Research On The Legal Mechanism For The Coordination Of Central And Local Financial Supervision

Financial supervision is a key measure to maintain financial security,the effectiveness of financial supervision directly affects the security of financial market.Since the fifth national financial conference in 2017,steady progress has been made in the reform of the financial regulatory system,which has not only strengthened the macro-prudential supervision and the responsibility of preventing systemic risks of the central financial regulatory departments,moreover,it is clear that local governments and local financial supervision departments,under the unified plan of the central government,shall exercise supervision over local financial markets and local financial organizations and assume the responsibility for the disposal of territorial risks,basically formed the central and local double-level financial supervision model.However,under the two-tier model,central and local finance are not two parallel lines,they are related and complement each other,and the coordination mechanism between Central and local financial supervision should be established under the legal framework.Based on the system theory(system philosophy)and the supervision coordination theory,this paper explores the establishment of the financial supervision coordination legal mechanism between the central and local governments.Deepening the understanding of financial decentralization and the allocation of financial supervision between the central and local authorities,explaining the rationality of the existence of local financial supervision,and paving the way for the emergence of regulatory coordination,and then in the context of financial decentralization,the determination of regulatory coordination subject,coordination object and coordination basis can help to establish the rule of law framework,and finally realize the establishment of the central and local financial regulatory coordination legal mechanism.Although the legitimacy and rationality of Financial Supervision Coordination have been clarified theoretically and conceptually,there are still some problems in its practical operation.First,the local financial supervision power has gone through a process from scratch,there are some defects such as unclear function orientation and irregular power operation.Secondly,the coordination and cooperation of financial supervision between the central and local authorities are also restricted by such problems as different objectives and information isolation,it is difficult to achieve a coordinated and unified pattern of financial supervision.The reason for this is that China's legal system of financial supervision has not yet been systematized.On the one hand,the local financial supervision power lacks a clear legal basis;on the other hand,there is a lack of specific regulations on the coordinated operation of central and local financial supervision,at the same time,the delay of the renewal of supervision means also limits the coordination between central and local supervision to some extent.Therefore,taking the existing problems as a guide,this paper puts forward suggestions on the establishment of a legal mechanism for the coordination of financial supervision between the central and local governments: First of all,we should make clear the macro-thinking of rule of law,to ensure that the central and local governments have the same value direction and system needs when coordinating work;Secondly,we should perfect the legal basis of local financial supervision power,make clear the scope of authority,function orientation and the establishment of local financial supervision power;On this basis to ensure the financial regulation coordination of the basic legal system to promote the central and local financial regulatory objectives of the same information sharing.The establishment of coordination mechanism of financial supervision means and the construction of supporting mechanisms such as risk co-disposal and financial consumer co-protection are conducive to strengthening the legal mechanism of financial supervision co-ordination and promoting its integrity.