On The Application And Improvement Of Look-through Supervision In Financial Markets

In recent years,the financial industry has undergone tremendous changes in China,and the main trend of the financial market has gradually changed from the original divisional operation to the integrated operation.The financial institutions in various financial markets have deepened their cooperation,and their investment has gradually increased,and channel sharing has become more frequent.At the same time,financial product structure and business scope have also challenged the supervision of separate industries.In practice,the original separate operation supervision led to many problems such as lack of supervision and overlapping supervision,such as regulatory vacuum,regulatory arbitrage,and regulatory coordination failure.The new “Look-Through” regulation concept is in its infancy and is reflected in individual policies and regulations.The core principle is that “substance is more important than form”.Through the surface form of financial products,it is no longer just a “license” to delineate the identity,but rather to identify the nature of its business,the source of funds,the flow of funds and the final investment.Process supervision is linked to determine the essential attributes of its business,and its regulatory agencies and regulatory rules are determined according to its business functions and legal attributes.For “Look-Through” supervision,China still lacks unified and systematic supervision legislation.In order to integrate “Look-Through” supervision into our existing legal system faster and better,this paper uses the literature research methods and empirical research methods,combined with the current development trend of China's financial market,and proposes the “Look-Through” in line with China's national conditions.The full text is divided into four parts,the contents of each part are as follows:The first part of this paper introduces the basic concepts and theoretical basis of “Look-Through” supervision.This paper argues that “Look-Through” supervision is essentially the real transaction and its nature of the regulatory department by discriminating on the surface of the transaction.Discover the identity of the real market players in the financial market,and then make effective and substantial adjustments to transactions in the financial market based on the current effective corresponding legal norms and regulatory methods.The second part analyzes the actual basis of the implementation of “Look-Through” supervision.This paper believes that the current separation supervision mode can not adapt to the current financial market status and development,there will be regulatory arbitrage,regulatory coordination failure and systemic finance.The risk management is weak and so on.The third part analyzes and summarizes the practical cases of “Look-Through” supervision in the financial market and the existing relevant regulations.This paper believes that the existing “Look-Through” supervision has indeed contributed to Finding the essence of the object of supervision and improving the efficiency of supervision,but there are still problems such as moderate look-through of the current situation of look-through supervision,organic integration of existing Look-Through supervision,and improper provisions on legal liability after look-through.The fourth part proposes suggestions for the above-mentioned cases,regulations and other issues: improve the legislative principle of Look-Through supervision-increase market autonomy,binding public power,uniformity of laws and regulations;optimizing regulatory system-forming Financial Stability Development Committee led by "People's Bank of China";establishment of information sharing system;strengthening of finance New legal responsibility of market players.