破产程序中的金融合约“安全港”——安全边界的功能性定位

发布时间：2018-10-11 12:16

【摘要】："安全港原则"是美国破产法创设的对金融合约的特殊保护规则。当金融合约一方破产时,其对手方可以突破破产机制的一般限定,继续行使金融合约项下履行、终止、抵消、结算抵押品等一系列权利。安全港原则自诞生以来,其保护范围经历了一系列的扩张,这种扩张始终被用于为安全港原则达成防止金融市场系统性风险的目的正名。但是由于其保护范围过于宽泛,又生发了新的问题,近年来也多被学者和实务界人士所诟病。我国正处于新兴加转轨的阶段,金融合约的发展方兴未艾,相应的法律和监管制度还未健全,怎样结合中国金融市场自身的特点并借鉴发达国家制度的兴衰变迁来形成一套本土的金融合约安全港原则,是近几年来专家学者们一直在探索的问题。之前的研究多倾向于对美国安全港原则发展历史和现实批判的介绍,以及对中国引入安全港原则的必要性之探讨,并没有对我国应在何种程度上界定安全港原则的保护边界问题进行分析,本文旨在这个层面上提出一些观点。
[Abstract]:The "safe harbour principle" is a special protection rule for financial contracts created by American bankruptcy law. When a party to a financial contract goes bankrupt, the counterparty may break through the general limits of the bankruptcy mechanism and continue to exercise a series of rights under the financial contract, such as performance, termination, offset, settlement of collateral, and so on. Since the birth of the safe harbour principle, its scope of protection has undergone a series of expansions, and this expansion has always been used to correct the purpose of the safe harbour principle to prevent systemic risks in financial markets. However, the scope of its protection is too broad, and new problems arise, in recent years has been criticized by scholars and practitioners. Our country is in the stage of emerging and transition. The development of financial contracts is in the ascendant, and the corresponding legal and regulatory systems are not yet sound. How to combine the characteristics of Chinese financial market and draw lessons from the vicissitudes of developed countries' systems to form a set of safe harbour principles for local financial contracts is a problem that experts and scholars have been exploring in recent years. Previous studies tend to introduce the history and reality of the development of the principle of safe harbour in the United States, as well as the necessity of introducing the principle of safe harbour in China. There is no analysis of the extent to which China should define the protection boundary of the principle of safe harbour. The purpose of this paper is to put forward some points of view on this level.
【作者单位】：北京大学法学院;
【分类号】：D922.291.92

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