摘要
2008年全球金融危机以来,欧盟对影子银行的发展深感担忧。货币市场基金作为影子银行的重要组成部分,仍然适用欧盟各个成员国的国内监管规则。随着欧盟内部市场的发展,欧盟货币市场基金的跨境投资与交易数量激增。因此欧盟将货币市场基金的统一监管提上议事日程。应欧洲议会的要求,欧盟分析与研究后,于2013年9月4日正式对外公布了《货币市场基金条例草案》。该条例草案是在金融危机背景下为加强影子银行监管和保护投资者利益而制定,是欧盟为建设金融市场统一监管体系所努力的一部分。《货币市场基金条例草案》在欧盟现有金融监管法律体系的基础上,对欧盟货币市场基金的营业核准、基金内部评级规则、信息披露义务、投资多样性与集中性原则设定了统一的监管标准。此外,《货币市场基金条例草案》首次在欧盟境内引入浮动净资产价值货币市场基金的概念,以及类似准备金制度的净资产价值缓冲机制,提高了传统固定净资产价值货币市场基金的准入门槛。当下的中国,其货币市场基金发展迅速,已成为社会各界的热门话题,因此中国的金融监管机构也正在研究如何完善货币市场基金监管规则。目前,有欧盟的《货币市场基金条例草案》在先,那么中国的金融监管机构可以从欧盟的实践中吸取经验教训,引导中国货币市场基金良性健康发展。
Since the Global Financial Crisis in 2008,the European Union worried about the development of the shadow banks.As an important element of the shadow banks,the regulation on money market funds in European Union is based on the national law of each member state.With the European Union Internal Market develops,cross-border investments and transactions are increasing sharply.The unified supervision on the money market funds is on the agenda of European Union.At the European Parliament's request,after analyzing and consulting,the European Union Commissionpublished 'Proposal for Regulation on Money Market Funds' in September 4th,2013.The Proposal,which is part of unified supervision framework of European Union financial market,strengthens supervision ofthe shadow banks and protections for investors.The Proposal sets unified standards for money market funds on the authorization,internal rating rules,information disclosure,diversity and concentration for the investment.Also,the Proposal introduces variable net value money market funds and net asset value buffer for the first time,and raises requirements of constant money market funds for market access.At present,the money market funds in China are also increasing rapidly.The financial regulators of China could learn from the Proposal of European Union to improve the national supervision of money market funds.
出处
《科技与法律》
2015年第3期574-593,共20页
Science Technology and Law
关键词
欧盟
欧盟委员会
货币市场基金
净资产缓冲机制
European Union
European Union Commission
Money Market Funds
Net Asset Value Buffer