资产管理行业穿透式监管:价值、困境与对策——以《资管新规》的实施为视角

Penetrating Supervision in Asset Management Industry: Value, Dilemma and Countermeasures——From the Perspective of Implementation of New Regulations on Capital Management

进入大资管时代,资产管理行业逐步突破了各个金融机构的边界实施混业经营,给现有的监管模式带来了强烈的冲击。为此,新出台的《资管新规》明确提出对资产管理行业采用穿透式监管。穿透式监管存在的价值在于能够解决大资管市场乱象,弥补分业监管的不足,消除监管套利、有利于防范系统金融风险。但在实施过程中又存在监管主体单一,行政机关存在扩权等问题。因此,唯有建立多层次的监管主体,加强数据信息系统建设,完善信息披露机制,依托投资者适当性对监管成本进行考量才能实现资产管理行业健康、持续、稳定的发展。

In the era of large capital management,the asset management industry has gradually broken through the boundaries of various financial institutions to implement mixed operation,which has brought a strong impact on the existing supervision model.Therefore,the newly issued New Regulations of Capital Management clearly proposes to apply penetrating supervision to the asset management industry.The value of penetrating supervision lies in its ability to solve the disorder of large capital management,to make up for the deficiency of separated supervision,to eliminate regulatory arbitrage,and to prevent systemic financial risks.However,there are some problems in the process of implementation,such as the single subject of supervision and the extension of administrative authority.Therefore,only by establishing multi-level regulatory body,strengthening the construction of data information system,improving the information disclosure mechanism,and relying on the investors’appropriateness to consider the supervision cost,can we realize the healthy,sustainable and stable development of asset management industry.