從法令規範的角度初探臺灣店頭衍生性金融商品監理制度之發展及政策方向

An Initial Study on the Regulatory Regimes and Policy Direction of OTC Derivatives in Taiwan, from the Regulative Viewpoint

金融危機後各國監理機關戮力於店頭衍生性金融商品監理制度改革。臺灣係以「定義」劃定店頭衍生性金融商品之管轄範圍，且無單一法規規範。在豁免於期貨交易法規範的現狀下，目前臺灣之銀行、證券商及票券金融公司均可從事該店頭衍生性金融商品交易，並各有業務法源。本文分析臺灣店頭衍生性金融商品相關規範與期貨交易法之主要差異，發現銀行、證券商及票券金融公司的店頭衍生性金融商品交易，於內線交易、市場操縱及跨國協助調查方面，存在監理缺口，且無具體刑則規定；此外，線上即時監視方面，現行「店頭衍生性金融商品交易資訊儲存庫系統」係於「交易後」輸入，並無「線上即時監視」功能。因此，上述情事可能提供不法炒作之潛在誘因。建議於現行法規架構下，弭平上開監理缺口並加強臺灣跨市場監理能力；至於現階段是否即推動集中結算制度，宜觀察國際發展情形再行討論。

After the financial crisis of 2008, Taiwan is one among the countries making good efforts to reform the regulatory regimes for the over-the-counter derivatives. At present, Taiwan’s banks, securities firms, bills finance companies and leverage transaction merchants are permitted engaging in OTC derivatives with exclusive regulations and be exempted from adopting the “Futures Trading Act.” This article aims at launching an initial study on the regulatory regimes and possible policy direction of OTC derivatives in Taiwan by analyzing the main supervisory inconsistency between OTC and futures markets on derivatives. What have found is there are regulation gaps among banks, securities firms, bills finance companies and leverage transaction merchants on trading of derivative on prohibition against insider trading, market manipulation, and cross-border investigation cooperation, especially with no specific criminal responsibility provisions. In addition, regarding real-time online survalliance, Trade Repositories system currently is input the “posttransaction” without real-time online survalliance function. Therefore, the said circumstances may provide a potential incentive for markets misconduct. We suggest remove the said gaps and reinforces the competence of cross-border investigation cooperation. Whether or not to adopt the Central Counter Party (CCP) regime, at the present stage, should observe international development scenarios for further discussion.