论“穿透式”监管与我国金融监管的制度变革

On “Look-through” Supervision and Reform of China's Supervision System

近年我国金融市场引入"穿透式"监管,即基于"实质重于形式"的原则,监管者得以发现金融活动背后市场参与者的真实身份,识别隐藏在复杂金融产品形式化外衣下的实质性交易,从而借助各类有效的监管手段对复杂金融交易关系进行深度调整。但是现代金融市场的发展并不需要"全穿透",且"穿透式"监管也无法对金融市场"全穿透";其发展并不能打破当前的监管模式,成为我国金融监管体制改革的导向。基于我国金融综合经营的发展与"穿透式"监管等新型监管技术的有效运用,我国金融监管制度的变革应当以明确的监管目标为导向,并贯彻明确监管目标、强化中央银行监管职责、构建通畅权威监管协调机制和完善合作监管机制等基本原则。

In recent years, China's financial market has introduced the "look-through" supervision, that is, based on the doctrine of "Substance-over-Form", regulators discover the real identity of the market participants behind financial activities, and identify the substantive transactions hidden under the formal cloak of complex financial products so as to make in-depth adjustment of the complex financial transaction relationships with various effective regulatory measures. However, the development of modern financial market does not need "full look-through"and the penetrating supervision cannot "full look-through" all financial markets. Furthermore, its development cannot break the current regulation model and becomes the guidance of China's financial supervision system reform. Accordingly, based on the development of comprehensive financial management and the effective application of new regulatory techniques such as "look-through" supervision, the reform of China's financial supervision system should be guided by clear supervisory objectives. And we should also implement the basic principles of clearing the objectives of supervision, strengthening the supervisory responsibility of the central bank, constructing a supervisory coordination mechanism with unobstructed authority and perfecting the cooperative supervision mechanism.