美国处理期货法与证券法之间关系的实践及其启示  

The Interaction between the Securities Act and Futures Act in the U.S. and Its Implications for China

作　　者：楼建波[1] 

机构地区：[1]北京大学法学院,北京100871

出　　处：《法学论坛》2015年第4期21-27,共7页Legal Forum

基　　金：北京市哲学社会科学"十一五"规划项目<美国次贷危机成因的政策法律分析及其对我国的启示>(09BaFX050)的部分成果

摘　　要：如何处理期货法与证券法的关系涉及四个层次的制度安排:(1)金融立法体系的内部协调;(2)与衍生交易相关的监管机构的设置;(3)交易所的业务范围与分工;(4)特定交易品种的上市地点。域外近年来流行的"大证券法"模式并不适用于我国,而美国期货立法在演进过程中处理与证券法关系的实践则提供了有益的启示。顺应我国大宗商品市场与金融衍生品市场的发展,一部独立且综合性的期货立法势在必行。为此,需要妥善处理二者在证券衍生品上的交叉;交易所层面则应以投资者利益保护为导向而设置上市品种,并充分发挥市场竞争的作用。The relationship between the Securities Act and Futures Act is relevant to （ 1 ） the harmonization of financial laws, （2） regulatory and supervisory arrangements of derivative transactions, （3） division of businesses between exchanges, and （4） where anchor products are traded. The all - inclusive securities law model, a seemingly fashionable legislative model worldwide, doesn＇ t fit China; while the US segregated legislation model evolved from its long history of practices, might be a useful model for Chi- na. Given the prosperous commodity markets and financial derivative markets, a Futures Act independent from the Securities Act might be the right choice for China. In determining which is the governing law for securities derivatives, the investor - protection and market -promotion shall be the ultimate goals.

关 键 词：期货法 证券法 立法模式 证券衍生品 

分 类 号：D912.287[政治法律—民商法学]