后危机时代下国际金融监管法律规制比较研究——兼及对我国之启示

后危机时代下,世界主要经济体的主要任务开始由采取短期政策措施以遏制危机蔓延和深化转向金融监管立法制度改革,以此修复现行金融监管体系的根本性缺陷。美英及欧盟世界三大经济体先后颁布多项金融监管改革法案,折射出国际金融监管立法改革的新动向。其中加强系统性风险监管和加大金融消费者保护力度成为改革重点。为完善我国金融监管体制,突出解决系统性风险监管薄弱和金融消费者权益保护缺失提供了借鉴。     

欧美金融隐私保护法律制度比较

欧美金融隐私权保护由于不同隐私保护体系而显得区别很大.欧盟综合性的保护方式为金融隐私权提供了较高的保护水平,但是实践中各国适用并不一致.美国单独立法的方式使得其金融隐私保护错综复杂,市场力量、行业自律也在保护金融隐私方面发挥重要作用.我国金融隐私立法应参照欧美法律和实践两个方面的情况.     

Is limiting financial supervisory liability a way to prevent defensive conduct? The outcome of a European survey

One of the arguments frequently used to limit the liability of financial supervisory authorities is the idea that normal liability rules result in defensive conduct and, therefore, in ineffective financial supervision. The impact of tort law on financial supervisory authorities is, however, highly debated, and no overwhelming empirical evidence exists to support it. This article presents findings from an empirical study on financial supervisors in the member states of the European Union. Targeting senior financial supervisors, the survey presented a series of statements, asking respondents to state their opinions about the impact of financial supervisory liability. In summary, most of the respondents seem to classify the impact of financial supervisory liability as neutral or positive. At most, the evidence from the survey implies an arguably modest degree of deterrence. Because the survey found no significant differences between respondents who perceive the liability of their organization as limited and those who do not, it suggests that limiting financial supervisory liability does not have an impact on the behavior, or at least on the perceptions of the impact of financial supervisory liability, of financial supervisors. Therefore, the study calls into question the widely accepted argument of defensive conduct as a reason for limiting the liability of financial supervisory authorities.     

国际金融危机背景下我国的金融监管法律应对

在当前国际金融危机逐步加深的背景下,金融风险对金融监管有制度性需求,而减低机制性金融风险关键在于以法治促进金融体制和金融运行机制的改革与完善。我国金融监管法律制度还存在法律规则的供给机制混乱、供给理念滞后、制定主体多元且规则质量差、效率不高等诸多缺陷。借鉴英美等金融发达国家的监管经验与教训,以及欧盟等区域性合作组织的成功实践,按照巴塞尔银行监管委员会所倡导的金融监管理念,我们理应从金融监管法律的创制、具体处置措施的完善和金融监管立法的国际化三个层面有所作为。     

European integration and the french parliament: From ineffectual watchdog to constitutional rehabilitation and an enhanced political role

The development of the European Union is as much an opportunity as a threat to national parliaments. Our case study of the French Parliament suggests that as the process of integration has quickened in pace and broadened in scope, parliament has on successive occasions used the opportunity to strengthen its constitutional position with the introduction of Article 88‐4 and improve its capacity to scrutinise government through the adoption of a series of laws. Parliament now has the power to delay if not block the adoption of measures at European Union level by refusing to lift its scrutiny reserve. It is difficult to determine if parliament has significantly increased its influence over the government on European affairs, but it is now able to adopt potentially politically significant resolutions on all European Union issues which the government takes into account when negotiating in Union institutions. European integration has been a significant factor in the rehabilitation of the French Parliament.     

Harmonising national sanctioning administrative law: An alternative to a single capital‐markets supervisor

Since the disclosure in 2009 of the Larosière Report, legislative acts disciplining financial markets have established a set of rules called to form the foundations of a sanctioning administrative law to be enforced by the Member States. Furthermore, the ECtHR and the ECJ, are contributing to apply here the guarantees of the Rome Convention and the Charter of Fundamental Rights. This study, in addition to giving account of such legislation and case‐law, aims to outline the broad principles of this new law, whose purpose is levelling the ‘playing field’ amongst NCAs and fostering supervisory convergence without creating new institutions. Should this ‘experiment’ be successful, and a new way of ‘cooperative federalism’ could emerge at a global level in the Union. Otherwise, further centralisation—which is neither possible nor desirable at this stage—should be expected in future years, with a sort of single supervisory mechanism in securities markets.     

市场型金融创新法律监管路径的反思与超越

市场型金融创新凸显了规范与现实之间的冲突。无论是选择性监管路径,还是规则扩张式监管路径,抑或是以监管沙箱为代表的实验式监管路径,都不能很好地解决该冲突。以上三种路径,都是在“术”的层面上展开。为了超越以上三种路径,我国应在“道”的层面上进行理念与制度完善,即我国需要完善金融法治基础,建构金融法治哲学,制定《金融法典》或《金融法总则》,创新金融法的更新机制,创建市场型金融创新合法性裁定制度,完善市场型金融创新的法律责任,以便进一步提升我国对市场型金融创新监管的法治化水平。     

The Great Recurrence: Karl Polanyi and the crises of the European Union

In his seminal 1944 book The Great Transformation, Polanyi describes the rise and fall of liberal capitalism during the long nineteenth century. Many have realised that Polanyi has a lot to tell about the European Union in the aftermath of the financial crisis. The paper begins with an overview of Polanyi's historiography of the failure of nineteenth‐century liberal capitalism and his account of the four elements that helped liberal capitalism thrive, while precipitating its collapse—the idea of the self‐regulating market, the gold standard, international peace and liberal constitutionalism. Thereafter, the paper describes the particular transformations that these four elements underwent in the course of European integration and after the financial crisis, with a particular focus on the case law of the Court of Justice. The paper argues that their current constellation has a destructive potential that exceeds the economic dimension of the Union and might pave the way for a much greater failure, one that might defeat Europe's greatest success: the establishment of peace. Ultimately, the paper assesses current reform proposals in light of these insights and makes a number of proposals for re‐embedding the economy in society.     

构建中国—东盟关税同盟:可能与设想

随着WTO多哈回合谈判的僵持和全球金融危机的影响,全球化的进程受阻,贸易保护主义有所抬头,许多国家转而选择更为现实的区域贸易组织来缓解对全球贸易的依赖,为防止在此背景下出现针对我国的"转移效应",我国极有必要建立区域机制以缓解可能的冲击,从现实来看,对现有中国—东盟自由贸易区进行深化发展,形成关税同盟,具有经济和地缘等优势,应当对中国—东盟关税同盟的建构进行可行性分析,并提出相应的指导原则和对内与对外的制度安排。     

Financial intermediation in the securities markets law and economics of conduct of business regulation

The economic theory explains the role performed by intermediaries in financial markets. In securities markets, in particular, intermediaries act as facilitators of the financial exchange. In this context, conduct of business regulation is justified on the basis of structural problems of asymmetric information affecting the relationship between securities professionals and the individual investor.In this paper, two major conduct of business rules are analysed in the light of the kind of market imperfections they should be intended to address: the suitability and the anti-churning rules. From a functional perspective, the analysis merges major insights of financial theory with a comparative discussion of the legal rules in both the U.S. and the European Union. Law and economics approach to the matter leads to a much broader and more economically sound interpretation of the “churning” problem. This is related to an agency-based explanation of one of the most topical puzzles under debate in financial economics: the problem of noise trading.     

Free movement of law students and lawyers in the EU: a comparison of English,German and Greek legislation

This article focuses on the linked themes of mobility within the European Union for law students and for lawyers. It highlights obstacles to cross-border legal education and legal practice across three Member States: England and Wales, Germany, and Greece. The European legal framework is outlined. The implications of recent case law of the European Court of Justice, on the conditions of access to higher education and financial support, are considered. Three main areas of concern are identified: admission arrangements; student finance; and the professional recognition of qualifications. The article compares the approach of the three Member States in each of these areas and explores conflicts between their domestic law provisions and European Union law. The article concludes by identifying ways in which ‘Europeanisation’ of legal education and the legal profession could be encouraged by facilitating law student mobility and by modernising the law curriculum.     

Forward or Back: The Future of European Integration and the Impossibility of the Status Quo

This article considers how the legal and political order of the EU can cope if the ‘Ever Closer Union’ envisaged by the Treaties ceases to be inevitable. In particular, it focuses on what are the likely consequences if previously successful integration mechanisms such as integration through law (including adventurous pro‐integration interpretation by the Court of Justice of the European Union (CJEU)) and functional integration can no longer successfully push forward the integration process. It considers whether it is possible for the Union to ‘stand still’, that is, to maintain the current level of integration without either moving forward to more intensive integration or engaging in costly and disruptive disintegration. In order to substantiate this claim, the article looks at three areas, the law of citizenship, the Eurozone and the legislative structures of the Union, showing in each case that the neither the current degree of integration nor methods used in recent times to move the integration process forward provide a long term basis for policy.     

Post-‘Brexit’ Financial Governance: Which Dispute Settlement Framework Should Be Utilised?

This contribution to the ongoing Brexit discussions addresses topical legal and regulatory issues in the post-Brexit policy debate, especially the questions surrounding the important area of financial governance and dispute resolution. Specifically, a number of future UK/EU legal disputes with respect to financial services may emerge post-Brexit. The article examines the UK's track record at the Court of Justice of the European Union, and discusses some likely future challenges. It then considers which institutional framework should be used for resolving disagreements. The article assesses the strengths and weaknesses of three potential models (the proposed Swiss/EU institutional framework; the EFTA ‘docking’ option; and the WTO system) and provides an original cross-model evaluation. It also discusses the associated design challenges that EU and UK negotiators may encounter in the attempt to devise a post-Brexit dispute settlement system.     

Health and Efficiency: Community Law and National Health Systems in the Light of Müller-Fauré

In Müller-Fauré the Court of Justice has made clear that restricting patients to receiving medical services from their domestic health systems is often contrary to EC Treaty rules on the free movement of services, particularly where the treatment is not in-patient. The patient should generally be able to go abroad for treatment at the expense of their national health authority. This has structural and financial repercussions for health care systems in several Member States, including the United Kingdom, whose systems are premised upon captive patients. It also has broader implications for welfare harmonisation and provision in the European Union. Exceptions are possible, where the implications for the national health system would be very serious, but Müller-Fauré indicates that the Court will not allow national courts or authorities to rely on these too freely.     

俄罗斯金融服务市场监管法律制度评介

俄罗斯金融服务市场监管法律制度承继了前苏联的部分理念和框架,随着自由化和私有化进程的加速,逐渐形成了自己的特色。监管主体以中央银行为核心,联邦金融市场管理局为辅助,同时推动行业自律和社会监督的发展。在法律体系方面以《银行法》、《保险法》和《证券市场法》作为主要规范金融服务市场的依据,其他单行法规和个别部门法中的特殊规定也发挥着调控作用。金融危机之后,俄罗斯金融服务市场的监管法律逐步完善,法律规定比较全面,更加重视消费者权益的保护,但还应继续转变立法理念,加强部门法的协调统一,平衡好国家利益和个人权利的关系。     

Medical interpreting and the law in the European Union

In 2011, the Danish government announced that from June that year it would no longer cover the costs of medical interpreters for patients who had been living in Denmark for more than seven years. The Dutch Ministry of Health followed with an even more draconian approach; from 1 January 2012, the cost of translation and interpreting would no longer be covered by the state. These two announcements led to widespread concern about whether or not there is a legal foundation for interpreter provision in healthcare. This article considers United Nations treaties, conventions from the Council of Europe and European Union law. European Union member states have been slow to sign up to international agreements to protect the rights of migrant workers. The European Union itself has only recently moved into the area of discrimination and it is unclear if the Race Directive covers language. As a result, access to interpreters in healthcare, where it exists, is dependent on national anti-discrimination legislation or on positive action taken at national or local level rather than on European or international law.     

Towards a common standard of protection of the right to housing in Europe through the charter of fundamental rights

The trend towards the financialisation of housing since the 1980s and the global financial crisis exposed a dramatic lacuna in the legal protection of the right to housing. Yet, the right to housing features not only in national and international human rights instruments, but also in the EU Charter of Fundamental Rights. Charter rights are increasingly finding expression in the case law of the Court of Justice of the European Union (CJEU). In particular, drawing on the Charter, the CJEU's interpretation of EU consumer law is moving towards a recognition of housing rights as inherent components of consumer protection. On the basis of such developments, this article examines whether there is scope to extend this human rights approach to new areas – namely, to the Mortgage Credit Directive (2014) – a major EU harmonising measure – and to the work of EU institutions now responsible for banking supervision. The article concludes that, if guided by the Charter of Fundamental Rights, the case law of the CJEU and the practice of supranational banking supervision could significantly enhance the protection of the right to housing, both at EU and Member State level.     

War as a pretext to wave the rule of law goodbye? The case for an EU constitutional awakening

The war in Ukraine triggered significant changes at the European Union level. The speed at which the EU has achieved progress on sanctions, migration and defense is particularly impressive. But the Russian aggression against Ukraine has also served as a pretext for putting aside internal discussions about the rule of law, and provided additional political rationales for inaction against Member State governments responsible for the violation of European values, as well as triggered the deepening of double standards in several fields. Against this background, the paper argues that using this crisis as a justification for further inaction in the context of EU values is not a sustainable course of action. The Union must not delay further the need to act to halt the insidious erosion of democracy and the rule of law within its own borders both at the national and supranational level.     

Innovative Governance in a Federal Europe: Implementing the Convention on the Rights of Persons with Disabilities

A recent development in European law, less heralded, but no less path‐breaking than the Treaty of Lisbon, was the ratification by the EU of its first human rights treaty—the United Nations Convention on the Rights of Persons with Disabilities (CRPD). Concluded as a mixed agreement, the CRPD's pioneering monitoring mechanisms demand a high level of cooperation from both the Union and its Member States. It, thus, provides an opportunity for the Union to further develop a distinctly European notion of federalism by the use of new, innovative governance mechanisms. This article looks at the Union as a federalist project through the prism of the mixed agreement, and specifically the ways that federalism may be balanced within it, using the CRPD as an example. Although the Union has an existing Code of Conduct under the Convention, it lacks true engagement with these issues, and this article proposes changes to that end.     

Does Europe Need a Constitution? Demos,Telos and the German Maastricht Decision

Abstract: Through a close reading of the Maastricht Decision of the German Federal Constitutional Court Weiler examines critically the so-called No-Demos Thesis according to which the absence of a European Demos precludes democratisation of the Union at the European level and requires the mediation of Member State institutions. He traces the roots of this thesis to Carl Schmitt and argues that it represents a failure of the Court to understand the Union in terms different from the Schmittian strand in German constitutional theory. He claims, inter alia, that the No Demos thesis is premised on an organic understanding of peoplehood deriving from the European Nation-State tradition which conflates nationality and citizenship and can, as a result, conceive of Demos only in statal terms. Weiler first presents an alternative view of the Union and of supranationalism and then offers a non organic view of Demos and argues for a ‘European’ notion of membership in which each individual would belong to multiple demoi defined in different ways.