論歐盟貨幣市場基金監管新規

New Rules of Money Market Funds Supervision in European Union

2008年全球金融危機以來，歐盟對影子銀行的發展深感擔憂。貨幣市場基金作為影子銀行的重要組成部分，仍然適用歐盟各個成員國的國內監管規則。隨著歐盟內部市場的發展，歐盟貨幣市場基金的跨境投資與交易數量激增。因此歐盟將貨幣市場基金的統一監管提上議事日程。應歐洲議會的要求，歐盟分析與研究後，於2013年9月4日正式對外公布了《貨幣市場基金條例草案》。該條例草案是在金融危機背景下為加強影子銀行監管和保護投資者利益而制定，是歐盟為建設金融市場統一監管體系所努力的一部分。《貨幣市場基金條例草案》在歐盟現有金融監管法律體系的基礎上，對歐盟貨幣市場基金的營業核准、基金內部評級規則、信息披露義務、投資多樣性與集中性原則設定了統一的監管標準。此外，《貨幣市場基金條例草案》首次在歐盟境內引入浮動淨資產價值貨幣市場基金的概念，以及類似准備金制度的淨資產價值緩沖機制，提高了傳統固定淨資產價值貨幣市場基金的准入門檻。當下的中國，其貨幣市場基金發展迅速，已成為社會各界的熱門話題，因此中國的金融監管機構也正在研究如何完善貨幣市場基金監管規則。目前，有歐盟的《貨幣市場基金條例草案》在先，那麼中國的金融監管機構可以從歐盟的實踐中吸取經驗教訓，引導中國貨幣市場基金良性健康發展。

Since the Global Financial Crisis in 2008, the European Union worried about the development of the shadow banks. As an important element of the shadow banks, the regulation on money market funds in European Union is based on the national law of each member state. With the European Union Internal Market develops, cross-border investments and transactions are increasing sharply. The uniifed supervision on the money market funds is on the agenda of European Union. At the European Parliament’s request, after analyzing and consulting, the European Union Commissionpublished “Proposal for Regulation on Money Market Funds” in September 4th, 2013. The Proposal, which is part of uniifed supervision framework of European Union financial market, strengthens supervision ofthe shadow banks and protections for investors.The Proposal sets uniifed standards for money market funds on the authorization, internal rating rules, information disclosure, diversity and concentration for the investment. Also, the Proposal introduces variable net value money market funds and net asset value buffer for the first time, and raises requirements of constant money market funds for market access. At present, the money market funds in China are also increasing rapidly. The financial regulators of China could learn from the Proposal of European Union to improve the national supervision of money market funds.