暂停行使金融合同提前终止权的国际实践及其启示

On the International Practice of Temporary Stay on Early Termination Rights of Financial Contracts in the Resolution of Financial Institutions and Its Lessons for China

暂停行使金融合同提前终止权作为一项防范系统性风险的重要处置权力,获得国际金融监管组织以及主要国家或地区普遍认可,并被纳入国际标准指导主要国家或地区的金融监管。我国立法以及金融监管框架中尚未确立该权力,现实中还存在基础性法律缺失、监管规则适用的空白或冲突等问题,因此有必要汲取国际经验、立足我国国情来完善相应制度,妥善应对问题金融机构处置以维护我国的金融体系稳健性。我国应当建立健全金融净额结算法律制度、金融衍生品交易的商法体系、暂停行使金融合同提前终止权的规则框架,从制度上解决暂停行使金融合同提前终止权的有效性及其实施问题,这样才能在金融全球化的过程中妥善应对风险、提升我国金融体系的韧性。

As a form of significant resolution power,early termination rights of financial contracts are accepted by international financial regulatory organizations and major jurisdictions,and they have been incorporated into many important international standards or national regulations to prevent systemic risks.These rights have not been established in China’s legislative or financial regulatory practice,with a gap or conflict in the current law and regulations.Therefore,it is necessary to learn from international experience and combine it with our domestic practice to enhance the system in order to actively deal with the resolution of failing financial institutions and thereby maintain the resilience of the financial system.To this end,it is imperative to establish and improve the legal system of netting settlement,the commercial law system of financial derivatives trading,the bankruptcy law of special financial institutions,and the rule framework of temporary stay on early termination rights.Furthermore,the effects and implementation of temporary stay on early termination rights should be fundamentally resolved institutionally in order to mitigate risks in financial globalization and ensure the sound and steady development of the domestic financial system,thereby contributing to the modernization of the national governance system and governance capacity in the financial sector and the building of a community with a shared future for mankind.