摘要
复杂资管产品是监管套利的衍生物,往往成为区域性、系统性金融风险形成和爆发的重要诱因。本次证券法修订后,资产管理产品已正式纳入证券监管的范围。基于复杂资管产品的风险特征,可以考虑建立结合机构监管和功能监管、审慎监管与行为监管的双重融合性监管框架;建立"实质重于形式"的监管逻辑;确立"投资者保护"为中心的监管路径,实现行为监管的统一归口。在具体监管措施方面,通过建构投资者适当性机制、信息披露机制、风险隔离和损失吸收措施、结构限制措施来健全资管产品特殊监管框架。
Complex Financial Instruments are derivatives of regulatory arbitrage that can lead to regional or systemic financial crisis.Complex Financial Instruments has the characteristics of portfolio,multiple levels of rights,indirect benefit and network-based risk transference.The supervision of complex structured financial products needs to establish a dual integrated regulatory framework that combines institutional supervision and functional supervision,prudential supervision and behavioral supervision.It is necessary to establish a regulatory logic of"substance over form"and establish a regulatory path centered on"investor protection",and achieve a unified convergence of behavioral supervision.The regulatory system foundation of Complex Financial Instruments includes investor eligibility,information disclosure,risk-remote,loss absorption,structural constraints,central clearing and unified Collateral management system and mechanism.
作者
王静
张昊
Wang Jing;Zhang Hao
出处
《行政管理改革》
CSSCI
北大核心
2020年第5期74-82,共9页
Administration Reform
关键词
复杂资管产品
审慎监管
行为监管
投资者保护
Complex Financial Instruments
Prudential Supervision
Behavior Supervision
Investor Protection
