台湾金融控股公司的监管

Supervision of Financial Holding Company in Taiwan

台湾在“金融监督管理委员会组织法”实施以前,其金融监管体制采行的是多元监 管模式。相应地,对金控公司实行的是多元监管和机构监管。由于这种监管体制存在明显的制度缺 陷,难以适应金融自由化以及金融控股公司成立和金融集团增加后的监管需要,为此进行了循序渐 进的金融改革。而台湾完善其金控公司监管机制所走的路径和美国大体是一致的。改革后,台湾在 金控公司的监管方面逐渐构建起具有自身特色的监管模式。该模式的主要特点是一元化监管、准功 能性监管和以风险为基础的监管。至于其对金控公司的监管内容主要包括金控公司的市场准入条 件、资本充足率、风险集中度等方面;此外,台湾还借鉴了美国的加重责任制度以补充监管的不足。 尽管其监管体制还面临诸多不足,但成效渐显。

Prior to the enactment of financial supervisory organization Act, a multi-supervisory pattern had served as the financial supervision mechanism in Taiwan. Correspondingly, multi-supervision, as well as supervision by institution, applied to Financial Holding Company （FHC） during that period. Because of the existence of apparent institutional defects, this mechanism failed to ensure the supervisory demands after the financial liberalization and a dramatic increase in the number of both FHC and the financial group. Considering this situation, Taiwan Residents authorities launched a moderate reformation, whose route to polish the mechanism of FHC supervision generally identified with its counterpart in the United States. Since the reformation, FHC supervision has gradually attained a favorable pattern with specific distinctiveness, which is characterized by Unitary Supervision, supervision by function and risk based supervision. Concretely, the range of FHC supervision consists of the qualification of market admittance ,capital adequacy ratio and the degree of risk convergence. In addition, Taiwan referred to the practice of Enhanced Obligations in the U.S.~in order to supplement supervisory deficiency. Although this new supervisory pattern also possesses intrinsic defects, its effects have been emerging by degrees.