,,,,,6.,,,,,,,,,,)17),,,,7.,,2009101,,,,,,,,()1.,,20091231,,,,,,,,,:#,,#(contingent)()(tailinsurance)#,:1);2);3);4)(ABS)(MBS);5);6)#,,,,,,2.,,2009101,,,,,,:#;#;#;#;#;#,,;#()3.,,,(publiccompanies),)18),,,,,,,,,,,(),,,,/0,,,,4.--/0/0,,,,--/0/0,,,5.[(FASB,FinancialAccountingStandardsBoard),(IASB,InternationalAccountingStandardsBoard),(SEC)],,,,,,,,,,,,,6.,56(FederalReserveAct)23AB,(FDIC),23AB,,,23AB,,,,,,,,,,()1.,(NationalBankSupervisor),,,,,,)19),(OfficeoftheComptrolleroftheCurrency),(O-fficeofThriftSupervision),,,,,,,,,(NCUA)2.,,193356(HomeOwn-ers.LoanAct),,,,,,,,(FederalHomeLoanBankSystem),,,,,2007,,,,56(FDICIA),,,,,,,,,,,,3.,,,56[TheBankHoldingCompanyAct(BHCAc)]56/0(grandfathered/nonbank0banks)56,,56,(ILC),;,,()(),56/0,,5656,)20),,,556,,,,,,,,,,,,,,,1999--,,,198756,,,,,,,56,(),,56,19875656,,(private-labelcard)56,,,,,,,/0,56/0(fiduciary),:1);2);3),,56,,,/0198756/0,/0,/0(nonbankbanks)56,56,,/0()(Con-solidatedSupervisedEntityProgram),,(SupervisedInvestmentBankHoldingCompanyprogram.)193456(56)171,--,2004,/,/0(CSEs),/0(SIBHCs)()/0/0,,/0,)21),3,,2008/056171/0,,,()(,),,56(InvestmentAdvis-ersAct),,,,,,,,,,,,,,,,,,,(),,,,,,,,,,,,,,,,,,:1);2);3);4);5),,,,20089,,:,,2009915,,,,,,(),)22),,,,,,,2008,5.7,15.8230,1/3135,,,,,,(OfficeofNationalInsurance,ONI),,56,,(Interna-tionalAssociationofInsuranceSupervisors,IAIS)(190),,,,,,,:1.,,,,2.,,(durationrisk)3.,,,,,,4.,,,,,5.,,,6.,,,()(GovernmentSponsoredEnter-prises),,,(FannieMae)(FreddieMac)(FederalHomeLoanBankSys