Research On The Supervision Legal System Of Financial Holding Companies Under China's Separate Supervision

With the global financial liberalization, internationalization, integration has strengthened, comprehensive operating trends in financial services has been overwhelming, the financial holding company becomes the main form of financial comprehensive operating and the major carriers of competitive business. China's financial industry will face increasing fierce international competition. United States, Britain, Germany, Japan and Taiwan region of China has conducted a financial holding company law, have abandoned the separate management system and implement a financial holding company in the form of mixed operations. However, there are still practiced in the system of separate operation and separate supervision in China, it is difficult to adapt to the international trend of mixed operation. Financial holding company is the optimal choice for China financial industry from the sub-industry to the mixed.In 2006 and 2008, the State Council of China has approved the establishment of Galaxy Financial holding company and Everbright Financial Holding Company. After years of practice, CITIC Group, Everbright Group, Ping An Group and other large groups have gradually developed into substantive financial holding companies. However, in China relevant legislation, the legal status of financial holding company is not clear, the regulation theory of financial holding company is not sound, the regulation law of financial holding company is not perfect, the regulation level is still very backward, cannot respond to the risks of the financial holding company. Therefore, it is urgent to strengthen the research and theoretical innovation in the regulation law of financial holding company, put forward appropriate legal measures.From a practical sense, the 2007 U.S. subprime mortgage crisis triggered a global financial crisis, financial innovation disorder and regulatory deletion were the main reason. Although China financial industry is less affected, but in current and future period, it becomes a major topic that how to improve the competitiveness of financial holding company, strengthen the regulation and risk prevention of financial holding company, and promote the growth and the development of China's financial holding company. This paper aims to introduce the legislative and regulatory approach of other countries and regions, and provide reference for the legislative and regulatory approach of China financial holding companies.This paper is divided into four parts. The first part starts with comparison of definition of financial holding company in various countries and regions, reviews the development history of financial holding company and financial holding company business model, summarizes the characteristics of financial holding company, analyses the business advantage of financial Holding.The second part focuses on the theory of regulation, mainly analyse from the economic law and economics point of view. Financial holding company regulation is a new interdisciplinary field. In the area of legal construction of financial regulation, on one hand, it needs economic law as a base, on the other hand, it needs economic knowledge as a support.Third part of the detailed analysis of the United States and the United Kingdom, and Japan, and Germany and Taiwan financial holding company supervision model in China as well as the establishment of legal system, focus on the comparative study on the legal construction, construction analysis its regulatory legal basis for supervision of financial holding companies in China to provide the appropriate reference.The forth part mainly makes recommendations to the regulatory approach and legal construction of China's financial holding companies.