跨境金融监管合作:现状、问题和法制出路

Cross-border Financial Regulation Cooperation:Current Situation, Problems and Legal Solution

跨境金融监管合作包括双边和多边两种途径。双边途径以美国跨境证券监管合作为代表,主要通过谅解备忘录、监管对话和技术援助等方式开展。多边途径根据参与主体及合作方式的不同,又可以进一步划分为国际组织模式、非正式国家集团模式和跨政府网络模式。以软法为主导的国际金融监管规则缺乏"硬约束"、国际金融监管标准的实施和监督机制严重不足、危机驱动型的监管合作缺乏持久性和稳定性,是跨境金融监管合作的主要问题和障碍所在。完善跨境金融监管的远景目标是建立一个以多边条约为基础,能够制定、实施和监督执行有约束力国际规则的全球金融监管(合作)组织,其近期对策是充分利用现有国际机构和机制,系统性地"硬化"相关软法性规则,加强其约束性、执行力和实施效果。

There are two ways of crossborder financial regulation cooperation： the bilateral one and the multiple one. The former, represented by the USA Crossborder financial regulation cooperation, is carried out by means of a memorandum of understanding, regulatory dialogue, technological aids and soon. The latter, according to participants and cooperation modes, may be classified into the international organization mode, the informal country bloc mode and intergovernmental network mode. The main problems and obstacles of the crossborder financial regulation include as follows： the international financial regulatory rules led by soft laws lack “hard effect”; the international financial regulatory standards implementation and supervision mechanisms are seriously insufficient and the crisisdriven regulation cooperation lacks persistence and stability. The longterm aim for improving crossborder financial regulation is to establish a global financial regulatory （cooperation） organization on basis of a multiple agreement and capable of formulating, implementing and supervising the enforcement of binding international rules. The current solution is to take full advantage of the existing international organizations and mechanisms, systematically consolidating the effect of rules of relevant soft laws, thus strengthening their force, enforcement and implementation effect.