大金融监管格局下证券交易配资的属性统合与规制思路

Integration and Regulation of Stock Exchange Allocation

各类形式的配资关系至今仍然在证券交易中出现。在现今形成的、强调跨领域性的大金融监管格局下,对其法律属性应有一个统一性的认识,以更好地防范金融风险。配资关系出现的主要目的在于通过人与人、人与物关系之重塑,基本消除借贷关系中的主要风险。场内外不同形式的配资关系具有商事构造的同一性,应当被视为一种具有整体性权利义务的独立合同关系,不同于担保或信托关系。不同配资关系的核心制度设计均在于实现资金配出方对证券账户的控制权,包括日常监测权和约定条件下接管账户的权利。证券公司融资业务通过成文法授权开设的专用证券账户,民间配资、金融机构的结构化信托/结构化资产管理计划通过配出方的账户提供,均实现了此功能。基于互联网技术的伞形信托与仿伞形信托分仓模式并未改变账户提供关系的横向本质,只是通过账户的多层级纵向构建加大了配资的规模。不同配资关系的商事构造的同一性、司法实务意见对配资关系有效性的实质趋同、对配资的比较法规制经验均有助于证成不同配资关系的私法属性的同一性,在公法上也应将它们统合纳入统一监管体系。

Various kinds of margin trading remain to be a significant phenomenon in the securities market today.It is essential to understand these relationships in a uniform way for the sake of preventing and handling financial risks.Margin trading emerges with the aim to reshape interpersonal relationship and person-property relationship to eliminate the credit risk and most of market risk inherent in the loans for trading.The rights and obligations with margin trading constitute a whole new type of contract which fundamentally differs from loan or stock pledge.All kinds of margin trading operate with a key institutional design of securities account control rights,including right to daily monitor the account and right to conditionally take the account over and to sell the securities within,possessed by the fund provider."On exchange"margin trading by securities companies is based on the statutory authorization and a special securities account to achieve this function.Off-exchange margin trading,structural trusts and structural asset management plans achieve the asset control right by securities accounts from fund providers.Umbrella trusts and account-establishing software do not change the horizontal essence of account providing,but enhance the anonymity and leverage,multiply the supply of accounts by a vertical system.It is advisable to recognize the unity and uniformity of legal characters of differing margin trading since various types of margin trading share the same legal structural,judicial opinions are converging to recognize the de facto validity of margin trading after the 2015Stock market Crash.The regulatory experiences drawn from the advanced jurisdictions also support this approach.All margin trading should be treated as the same category of valid contract,and be regulated in a transparent and comprehensive system like the U.S..