证券公司合规管理的新趋势:基于原则的监管

New trend in Compliance management of securities companies:Principle-Based Regulation

基于原则的监管(Principles-Based Regulation,PBR)是2002年以来欧美国家证券公司合规管理的新趋势,被西方业界广泛讨论并逐步付诸实践。对习惯于以规则为导向的传统而言,基于原则的监管无疑是一种巨大的挑战和变革,其带来的激烈争议在所难免。我国证券公司的合规管理起步较晚,但起点较高,基于原则的监管已初现端倪,在外部监管方面可以适当借鉴;但对于证券公司的内部管理而言,则不宜立即推广。

Principles-Based Regulation （PBR） has been a new trend in the compliance management of securities companies since 2002. There have been extensive discussions upon PBR, and it has gradually been put into practice in western securities industry. Compared with the traditional Rule-Based Regulation （RBR）, principles- based regulation is undoubtedly a great challenge and reform, and it inevitably brings a fierce controversy. The compliance management of securities companies in China started later, but the foundation is better. PBR can be found in some of our regulations. But for the internal management of securities companies, an immediate promotion is not to be encouraged.