중국 금융지주회사 관련 법규의 문제점과 개선방안

Abstract

China has not enacted a special law to regulate financial holding companies but regulate them with laws and subordinate regulations. The corporation act and the antimonopoly act are typical of such laws, and most of the subordinate regulations fall under the declarations issued by financial supervisory authorities such as Banking Regulatory Commission, Securities Regulatory Commission, Insurance Regulatory Commission and the People’s Bank of China. In particular, ‘The Aide-Memoire on Division and Cooperation in Financial Supervision’, made jointly by the three commissions, is significant in that it has enabled the three to cooperate with each other. Recently in China, financial holding companies have been popping up everywhere, but the current legislation structure may not suffice to dispel worries about the side effects of indiscriminate foundation. Thus, it is urgent to establish a system to prevent the side effects of financial combination, and thorough control and supervision is needed regarding financial holding companies currently in place. The problem is that China has not so far enacted laws to wholly regulate financial holding companies and imposed miscellaneous regulations in part, whereby confusion has been arising. Fortunately, however, the enactment of a comprehensive law is underway for the control of financial holding companies. Hereat, an important consideration is that the special law should not be contradictory the foregoing subordinate regulations including ones made by the three commissions. Moreover, there is the need to establish a permanent body based on the legal systems of other countries, namely a consultative group composed of financial supervisory authorities, as well as to build a barrier between financial companies and their subsidiaries, and by extension, to control the management of financial holding companies in addition to the strict monitoring of the soundness.