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Test site summary: China's financial market supervision system
1. Evolution of China's financial supervision system
The current financial supervision system in China has changed from "one line, three meetings" to "one committee, one line and two meetings", namely the State Council Financial Stability and Development Committee, China People's Bank, China Securities Regulatory Commission and Bank of China Insurance Regulatory Commission.
(1) The first stage is the centralized and unified supervision stage of the People's Bank of China before 1992.
(2) The second stage is from 1992 to 1997, which is the initial stage of separate supervision. In 1992, the State Council Securities Commission and China Securities Regulatory Commission were established, which separated the supervision function of the securities industry from the People's Bank of China, which marked the beginning of the separate supervision system in China. In 1995, the Law of the People's Republic of China on the People's Bank of China was promulgated and implemented, which legally established the status of the People's Bank of China as the central bank for the first time.
(3) The third stage was from 1998 to 28, during which the system of "one bank, three meetings" was formed. In April 23, with the establishment of the China Banking Regulatory Commission, China's financial supervision realized the separation of monetary policy and banking supervision functions, marking the formal establishment of the financial supervision system of "one bank, three meetings".
(4) The fourth stage is from 29 to 216, and the financial supervision system began the initial reform of the coordination and effectiveness of financial supervision.
(5) The fifth stage is that since 217, the financial supervision system has entered a new stage of "one committee, one line, two meetings".
In July 217, the Fifth National Financial Work Conference proposed the establishment of the State Council Financial Stability and Development Committee, which indicated that the previous "institutional supervision" would be reformed towards "functional supervision and behavioral supervision".
in 218, it was decided to set up the Bank of China Insurance Regulatory Commission. At this point, China has entered a new era of financial supervision system of "one committee, one line, two meetings", and gradually established a powerful and effective modern financial supervision framework that conforms to the characteristics of modern finance.
2. Responsibilities of the State Council Financial Stability and Development Committee
The position of the State Council Financial Stability and Development Committee is "as the deliberation and coordination body for coordinating major issues of financial stability and reform and development in the State Council", which is responsible for coordinating the financial and financial departments such as the People's Bank of China, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, State Administration of Foreign Exchange, Development and Reform Commission and Ministry of Finance, strengthening the macro-prudential management and systemic risk prevention responsibilities of the People's Bank of China, implementing the supervision responsibilities of financial supervision departments, and strengthening supervision accountability. The office of the State Council Financial Stability and Development Committee is the office of the State Council Financial Stability and Development Committee, which is located in the People's Bank of China.
At present, the State Council Financial Stability and Development Committee focuses on four issues:
First, shadow banking, so that the shadow banking business can return to the bank balance sheet;
second, the asset management industry, rationalizing and streamlining the supervision of the asset management industry;
Third, Internet finance, strengthening the licensed supervision of Internet finance business and improving the long-term mechanism of Internet finance supervision;
Fourth, financial holding companies have introduced corresponding regulatory policies for cross-departmental transactions.
3. Responsibilities of the People's Bank of China
The People's Bank of China is the central bank of China and one of the departments of the State Council. It is mainly responsible for formulating and implementing monetary policies, maintaining financial stability, and undertaking certain financial service functions. Its responsibilities include:
(1) issuing orders and regulations related to the performance of its duties;
(2) to formulate and implement monetary policies according to law;
(3) issue RMB and manage its circulation;
(4) supervise and manage the interbank lending market and the interbank bond market;
(5) Implementing foreign exchange management and supervising the inter-bank foreign exchange market;
(6) supervise and manage the gold market;
(7) Holding, managing and operating the national foreign exchange reserves and gold reserves;
(8) manager's treasury;
(9) Maintain the normal operation of the payment and settlement system;
(1) Guide and deploy anti-money laundering work in the financial industry, and be responsible for monitoring anti-money laundering funds;
(11) Be responsible for statistics, investigation, analysis and forecast of the financial industry;
(12) As the central bank of the country, engage in relevant international financial activities;
(13) Other duties stipulated by the State Council.
4. Proposed responsibilities of the Bank of China Insurance Regulatory Commission
The the State Council Institutional Reform Plan adopted at the First Session of the 13th National People's Congress on March 17, 218 stipulated that the responsibilities of the former China Banking Regulatory Commission and the former China Insurance Regulatory Commission should be integrated to form the Bank of China Insurance Regulatory Commission as a directly affiliated institution of the State Council. The responsibilities of the former China Banking Regulatory Commission and the former China Insurance Regulatory Commission to draft important laws and regulations on banking and insurance and the basic system of prudential supervision were assigned to the People's Bank of China. China Banking Regulatory Commission and China Insurance Regulatory Commission will no longer be retained.
5. Responsibilities of China Securities Regulatory Commission
The main responsibilities of China Securities Regulatory Commission are:
(1) To study and formulate the principles, policies and development plans of the securities and futures market; Drafting relevant laws and regulations on the securities and futures market; Formulate relevant rules, regulations and measures for the securities and futures market.
(2) vertically lead the national securities regulatory agencies and exercise centralized and unified supervision over the securities and futures markets. Manage the leading bodies and members of relevant securities companies, and be responsible for the daily management of the board of supervisors of relevant securities companies.
(3) Supervise the issuance, listing, trading, custody and settlement of stocks, convertible bonds, bonds of securities companies and bonds and other securities designated by the State Council as the responsibility of China Securities Regulatory Commission; Supervise the activities of securities investment funds; Approve the listing of corporate bonds; Supervise the trading activities of listed government bonds and corporate bonds.
(4) supervise the listing, trading and liquidation of domestic futures contracts; Supervise domestic institutions to engage in overseas futures business as required.
(5) supervise the securities market behavior of listed companies and their shareholders who must fulfill relevant obligations according to laws and regulations.
(6) managing the securities and futures exchanges; Senior managers in charge of securities and futures exchanges according to regulations; Centralized management of securities industry associations and futures industry associations.
(7) supervise securities and futures operating institutions, securities investment fund management companies, securities registration and clearing companies, futures clearing institutions, securities and futures investment consulting institutions and securities credit rating agencies; To examine and approve the qualifications of fund custody institutions and supervise their fund custody business with the People's Bank of China; To formulate measures for the management of the qualifications of senior managers in the above-mentioned institutions and organize their implementation; Guide China Securities Industry and Futures Industry Association to carry out qualification management of securities and futures practitioners.
(8) supervise domestic enterprises to issue shares and go public overseas directly or indirectly; Supervise domestic institutions to set up securities institutions overseas; Supervise overseas institutions to set up securities institutions and engage in securities business in China.
(9) supervise the information dissemination activities of securities and futures, and be responsible for the statistics and information resource management of securities and futures markets.
(1) examine and approve the qualifications of accounting firms, asset appraisal institutions and their members to engage in securities and futures intermediary business together with relevant departments and supervise their related business activities; Supervise the activities of law firms and lawyers engaged in securities and futures-related businesses.
(11) investigate and punish illegal acts of securities and futures according to law.
(12) to manage the foreign exchanges and international cooperation affairs of the securities and futures industry.
(13) Other matters assigned by the State Council. In 219, the securities qualification examination "Basic Knowledge of Financial Markets" was conducted at the second high-frequency test site
Summary: The business of securities companies
Securities companies are the main intermediaries in the securities market and play an important role in the operation of the securities market. On the one hand, securities companies are providers of investment and financing services in the securities market, providing specialized intermediary services for securities issuers and investors; On the other hand, securities companies themselves are also important institutional investors in the securities market.
the main businesses of securities companies include securities brokerage business, securities investment consulting business, financial consulting business related to securities trading and investment activities, securities underwriting and sponsorship business, securities proprietary business, securities asset management business, margin trading and securities lending business, brokerage business of securities companies, private investment fund business and alternative investment business. In 219, the securities qualification examination "Fundamentals of Financial Markets" was conducted at the third high-frequency test site
Test site induction: American financial market supervision
Since the great crisis of 1929-1933, the United States has implemented a "double-layer multi-head" financial supervision system. The so-called "two-tier" means that there are financial supervision departments at both the federal and state levels; "Multi-head" refers to the establishment of a number of regulatory agencies to exercise different regulatory responsibilities.
1. Two levels of federal and state supervision
The US Congress, state and local councils all have legislative power.
in addition, there are inter-departmental regulatory mechanisms in the United States, mainly the Federal Financial Institutions Review Committee (FFIEC) and the President's Financial Markets Working Group (PWG).
2. Separate supervision system
(1) Banking supervision institutions. Most banks in the United States are supervised by more than one regulator.
(2) securities regulatory agencies. Various securities markets in the United States, including treasury bonds, municipal bonds, corporate bonds, stocks, derivatives markets, etc., are supervised by different regulatory agencies such as the US Treasury Department, the Municipal Bond Decision Committee, the Securities and Exchange Commission, the US Financial Industry Regulatory Authority, and the Commodity Futures Trading Commission.
(3) Insurance regulatory agencies
Insurance regulatory responsibilities in the United States are mainly undertaken by insurance regulatory agencies in various states, including daily supervision such as market access and monitoring and inspection.
in addition, in 1987, the state insurance regulatory authorities jointly established the National Insurance Regulatory Association as an auxiliary regulatory body of the state insurance regulatory authorities. In 219, the securities qualification examination "Basic Knowledge of Financial Markets" was conducted at the four high-frequency test sites
Summary: The formation and development trend of global financial markets
So far, the exact age of modern financial markets has not been determined.
in the 15th century, the securities trading in Italian commercial cities was mainly the buying and selling of commercial paper.
In 162, the Dutch East India Company established the world's earliest stock exchange-Amsterdam Stock Exchange in Amsterdam.
since then, the development of global financial markets can be divided into the following five stages.
1. the first stage: from the rise of Britain in the 17th century to the first world war.
(1) In 1649, Britain established the world's first joint-stock commercial bank-the Bank of England, which marked the establishment of modern banking system in Britain.
The London Stock Exchange, established in 1773, replaced the Amsterdam Stock Exchange and became the largest exchange in the world at that time.
in 1816, Britain first adopted the gold standard, and the pound became the most widely used currency.
(2) American financial market started with buying and selling government bonds.
in 179, the first American stock exchange, the Philadelphia Stock Exchange, was established.
after the war of independence, the American industrial revolution began. Affected by the industrial revolution, corporate stocks in the securities market gradually replaced the position of government bonds, and stock trading began to prevail.
2. The second stage: from the beginning of World War I to the end of World War II.
On the eve of the end of World War II, the Bretton Woods Conference in 1944 announced the establishment of the International Bank for Reconstruction and Development (the predecessor of the World Bank) and the International Monetary Fund, and established an international monetary system centered on the US dollar, making the US dollar the main international reserve currency and settlement currency, and new york the world financial center.
3. The third stage: from the end of World War II to the collapse of the Bretton Woods system in 1971.
new york, London and Tokyo have become the "Golden Triangle" of the international financial market. The Treaty of Rome, signed in 1957, established the European Economic Unity, which developed from the original six member countries to the European Union with 28 member countries, including the * * * common currency (Euro) covering more than half of Europe and the central bank of the European Union.
4. The fourth stage: from the collapse of the Bretton Woods system to the eve of the global financial crisis in 27.
5. Stage V: Since the outbreak of the global financial crisis in 27. Summary of the five high-frequency test sites of "Fundamentals of Financial Markets" in the 219 securities qualification examination: indirect financing
1. Definition of indirect financing
Indirect financing refers to those with surplus funds who provide their temporarily idle funds to financial institutions in advance through deposits or purchases of securities issued by financial institutions such as banks, trusts and insurance, and then these financial institutions provide them with loans, discounts or purchases of securities.
2. Characteristics of indirect financing
(1) The indirectness of capital acquisition means that there is no direct credit relationship between the demander and the initial supplier of capital, but the financial intermediary plays a bridge role, and the two only have creditor-debtor relationship with financial institutions.
(2) the relative concentration of financing.
(3) The difference of financing reputation is relatively small.
(4) All of them are reversible (i.e. returnability). Financing through financial intermediaries is loan financing, which must be repaid and interest paid at maturity.
(5) The initiative of financing is mainly in the hands of financial intermediaries. Because the indirect financing funds are concentrated in financial institutions such as commercial banks, the decision of who to lend the funds to and who not to lend them is not decided by the initial suppliers of funds, but by financial intermediaries such as commercial banks.
3. Ways of indirect financing
Common indirect financing methods include bank credit financing, consumer credit financing and lease financing.
(1) bank credit financing is a form of financing provided by banks and other financial institutions to customers in the form of money.
(2) Consumer credit financing is a kind of financing that individuals use the funds provided by enterprises or financial institutions to advance, with the purpose of obtaining high consumption with a small amount of funds in advance. For example, consumers buy houses, cars and apply for student loans by installment.
(3) Lease financing is provided by enterprises using equipment providers or financial institutions.