以制度为基础的金融监管方法:第三种金融监管模式

Institution-Based Financial Regulation:A Third Paradigm

当前,关于原则监管模式和规则监管模式孰优孰劣的争论基本上忽视了金融监管模式发展的新动向。在美国,形成了一种新的制度监管模式。据此,证券交易委员会和金融业监管协会等监管机构要求监管对象建立合规总监制度、合规政策和程序制度、自查制度、合规总监向高级管理层报告制度以及职业道德守则制度等一系列合规制z度,并通过解释、指引和专家意见等形式指导监管对象自主确定具体的实施方法。制度监管模式将强制性的合规制度与监管对象自主确定的实施方法相结合,有助于解决诸多全球性的监管难题,例如打消监管对象关于竞争对手在合规方面"搭便车"的顾虑,尊重各国特殊的监管目标,能够适用于不同规模和资源的金融机构或者金融市场,为金融监管制度建立不断自我完善的机制,促进来自新兴市场的金融机构进入国际市场等。全球性的合规制度体系依赖高度专业化的合规人员,这一体系有助于增进相互信任和信心,能够在尊重各国特殊监管目标的同时,协调当前多元化的国际金融监管体系,构建全球性的证券市场,因而有着极其广阔的发展前景。

This Article argues that in the ongoing trans-Atlantic discussion about principles-based and rules-based financial regulation,a new development has been largely overlooked.This is the rise,in the United States,of a new approach to financial regulation.The author names this new strategy'institution-based'financial regulation.In this strategy the regulators,to date the Securities and Exchange Commission and the Financial Industry Regulatory Authority,require firms to establish certain institutions.In the U.S.regulatory context these typically include:a Chief Compliance Officer,compliance policies and procedures,an annual self-assessment,access for the Chief Compliance Officer to the firm's senior-level executives,and internal codes of ethics.The establishment of these institutions is required by rule,but the functioning of these institutions within each firm is generally left to the firms themselves, with the regulators providing interpretations,guidance,and personal statements.The author argues that institution-based regulation combines a mandatory institutional architecture with a customizable firmspecific functionality.This strategy provides regulatory solutions to a number of global issues,including:addressing firms' competitive worries about rivals' compliance free-riding,recognizing local regulatory choices,providing a model that is scalable to the size and resources of any firm or market,building continuous improvement into the regulatory model,and helping firms in newly emerging markets establish themselves in the international marketplace.The author concludes that the development of a global community of compliance institutions staffed by highly skilled compliance professionals holds great promise for the future, because it could enhance the mutual trust and confidence needed to forge a truly global marketplace out of the world's current medley of regulatory regimes,while preserving local regulatory choices.