本文關(guān)鍵詞：期貨公司合規(guī)法律制度研究　出處：《對外經(jīng)濟貿(mào)易大學》2015年博士論文　論文類型：學位論文

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【摘要】：任何一項研究都與自然、社會密切相關(guān),期貨公司合規(guī)理論與實務研究也不例外。隨著金融行業(yè)步入新知識、新技術(shù)的后發(fā)展時期,我國期貨公司合規(guī)法律制度的研究與設計,勢必成為當前理論和實務界亟需解決的課題。2008年,中國證監(jiān)會下發(fā)了《期貨公司首席風險官管理規(guī)定(試行)》,標志著我國期貨行業(yè)合規(guī)風險管理工作的全面啟動。但是由于我國期貨市場合規(guī)工作起步晚、人才缺乏、期貨公司對合規(guī)風險管理的意識不足以及監(jiān)管部門沒有相應的期貨合規(guī)指引和細則等諸多原因,致使期貨公司相比銀行、保險、證券等金融機構(gòu)尚未形成成熟的合規(guī)體系。"期貨市場是一個規(guī)則導向的市場","期貨法"的遲遲缺位是我國無法建立期貨公司合規(guī)體系的重要因素。期貨行業(yè)自身的特性和我國期貨市場的發(fā)展歷史證明,合規(guī)的行業(yè)文化和規(guī)范的經(jīng)營模式是期貨行業(yè)和期貨公司可持續(xù)發(fā)展的基礎;期貨公司合規(guī)管理迫切要求我國"期貨法"盡快出臺,以此彌補期貨公司合規(guī)法律依據(jù)的不足。本文共分為七章,從比較研究的角度借鑒美國、新加坡、日本、我國香港和臺灣等地區(qū)期貨公司相關(guān)法律制度的研究,彌補我國立法、外部監(jiān)管、投資者保護及設立機構(gòu)等層面的相對滯后和研究的薄弱環(huán)節(jié)。第1章緒論。概述了選題的理論和實踐價值,研究的主要內(nèi)容和研究方法,研究目標和研究難點、擬研究的創(chuàng)新點。本章對期貨、期貨公司、合規(guī)、合規(guī)管理等重要概念進行了界定,簡述了期貨與合規(guī)的發(fā)展歷史以及國內(nèi)外關(guān)于期貨公司合規(guī)管理的研究現(xiàn)狀。第一章擬解決期貨公司合規(guī)較之普通企業(yè)合規(guī)、其他金融機構(gòu)合規(guī)的特殊性問題。第2章期貨公司合規(guī)的理論支撐。合規(guī)、內(nèi)部控制與公司治理三者密切相關(guān),合規(guī)是內(nèi)部控制的核心內(nèi)容與目標之一,為確保合規(guī)而建立起來的合規(guī)體制,與內(nèi)部控制機制是構(gòu)成公司治理有效性的基礎。在運作良好的公司里,其合規(guī)、內(nèi)部控制與公司治理應該彼此融洽、有機結(jié)合,并形成良性的互動。合規(guī)源自公司治理,本章通過對合規(guī)的連接性、合規(guī)與道德標準、合規(guī)與律師—當事人保密主義、合規(guī)與信義義務、合規(guī)與公司透明度、期貨公司合規(guī)風險控制理論等多個層面進行分析,得出合規(guī)是公司治理發(fā)展的必然選擇。合規(guī)在公司治理中的定位和作用是什么?合規(guī)義務與信義義務有哪些聯(lián)系與區(qū)別?合規(guī)風險與其他風險之間的界限在哪里?此部分作為選題主體的起始章節(jié),逐步解決上述問題,將合規(guī)引入到期貨公司的治理之中,為期貨合規(guī)溯本追源,也為后文的寫作進行鋪墊。第3章期貨公司不合規(guī)行為的認定。本章是文章的重點內(nèi)容。期貨公司合規(guī)管理的根本目標是避免不合規(guī)行為的發(fā)生。由于我國法律的缺失以及期貨交易的復雜性,混業(yè)模式,期貨公司違法違規(guī)行為的具體分類和法律認定界限模糊。文章深入研究了美國期貨公司在交易中存在的不合規(guī)行為。通過對國內(nèi)外具體的案例分析,為我國制定期貨法律、規(guī)則以及如何認定欺詐、市場操縱、內(nèi)幕交易、洗售、洗錢等不合規(guī)行為提出建議。同時也為期貨公司規(guī)范自身行為,制定合規(guī)計劃提供充分的范式。第4章期貨公司不合規(guī)行為的法律規(guī)制。法律、規(guī)則、準則即是期貨市場的生命線,又是期貨公司合規(guī)的依據(jù)。本章歸納了期貨公司合規(guī)中"規(guī)"的來源,對一般性法律規(guī)則進行了總結(jié)。顯然期貨法律、規(guī)則、準則相對匱乏,限制了合規(guī)的發(fā)展,體現(xiàn)了行業(yè)對"期貨法"出臺的迫切要求。期貨市場是一個規(guī)則導向的市場,但是我國期貨業(yè)存在"先發(fā)展,后立法"的問題,致使合規(guī)管理的法律依據(jù)不明晰。因此,本文提出期貨公司合規(guī)管理過程中應當適用"規(guī)則導向向原則導向過渡"的理念,當規(guī)則不健全時,法律原則依然可以作為合規(guī)管理的"底線"。此外,本文提出完善的信息隔離墻制度和信息披露及透明化制度是預防違規(guī)風險發(fā)生的最優(yōu)合規(guī)措施。第5章期貨合規(guī)與內(nèi)部監(jiān)控制度。本章是論文的核心內(nèi)容之一,介紹了合規(guī)與內(nèi)部控制的關(guān)系,合規(guī)部門及合規(guī)總監(jiān)的設置。文章分析了企業(yè)內(nèi)部出現(xiàn)合規(guī)部的具體原因。本章要解決的重點問題是期貨公司首席合規(guī)官與總法律顧問在公司中的角色如何分配?董事會、監(jiān)事會及其他管理部門在合規(guī)過程中如何定位?合規(guī)部門的職能是什么?如何設計層級報告路徑?第6章期貨公司合規(guī)與投資者保護制度。保護期貨市場投資者利益是期貨市場監(jiān)管的重要目標。筆者將本章的重心定位在期貨公司"事后的合規(guī)管理"法律制度研究方面。文章分析了美國的投資者舉報制度,以及對投資者素養(yǎng)的研究制度,明確了期貨投資者與期貨公司的法律關(guān)系,提出通過建立一套行之有效的投資者保障基金制度,在期貨公司等金融中介損害投資者利益、破產(chǎn)退市等情況下,能夠及時對投資者的利益提供切實的保護。針對投資者對期貨公司的合規(guī)情況進行監(jiān)督問題,借鑒美國多德法案對投資者保護作出的具體規(guī)定,為我國期貨公司如何通過合規(guī)保護投資者的利益提供了"藍本"。第7章期貨公司合規(guī)與外部監(jiān)管制度。金融行業(yè)的高風險性決定了外部監(jiān)管的重要性。期貨行業(yè)經(jīng)過綜合治理,目前已經(jīng)進入了常規(guī)監(jiān)管階段。綜合治理時期對期貨公司側(cè)重的是外部監(jiān)管,即期貨監(jiān)管機構(gòu)及行業(yè)自律組織的監(jiān)管。但是,在日益發(fā)達而又復雜多變的市場經(jīng)濟環(huán)境下,由于期貨行業(yè)的高風險性和與社會經(jīng)濟、政治穩(wěn)定的高度關(guān)聯(lián)性,使得期貨行業(yè)的合規(guī)性要求不斷提升。尤其是綜合治理前,相繼發(fā)生的一系列因期貨公司自身合規(guī)風險管理失控而導致的重大財務丑聞和關(guān)閉破產(chǎn)案件,引起了人們對以外部監(jiān)管為中心的傳統(tǒng)監(jiān)管方式的不斷反思。如何通過加強期貨公司內(nèi)部合規(guī)以彌補外部監(jiān)管的不足,成為期貨行業(yè)面臨的又一重大課題。本章重點研究了美國、英國、新加坡以及我國臺灣地區(qū)的期貨公司外部監(jiān)管模式;總結(jié)出我國期貨公司當前外部監(jiān)管存在的突出問題;以及解決這些問題的有效途徑即通過期貨公司合規(guī)以彌補外部監(jiān)管的不足。第8章結(jié)論。本章對上述各章節(jié)分析的重點問題進行了系統(tǒng)的總結(jié)。文章最后提出了筆者繼續(xù)進行期貨公司合規(guī)管理法律制度研究的方向。
[Abstract]:A research is closely related with nature, society, Futures Company compliance theory and practice study is no exception. As the financial industry entered a new period of development of new knowledge, technology, research and design of China's Futures Company compliance legal system, will become the current solution in theory and practice to the subject of.2008, China the Commission issued under the provisions of "the chief risk officer of the Futures Company Management (Trial)", started marking management of China's futures industry compliance risk. But because of China's futures market compliance work started late, the lack of Futures Company, there is no corresponding futures compliance guidelines and rules for the reasons such as the lack of unity compliance risk management awareness and supervision department, the Futures Company compared to banking, insurance, securities and other financial institutions have not yet formed mature compliance system. "The futures market is a rule oriented city "," Futures Law "is an important factor in our country has been the absence of Futures Company cannot establish a compliance system. The characteristics of the futures industry itself and the history of the development of China's futures market shows that the compliance culture industry and standardize the business model is the futures industry and Futures Company sustainable development foundation; the compliance management of Futures Company it is urgent for our country" Futures Law "as soon as possible, to make up for lack of legal basis to Futures Company compliance. This paper is divided into seven chapters, from the angle of comparative study from the United States, Singapore, Japan, Hongkong and Taiwan and other regions of the Futures Company of China's legal system, make up for China's legislation, external supervision, investor protection and the establishment of the relative lag and weakness on. The first chapter is the introduction. It summarizes the theory and practice of the value of the topic, the main contents and methods of the research, research objectives and research The difficulty, intends to study the innovation. The chapter on futures, Futures Company, compliance, compliance management concepts are defined, the futures and the compliance and history of the development of domestic and foreign Futures Company on compliance management research. The first chapter intends to solve the Futures Company compliance is better than the ordinary corporate compliance, special the problem of other financial institutions compliance. The second chapter theoretical support Futures Company compliance. Compliance, internal control and corporate governance three are closely related, compliance is the core content of internal control and one of the goals, to ensure compliance of the compliance system and internal control mechanism is the basis of the constitution corporate governance. In the good operation of the company, its compliance, internal control and corporate governance should be harmonious with each other, combine and form the benign interaction. The compliance from corporate governance, this chapter of the compliance and connectivity. Compliance with ethical standards, compliance with the attorney - client confidentiality doctrine, compliance and fiduciary duties, compliance and corporate transparency, Futures Company compliance risk control theory to analyze the multiple levels, that compliance is the inevitable choice of corporate governance development. What is the role and position of compliance in the corporate governance together? Regulatory duties and fiduciary obligations which links and differences? The boundaries between the compliance risk and other risks in this part as the main topic? The initial chapters, gradually solve the above problems, the compliance into the Futures Company governance, futures compliance tracing the source, but also to pave the way for later writing the identification of the third chapter Futures Company non-compliance. This chapter is the focus of the thesis. The fundamental goal of Futures Company compliance management is to avoid non-compliance. Due to the lack of the law of our country and Futures Trading The complexity of mixed mode, identify the specific classification and legal fuzzy boundaries Futures Company of illegal behavior. This paper studies the existence of transactions in the United States Futures Company non-compliance. At home and abroad through the analysis of specific cases, for our country to develop the futures law, rules and how to identify fraud, market manipulation, insider trading, wash sale. Money laundering and other illegal behavior are proposed. At the same time also regulate their own behavior for the Futures Company, to provide full compliance paradigm plan. The fourth chapter of legal regulation of Futures Company non-compliance. Laws, rules, standards is the lifeline of the futures market, and Futures Company is the basis for compliance. This chapter summarizes the Futures Company compliance "the rules of the source of the general rules of law are summarized. Obviously the futures legal rules, standards, relatively scarce, limited the development of compliance, the method of" futures industry" The introduction of the urgent requirement. The futures market is a rule oriented market, but China's futures industry "development first, after legislation", the legal basis for compliance management is not clear. Therefore, this paper puts forward the management process of Futures Company compliance should apply the rules to guide the transition principle oriented "concept and when the rule is not perfect, the legal principles can still be used as the compliance management of the" bottom line ". In addition, this paper improve the wall of information system and information disclosure and transparency is to prevent the risk of illegal optimal compliance measures. In the fifth chapter, futures compliance and internal control system. This chapter is the core content of this paper, introduces the relationship between compliance with internal control, compliance and compliance director settings. This paper analyzes the internal reason specific compliance department. The key problem of this chapter is to solve the joint Futures Company chief How to gauge officer and general counsel in the company's role in the distribution? The board of directors, board of supervisors and other management departments to locate in the compliance process? What is the compliance department functions? How to design the reporting path? The sixth chapter Futures Company compliance and investor protection system to protect the interests of investors. The futures market is an important goal the supervision of the futures market. The author will focus in this chapter on the legal system of Futures Company "compliance management" afterwards. This paper analyzes American investor reporting system, and research system for investors of literacy, clear legal relationship between futures investors and Futures Company, proposed through establishing a set of effective investor protection fund system in the Futures Company and other financial intermediaries, damaging the interests of investors, bankruptcy delisting case, it can provide effective protection of the interests of investors. The needle The problem for investors to supervise the Futures Company's compliance, from specific provisions of the U.S. Dodd Oxley Act to protect investors, China's Futures Company how to provide a "blueprint" compliance to protect the interests of investors. In the seventh chapter, the Futures Company compliance and external supervision system. The high risk of financial industry determines the importance of external supervision the futures industry. After comprehensive treatment, the current has entered the stage of comprehensive treatment. The regular monitoring period is the external supervision of Futures Company focus, namely futures regulators and industry self regulatory organizations. However, in the increasingly developed and complicated environment of market economy, due to the high risk of the futures industry and social economy, highly Association of political stability, the compliance requirements of the futures industry has been increasing. Especially the comprehensive management, a series of Lieyin period have occurred A major financial scandal of goods company's compliance risk management due to out of control and off bankruptcy cases, caused people to reflect on the traditional way of supervision by external supervision as the center. How to strengthen the Futures Company internal compliance to compensate for the lack of external supervision, has become a major issue facing the futures industry. This chapter focuses on the United States, Britain, Singapore and China's Taiwan region of the external supervision mode of Futures Company; summarizes our Futures Company problems in external supervision; and the effective ways for solving these problems through the Futures Company compliance to compensate for the lack of external supervision. The eighth chapter is the conclusion. This chapter analysis of the above chapters focus on problems the system is summarized. Finally, the author puts forward to continue research on the legal system of compliance management of Futures Company.

【學位授予單位】：對外經(jīng)濟貿(mào)易大學
【學位級別】：博士
【學位授予年份】：2015
【分類號】：D922.287
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本文編號：1363993