大而不倒、利益冲突与权义平衡——系统重要性金融机构监管制度的法理构造

Too Big to Fail,Conflict of Interest and the Balance between Rights and Obligations:Legal Structure of Regulation of Systemically Important Financial Institutions(SIFIs)

SIFIs的道德风险、不公平竞争及负外部性等会导致SIFIs与相关主体之间的利益冲突。故SIFIs监管制度的核心是平衡SIFIs与非SIFIs、SIFIs与金融消费者、SIFIs与SIFIs管理层、SIFIs与SIFIs股东及债权人、SIFIs母国与东道国等之间的利益冲突。平衡的法律路径是重新调整各主体的权利与义务,以实现金融安全、金融效率与金融公平之间的法价值平衡。危机后的SIFIs监管改革就是围绕上述平衡所进行的规则创新。这些创新启示着我国应基于上述平衡借鉴国际经验完善SIFIs监管制度:确定SIFIs认定规则并课之以特殊义务;扩大金融消费者保护范围并课以SIFIs金融消费者保护义务;以管理层薪酬控制为重点完善SIFIs的公司治理;以金融市场约束机制为重点完善SIFIs风险防范与处置制度;依据合作与对等原则完善SIFIs国际监管协调制度。

SIFIs＇ s moral hazard, unfair competition and negative externality are going to result in its conflict of interest against related subjects. Therefore, the core of SIFIs regulation system is to balance interests between different subjects such as SIFIs and Non-SIFIs, SIFIs and financial consumer, SIFIs and the management layer, SIFIs and stockholders or creditors, and the home country and host country of SIFIs. Equilibrium path of law is to adjust the rights and obligations of subjects, in order to achieve the legal value balance between financial security, financial efficiency and financial fairness. The essence of SIFIs regulatory reform in the post-crisis era is rules of innovation around above balances, which gives us the following enlightening about SIFIs regulation system in our country such as determining SIFIs recognized rules and giving its particular obligations, expanding the scope of financial consumer protection and imposing financial consumer protection obligation on SIFIs, improving the corporate governance of SIFIs with an emphasis on management salary control, perfecting risk prevention and disposal system of SIFIs with an emphasis on financial market constraint mechanism, perfecting SIFIs international regulatory coordination system on the basis of the principle of cooperation and reciprocity.