欧盟证券服务指令及其立法程序研究

A Study on European Securities Services Directives and Lamfalussy Process

随着金融服务行动计划的实施,欧盟金融服务市场一体化也迈入到一个新的发展阶段。一方面,《金融工具市场指令》、《市场滥用指令》、《说明书指令》和《透明度指令》已经从出台、实施措施颁布逐步过渡到成员国实施的层面上来;另一方面,欧盟证券服务立法Lamfalussy程序在实践中得到认可,不仅提高了立法程序的灵活性和效率,而且推进了欧盟范围内的监管趋同。然而,在当前席卷全球金融危机的背景下,Lamfalussy程序暴露出金融监管问题。在原有框架下进行调整,抑或重立新的立法程序?这对我国金融监管体系改革也有一定的借鉴意义。

With the implementation of Financial Services Action Plan, the market integration of EU financial services has been in a new development stage. On the one hand, the four core directives in EU securities services field： ＂Markets in Financial Instruments Directive＂ , ＂Market Abuse Directive＂ , ＂Prospectus Directive＂ , and ＂Transparency Directive＂ have experienced from directive release, measure issue to member states implementation. On the other hand, Lamfalussy process has gained approval in practice, which is not only improving the flexibility and efficiency of legislative process, but also boosting regulatory convergence within EU scope. However, under the present situation of global financial crisis, how to strengthen regulation within EU scope becomes a main focus, which calls for legal analysis on Lamfalussy process.