金融市场基础设施规制改革探索

On the Reform of Financial Market Infrastructure Regulation

金融市场基础设施规制内嵌于金融规制的范畴,包括金融市场基础设施的规范体系和规则实践。金融市场基础设施的规范体系涵盖国际层面的“软法”规则、区域层面以欧盟为代表的区域规则、国内层面的立法规范以及自律性机构发布的特定金融市场基础设施自律性规范。金融市场基础设施的规则实践则体现为国际标准制定机构“软法”规则的指导价值、欧盟法律规范在成员国直接适用或转化实施的协调统一、各国金融监管当局为落实金融市场基础设施立法规范出台的具体监管规则以及各国国内自律性规范的具象价值。站在宏观审慎监管和强化风险防范的视角,我们需要对金融市场基础设施的规范体系和规则实践进行统筹布局。统筹金融市场基础设施规制,一方面要建构统一协调的金融市场基础设施规范体系,另一方面要探索张弛有度的金融市场基础设施规则实践。

The financial market infrastructure is the basic guarantee for the stable and efficient operation of the financial market and an important guarantee for accelerating Chinese modernization.The Central Financial Work Conference held at the end of October 2023 proposed for the first time to accelerate the construction of a strong financial country and a modern financial system with Chinese characteristics.The construction of a strong financial country includes elements such as an open financial market,abundant financial products,and good financial infrastructure.The modern financial system with Chinese characteristics includes the financial infrastructure system.Therefore,the construction of a financial market infrastructure system is an essential part of building a strong financial country and a modern financial system with Chinese characteristics.Strengthening the construction of financial market infrastructure on the track of the rule of law is an inevitable requirement for institutional openness in the financial field.This article adopts comparative research,historical research,and textual research methods to horizontally and vertically analyze the different regulatory systems and rule practices of financial market infrastructure at the international,regional,and domestic levels.The regulation of financial market infrastructure includes the regulatory system and rule practice of financial market infrastructure,which correspond to two elements of institutional openness:rules and regulations.The regulatory system of financial market infrastructure covers“soft law”rules at the international level,regional rules represented by the EU at the regional level,legislative norms at the domestic level,and self-discipline norms of specific financial market infrastructure issued by self-discipline institutions.The rule practice of financial market infrastructure is reflected in the guiding value of the“soft law”rules of international standard-setting institutions,the coordination and unification of the direct application or transformation and implementation of EU legal norms in its member states,the specific regulatory rules issued by national financial regulatory authorities to implement the legislative norms of financial market infrastructure,and the concrete value of national self-discipline norms.The regulatory system for the infrastructure of China's financial market has initially taken shape,but there are still problems such as lack of concentration of regulations,which are scattered in normative legal documents and self-discipline norms.Drawing on international regulations,EU regulations,and US and UK regulations on financial market infrastructure,based on the local reality of China's financial market infrastructure construction,this article explores the regulatory reform path of financial market infrastructure.From the perspective of macro-prudential supervision and strengthening risk prevention,it is necessary to make an overall layout of the normative system and rule practice of financial market infrastructure.To coordinate the regulation of financial market infrastructure,on the one hand,it is necessary to construct a unified and coordinated standard system of financial market infrastructure;on the other hand,it is necessary to explore the practice of financial market infrastructure rules.This article enriches the theoretical connotation and practical system of financial market infrastructure regulation.Among them,several thoughts on improving the regulation of China's financial market infrastructure,facing the ongoing legislative revision draft for soliciting opinions,can provide reference for relevant legislative departments in amending the law.