Study On Financial Crisis And Legal Reform Of Financial Regulation

The global financial crisis which was triggered by the U.S. subprime mortgage crisis in February 2007 is the worst crisis since 1929. After the crisis, it caused the international community's reflection in almost every subject, in doing that financial supervision became one of the main focus. Because the financial markets' opening is inadequate, China's financial industry in the crisis hadn't hit the rocks, but with the tide of economy globalization and the further developing in depth, it must will bring serious challenges for our traditional supervised mode.This article bases on the former research for reference, and synthesizes the author's actual research work, uses the method of historical analysis, comparative analysis and economic analysis, turns to the financial crisis reflected in the absence of regulation, compares main foreign countries' financial regulatory reforms, analyses the new trends for the current financial regulatory reform, and combines with the present situation of China, proposes that China should conform to the international financial regulatory reform tide, and maintains the stability of domestic financial industry and reforms it on the basis of the current regulatory system step by step in order to guard against and defuse financial risks effectively.The article mainly divided into the following four parts:The first part is the financial supervision shortcomings which the financial crisis reflects: analyzes the shortcomings of the financial regulatory system from regulatory principle, system and legal system designing three aspects.The second part is new directions of international financial regulatory legislation reform: takes the United States, Britain and the European Union's financial regulatory system reform for specific examples, summarizes the specific content of the reform and makes evaluation, and gets the general trends of international financial regulatory system reform, which are abandoning new liberalism regulatory concept, strengthening systemic risk supervision, paying attention to comprehensive supervision and financial consumer interest protection, determining the regulatory authorities' ability of handling crisis and strengthening international coordination and cooperation.The third part is the difficulties of Chinese regulatory system in the financial crisis: discussing the developing process and the present situation, and analyzing the shortages of Chinese financial regulatory system in financial holding companies, financial innovation, systemic risks guarding and so on with the changing of financial markets.The fourth part is Chinese financial supervision system reform in the financial crisis: combining the existing problems of Chinese financial regulatory system, learning international financial regulatory reform experience, putting forward that we should establish institutional supervision mode in unified coordination supervision mechanism coming up with specific proposals for reform in financial innovation regulatory, systemic risk supervision, financial consumer protection, international supervision coordination and cooperation and so on.