Research On The Legal Issues Of Financial Supervision Innovation After The U.S Subprime Crisis

The U.S.subprime crisis quickly spread through global financial markets, plunging the world into the largest financial crisis since 1929.In order to manage the deficiencies exposed by this crisis,the U.S.government has promulgated a modern financial regulatory reform blueprint that effectively sets new foundations for the reconstruction of financial regulations.Another area hit by the subprime mortgage crisis was the European Union where also developed a new financial regulatory reform program--EU Financial Regulatory Reform Scheme,to respond to vulnerabilities and deficiencies exposed by the global financial crisis.At the same time,the Basel Committee on Banking Supervision used its influence in the field of international finance to publish a number of legal documents targeted at dealing with the crisis,which called for countries to strengthen supervisory cooperation in the international financial sector.The generation and development of Sub-prime Mortgage Crisis give powerful evidence of that the sound financial system operation is extremely important under the background of the integration of international finance. Enhance the surveillance of finance and prevent financial crisis, which has been the focus of the world. With Chinese economy's openness more and more, the existed financial surveillance has exposed the defects of that it is could not catch up with the market development and meet the demands of financial security as the trend of that financial market and institutes are mutual integrated and financial business are reciprocal affected. It is objective practical needs that how to learn experience from foreign country in this field based on analysis of existed defects and according to our actual condition. Under the drive of Sub-prime Mortgage Crisis, several new thought and new plan of legal regulation against developing and changing financial market is emerging. To grasp these revolution trend and object and to take reference and experience from the reform method and measurement of enhancing financial security of American and European Union which undoubtedly has huge significance for financial law reform of our future.