“一国两制”背景下的香港与内地证券监管合作体制:历史演变与前景展望

发布时间：2018-05-06 14:16

本文选题：证券市场融合 + 跨境监管合作　；参考：《比较法研究》2017年05期

【摘要】：2017年是香港回归20周年,在"一国两制"的框架下,香港与内地证券市场之间的交流和融合日益增加和深入,如何建立高效且可行的证券监管合作体制已成为新时期两地证券监管工作的一个重要问题。从历史发展看,两地监管合作可以分为四个阶段,包括香港回归前的早期合作,香港回归后的过渡时期,《CEPA协议》实施后的证券监管合作,和"沪港通"之后的监管合作。虽然两地金融市场高速融合,已颇具"一国"属性,但监管体系却更多体现出"两制"的特征,导致目前两地证券监管合作中存在不少难点与盲区,合作机制较为抽象化,缺乏具体的制度安排与操作指引等。两地监管者应当积极探索如何更好利用"一国两制"的制度资源,建立更为密切的监管合作机制,从而更加有效地保护投资者和促进两地资本市场的持续健康发展。
[Abstract]:2017 marks the 20th anniversary of Hong Kong's return to China. Under the framework of "one country, two systems", exchanges and integration between Hong Kong and the mainland's securities markets are increasing and deepening. How to establish an efficient and feasible securities regulatory cooperation system has become an important issue in the securities supervision of the two places in the new period. From the historical development, the regulatory cooperation between the two places can be divided into four stages, including the early cooperation before the return of Hong Kong, the transitional period after the handover of Hong Kong, the securities regulatory cooperation after the implementation of the CEPA Agreement, and the regulatory cooperation after the "Stock Connect between Shanghai and Hong Kong". Although the rapid integration of the financial markets of the two places has the attribute of "one country", the regulatory system more embodies the characteristics of "two systems", which leads to many difficulties and blind areas in the current securities regulatory cooperation between the two places, and the mechanism of cooperation is more abstract. Lack of specific institutional arrangements and operational guidelines. The regulators of the two places should actively explore how to make better use of the system resources of "one country, two systems" and establish a closer mechanism of supervision and cooperation, so as to protect investors more effectively and promote the sustainable and healthy development of the capital markets of the two places.
【作者单位】：香港中文大学法学院;香港中文大学金融规管与经济发展研究中心;
【分类号】：D922.287;F832.51

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