Reform Of The International Financial Regulatory System After The Subprime Crisis

The financial crisis is the most important driving force of the reform of the financial regulatory legislation, with the recovery of the world economic situation, The financial system become stable,The main task of the world’s major economies in the post-crisis era began to take short-term policy measures to curb the crisis from spreading and deepen,They turned to reform financial regulatory legislation, in order to repair the fundamental flaws of the current financial regulatory system.The crisis has exposed the inherent drawbacks of previous financial supervision.just as follows,the first,The one-sidedness error of the both consensus. Countries absolutely believe that the self-stabilizing mechanism of the financial markets before the crisis;The second,Neglect of the systemic risk regulation.Correlation between financial institutions and framework construction is often neglected;The third,Blank supervision of shadow banking and financial innovation.Generally, hedge funds, private funds, mortgages, economy companies and the so-called shadow banking has a high ability to withstand risks, therefore, these financial institutions are often separated from the outside of the financial regulation;The forth,Legal bottom line continues to fall. Although there have been some of the financial regulatory laws but the law does not form a strict and orderly regulatory system, on the other hand,it continues to relax the requirements for financial supervision, failed to timely prevent the outbreak of the problem.United States and Britain and the EU,these three major economies has issued a number of financial regulatory programs of legislative reform, reflecting the different attitudes and interests of the demands of the economy in the reform of financial regulation legislation, reflecting the new trend of legislative reform of international financial regulation in the post-crisis era,To improve China’s financial regulatory system,this time provides the opportunity for deep thinking.This paper successively loan crisis point for research, from mining the subprime crisis behind the causes and the subprime mortgage crisis reflected from the financial regulatory system vulnerabilities, to illustrate the efforts and development trend of the current major international financial centre in the financial regulatory laws.The article is mainly divided into three parts. In the first part, described the background of he subprime mortgage crisis,analyzes the legal reasons of the crisis,and then we can seen the lack of financial supervision, developing and implement regulatory law has loophole,which is what led to the core reason for the crisis.The second part, which this paper is focused on, a survey in the main financial center after the crisis, and concludes that the general tendency of reform of all countries. Mainly from four aspects of the reform trend analysis, i.e., macro prudent supervision concept,"too big to fall"policy, protection of the financial consumer rights and interests and the international co-operative trend of financial supervision, through the current reform direction analysis mainstream system of the financial regulatory system;The third part of the actical return to the construction of an international financial center in China, in view of the country is taking great efforts to build shanghai a new international financial center,to catch up with the world development trend,This essay, taking Shanghai as an example, analyzes the construction of financial center in China,Facing the existing problems and figure out measures to realize the healthy development in china.This is also the foothold and practical point of this study, followed by the direction of the international financial sector development, China’s financial regulatory system needs higher requirements. This study of China’s financial regulatory law has reference and reality significance.