日前(qian)召開的全國金融工作會議(yi)強(qiang)(qiang)調,強(qiang)(qiang)化監(jian)管(guan),提高防范(fan)化解金融風險能力。中國證券報(bao)認(ren)為,在混(hun)業(ye)發(fa)展態勢明顯、金融創新層出不窮(qiong)、監(jian)管(guan)套利亂象頻發(fa)、風險交叉傳染增多的態勢下,要(yao)筑牢資本(ben)(ben)市場的風險“防火墻”,既要(yao)修(xiu)煉內功,完善資本(ben)(ben)基礎性制度(du),將依法監(jian)管(guan)、從嚴監(jian)管(guan)、全面監(jian)管(guan)常(chang)態化,更(geng)要(yao)強(qiang)(qiang)化合力,凝聚(ju)“一盤棋”思(si)維,加強(qiang)(qiang)監(jian)管(guan)協調,補(bu)齊(qi)監(jian)管(guan)短板。
金融(rong)(rong)安(an)全(quan)(quan)(quan)是國家(jia)安(an)全(quan)(quan)(quan)的(de)重(zhong)要組(zu)(zu)成(cheng)部(bu)分(fen),加強監(jian)(jian)管(guan)對(dui)(dui)維(wei)護(hu)金融(rong)(rong)安(an)全(quan)(quan)(quan)的(de)重(zhong)要性(xing)無須贅述。就資本市(shi)場(chang)而言(yan),證監(jian)(jian)會去年提出的(de)“依法(fa)監(jian)(jian)管(guan)、從(cong)嚴(yan)監(jian)(jian)管(guan)、全(quan)(quan)(quan)面(mian)(mian)(mian)監(jian)(jian)管(guan)”已實現常(chang)態(tai)化,更加注重(zhong)下好(hao)“先手棋”,增(zeng)強資本市(shi)場(chang)預期管(guan)理的(de)主動(dong)性(xing)和預見性(xing),提升監(jian)(jian)管(guan)的(de)威(wei)懾(she)力(li),規范和引導(dao)中介(jie)機構(gou)回歸本源。在(zai)(zai)新股(gu)(gu)發(fa)(fa)行方(fang)(fang)(fang)面(mian)(mian)(mian),嚴(yan)防(fang)“病從(cong)口(kou)入”,IPO被否率保持(chi)(chi)高(gao)位(wei),發(fa)(fa)行人與中介(jie)機構(gou)審慎意(yi)識增(zeng)強;在(zai)(zai)再融(rong)(rong)資方(fang)(fang)(fang)面(mian)(mian)(mian),狙擊(ji)忽悠式重(zhong)組(zu)(zu)、跟風式重(zhong)組(zu)(zu)、盲(mang)目跨界重(zhong)組(zu)(zu),遏(e)制炒(chao)殼(ke)、炒(chao)差之風,封堵(du)股(gu)(gu)市(shi)“出血點”;在(zai)(zai)減持(chi)(chi)方(fang)(fang)(fang)面(mian)(mian)(mian),規范重(zhong)要股(gu)(gu)東和董監(jian)(jian)高(gao)的(de)任性(xing)減持(chi)(chi)、天量減持(chi)(chi)、清倉式減持(chi)(chi)等無序(xu)行為(wei),穩定市(shi)場(chang)預期;在(zai)(zai)稽查(cha)執法(fa)方(fang)(fang)(fang)面(mian)(mian)(mian),集中部(bu)署(shu)多批次專項(xiang)執法(fa)行動(dong),對(dui)(dui)市(shi)場(chang)形(xing)成(cheng)有力(li)震懾(she);在(zai)(zai)行政處罰方(fang)(fang)(fang)面(mian)(mian)(mian),上(shang)半年罰沒款已超去年全(quan)(quan)(quan)年水平,有效遏(e)制了違(wei)法(fa)違(wei)規多發(fa)(fa)高(gao)發(fa)(fa)態(tai)勢(shi)。總體而言(yan),“依法(fa)、從(cong)嚴(yan)、全(quan)(quan)(quan)面(mian)(mian)(mian)”監(jian)(jian)管(guan)的(de)常(chang)態(tai)化對(dui)(dui)資本市(shi)場(chang)生(sheng)態(tai)的(de)修復、凈化發(fa)(fa)揮了重(zhong)要作(zuo)用,對(dui)(dui)守住不發(fa)(fa)生(sheng)系(xi)統性(xing)風險的(de)底線起到了“防(fang)火墻”功效。
在新的市(shi)場環境下,資(zi)本市(shi)場“防火墻(qiang)”需要新監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)理(li)念來夯實。眾所周知,我國金(jin)融(rong)(rong)業(ye)實行的分業(ye)監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)模式(shi)在混業(ye)發(fa)展的現實下暴(bao)露出監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)真空(kong)、監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)套利、亂(luan)辦(ban)金(jin)融(rong)(rong)等弊端。全國金(jin)融(rong)(rong)工作會議明(ming)確提出,加(jia)強功能監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan),更加(jia)重(zhong)視行為監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)。這(zhe)一(yi)監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)理(li)念將成為金(jin)融(rong)(rong)穩定(ding)的重(zhong)要基石(shi)。這(zhe)有利于厘清對不(bu)同金(jin)融(rong)(rong)產品的法律關系和(he)產品性質的認識,明(ming)確監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)主體(ti)、監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)邊界和(he)監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)責(ze)任(ren)。目前(qian),資(zi)管(guan)(guan)(guan)(guan)(guan)(guan)產品的統一(yi)監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)規(gui)則在研究制定(ding)之中(zhong),各類資(zi)管(guan)(guan)(guan)(guan)(guan)(guan)產品的監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)協調問題(ti)將得到一(yi)定(ding)程度的解(jie)決(jue)。
在新(xin)的(de)監管理念下(xia),資本市場(chang)“防火墻”有待監管合力來(lai)加固。資本市場(chang)的(de)監管不是“自掃門前(qian)雪”,更(geng)不是“頭疼醫(yi)(yi)頭,腳(jiao)疼醫(yi)(yi)腳(jiao)”,而(er)是金(jin)融監管“一(yi)盤棋”的(de)重要(yao)部分。證監會黨委傳達學習和(he)貫徹落實全國金(jin)融工(gong)作會議精神時(shi)提到,資本市場(chang)的(de)穩健(jian)運行,必須(xu)依托于(yu)中央銀行的(de)貨(huo)幣(bi)政(zheng)策與金(jin)融穩定機制。
從資(zi)本市(shi)場(chang)監(jian)(jian)管(guan)的實際(ji)工作來看,多種監(jian)(jian)管(guan)資(zi)源的協調迫在(zai)眉睫。例如,投資(zi)者(zhe)關注違法(fa)(fa)(fa)(fa)違規成本低的問題(ti),即“頂(ding)格處(chu)罰(fa)”的案子為何罰(fa)款金額并(bing)不大。“頂(ding)格處(chu)罰(fa)”已是根據(ju)現行(xing)法(fa)(fa)(fa)(fa)律(lv)法(fa)(fa)(fa)(fa)規做出的最(zui)高程(cheng)度的處(chu)罰(fa)。要提高違法(fa)(fa)(fa)(fa)違規成本,涉(she)及刑法(fa)(fa)(fa)(fa)、民法(fa)(fa)(fa)(fa)及證(zheng)券法(fa)(fa)(fa)(fa)的修(xiu)改或相應的司法(fa)(fa)(fa)(fa)解釋(shi)。正在(zai)推進的證(zheng)券法(fa)(fa)(fa)(fa)修(xiu)改對此已有考慮,打(da)擊利用(yong)未公(gong)開信息交易(yi)和操縱(zong)市(shi)場(chang)犯罪的兩(liang)個(ge)刑事司法(fa)(fa)(fa)(fa)解釋(shi)也在(zai)研(yan)究之中。
正如證監會所言,服(fu)務(wu)國(guo)家(jia)戰(zhan)略,保護投資者(zhe)合法權(quan)益,維護金融(rong)穩定和國(guo)家(jia)金融(rong)安全,始終是中國(guo)資本(ben)市場最大的(de)(de)政治。可以預(yu)期(qi),在金融(rong)監管“一盤棋”的(de)(de)統籌協調下,資本(ben)市場“防火墻”將(jiang)越來越牢固(gu)。
中(zhong)(zhong)(zhong)(zhong)證網(wang)(wang)(wang)聲明(ming):凡本(ben)網(wang)(wang)(wang)注明(ming)“來源(yuan):中(zhong)(zhong)(zhong)(zhong)國(guo)證券報·中(zhong)(zhong)(zhong)(zhong)證網(wang)(wang)(wang)”的(de)(de)所(suo)有作(zuo)品(pin)(pin),版權均(jun)屬(shu)于中(zhong)(zhong)(zhong)(zhong)國(guo)證券報、中(zhong)(zhong)(zhong)(zhong)證網(wang)(wang)(wang)。中(zhong)(zhong)(zhong)(zhong)國(guo)證券報·中(zhong)(zhong)(zhong)(zhong)證網(wang)(wang)(wang)與(yu)作(zuo)品(pin)(pin)作(zuo)者聯合(he)聲明(ming),任(ren)何(he)組織未經中(zhong)(zhong)(zhong)(zhong)國(guo)證券報、中(zhong)(zhong)(zhong)(zhong)證網(wang)(wang)(wang)以及作(zuo)者書(shu)面授權不(bu)得轉載、摘(zhai)編或利用(yong)其(qi)它(ta)(ta)方(fang)式使(shi)用(yong)上述作(zuo)品(pin)(pin)。凡本(ben)網(wang)(wang)(wang)注明(ming)來源(yuan)非中(zhong)(zhong)(zhong)(zhong)國(guo)證券報·中(zhong)(zhong)(zhong)(zhong)證網(wang)(wang)(wang)的(de)(de)作(zuo)品(pin)(pin),均(jun)轉載自其(qi)它(ta)(ta)媒體,轉載目的(de)(de)在于更好(hao)服務讀者、傳遞信息之需(xu),并不(bu)代表(biao)本(ben)網(wang)(wang)(wang)贊同(tong)其(qi)觀(guan)點,本(ben)網(wang)(wang)(wang)亦(yi)不(bu)對其(qi)真實性負責,持異(yi)議者應與(yu)原出處單位主張權利。
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