| On Apr. 11th 1999, House of Representatives and Senates in America passed Financial Services Act of 1999, abolished Glass Steger Act enacted in 1933 which has thoroughly finished the situation of divided trades management and divided trades supervision in bank, security and insurance, and opened new era of financial trades moving towards mixed trades management. Glass Steger Act has dominated nearly 70 years in America and become important reference of each country's financial supervising rules. It's the earliest ancestor of world financial divided trades system. Nowadays, there are still many countries quoting and drawing on from the law of America for security's legislation. Through the analyze and comment on new and old financial supervising systems of America, this paper has summarized and judged the developing directions of financial supervising system in western countries taking America as representative. At last, it has analyzed the existing problems of financial supervising system in our country through drawing on the experience of financial supervising system reform in America, presented the concrete measures and countermeasures of perfecting financial supervising system in our country, in order to provide academic support for establishing financial supervising rules and system and make effort to guide for development of financial system in our country. This paper has discussed in six sections.Part one has mainly discussed the relating theory and evolution of financial supervising system from three points. The content included: first, the basic theory of financial supervision; i.e. the negative outside effect of financial system, features of public products, paradox and chanciness of free competition of financial mechanism, incompletion and asymmetry of information; second, evolution of financial supervising theory (before 1930s), the phase of strict supervision and security priority (1930s-1970s), phase of financial liberalization and efficiency priority (1978s-end1980s), phase of financial supervision theory emphasized on both security and efficiency; third, the constructive contents of financial supervising system; i.e., the discussion on financial supervision's organizing system, supervising target, supervising content, supervising methods and supervising juristic basis etc.Part two included three portions. First, it has mainly discussed and commented on original financial supervising system in America. On the basis of original system, Federal Law and State Law co-exist. The beneficial conflict of Federal Law bank and State Law bank happened at times. With the unceasing expanding of economic business activities; single bank rule evolves into the system of bank controlling company, but forbid bank to hold subsidiary company with non-bank business; forbid bank to hold subsidiary company with "main management on security business"; in principle, forbid bank to engage in insurance business. This divided trades management state is contradictory with interior law and requirement of financial development on almightiness, synthesis or integration (mixed trades management). The existing problems also appear. Second, it has mainly expounded the promulgation of Financial Services Act of 1999 and the relating problems concerning divided trades system reform. Due to the proportion of bank trades in financial fields descend unceasingly; bank security is no longer equal to financial security. And meanwhile, American financial trade undergoes the competitive pressures of overall financial business from foreign bank and the demand of financial innovation. Mixed trades management is under the big background of the trend of the times; Financial Services Act of 1999 promulgates and implements. The core of Financial Services Act of 1999 is the reform from divided trades system to mixed trades management including permitting business' inter-permeation of bank, security and insurance. Financial opening is considered highly. Third, it has mainly discussed the comparison between old and new financi... |
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