监管不一致的害处

伦敦—在全球金融市场监管机构的“字母汤”中,FMLC——金融市场法律委员会(Financial Markets Law Committee)——并不十分显眼。它由英格兰银行在20年前成立,除了伦敦之外再无分号,其成员大部分是律师,而大部分银行从未听说过它(尽管一些银行在其理事会中有代表)。但FMLC所提供的服务从未像现在那样必不可少。

FMLC的任务是厘清金融市场中可能引起未来风险的法律不确定性问题,并提出解决方案。最新的FMLC论文表明,全球金融危机爆发以来所实施的新监管潮——其中许多措施根本没有经过很好的计划,或者在国与国之间不具备一致性——带来了非常混乱的法律不确定局面。

以银行资本要求为例。巴塞尔3协议能让所有银行增加流动性、降低杠杆,它在一些地区被视为可靠的标准。但是,在其他地区,它被认为只是最低要求,还需要添加其他规则。这些“超等价”(super-equivalence),或者通俗地说,这些“镀金”造成了不同司法辖区之间的不一致性,从而有利于监管套利。

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