衍生品跨境监管国际方案实施障碍及“替代合规”机制选择

Implementation obstacles of international plan of derivatives cross-border regulation and choice of“substituted compliance”mechanism

为防范金融危机重演,二十国集团(G20)持续推进衍生品领域监管改革并于2009年通过《二十国集团领导人声明》,以承诺的方式设定了衍生品跨境监管的国际方案。然而,因各司法管辖区监管理念的分歧、地缘政治冲突以及方案本身存在一定局限性等问题,在上述国际方案实施过程中,各国衍生品跨境监管规则的差异化问题凸显,导致衍生品跨境监管套利与冲突频发,世界衍生品市场发展受到不良影响。在这种情况下,加强国际协作、采取有效措施突破G20国际方案实施障碍势在必行。在对传统遏制衍生品跨境监管套利的双边、单边治理进路进行比较分析基础上,借助多边监管遵从理念,提出“替代合规”机制的治理路径,以“硬化”金融软法效力、纾解监管资源错配问题、促进监管技术升级,从而消弭衍生品跨境监管差异化问题,推进G20国际方案有效实施。

In order to prevent the recurrence of the financial crisis,the Group of 20(G20)continued promoting regulatory reform in the field of derivatives and adopted the G20 Leaders′Statement in 2009,which sets out an international program for the cross-border regulation of derivatives in the form of commitments.However,due to the divergence of regulatory concepts in various jurisdictions,geopolitical conflicts,and certain limitations of the plan itself,the differentiation of cross-border regulatory rules of derivatives in various countries has become prominent in the implementation of the international plans,resulting in frequent cross-border regulatory arbitrage and conflicts of derivatives,and the development of the world derivatives market has been adversely affected.Under such circumstances,it is imperative to strengthen international coordination and take effective measures to break through the obstacles to the implementation of G20 international programs.Based on the comparative analysis of the traditional bilateral and unilateral governance approaches to curb cross-border regulatory arbitrage of derivatives,the governance path is proposed of“substituted compliance”mechanism with the help of the concept of multilateral regulatory compliance in order to“harden”the effectiveness of the financial soft law,alleviate the problem of mismatch of resources,and promote the development of regulatory technology.In this way,the problem of cross-border regulatory differentiation of derivatives can be eliminated,and the effective implementation of the G20 international program can be promoted.