홍콩 금융감독체계의 현황과 향후 정책방향 = The Current Situation and Policy Movement of Financial Regulatory System in Hong Kong

다국어 초록 (Multilingual Abstract)

The global financial system experienced its first crisis since 1930s in autumn 2008, with the failure of major financial institutions in the United States and Europe and the seizure of global credit markets. Although Hong Kong was not at the epicentre of this crisis, it was affected.
Hong Kong's financial regulatory framework, in general, is a sectoral structure, operating through a “three tier system“. Under the first tier, the Financial Secretary is responsible for overall policy. Under the second tier, special regulatory agencies, including HKMA, SFC, OCI, MPFA, are responsible for regulation and supervision of financial services business. Under the third tier, self-regulatory organizations are responsible for oversight of the activities fo their members.
During the global financial crisis, the Financial Secretary requested that HKMA and SFC produce the reports identifying and addressing issues raised by the Lehman Brothers Minibonds incident. HKMA recommended that the regulatory framework should be strengthened to take into account the growth in the volume and complexity of investment products sold to the retail investors in light of the Minibonds incident. By contrast, the SFC observed that institutional regulation is considered suboptimal, whilst the “Twin Peaks” approach seperating safety and soundness from conduct of bussness is attracting more consideration.
Recently, some professors produced the reports concerning the reformation of financial regulation in Korea. It is necessary to consider the policy movement of financial regulatory system in Hong Kong

참고문헌 (Reference)

1 금융감독원, "홍콩증권업무편람" 2010

2 한정미, "홍콩의 자본시장법제 현안분석" 한국법제연구원 12 (12): 2012

3 장덕조, "영국의 금융시스템 이해" 한국금융법학회 7 (7): 117-153, 2010

4 윤석헌, "금융감독체계 개편, 어떻게 할 것인가?" 한국금융학회 2012

5 Securities Review Committee, "The Operation and Regulation of the Hong Kong Securities Industry" 1988

6 D.W.Arner, "The Global Financial Crisis and the Future of Financial Regulation in Hong Kong" 2009

7 DW. Arner, "The Global Financial Crisis and the Future of Financial Regulation in Hong Kong" 2009

8 Expert Group, "Review the Operation of the Structures and Futures Market Regulatory Structure" 2003

9 HKMA, "Report of the Hong Kong Monetary Authority on Issues concerning the Distribution of Structured Products connected to Lehman Group Companies" 2008

10 IMF, "People's of Republic of China Hong Kong Special Administrative Region: Financial Stability Assessment" 2003

11 SFC, "Issues Raised by the Lehman Minibonds Crisis; Report to the Financial Secretary" 2008

12 DW. Arner, "Financial Regulation in Hong Kong: Time for a Change" 2010

13 SFC, "A consultation paper on proposed amendments to the SMLR" 2005

14 원동욱, "2010년 미국 금융개혁법의 주요내용 및 그 시사점" 한국상사법학회 29 (29): 393-424, 2010