金融控股公司法第45條關係人交易法制之研究

Abstract

金融控股公司法第 45 條涉及關係人交易的法制研究，是公司治理領域的重要主題。關係人交易因涉及公司與關係人之間的利益交流，易產生道德風險和代理成本問題。本研究旨在探討該條法律規範的適用性與實施效果，並與國際標準進行比較，以提出相應的建議。 本研究首先釐清金融控股公司法對關係人交易的定義和範疇，發現現行法對關係人的廣泛涵蓋可能導致模糊性和實務執行上的困難。本研究進一步探討金融控股公司法第 45 條的執行情況，發現在實務中仍存在模糊界限和監管缺失的情況，可能造成關係人交易的違規行為。 本研究接著分析美國聯邦準備法和聯邦存款保險法對關係人交易的規定，發現相對於我國法規，美國法律更為嚴格和具體，強調市場價格和條件的合理性，並強制公開披露關係人交易細節，以確保法令遵從和利益保障。因此，本研究建議我國適度參考美國法規定，例如對內部人與關係企業進行區別監管，並檢討我國金控法的董事會重度決議要求，例如參考美國法下的80%豁免規定，允許金融控股公司與其持有 80% 以上有表決權股份的子公司或該等子公司間的交易可豁免經過董事會重度決議。

The research on the legal framework of related-party transactions under Article 45 of the Financial Holding Company Act is a significant subject in the field of corporate governance. Related-party transactions involve the exchange of interests between a company and its related parties, which may lead to moral hazards and agency costs. This study aims to explore the applicability and implementation effectiveness of the aforementioned legal provision, while also making comparisons with international standards to propose relevant recommendations. The research begins by clarifying the definition and scope of related-party transactions under the Financial Holding Company Act, revealing that the broad definition of related parties may lead to ambiguity and practical challenges in enforcement. Subsequently, the study analyzes the regulations on related-party transactions under the U.S. Federal Reserve Act and the Federal Deposit Insurance Act. It finds that compared to our country's regulations, the U.S. laws are more stringent and specific, emphasizing the reasonableness of market prices and conditions, as well as mandating public disclosure of related-party transaction details to ensure compliance with the law and protection of interests. Furthermore, the study investigates the enforcement of Article 45 of the Financial Holding Company Act and identifies instances of ambiguous boundaries and regulatory gaps in practice, which could lead to non-compliant related-party transactions. Therefore, it recommends strengthening the supervisory authority of regulatory agencies over financial holding companies, enhancing law enforcement efficiency and fairness. Additionally, to reduce conflicts of interest, it suggests that financial holding companies should establish clear internal rules to regulate related-party transactions, ensuring fair and reasonable transactions to avoid compromising the interests of the company and stakeholders.