Yin Xingshan, member of the National Committee of the Chinese People ’s Political Consultative Conference, Party Committee Secretary and President of the Hangzhou Center Sub-branch of the People ’s Bank of China, proposed that the financial legislation process should be accelerated under the situation of strong financial supervision, focusing on the overall improvement of regulatory rules and focusing on key points. Laws to amend and improve the equivalent supervision measures for fines.
Yin Xingshan said in the proposal that at present, important financial laws such as the People ’s Bank of China Law, the Commercial Bank Law, and the Anti-Money Laundering Law have not been revised, and financial legislation lags behind The problems of regulatory needs are still very prominent, mainly in four aspects:
First, there is a lack of legislative support for newly added functions.
First, there is a lack of legislative support for newly added functions.
Yin Xingshan pointed out that after the institutional reform in 2018, various financial management departments adjusted their functions, but the legislation did not have corresponding support. For example, the People ’s Bank of China strengthens macro-prudential management and systemic risk prevention, co-ordinates the supervision of important financial institutions and financial holding companies, co-ordinates the supervision of important financial infrastructure, and co-ordinates the comprehensive statistics of the financial industry. The amendments have resulted in the lack of clear legal basis and necessary means of implementation for performing the above duties.
Second, there is a serious mismatch between the penalty and the penalty.
Second, there is a serious mismatch between the penalty and the penalty.
Yin Xingshan pointed out that the current “People’s Bank of China Law” and “Commercial Banking Law” impose a maximum penalty of 2 million yuan on units that violate laws and regulations, and “Anti-Money Laundering” The Law punishes units with a compliance violation of up to 500,000 yuan, and units with violations that result in money laundering have a maximum penalty of 5 million. Such punishment intensity will not have the proper disciplinary effect on financial violations and violations, it cannot effectively curb the occurrence of subsequent violations by the punished subject, and it is difficult to play a deterrent role.
The third is that it cannot reflect the new development trend.
The third is that it cannot reflect the new development trend.
Since the 2008 international financial crisis, strengthening the central bank ’s macro-prudential management has become the core of financial supervision reform in some countries after the crisis. The International Monetary Fund and financial stability The Council also made it clear that the central bank assumes the important responsibility of macro-prudential management, but it is not reflected in the legal level of China; the operation and management of commercial banks have undergone tremendous changes in more than a decade, and Basel III has been carried out in practice. , Liquidity management, risk control, etc., are also not reflected at the legal level. In the proposal, Yin Xingshan gave four opinions.
First, accelerate the process of amending existing laws. It is recommended to accelerate the revision of important financial laws such as the People ’s Bank of China Law, the Commercial Bank Law, and the Anti-Money Laundering Law under the premise of ensuring the quality of legislation, and fully absorb the latest domestic and foreign practice results for the financial strength. Supervision provides a powerful legal weapon.
The second is to focus on coordinating and improving regulatory rules . The financial business is complicated and the financial laws influence each other. For example, the “People’s Bank of China Law” and the “Commercial Banking Law” are closely linked. The People’s Bank of China has the responsibility to perform anti-money laundering. Commercial banks are responsible for the anti-money laundering obligations. It is recommended that when the law is amended Strengthen the co-ordination between financial laws, comprehensively and systematically improve the relevant financial supervision legal rules system.
The third is to highlight the key points and make legal amendments. On the basis of strengthening the overall planning, it is recommended to highlight the key points of each law when amending the law. For example, the “People’s Bank of China Law” focuses on solving the problem of the central bank’s existing duties lacking a clear legal basis and the necessary means of implementation, so as to strengthen supervision The basis is sufficient; the “Commercial Banking Law” focuses on solving the problems that do not match the existing development practices of commercial banks, and improves the effectiveness of supervision; the “Anti-Money Laundering Law” focuses on filling gaps, perfecting anti-money laundering regulatory rules, and solving narrow penalties, The problem of low amount.
Fourth is to improve the oversight measures for punishment. Improve the regulatory measures that match the nature of the illegal behavior, and determine the appropriate type and scope of punishment based on the social impact of the illegal behavior, the degree of damage to public interests and specific interests, and ensure the effectiveness of the punishment. For violations of a serious nature, increase administrative punishment and pursue criminal responsibility if necessary.
First, accelerate the process of amending existing laws. It is recommended to accelerate the revision of important financial laws such as the People ’s Bank of China Law, the Commercial Bank Law, and the Anti-Money Laundering Law under the premise of ensuring the quality of legislation, and fully absorb the latest domestic and foreign practice results for the financial strength. Supervision provides a powerful legal weapon.
The second is to focus on coordinating and improving regulatory rules . The financial business is complicated and the financial laws influence each other. For example, the “People’s Bank of China Law” and the “Commercial Banking Law” are closely linked. The People’s Bank of China has the responsibility to perform anti-money laundering. Commercial banks are responsible for the anti-money laundering obligations. It is recommended that when the law is amended Strengthen the co-ordination between financial laws, comprehensively and systematically improve the relevant financial supervision legal rules system.
The third is to highlight the key points and make legal amendments. On the basis of strengthening the overall planning, it is recommended to highlight the key points of each law when amending the law. For example, the “People’s Bank of China Law” focuses on solving the problem of the central bank’s existing duties lacking a clear legal basis and the necessary means of implementation, so as to strengthen supervision The basis is sufficient; the “Commercial Banking Law” focuses on solving the problems that do not match the existing development practices of commercial banks, and improves the effectiveness of supervision; the “Anti-Money Laundering Law” focuses on filling gaps, perfecting anti-money laundering regulatory rules, and solving narrow penalties, The problem of low amount.
Fourth is to improve the oversight measures for punishment. Improve the regulatory measures that match the nature of the illegal behavior, and determine the appropriate type and scope of punishment based on the social impact of the illegal behavior, the degree of damage to public interests and specific interests, and ensure the effectiveness of the punishment. For violations of a serious nature, increase administrative punishment and pursue criminal responsibility if necessary.