Keywords mixed management; Separate supervision; Reform of supervision system
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Since the 1990s, due to frequent financial crises in countries and regions around the world, which have had a great impact on global economic development and even political stability, people have to start a series of new reflections and explorations on financial supervision. The research on financial supervision at home and abroad is very extensive, involving institutional economics, information economics, cybernetics and other multidisciplinary fields. Drawing lessons from American financial supervision mode and combining with China's actual national conditions, this paper focuses on establishing a unified financial supervision institution and a deposit insurance institution with China characteristics, which is a supplement and perfection to China's financial supervision practice theory.
First of all, it makes a historical review of China's financial supervision mode and briefly introduces the current financial supervision system.
At present, the main feature of financial supervision in China is the separate supervision system based on the mode of "one line, three meetings". Under the leadership of the People's Bank of China, China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission were established to effectively supervise the banking, securities and insurance industries in China.
(A) the formation of separate supervision system in China
The current financial supervision system is gradually formed in a specific historical environment. At the beginning of its establishment, the People's Bank of China, as a national bank, assumed the responsibility of leading and managing the national financial industry and played a vital role in stabilizing the financial order and restoring and developing the national economy. China People's Bank is a bank among banks.
In order to standardize the management of banks,1October 7,1986,65438+the State Council issued the Interim Regulations on the Management of Banks in People's Republic of China (PRC), proposing that the People's Bank of China should register financial institutions according to law, issue business licenses and conduct annual inspections. This is the first policy and regulation on financial supervision in China. The starting point of separate supervision is: 1992 10 the State Council stipulates that the functions of securities supervision and management shall be separated from the People's Bank of China, and the China Securities Regulatory Commission shall be established to conduct unified supervision of the national securities market according to law. The Decision on Financial System Reform promulgated by the State Council 1993 laid the policy foundation of separate supervision system, and proposed to change the function of the central bank and implement separate management of insurance, securities, trust and banks. At that time, the central bank was still in charge of banking and trust. 1998165438+1October 18 The China Insurance Regulatory Commission was established to separate the insurance industry from the central bank, conduct unified supervision of the national insurance market according to law, and further promote the establishment of a separate supervision model. On April 28th, 2003, China Banking Regulatory Commission officially performed its duties. According to its authorization, unified supervision was carried out on banks, financial asset management companies, trust companies and other deposit-taking financial institutions nationwide, and the supervision of the banking industry was separated from that of the People's Bank of China, thus determining the "one line, three meetings" separate supervision mode of China's financial industry today.
(B) Reflection on China's current supervision mode under the mixed operation mode
Finance is the lifeblood of economic development, and financial security is economic security and national security. Therefore, financial supervision is particularly important. With the continuous innovation of bank derivatives and the expansion of business scope, the mixed business model has gradually replaced the separate business model. With the deepening of the financial industry's opening to the outside world, the establishment of branches by foreign financial institutions in China to participate in China's financial business is bound to have a certain impact on the current separate supervision mode, expose some problems in financial supervision, pose a serious threat to China's financial security and affect the healthy and stable development of the financial industry. Specifically, it has the following disadvantages:
1. The lack of supervision has caused a blind spot in supervision to some extent. At present, China's financial supervision is a supervision mode of "one line, three meetings". Financial innovation is accompanied by the emergence of more financial derivatives, the boundaries between various financial products are becoming more and more blurred, and the contradiction between separate supervision and diversification of business operations is becoming increasingly prominent. For example, the supervision division of securities investment business, insurance business and related financial derivatives carried out by the banking industry is not clear enough, which leads to a certain regulatory gap in this business field. In addition, some high-risk asset investment business and asset mortgage business have also become regulatory blind spots.
2. There is "selfish departmentalism" in various regulatory departments, which leads to inefficient financial supervision and high supervision cost. Each regulatory department only pays attention to its own regulatory field, and there is a lack of institutionalized and systematic communication and cooperation among regulatory departments. The mixed operation mode of financial industry is easy to cause financial risks to spread from a single field to the whole financial field, which poses a serious threat to China's financial security.
3. Regulatory duplication is also one of the important issues in the current regulatory model. When different regulatory agencies supervise the same financial institution, due to the differences in regulatory objectives, regulatory methods and technologies, it is likely to cause conflicts at the regulatory level or differences in regulatory conclusions. At the same time, poor communication and coordination among various regulatory departments leads to low regulatory efficiency, weak strength and high cost, which is not conducive to the healthy and safe development of the financial industry.
Second, a brief analysis of the US financial regulatory system and financial reform
As the world economic and financial center, the financial system of the United States is considered to be the most innovative and perfect. The United States is constantly exploring and reforming in coping with the financial crisis and maintaining financial security and stability. Before the outbreak of the financial crisis, the main financial supervision system in the United States was the umbrella supervision mode of "double cows": the banks, securities and insurance subsidiaries of financial holding companies were supervised by the Federal Monetary Authority, the Federal Exchange Commission and the Federal Deposit Insurance Corporation respectively. The Board of Directors of the Federal Reserve is the superior organization of comprehensive management, which is responsible for evaluating and supervising the overall capital adequacy ratio of financial holding companies with mixed operations, the effectiveness of internal control measures and procedures for risk management and the potential impact of group risks on deposit subsidiaries.
The financial crisis in the United States has hit the American economy and swept the world. The industry generally believes that the failure of the financial supervision system is one of the important reasons for the crisis.
In June 2009, in order to plug the loopholes in the American financial system, avoid the recurrence of the financial crisis, and restore confidence in the American financial system, the Obama administration carried out a drastic reform of the American financial supervision system, which is called the most comprehensive road map for financial supervision reform in the United States in the past 70 years.
The main contents are:
1. Expand the supervision power of the Federal Reserve to a certain extent, and expand its supervision scope from bank holding companies to all systemic financial companies;
2. Establish the Financial Supervision and Management Council to promote the sharing and cooperation of regulatory information, identify the signs of risks, provide suggestions for the Federal Reserve to determine the first-tier financial holding companies, and strengthen the supervision of financial companies;
3. Establish new consumer financial protection institutions to protect and supervise consumers of financial products and services such as credit, savings and payment, and strengthen consumer financial supervision;