| The shadow banking system has been considered to be the key cause of the 2008 financial crisis. Researches and supervision reforms to shadow banking system has gradually become the focus of many countries and international financial organizations. Although the impact China has suffered from the financial crisis is not so serious as the western countries, but risks of shadow banking system do exist in China’s financial market. And with the rapid expansion of the scale of China’s shadow banking system, the unusual development has begun to threaten China’s financial stability, thus strengthening the supervision of the shadow banking system has also been imperative for China.This paper tends to do research from both micro and macro levels. On one hand, the characteristics and the corresponding supervisions of the shadow banking system in United States and the European Union, as well as the supervision proposals from the three important international financial organizations--- Financial Stability Board, the Basel Committee and IOSCO in their respective areas of expertise have been analyzed, which may set good examples for China’s financial supervision of the similar specific products or entities; on the other hand, based on the analysis of the roots and characteristics of Chinese shadow banking system, this paper also tries to deal with some legal issues concerning to the establishment and improvement of the supervision mechanism of the Chinese shadow banking system on a high level.Four chapters are consisted in this paper. Chapter 1 focuses on the basic issues of the concept of "Shadow Banking" as there has not yet been a universally accepted definition. In addition, this chapter will present the situation of the global shadow banking system on the basis of the FSB 2012 monitor report.Chapter 2 focuses on the supervision proposals of the three important international financial organizations in their respective areas of expertise and the legal issues related. This may benefit China from improving the supervision measures of some entities or activities like commercial banking, securitization and money market funds.Chapter 3 focuses on sorting out the characteristics and the supervision regime of the shadow banking system in United States and the European Union, which actually do reflect the essence of the proposals raised by three international financial organizations mentioned above.Chapter 4 is the most important part of this paper. By sorting the general characteristics and supervision regulations of the Chinese shadow banking system, three key issues concerning the legal system of the supervision of Chinese shadow banking system will be proposed and analyzed, they are the legal status of shadow banking system in China, the way of supervision, and the emphasis of information disclosure and transparency principles. |
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