Dynamic Adjustment Of Supervision Mode To Enhance The Effectiveness Of Financial Supervision

Now, China

The task of supervision is arduous.

We must strengthen financial supervision if we want to reverse the fact that capital is not enough to get rid of the real situation, to control financial chaos, and to hold firmly to the bottom line of systemic and regional financial risks.

However, at the same time, when the regulatory measures arrows, we need to make up the short board of the system and mechanism in an effort to grasp the balance between risk prevention and innovation, so as to achieve the optimal allocation of regulatory cost and regulatory efficiency.

It has strong externalities, which is the necessary logic to implement effective financial supervision.

In recent years, China's financial market innovation is extremely active, and financial instruments are nested at various levels, resulting in a significant increase in risk infection, rapid expansion of off balance sheet assets, insufficient capital coverage risk, and even a variety of illegal and illegal cases.

Analysis of these phenomena and causes of the problem, from a market point of view, there is a risk blind area formed by regulatory vacuum, there are regulatory arbitrage generated by profit seeking behavior, and there are also lawless elements to test the law.

From the perspective of financial regulatory system, it is more or less related to the existence of short board of system and mechanism.

It is often difficult to clearly define the regulatory responsibilities of financial products and tools that are cross market and cross industry, such as silver, card, insurance and credit.

The differences in the basic operation management modes of financial sub sectors, such as the development of banks, securities and insurance institutions, are supported by capital.

The capital adequacy ratio, the net capital management of securities companies and the solvency of insurance companies are not the same. Therefore, regulatory rules based on industry attributes often provide arbitrage space for asset management businesses.

In addition, financial regulation is lagging behind the practice of financial innovation, and the problem of financial regulatory risk and the lack of local financial regulatory power in emerging financial field.

The problem of disjointing the construction of new illegal activities and so on urgently demands to make up the short board of financial supervision system and mechanism.

Based on the reflection of the international financial crisis in 2008, the world has generally strengthened the macro prudential supervision power of the central bank, giving it the power to co-ordinate the regulation of important financial institutions, financial holding companies, and financial market infrastructure, as well as the power and responsibility of coordinating financial statistics.

But in the world, there are few countries implementing unified financial supervision, and there are many regulatory authorities or "Shuangfeng" regulatory mode is the mainstream.

Even in the United Kingdom, under the unified macro prudential supervision and micro prudential supervision of the Bank of England, the Financial Services Bureau has been established, directly responsible to the British Parliament and the Ministry of finance, and has accepted the guidance and recommendations of the financial policy committee to supervise the implementation of all regulatory objects.

Under the current framework of China's financial legal system, if we can make up the short board of functional regulation, give full play to the synergy of regulatory effectiveness and professional supervision, we can also achieve unified regulatory rules and eliminate regulatory vacuum.

We should see that financial regulation is a dynamic and continuous set of behaviors. The improvement of financial supervision efficiency should find the best combination point between the moderate financial innovation and the minimum cost of financial supervision.

In order to promote the development of financial technology, the United Kingdom has created a "regulatory sandbox", providing a real or virtual testing environment, allowing financial innovation to carry out low-cost and rapid experiments under the special permission of financial supervision, and seriously reviewing and adjusting the current situation.

Regulations, trying to establish a new benign interaction relationship between regulation and market.

The cost of financial supervision is not only reflected in the daily supervision of administrative costs, but also the efficiency of the financial services entity economy.

The simple reconfiguration and new integration of financial regulatory power will significantly increase the cost of financial supervision, but it does not necessarily mean the improvement of financial supervision efficiency.

The so-called external supervision competition internalization, internal coordination, coordination problems are more or less there will be.

Fundamentally speaking, there is no financial regulatory framework that is effective everywhere. Only by making efforts to make up the short board of institutional mechanisms according to the national conditions, can we achieve the most effective financial supervision by dynamically adjusting the mode of financial supervision according to the development trend of domestic financial industry under the premise of fully learning from international experience.

More interesting reports, please pay attention.

。