The Reform Of Financial Supervision Mode

Beginning in the summer of 2012,more and more people questioned the pattern of China's financial markets,saying there are many problems in the current regulatory model.November 3,2015 The thirteen five plan pointed out that it is necessary to reform and improve the financial regulatory framework to adapt to the modern financial market.On the morning of February 28,2017,Comrade Xi Jinping stressed at the 15th meeting of the Central Finance Leading Group that it should make up for the shortages of financial supervision in a timely manner.In accordance with international standards,We must improve the ability and level of financial services for the real economy through the reform and innovation of the institutional mechanism.Which indicates that China's financial market regulation will usher in major changes.The first part of this paper introduces the historical development of China's financial regulatory model and the specific responsibilities of the third party.With the development of financial markets,China's financial supervision has experienced zero regulatory era,mixed operation of a single regulatory era,sub-industry management industry has been continuing and so far.According to the relevant provisions of the People's Bank of China,the People's Bank of China has been given the function of formulating and implementing monetary policy and maintaining the stability of the financial system since its establishment.The CBRC,the CSRC and the CIRC have conducted legal supervision on the banking,securities and insurance industries in accordance with the Banking Regulatory Law,the Securities Law and the Insurance Law.The second part introduces the two groups of theories,institutional supervision,function supervision,target supervision and bull supervision,bimodal supervision of financial supervision mode.By comparing the advantages and disadvantages of various regulatory models,it is proposed that the target supervision is the essence,The pattern of external performance is more in line with future regulatory requirements.At the same time,it introduces the advantages of the double-track supervision mechanism and the future reform direction of the United States,the advantages of the bimodal supervision model in Britain and Australia,and clarifies the general trend of international financial regulatory model selection.The third part clarifies the gap of the shadow banking supervision,the overlapping of the financial group supervision,the congressional conception and so on,and analyzes the reasons from the legal level.As a result of the tripartite legal status is not independent,the impact of administrative level and ministerial joint meeting does not form a formal regulatory documents led to the emergence of a number of regulatory issues.The fourth part elaborates the reform direction of our country,and discusses the three aspects from the choice of supervision mode,the clear supervision target and the specific reform path.I propose to choose the dual peak supervision mode.In the specific reform path,should not be directly institutional integration,but should step by step.The first step should be through the revision of the "People's Bank Law" in the legal clear the leadership of the People's Bank in the regulatory body,and through the legal clear ministerial joint working mechanism to strengthen the regulatory authorities to communicate.The second step should be the "banking supervision and management law","Securities Law" and"Insurance Law" on the prudential supervision and behavior regulation of the relevant laws and regulations to form a complete set of standards in the regulatory body to implement a unified regulatory standards Time to discuss the third step of institutional integration.The third step will be responsible for the supervision of prudent management of the sector merged into the CBRC's duties,and the three departments responsible for consumer protection into the Commission's responsibilities,the formation of China's financial supervision of the "double peak",the people Bank-led,and strengthen coordination with the Ministry of Finance,Development and Reform Commission and other regulatory agencies.