| In the perspective of law and finance, this thesis attempts to introduce the basic concepts of universal banking system and Financial Holding Company (FHC) as well as the purpose and principles used in supervising FHC, to explore relative issues including the supervision legal system and the establishment of supervision organization of FHC, and to discuss how to build appropriate supervision legal system of FHC in China by referring to the process in which other countries changed their financial system from segregation to FHC with step-by-step plans.There are six chapters: In the first chapter, the author introduces the concept of FHC and various causes behind the development of FHC at the age of financial modernization; chapter 2 explains the necessity and the objective of the supervision of FHC by exploring the potential dangers in universal banking system which may lead to the collapse of financial market. The author puts his critical point of views in chapters3-5. The third chapter is about the financial and legal theory of the supervision system ; the chapter 4 shows readers some practical developing process of the supervision system of FHC in America; the chapter 5 is concerned about the establishment of the supervision organization of FHC. Finally, the author probes some issues in how to build suitable supervision legal system of FHC in China.Since 1980's, more and more countries have changed their financial system from segregation to universal banking system: the UK preluded the financial deregulation in 1986; Japan followed with the adoption of the financial Big Bang in 1996. In view of the importance of the US in the world economy ,the passage of the Gramm-Leach-Bliley Act should be the milestone of the coming of the new era for FHC. The reason why these countries changed their attitudes is that they realized more disadvantages of segregation system in modern world. In China,segregation system has been retained in order to keep a steady financial system since 1995. However, facing the oversea challenges after the entry to WTO, China has to reform its financial system by adopting FHC.FHC is one kind of universal banking system which is dangerous since financial system has potential risks by itself and universal banking system is bound to expand these risks. In order to avoid these risks , such as Intra-group Transactions, conflicts of interests and monopoly, the supervision legal system of FHC is indispensable. At the same time, this system should obtain an equilibrium between the efficiency and safety of financial system.Universal banking system adopts different models in different countries. Being a kind of model of universal banking, FHC is adopted in America, Japan, Korea and Taiwan region. Compared with the universal banking structure in Germany and the financial conglomerates in the UK, FHC is better in controlling financial risks due to its special defending system: "Corporate Separateness" and "firewall".According to FHC supervision experience in the world, FHC is regulated by three levels of legal system including internal regulating law for various financial sectors, fundamental regulating law for common universal banking system and special regulating law for FHC. Internal regulating law for various financial sectors includes supervising law in banking, securities and insurance sectors; fundamental regulating law for common universal banking system is adopted by all universal banking system countries, from Germany to America. Its specialty is to pay attention to self-regulation of financial enterprise, which is represented by BIS (The Principle Documents of Supervision of Financial Conglomerates). The most strict level is special regulating law for FHC, which is written in Gramm-Leach-Bliley Act as well as other regulating documents American Federal Reserve. These laws are effective in avoiding incorrect clerk and funds influence between subsidy companiesof FHC, protecting the interests of financial consumers and preventing monopoly.FHC and its supervision s... |
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