金融领域穿透式监管探析:制度源起与适用前瞻  

Exploration on Penetrating Supervision in the Financial Field: the Origin and Application of the System

作　　者：杜佳佳 Du Jiajia

机构地区：[1]西南政法大学经济法学院,重庆401120

出　　处：《西南金融》2019年第2期65-73,共9页Southwest Finance

摘　　要："穿透式监管"自提出以来便备受金融领域的关注,频频出现于监管机构的规范性文件中。从我国金融监管实践来看,穿透式监管能有效破解混业经营下金融创新业务的监管困境,推进功能监管的改革趋势。然而,目前穿透式监管的适用存在一定的法律障碍,集中体现为主体单一且缺乏协调、规范层级低且实施细则缺失,以及监管权的扩张倾向。为推进其适用,必须从主体协调机制、立法规范体系、适度干预原则等方面克服法律障碍,形成相对完善的制度环境;另外,应坚持穿透产品性质、强化信息披露及投资者适当管理等核心理念,使其成为真正行之有效的监管措施。“Penetrating supervision”has attracted much attention in the financial field since its introduction, and it has appeared frequently in the regulatory documents of supervision agencies. From the perspective of China's financial supervision practice, penetrating supervision can effectively solve the regulatory dilemma of financial inno. vation business under mixed operation and promote the reform trend of functional supervision. However, the current application of penetrating supervision has certain legal obstacles, which are concentrated in the single subject and lack of coordination, low level of regulation and lack of implementation rules, and the expansion tendency of supervi. sion power. In order to promote its application, it is necessary to overcome legal obstacles from the aspects of the main body coordination mechanism, the legislative norm system, and the appropriate intervention principle, and form a relatively perfect institutional environment. In addition, we should adhere to the core of penetrating product nature, strengthening information disclosure and appropriate management of investors. In this way it can become a truly effective regulatory measure.

关 键 词：金融监管 穿透式监管 功能监管 行为监管 混业经营 金融创新 监管套利 信息披露 投资者适当性 投资者保护 金融监管改革 

分 类 号：F832[经济管理—金融学]