美国金融控股公司监管的框架、要点与措施  

The Framework,Essentials and Measures in the Supervision of Financial Holding Companies in the U.S.

作　　者：尹振涛[1] 王甲旭 YIN Zhentao;WANG Jiaxu

机构地区：[1]中国社会科学院金融研究所 [2]中国社会科学院大学研究生院

出　　处：《金融监管研究》2020年第4期99-114,共16页Financial Regulation Research

摘　　要：为推动金融控股公司规范发展,有效防控金融风险,更好地服务实体经济,对金融控股公司进行有效监管尤为重要。我国金融监管当局不断积极探索对金融控股公司的有效监管模式和措施,并适时出台了《金融控股公司监督管理试行办法(征求意见稿)》。美国从上世纪30年代起便开始对金融控股公司进行监管,监管政策也经历了"放松-严格-再放松"几个阶段。本文首先对美国金融控股公司的历史沿革以及当前的监管框架进行梳理,然后从设立条件、业务范围、高管任职资格、关联人要求、退出机制和数据治理六个方面探究美国金融控股公司的监管要点,再针对并表监管、资本充足率监管、关联交易监管这三个重点环节的监管经验进行总结分析,以期为中国正在进行的金融控股公司统筹监管提供政策借鉴。To promote the standardized development of financial holding companies(FHCs),effectively prevent and control financial risks,and better serve the real economy,it is particularly important to regulate FHCs reasonably and effectively.Given this goal,China's financial authorities are actively exploring more effective regulatory models and methods.Since the 1930s,the United States has been regulating FHCs,which went through three stages--loose regulation,strict regulation and deregulation.This paper illustrates the historical evolution of FHCs supervision in the United States and its current regulation framework,and explores the main points of FHCs supervision in the United States from six aspects,including the conditions of establishment,the scope of business,qualifications of senior executives,requirements of affiliated person,withdrawal mechanism and data governance.Meanwhile,the three key regulatory measures of consolidated supervision,capital adequacy ratio supervision as well as affiliate transaction supervision are carefully analyzed to provide policies recommendations to further strengthen the supervision of FHCs in China.

关 键 词：金融控股公司 并表监管 资本充足率监管 关联交易监管 

分 类 号：F831[经济管理—金融学] F833