系统重要性金融机构处置的国际发展与启示

Construction of International Legal System of Resolution for SIFIs and the Implications

2007年肇端于美国并迅速波及全球的金融危机凸显了国际金融体系中缺失行之有效的金融监管合作法律制度,印证了在金融全球化及金融创新日新月异的宏观背景之际构建国际金融监管合作法律制度的急迫性、必要性与重要性。国际金融监管合作面临的挑战主要在于:主要国际金融组织间未有法定而有效的金融监管合作机制;国际社会欠缺具有独立法人资格并拥有实际金融监管权的国际金融监管合作组织;以巴塞尔委员会为代表的准政府金融组织欠缺金融监管实施权且其金融软法存在执行之困。有效国际金融监管合作法律制度的未来图景之关键在于构建一个超越主权国家之上的、基于国际条约之下的并具有独立法人资格的国际金融监管合作机构,其核心要素包括监管规范制定权、独立的监管实施权、跨境金融机构的监管协调机制、争端解决机制与责任承担机制。

SIFIs are financial institutions whose distress or disorderly failure,because their size,complexity and systemic interconnectedness,would cause significant disruption to the wider financial system and economic activity.The global financial crisis of 2008 has revealed the distress that the lack of resolution regime of SIFIs may pose on financial system.In the post-crisis era,international community is in an effort to constructing international legal system of Resolution for SIFIs.International financial organizations has proposed international framework for SIFIs resolution through identifying key attributes of effective resolution,imposing higher loss absorbency requirements,improving the operationality of resolution plans and establishing cross-border resolution cooperation arrangements.Developed financial market countries,i.e.the U.S.and Europe has launched epoch-making financial reform acts,which has introduced wide-range resolution authorities and tools,strengthen the administrative features and uniformity of SIFIs resolution and insolvency.Drawn lesson from international experience,China should establish SIFIs resolution regime through setting up SIFIs identification system,strengthening institutional design of effective resolution,complementing cross-border resolution cooperation and making sure that it can effectively co-work with deposit insurance system.