全球金融監理改革方向與啟示

The Directions and Implications of Global Financial Supervisory Reform

回顧歷史，每當金融市場出現極大動盪，金融監理議題或金融改革事宜必然重新燃起。G-20在2008年11月及2009年4月、9月的領袖會議即確定未來全球金融監理合作方向，在全球金融穩定、總體審慎監理、個體審慎監理和消費者保護等層面進行改革，並達成有關強化金融穩定相關措施，金融穩定委員會亦提出一系列之建議。2009年美國、英國及歐盟之金融監理改革，大致即在上述G-20所擬定之框架下，並考量其國內特有問題，進行改革。此次改革之主要啟示包括建構「新金融監理時代」、防範系統性風險發生、提高處理問題金融機構的時效，以及加強衍生性商品及市場參與者之規範。台灣金融監理規範改革的具體方向，宜參考歐美修法方向，儘速修制訂相關法規制度。

History tells us that, whenever financial markets are affected by extreme turbulence, financial supervision and financial reform inevitably re-arise as burning issues at the forefront of attention. At the G-20 Summits in November 2008 and April and September 2009, the heads of the G-20 economies agreed on future directions for global financial supervisory cooperation and reform, to strengthen financial supervision, bolster consumer protection, and underpin global financial stability. The Financial Stability Board, established in April 2009 as successor to the Financial Stability Forum, also has made a series of recommendations for addressing vulnerabilities and developing and implementing strong regulatory, supervisory and other policies in the interest of financial stability. Financial supervisory reforms carried out in the US, the UK and the EU in 2009 conformed largely to the framework mapped out by the G-20, with each taking into account their particular internal problems and issues. This study summarizes the lessons learned in the financial crisis of 2008-2009 within these countries. Most important among these are the needs for establishing a new era of financial supervision, preventing the occurrence of systematic risk, acting more promptly to deal with problem financial institutions, and enhancing the regulation of financial derivatives and market participants. In mapping out concrete directions for the reform of financial supervisory regulation, Taiwan should draw reference from the revision of related laws carried out in Europe and North America, and should act with the utmost speed to effect the requisite changes to domestic financial laws and rules.