“功能性金融監理”模式之探討 － 以金融機構銷售投資商品為例－

Abstract

在全球金融風暴陰影下，世界主要金融國家的政府（如美國、英國、歐盟等）、許多重要國際組織及學者紛紛檢視現有金融監理模式，試圖進行適當的改革，以減少相同的弊端再度引發系統性風險發生的機率。全球金融海嘯間接在我國引發了本土連動債風暴及抗爭。在我國發生的連動債風暴雖然與美國及英國因次級房貸及金融資產證券化過度活絡所生的金融海嘯發生原因不盡相同，但我國監理法規的架構師承美國，監理機構的組織架構則模仿英國，有瞭解英美兩國之監理模式之缺陷及改革方向，以檢討我國現有金融監理制度是否有進行改革之必要。 本研究以分析文獻資料及比較與歸納的方法，瞭解世界主要金融中心的英國及美國監理制度的演進，並分析機構別監理與功能別監理之利弊及效率，及採行各該制度對該國金融服務業與金融市場之影響。以對照我國金融體系概況及金融監理制度，並以我國金融服務業者從事財富管理業務銷售投資型商品為案例，進一步分析我國金融監理模式的利弊，以檢視我國是否有採行功能性監理之必要性，及實施可行性。

Under the shadow of global financial crisis, the current financial supervision systems have been under reviewed and securitized by the major league players in financial world (including the United States, United Kingdom and the European Union) and international organizations and academic think tanks with an attempt to make appropriate regulatory reforms so as to reduce the system risk in the future. The meltdown of global financial markets indirectly caused a structured notes crisis in Taiwan. Although the causes for our domestic structured notes crisis were not entirely identical to those for the global financial tsunami, it would be necessary to understand the defects in the financial supervision system of US and UK in order to analyze the needs for regulatory reform in our country as our financial regulations were copied from the U.S GLB Act, while the single financial supervision system that Taiwan currently adopts was based on the Financial Services Authority model. In this research, the data analysis, comparative and inductive methods were used to apprehend the development of the US and UK financial supervision system and the underlying reasons for such development, and to analyze the pros and cons of the “Institutional Supervision” and “Functional Supervision” models and the impact from the implementation thereof. In addition, this thesis discusses the current market conditions and supervision status in Taiwan, and use the sale of investment products by financial services providers as a case study to examine the advantages and disadvantages of Taiwan’s current financial supervision system. The purpose is to discuss whether adoption of functional supervision model is necessary in Taiwan and if so, the feasibility of implementing such model.