Principles-Based Securities Regulation in the Wake of the Global Financial Crisis
Principles-Based Securities Regulation in the Wake of the Global Financial Crisis
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全球金融危机后基于原则的证券监管
DOI：
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发表时间：
2009
期刊：
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通讯作者：
Cristie L. Ford
中科院分区：
文献类型：
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作者：
Cristie L. Ford
最近的全球金融危机提供了一些警示教训，说明如果没有有效的监管存在，以原则为基础的监管会带来风险。然而，我们对危机的回应不应是匆忙制定更多基于规则的监管方法。相反，基于原则的证券监管为应对此类危机给当代金融市场监管带来的挑战提供了更可行的解决方案。笔者借鉴了全球金融危机的教训，找出了有效的原则性证券监管的三个关键因素。首先，监管机构必须在数量、获取信息和专业知识方面具备必要的能力，才能有效地制衡行业。其次，监管需要应对复杂性对金融市场及其监管的影响。第三，为了避免利益冲突、过度依赖市场纪律和“集体思维”，监管机构必须增强多样性，增强对行业的独立性。白皮书呼吁继续致力于以原则为基础的监管，同时有意义的执行和监督。
The recent global financial crisis contains cautionary lessons about the risks associated with principles-based regulation when it is not reinforced by an effective regulatory presence. Our response to the crisis, however, should not be a rush to enact more rules-based regulatory approaches. On the contrary, principles-based securities regulation offers more viable solutions to the challenges that such a crisis presents for contemporary financial markets regulation. The author draws on the lesson of the global financial crisis to identify three critical factors for effective principles-based securities regulation. First, regulators must have the necessary capacity in terms of numbers, access to information, and expertise in order to act as an effective counterweight to industry. Second, regulation needs to grapple with the impact of complexity on financial markets and their regulation. Third, increased diversity among regulators and greater independence from industry are required to avoid conflicts of interest, overreliance on market discipline, and “groupthink”. The paper calls for a continuing commitment to principles-based regulation, accompanied by meaningful enforcement and oversight.