摘要
随着中国金融市场的逐步开放,证券市场跨境违法违规行为随之出现,并呈现逐年增加的趋势。为增强国际市场间的跨境监管合作,国际证监会组织在2017年对多边谅解备忘录进行了修订,新增了五项执法权力,形成了加强版的多边谅解备忘录。文章解读了此次改进,以及新增的五项执法合作措施的具体内容及其优势,并在此基础上对我国证券市场的跨境监管问题进行了分析。分析表明,我国证券市场跨境监管存在法律依据过于原则化、证监会执法措施不够完善等问题;另外,目前广泛采用的双边谅解备忘录在制定、实施方面也存在一定的问题。本文最后提出以下建议:增强国内法的可操作性,扩大证监会执法权来完善跨境监管体制;组建专业的合作队伍,提高《证券法》的域外效力;实施“两步走”方案逐步加入加强版的多边谅解备忘录,进一步完善我国证券市场跨境监管。
With the opening of China's financial market,cross-border violations of regulations in the securities market have emerged and show an increasing trend.In order to enhance international regulatory cooperation,IOSCO developed"Enhanced Multilateral Memorandum of Understanding"(EMMoU)in 2017.This Memorandum has added five new enforcement rights(ACFIT)to the MMoU.This paper interprets improvement from MMoU to EMMoU,as well as the specific contents and advantages of the five rights.It then analyzes the cross-border supervision of China's securities market,which shows that there are some problems in this specific field,such as the pertinent laws which set out only the principles but lack executable details,and the inadequate enforcement measures of the CSRC.In addition,the current widely used bilateral MOU also has flaws in the formulation and implementation aspect.Finally,this paper makes the following suggestions:strengthen the operability of domestic laws,extend the enforcement rights of the CSRC to improve the cross-border supervision system,establish a professional cooperative team,improve the extraterritorial effect of securities law,gradually employ EMMoU through the implementation of the"two-step"schemes,and improve the cross-border supervision of securities market in our country.
作者
刘凤元
邱铌
LIU Fengyuan;QIU Ni
出处
《金融监管研究》
CSSCI
北大核心
2019年第12期100-111,共12页
Financial Regulation Research
关键词
跨境监管
多边谅解备忘录
信息交流
执法协作
Cross-border Supervision
Enhanced Multilateral Memorandum of Understanding
Information Exchange
Law Enforcement Collaboration
