浅论我国证券市场监管法律制度的完善

证券市场的监管是证券市场存在和发展的基石,完善的证券监管法律制度是证券市场健康发展的重要保障。近几年来,我国证券市场日趋成熟,监管体制日益完善,但仍然存在着许多问题,亟待进一步完善证券监管法律制度。本文通过对证券监管法律制度基本理念的阐释,对我国证券市场监管法律制度现状的表述,对我国证券市场监管法律制度存在缺陷的剖析,进而提出完善证券监管法律制度的建议,以期保障证券市场的健康、有序、快速发展。     

证券稽查制度的国际比较研究

证券市场的监管稽查是一国证券监管的重要组成部分。一国的证券监管制度因其政治、经济、文化和证券市场发育程度不同而表现各异，各国证券法律制度对于证券监管及其稽查权限的规定各不棚同。在本文中，我们主要以美国(集中临管模式)和英国(自律型监管模式)为主要参照对象，以此来揭示我国证券稽查制度的创新模式。     

中国证券监管法律制度探析

证券监管法律制度是现代金融法律制度的重要组成部分,对于快速成长的中国证券市场而言,证券监管法律制度不可避免地仍存在种种缺陷。本文拟从监管者、被监管者、监管手段三个方面提出完善我国证券监管法制的对策,为建立适应我国证券市场特点的、完善的市场监管法律、法规体系做出有益探索。     

全球化背景下的我国证券监管体制的行政法思考

我国证券市场监管体制以政府监管为主、自律管理为辅,随着市场的发展变化,中国证券监管体制经历了一个从地方监管到中央监管、由分散监管到集中监管的过程。目前存在着政府干预过度、自律性管理不足,特别是证券监管的法律体系不完备等问题。随着经济全球化的迅速发展,应当借鉴发达国家的经验,基于我国证券监管自身的不足,逐步建立并完善证券监管体制。本文建议提升中国证监会的法律地位,并从立法、行政、监督相制衡的角度出发,将证监会的部分职能交由其他新设机构行使,构建中国集中型监管体制。     

证券监管的独立性与监管治理研究

金融监管治理直接关系到金融监管有效性的实现,其中的一个基本原则和核心要求就是监管独立性。金融监管独立性这一议题经过半个多世纪的发展与研究,正在形成丰富的内涵和多元化的实现机制,可以为长期以来被忽视的证券监管治理提供有力的理论指导和支持。当前,我国证券监管独立性与监管治理在监管目标统筹协调、监管规则制定和透明度、监管资源和权力配给、监管问责和治理机制等方面仍有待进一步完善。未来我国应不断强化证券监管治理的独立与问责理念,从监管机构独立性、行业立规权独立性、行业监督权独立性和预算安排独立性四个方面加强有助于证券监管独立性的制度措施,同时进一步完善问责机制,以进一步提升我国证券监管的有效性。     

完善证券市场监管体制探讨

证券监管体制是证券监管的职责与权力划分的方式和组织制度，是国家历史和国情的产物。证券监管体制的有效性和规范性是决定证券市场有序和稳定发展的重要基础。本文认为，确立有效的监管体制模式，能够提高监管的效率，避免证券市场过分波动。     

证券监管的目标和原则

2006年6月8日，国际证监会组织（IOSCO）第31届年会在香港召开。中国证监会主席尚福林在年会上表示，中国证监会正在按照IOSCO的《证券监管的目标和原则》来完善内地资本市场的证券监管制度。首先，在法律法规方面努力与《证券监管的目标与原则》相衔接，于2005年推动通过了《证券法》和《公司法》的修订案。其次，注重在监管实际中遵循《证券监管的目标和原则》的基本内涵，于2005年9月设立了注册资本63亿元人民币的证券投资者保护基金，用于在防范和处置证券公司风险中保护证券投资者的利益。为便于业界了解和掌握国际证券监管的发展精髓，本刊全文刊载2003年IOSCO修订的《证券监管的目标和原则》，以促进我国新兴加转轨的证券市场监管创新与规范发展。[编者按]     

关于金融监管组织架构分类的理论综述

金融监管组织架构涉及一国金融监管体系的构成及各组成部分的工作目标、职责分工和协调运作问题,主要包括一国中央银行、银行监管机构、证券监管机构、保险监管机构的设置及协调运作情况。由于受到各国金融业的发展水平、法律制度、民族文化、货币制度、信用程度、政治经济制度等因素的制约,各国的金融监管组织架构差别很大。梳理了目前较具有代表性的五种分类方法,并对这些分类方法进行了归纳述评。     

由庞氏骗局案看我国外汇执法难点

近年来，随着外汇监管由事前向事后的转变，事后监测和行政处罚工作的重要性更加凸显。但在实践中，外汇行政执法也面临取证难、定性难、处罚难等问题。本文借鉴美国摩根大通“马多夫”庞氏骗局案件和解的相关内容，从引入和解制度、创新惩戒方式等方面，对完善我国外汇行政执法提出政策建议。     

我国证券监管要素优化配置问题研究

本文首先分析了当前我国证券监管要素配置中存在的突出问题,包括监管主体关系不顺、监管权责手段之间不匹配、监管救济不力三个方面。在此基础上,本文从完善法律法规、理顺主体关系、匹配监管权责手段、激励监管人员和创新监管手段等几个方面提出了优化我国证券监管要素配置的一些具体措施建议。     

证券市场托管制度优化研究

当前我国法规层面定义了证券"中央登记、二级托管"模式,但实质属于一级托管。证券托管制度的弊端逐渐显现,主要包括:一是交收主体错位不利于DVP结算制度的实施,二是无法有效组织券源满足市场融券需求,三是抑制证券公司的金融产品及业务创新,四是在一定程度上影响了市场的证券结算效率,五是不利于我国证券市场与国际接轨。本文建议:一是构建"看穿式"证券二级托管机制;二是优化顶层设计,健全与完善证券托管法规体系;三是建立证券公司二级托管业务内部管理体系;四是加强对证券公司开展二级托管业务的外部监督管理。     

英国金融市场基础设施监管状况及未来发展

文章剖析了英国金融市场基础设施（主要包括支付系统、中央对手方和证券结算系统）的监管框架，总结了监管工作在信用风险和流动性风险、恢复与处置和操作风险管理等方面取得的主要进展，阐述了其在国内、国际监管合作方面的监管权力运用，梳理了下一步的发展方向和酝酿的主要变革。     

演化绿色证券监管信息系统

《“十二五”国家政务信息化工程建设规划》将金融监管信息化工程列入国家重要项目中。金融监管信息化包括：商业银行监管信息化、证券监管信息化、保险监管信息化。而覆盖全国庞大的证券监管信息系统的绿色节能是不得不面对和认真思考的一个问题。鉴于国内外研究现状，文章提出绿色智能机房、绿色数据中心、虚拟化和绿色云等方面建议。     

Recent Changes in the Regulation of Financial Markets and Reporting in Canada*

The regulation of financial reporting and financial markets has undergone significant change in both the United States and Canada since 2000. In Canada, the regulatory regime is particularly complex and politically controversial, with much speculation about possible future directions. This paper's purpose is to explain the current regulatory environment as it stands in mid‐2006 to assist those who teach or conduct research in this domain. On the basis of a review of existing regulations and related studies, this paper first provides an explanation of the major jurisdictional issues that affect financial reporting and regulation in Canada, including identifying the roles of the key players. Second, it identifies specific reporting changes that might be of particular relevance to prospective capital market researchers. Where relevant, comparisons are made with regulatory provisions in the United States, because the majority of capital markets research concerns U.S. securities exchanges regulation, and the Canadian regulations themselves often refer to U.S. regulations as a point of comparison. We find that the lack of a single national securities regulator in Canada and overlaps in federal and provincial jurisdiction and among regulatory bodies mean there is a large range of players involved in financial markets regulation. Ongoing efforts to improve integration include the new passport system, improved harmonization of securities regulation, and consideration of mergers between some of the involved organizations. Other changes have led to a greater emphasis in Canada on the regulation of continuous disclosure and corporate governance than was previously the case. Changes in specific reporting regulations and guidelines since 2002 have generally increased the amount of disclosure.     

论对“协议控制”模式的监管

"协议控制"模式的监管走向近来为各界所关注。本文梳理与分析了这一融资模式的基本法律架构及特征、法律性质、产生与蔓延的规制环境及监管现状,探讨了监管改善对策。建议以证监会为主导,完善境外间接上市法律监管体系,统筹管理红筹模式、协议控制等境外间接上市架构,坚持宽严适度的约束与规范,注重国际证券监管合作。     

The impact of securities regulation on the earnings properties of European cross-listed firms

The objective of this study was to determine if the securities regulation in a foreign country is related to the earnings quality of European firms cross-listed in Europe. The study compared the post-listing earnings quality of 112 European firms cross-listed in 13 European stock exchanges during 1989–2001 to those of a controlled sample of non-cross-listed firms. Earnings quality was assessed by the use of reporting discretion to manage earnings. The regulatory strictness was represented by three indices of securities regulation.Empirical results provide some support to a positive association between earnings quality and the foreign securities regulation, suggesting that the foreign regulatory requirements have little or no effect on the reported earnings of European firms cross-listed in European exchanges.     

发审委制度的困境与反思

证监会发行审核委员会是证券发行制度中的重要组织,其职权行使与证券发行核准制密切相关。在核准制下,发审委需要对发行申请人进行实质审查,使其自身处于行政权力与商业判断的紧张关系中。为此,发审委采用了公私结合的组织结构,试图使其做出的审核决定更贴近市场。但由此也引致了发审委属性不清,委员身份不明,利益冲突缺乏有效约束等弊端;损害了证券监管的专业性、有效性和权威性。因此,发审委制度的完善应当成为证券发行监管制度改革的关键点和突破口。     

Liquidity risk in securities settlement

This paper studies the potential impact on securities settlement systems (SSSs) of a major market disruption, caused by the default of the largest player. A multi-period, multi-security model with intraday credit is used to simulate direct and second-round settlement failures triggered by the default, as well as the dynamics of settlement failures, arising from a lag in settlement relative to the date of trades. The effects of the defaulter’s net trade position, the numbers of securities and participants in the market, and participants’ trading behavior are also analyzed.We show that in SSSs – contrary to payment systems – large and persistent settlement failures are possible even when ample liquidity is provided. Central bank liquidity support to SSSs thus cannot eliminate settlement failures due to major market disruptions. This is due to the fact that securities transactions involve a cash leg and a securities leg, and liquidity can affect only the cash side of a transaction. Whereas a broad program of securities borrowing and lending might help, it is precisely during periods of market disruption that participants will be least willing to lend securities.Settlement failures can continue to occur beyond the period corresponding to the lag in settlement. This is due to the fact that, upon observation of a default, market participants must form expectations about the impact of the default, and these expectations affect current trading behavior. If, ex post, fewer of the previous trades settle than expected, new settlement failures will occur. This result has interesting implications for financial stability. On the one hand, conservative reactions by market participants to a default – for example by limiting the volume of trades – can result in a more rapid return of the settlement system to a normal level of efficiency. On the other hand, limitation of trading by market participants can reduce market liquidity, which may have a negative impact on financial stability.     

Risk and concentration in payment and securities settlement systems

What drives the intraday patterns of settlement in payment and securities settlement systems? Using a model of the strategic interaction of participants in these systems to capture some stylized facts about the Federal Reserve's Fedwire funds and securities systems, this paper identifies three factors that influence a participant's decision on when to send transactions intraday: cost of intraday liquidity, extent of settlement risk, and system design. With these factors, the model can make predictions regarding the impact of policy on the concentration of transactions, amount of intraday overdrafts, central bank credit exposure, costs to system participants, and other risks.     

我国证券登记结算法律的进展与疑惑

修订后的《证券法》及证监会制定的《证券登记结算管理办法》通过确立共同对手方、分级结算、货银对付等原则，完善了我国证券登记结算法律，然而对于诸如存管概念、《管理办法》效力权限的不同认识，仍将在实践应用中构成疑问。登记结算机构试图在自己和证券买卖者之间设立防火墙的愿望得到一定程度的实现，但在分离的明晰度上结算环节要好于登记托管环节，证券公司的交易通道功能整体上没有改变。立法应在维护系统稳定与保护投资者间寻求平衡。