香港地区银行理财业务监管改革与经验启示

The Experience and Inspiration of Regulating Banking Wealth Management Business in Hongkong

作为国际金融中心,香港地区银行理财业务监管的经验对于大陆地区监管部门尤其具有借鉴意义。本文从香港地区银行业及理财业务市场现状、监管特点、雷曼迷你债券事件等角度对此进行分析。在雷曼事件发生之前,香港地区金融监管遵循以"风险为本"的监管模式,重点集中于资产负债表的风险管理、审慎监管政策及法规的修订和完善。雷曼事件发生后,香港金管局在延续审慎监管思路的同时,对银行操守行为、加强信息披露及消费者保护等方面的监管进行了强化。从香港地区的经验来看,要促进理财业务的健康有序发展,就优化行为监管的框架而言,需要清晰划分双方责任权利,做到"卖者有责,买者自负"。本文最后从行为监管、以客为本、强化监管透明度、完善应急处置机制、促进行业自律等方面,对香港地区银行理财监管的经验与启示进行了归纳。

As an international financial center, Hong Kong＇s supervision of banking wealth management business is worth learning and is useful for other countries and regions, especially for China mainland regulators. This paper analyzes Hong Kong＇s banking wealth management market, its regulatory characteristics as well as the Lehman mini-bonds events （called ＂Lehman Shock＂）. Before Lehman Shock, Hong Kong financial regulators followed the ＂risk-based＂ regulatory approach, focused on supervising and revising the policies and regulations of risk management and balance sheet. After Lehman Shock, Hong Kong Monetary Authority passed a regulation to strengthen consumer protection, information disclosure and other aspects while preserving prudent regulation ideas. As the saying goes ＂sellers have responsibility, but buyers bear for it＂. Considering the experience of Hong Kong, it＇s necessary to delimit responsibilities for promoting the orderly development of banking wealth management business in terms of the regulatory framework. Finally, we summarize the experience of Hong Kong＇s financial regulations from the perspectives of behavior regulation, customer-orientation, regulatory transparency and emergency response mechanism.