后危机时代大型金融机构“生前遗嘱”问题研究

Living Will by Systemically Important Financial Institutions Ex Post the Global Financial Crisis

2008全球金融危机之后,各国金融监管部门与银行机构逐渐认识到为了有效预防金融危机的发生,防止大型金融机构破产对整个金融体系造成重大冲击,应针对金融机构特别是系统重要性金融机构可能面临的财务困难或濒临破产的情形,采取事前处置预案与相关计划准备,此即"生前遗嘱"。本文研究后金融危机时代美英等国政府针对大型金融机构处置预案制定的相关法律规范、原则及指引,剖析这些金融机构在其"生前遗嘱"中所设定的各类处置措施与方案,并探讨这一新的监管制度在操作过程中遇到的问题、挑战与趋势。

Since the 2008 financial crisis, global financial regulators and banking institutions have realized the importance of an ex ante bankruptcy resolution plan, or a living will, of the large financial institutions, especially the systemically important financial institutions(SIFIs). The resolution plan for possible failures and difficulties could help mitigate adverse impacts on the overall financial system and prevent financial crises. This paper analyzes the legal acts, principles and guidance issued ex post the crisis by governments around the world, and explores the specific measures and strategies made by the SIFIs, and discusses the implementation challenges and difficulties.