The Legal Situation, Problems And Improvement Of International Cooperation In Financial Supervision

2008 U.S. subprime mortgage crisis has sounded the alarm for the world: a country is not immune to the world of economic globalization. Countries are closely linked, sharing the benefits and risks. The rapid spread of the crisis made the world reach a consensus to establish a system of international financial regulatory cooperation framework to coordinate the global financial risks.The current international financial regulatory cooperation on legal documents include: the Basel series of agreements established by the Basel Committee, the securities, insurance regulatory legal documents issued by the International Commission and the International Insurance Regulatory Commission, WTO, IMF and other international organization's legal documents on international cooperation of financial supervision and the content of the G20, Davos and other international forums and the consensus reached under their leadership in establishing the relevant systems. Overall the international community to the international financial regulatory cooperation mainly focused on "soft law" and "hard law", under which work these areas was gradually formed, they are international, regional and national level, international cooperation in financial supervision is to develop and mature.However, despite the world have started joint efforts of international financial regulatory cooperation, but the legal system of international financial regulation still have significant problems, such as the lack of mandatory binding legal documents, regulatory interests of the imbalance, passive monitoring, etc., these problems have hindered international cooperation in financial regulation perfection and bury future financial crises as potential problems. To solve these problems the author proposes the establishment of a sound legal system of international cooperation in financial supervision and the specific ideas that put forward should be to establish multi-level, multi-angle regulatory cooperation, and hopes that States should not blindly pursue the complete reunification of regulatory standards, but should be more pragmatic, more cautious in the international minimum standard of financial supervision, in accordance with the actual situation of development of their domestic regulatory laws and regulations, in order to achieve better control results.Meanwhile, China should also be added to the international financial regulatory cooperation, and actively strive for the discourse power to fully express their interests, together with countries to develop international cooperation in financial supervision laws and regulations. In the process to communicate with other countries, continue to learn from advanced countries, according to the actual situation of China's financial sector to perfect the domestic financial regulatory standards, and strive to obtain win-win in financial regulation and development of financial market.