| Abstract: | 本研究從金融服務業整合之趨勢出發,探討監理主管機關應有之因應。並以英國、澳洲以及我國正在進行之金融監理架構整合為主要分析重點。說明各整合規劃之背景起因,整合之內容與所涉法律層面之變更,實際面臨之挑戰與質疑,以及整合後所能產生之綜效。並比較採取單一監理機關組織架構之國家與不採此制而改以加強各機關間協調以為因應之國家,所處法律環境、政治生態之異同,說明採取單一監理機關組織架構與該等因素之關聯。採取單一監理機關組織架構對於監理規範之調和、金融市場之安全、投資人之保護、不公平競爭行為之防止、本國業者競爭力之提昇、金融創新之促進、金融危機之防範與處理、國際承諾之履行、國際合作之達成等各方面所具之比較利益與不利益,本研究亦加以分析。同時探討金融監理組織架構之可能型態,由相當普遍之「機構性管制」(Institutional regulation)至以金融服務之內容為監理分工標準之「功能性管制」(Functional regulation),甚至到以監理之目標為監理區分之「目標性管制」(Objective)。 最後並對各國國內金融監理組織架構整合與國際間監理合作之互動,予以探討;試著探索其對國際金融監理規範之演進,無疆界金融服務市場之形成,產生何種影響。
Financial services have rapidly integrated along with the regional arrangements and the conclusion of negotiation of financial services under the GATS at the end of 1997. In response to such integration, many regulators start taking action to prevent possible regulatory arbitrage. Some advocate a single regulator, such as the U.K. and Australia`s Wallis Commission. The study explores the background and the context of the proposal, the change of legal structure, the challenges encountered, and the synergy it generates. Moreover, the study compares the legal and political environment surround-ing the countries adopting a single regulator regime and the countries not so, in order to find out the correlation. The study also analyzes the advantage and disadvantage a single regulator regime could have in the following aspects: 1. harmonization of supervision rules, 2. safety of financial markets, 3. protection of investors, 4. prevention of unfair competition, 5. competitiveness of domestic service providers, 6. promotion of financial innovation, 7. response to financial crises, 8. implementation of international commit-ments, and international cooperation. The study also explores the possible alternatives for the institutional structure for financial regulation, from the institutional approach, functional approach, to the approach based on objective. In conclusion, the study predicts the trend of a single regulator regime and the impact of such trend on the development of international cooperated supervision, the evolution of international rules and the formation of a global financial market without barriers. |
