双语|澳政府加强金融监管,最高罚款945万澳元!More or Stronger Financial Regulation?

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双语|澳政府加强金融监管,最高罚款945万澳元!More or Stronger Financial Regulation?
前言
如今金融市场越来越复杂,并且和人们的日常生活以及经济健康越来越息息相关。在此形势下,各国政府不得不更加关注金融领域的法律法规以及执行法规的方式,澳大利亚政府也不例外。

谭宝联盟政府制定了一个新的修正案,金融机构如果恶意操纵金融基准的话将面临民事和刑事惩罚。

该法律将会避免有经验的金融机构滥用金融市场,更好地保护澳大利亚人。

然而,怎样的法律“更好”是一个有争议的问题,因为如果法律的执行方式没有给所有澳大利亚人带来好处的话,更多或者更强的法律并不一定意味着更好。在当今的世界,任何法规要完全发挥效用,就必须在国际上也有影响,并且可以转移到其他国家。

 金融基准
现在,任何操纵金融基准或者操纵决定金融基准产品的行为都是违法的,而且会面临民事和刑事惩罚。

对个人的惩罚包括最高94.5万澳元的罚金和/或10年监禁,对公司的惩罚包括最高945万澳元的罚金。

重要的是,这些惩罚可以适用于外国国民和公司,即使其违法行为发生在国外,但导致澳大利亚的个人或组织遭受财产损失或其他损失。

金融基准被用来帮助评估价值上万亿的金融产品,而且是国际金融规则体系中的一个薄弱环节。

世界范围内有很多关于制定金融基准的不良市场行为,比如伦敦银行同业拆借利率(LIBOR)。

重要金融基准的管理者现在必须要持有“基准管理员”许可证,并遵守澳大利亚证券和投资委员会(ASIC)制定的规则。

证券和投资委员会的强制权力
新的法律还给澳大利亚证券和投资委员会(ASIC)赋予了一项新的权力,使ASIC能够强迫金融机构遵守金融基准。如果其他的计算机制失败了,无法继续提供金融基准,那么ASIC的强制权力将成为稳定金融秩序的最后一道防线。

根据澳大利亚的法律,具有改变金融基准效果(而不是意图)的正常商业行为不属于违法。

澳大利亚财政部长Scott Morrison很高兴看到这些改革将支持澳大利亚市场框架的重要组成部分,并提高澳大利亚金融体系的完整性、适应性和公平性。

而且,这些改革将把澳大利亚的管理制度和最好的国际标准结合起来,比如英国、欧盟、日本、新加坡和加拿大的制度。

ASIC的救星?
本着同样的精神,谭宝联盟政府在国会提出了新的立法,给予澳大利亚证券和投资委员会更大的操作灵活性,专门制定规则让管理者在决策过程中考虑竞争因素,加强澳大利亚证券和投资委员会的权力。

澳大利亚证券和投资委员会(ASIC)在聘用职员时不再受到《公务员法1999》的限制,这将给委员会提供更大的操作灵活性,使证券和投资委员会与澳大利亚审慎规则管理局(APRA)和澳大利亚储蓄银行(RBA)保持一致。ASIC将能够吸引和留住最合适的员工,来实现其短期和长期的目标。

收入和金融服务部长Kelly O’Dwyer表示,为了更有效地依法履行他们的职责,管理机构需要能够吸引并留住有技能、有经验的员工。

金融体系中的竞争
为了保证金融体系能够给澳大利亚人带来好的结果,竞争很重要。竞争会使企业在降低与提供金融产品和服务有关的成本时更加遵守纪律。竞争还会鼓励新技术的创新和使用,给消费者提供更多的选择,降低价格。

为了保证消费者和投资者能够通过金融产品和服务获得收益,竞争才是最好的方法,而不是监管。不管是消费者还是提供金融产品和服务的机构,特别是新入行的机构,都会受益于金融体系中竞争的加强。

谭宝联盟政府致力于建立更强、更有效的规则来管理澳大利亚金融体系。为了保证澳大利亚的金融体系保护并满足澳大利亚消费者和投资者的需求,这是最好的方法。

 政府的行动
这项新的立法提出了很多《金融体系调查》和《ASIC能力报告》中的建议。该立法更加证明了政府为了保证金融体系为所有的澳大利亚人提供公平和优化的结果,决心加强ASIC职能。

谭宝联盟政府的方向显然是正确的。问题是政府行动的速度是否够快,政府在金融领域是否能够考虑到世界经济趋势、金融科技和国民情绪,这些都会让政府在金融监管和执行上获得更多声望。在下一次国家大选的时候,政府的这些努力是否会带来就业和经济的增长,我们可以拭目以待。

你如何理解金融监管对就业和经济增长的贡献?

『原文』

More or Stronger Financial Regulation?

As the financial markets grow ever more sophisticated and relevant to day to day living and economic health, governments including the Australian Government, the Turnbull Coalition Government, are forced to look closer at the regulations and laws they have and how they enforce them.

Financial institutions that manipulate financial benchmarks will now be hit with specific civil and criminal penalties thanks to amendments legislated by the Turnbull Coalition Government.

The law will better protect Australians from the possible abuse of financial markets by sophisticated financial institutions.

What constitutes better is a moot point however, as more or stronger not necessarily mean better if seen as part of a framework that needs to be followed if not enforced to the advantage of all Australians. In today’s world this also means internationally relevant and translatable for any regulation to be fully effective.

Benchmarks?

The manipulation of any financial benchmark, or product used to determine such a benchmark, is now a specific offence and subject to civil and criminal penalties.

This includes maximum penalties of up to $945,000 and or 10 years imprisonment for individuals and up to $9.45 million for bodies corporate.

Importantly, these penalties can be used against foreign nationals and bodies corporate, even when the conduct occurs abroad and results in an Australian entity suffering a financial loss or other disadvantage.

Financial benchmarks are used to help value trillions of dollars of financial products and have proven to be a weak spot in the international system of financial regulation.

There have been many cases of market misconduct regarding the determination of financial benchmarks, such as the London Interbank Offer Rate (LIBOR), all around the world.

Administrators of significant benchmarks will now be required to hold a ‘benchmark administrator’ license and comply with enforceable rules made by the Australian Securities and Investments Commission (ASIC).

Power to compel!

The law will also provide ASIC with a new power to compel submission to a significant financial benchmark, as a last resort in the case that other calculation mechanisms have failed, and the continued generation of the financial benchmark is threatened.

Under the Australian law, legitimate business activity that has the effect of moving a benchmark (but not the intent) would not constitute an offence.

The Australian Treasurer, Scott Morrison is pleased these reforms will bolster critical components of Australia’s market architecture and improve the integrity, resilience and fairness of the Australian financial system.

Furthermore, they will align Australia’s regulatory regime with international best practice, including regimes in the United Kingdom, the European Union, Japan, Singapore and Canada.

Enter ASIC, a saviour?

In the same spirit, the Turnbull Coalition Government has introduced legislation into the Parliament to enhance the Australian Securities and Investments Commission’s (ASIC’s) capabilities, by providing it with greater operational flexibility and making express provision for the regulator to consider competition in its decision-making processes.

Removing the requirement for ASIC to employ people under the Public Service Act 1999 will give ASIC greater operational flexibility and brings ASIC into line with the Australian Prudential Regulation Authority (APRA) and the Reserve Bank of Australia (RBA). ASIC will now have the ability to attract and retain the most appropriate people, to achieve its short and long‑term priorities.

To be able to perform their roles effectively in accordance with their legislative mandate, regulators need to be able to attract and retain suitably skilled and experienced staff, the Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, said.

Critical competition!

Competition in the financial system is critical to ensuring the system delivers good outcomes for Australians. Competition puts strong discipline on businesses to lower costs associated with the delivery of financial products and services. It further encourages innovation and deployment of new technology, and delivers more choice for consumers, at lower prices.

Ultimately it is competition not regulation that is the best means of ensuring that consumers and investors get value for money in financial products and services. Both consumers and financial product and service providers, particularly new entrants, benefit from a more competitive financial system.

The Turnbull Coalition Government is committed to delivering strong and effective regulators to govern Australia’s financial system. This is the best way to ensuring that Australia’s financial system both protects and meets the needs of Australian consumers and investors.

Action!

This Bill, legislation, enacts key recommendations from the Financial System Inquiry and the ASIC Capability Review. It is further evidence of the Government’s commitment to strengthening ASIC, to ensure the financial system delivers fair and optimal outcomes for all Australians.

The Turnbull Coalition Government is clearly heading in the right direction. The question remains if it is heading fast enough and if the government is thinking ahead sufficiently in the financial space to include trends in the world economy, FinTech and national sentiments that will give it credit for these achievements in financial regulation and enforcement. At the next general election this credit will be tested against the claims in terms of jobs and growth for Australia and Australians.

What is your understanding in terms of contribution to jobs and growth by financial regulation in Australia?

A.    A Turnbull success?

B.    A Turnbull waste?

C.    A Turnbull failure?

Please make a comment!

 

本文翻译Translator:周吉吉Julie

本文编辑Editor:千千Coco