对影子银行加强监管的国际金融法制改革

2008年金融危机的产生与游离于监管体系之外的影子银行的崩溃密不可分。在后危机时代,国际社会金融监管改革中很重要的一个方面即是加强对影子银行的监管。美欧等发达金融体已纷纷采取多种改革办法加强对其监管。以金融稳定理事会为代表的国际组织亦对影子银行监管进行研究,并形成了相关建议。影子银行对金融体系带来的主要威胁是系统性风险和监管套利,改革现有金融监管法制的重点也在于此。我国应当积极参与此方面的国际金融法制改革,并适时加强国内的法制建设。

InternationalFinancialLaw ReformofStrengtheningtheShadowBankingRegulation

The outburst of the 2008 financial crisis is closely related to the collapse of shadow banking which runs beyond the system of financial regulation.In the post-crisis era,an important part of the financial regulation reform in the international community is strengthening the regulation of shadow banking.Countries with developed financial industry such and the U.S.and European Union have taken various measures and realized that the regulatory reform toward shadow banking has not finished yet and needs further actions.International organizations led by the Financial Stability Board have also done research on the regulation of shadow banking,and have formed its basic implication,scope,regulatory framework and tentative measures to strengthen the regulation. The shadow banking can be broadly defined as "the system of credit intermediation that involves entities and activities outside the regular banking system",which not only covers entities outside the regular banking system but also includes the traditional banking entities taking use of shadow banking approaches,and shadow banking vehicles and products.Shadow banking is featured in that it participates in credit intermediation but is not regulated or is merely lightly regulated compared with regular banking.Shadow banking may bring threat to the financial system,mainly systemic risk and regulatory arbitrage.Systemic risk may cause impact to the whole financial system while regulatory arbitration may undermine the effectiveness of financial regulation law in preventing risk and financial crisis and meanwhile bring additional risk to the whole financial system.Therefore,the construction of a systematic regulatory legal system toward shadow banking should be focused on. In this era when the financial globalization is strengthening gradually,the construction of a regulatory legal system toward shadow banking should be based on actions from both the international community and individual countries domestically.For our country,considering the growing size of shadow banking and the potential threat it may bring into financial system,the strengthening of shadow banking regulation turns to be a necessity in the legal reform of financial regulation.