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本篇paper代写- American financial regulatory system讨论了美国的金融监管体制。1933年，美国实行了分业监管的《格拉斯·斯蒂格尔法》，把信贷业务与证券业务严格分离，这标志着美国全面进入分业经营分业监管的时期。1935年的银行法又强化了美联储的独立性。而其他的联邦证券法构成了美国的证券立法体系。从20世纪30年代初到70年代末，美国的金融监管总体上是不断强化的趋势。本篇paper代写由51due代写平台整理，供大家参考阅读。

Since China began to develop the financial industry in the 1980s, it has experienced two periods, namely "disorderly mixed operation" and "orderly divided operation". At present, China's economy has been developing rapidly, and the financing needs of companies and enterprises and the investment and financing needs of urban residents play an important role in promoting the development of the financial industry. At the same time, the phenomenon of mixed operation has gradually emerged in China, which indicates that the establishment of a mixed supervision system and the development of mixed operation are suitable for China's economic development.

Since the reform and opening up, China began to restore the four major professional Banks, the people's insurance company of China, the establishment of China international trust and investment corporation and other financial institutions, the end of the unified banking management system. At that time, in order to break the monopoly of professional Banks on financing, the state council proposed that Banks should "try out various trust businesses" and implement diversification of banking business.

The choice of legal system in the early stage of market economy system: the period of separate operation and joint supervision.

The choice of legal system in the period of market economy development: the period of separate operation and separate supervision.

In the early stage of reform and opening up, China's state-owned economy occupied a dominant position, which led to the lack of vitality of China's economic development, the financial industry has not been well developed, and the financial demand is not large. Therefore, the financial supervision system implemented in China can meet the development needs of our country.

In the early stage of reform and opening up, China's economy was less open to the outside world, and the financial market was relatively single. At that time, only the central bank was in charge of financial supervision.

Cross-border financial products emerge in endlessly, such as "securities companies to enter the inter-bank market management regulations" and "fund management companies to enter the inter-bank market management stipulation" connected the interaction between the securities industry and banking, central bank approval of the insurance company can buy a central enterprise bond in accordance with the relevant provisions are actively promote cooperation on securities and insurance. The rise of Internet technology has also given birth to a number of new cross-border financial products. The rise of crowdfunding, P2P online lending and other products has made people realize that mixed finance has become overwhelming, and the supervision that has always lagged behind financial innovation is facing challenges.

At present, foreign capital is entering China in large quantities, and the customers of China's financial industry have also changed from a single domestic customer to a domestic customer and a foreign customer. Under such circumstances, the demands of China's large financial companies and foreign customers also give rise to diversified financial demands.

With a lot of demand there will be people desperate for the interests of the rich to get rich. At present, China's financial sector has appeared "mixed operation" to avoid legal provisions, which will create a regulatory vacuum and challenge China's financial regulatory system.

The banking act of 1933, glass-steagall act, strictly separated the credit business from the securities business, which marked that the United States had fully entered the period of separate business operation and separate supervision. The banking act of 1935 reinforced the fed's independence. The securities act of 1933 and the securities exchange act of 1934 constitute the securities legislation system of the United States. State insurance laws and the McCarron ferguson act of 1945 constitute the insurance legislative system of the United States. From the early 1930s to the late 1970s, financial regulation in the United States was generally a trend of continuous intensification.

Domestic economic stagflation was a period of rapid economic growth in the United States from 1950 to 1960. During the five years from 1974 to 1979, the average annual economic growth rate was negative, and the average annual unemployment rate and inflation rate reached 6.7% and 8.6% respectively. Economic "stagflation" made the dollar-centric bretton woods system unsustainable. This system is based largely on confidence in the us currency, and is based on the credibility of the dollar. In international trade, the United States needs to export a large number of dollars to the world to meet the reserve needs and international trade settlement needs when all countries take dollars as reserve assets. But with the "dollar glut" of the late 1950s and the stagflation of the American economy in the 1970s, the dollar fell steadily.

Against this background of domestic economic development, on the one hand, "stagflation" affects the credibility of the us dollar; on the other hand, with the emergence of European currencies and Japanese yen and other currencies in international trade settlement, the international status of the us dollar is impacted. Economic and trade exchanges between countries are increasingly close, and the types of settlement currency are gradually becoming diversified. In addition to the severe challenges facing the us dollar in the international monetary field, financial competition among countries has also begun to intensify. The flow of international capital has always followed a rule: from tightly regulated areas to loosely regulated areas. As far as the United States is concerned, the originally strict exchange rate and currency control are no longer suitable for the international monetary system under the floating exchange rate system.

The passage of the financial services modernization act in 1999 not only marked the change of the financial supervision system, but also indicated the change of the concept of financial supervision in the United States, that is, it began to shift to the direction of "efficiency and competition". The bill is divided into two parts.

The act permits securities trading in well-capitalized and well-managed national Banks and their subsidiaries, but national bank branches are not allowed to deal in insurance or real estate. For securities activities, the act stipulates that the securities business of Banks must be subject to the jurisdiction of the federal securities law, allowing Banks to engage in a certain amount of financial derivatives within a certain range. With respect to insurance activity character, the bank manages insurance activity to need to put forward application, be engaged in corresponding insurance activity inside the limits that sets in law.

On the one hand, the act strengthens the management functions of financial regulatory departments such as OCC, FRB, FDIC and SEC. It allows these institutions to restrict the capital and management of financial institutions through various means and strictly control the transactions between financial institutions. At the same time, the regulated institutions are given a certain amount of options, and they have the right to make a choice and decide the corresponding regulatory departments for any changes in the regulatory institutions.

On the other hand, the bill establishes a consultation system, which facilitates the information communication between the committee of the federal reserve and the secretary of the Treasury, and the sharing of contents among various regulatory agencies. By improving the original American umbrella regulatory model and establishing the new functional regulatory structure, the federal government continues to strengthen the financial supervision of the insurance industry. In addition, the United States created an "umbrella regulatory system" after the act.

The so-called "silver cooperation" means that Banks can engage in the business of securities industry. At present, China has a large number of commercial Banks, which are different from state-owned Banks. Their purpose is to obtain benefits, and they can obtain benefits while dispersing their own risks. The mixed regulation implemented in the United States once revitalized the American Banks and promoted the vigorous development of the American economy. In the early stage of reform and opening up, state-owned Banks carried out asset securitization to disperse risks, thus making China's state-owned Banks go into the market smoothly abroad. Commercial Banks have a large amount of capital, allowing them to invest in securities within a reasonable limit, which can make profits for commercial Banks and inject a large amount of capital into China's securities market. In view of the current situation in China, we can first open some fields to Banks, and then gradually expand the scope of bank-securities cooperation.

In March 2010, the us senate, following the passage of the financial consumer protection agency act, introduced a financial consumer protection reform program in an effort to stabilize the market and boost investor confidence.

In recent years, China's economy has developed rapidly. The demand of Chinese residents for financial products is increasing day by day, and more and more social idle funds flow into the financial market. Under the background of mixed operation and mixed supervision in China, consumers of financial products lack the ability to identify the advantages and disadvantages of financial products. Consumers need to make rational investment, but they lack relevant information and cannot find the right department to solve the problem. Therefore, it is necessary to set up special institutions to guide consumers to make rational investment and effectively safeguard consumers' rights.

The financial liberalization reform started in the late 1970s to improve China's relevant legal system has contributed to the continuous emergence of financial innovation and the more obvious trend of financial business integration and penetration. Accordingly, the United States carried out financial regulatory reform and passed a series of laws to relax the separation of business regulation, such as the deregulation of depository institutions and monetary control act of 1980 and the gown-st germain depository institutions act of 1982. This act is mainly a supplement to the deregulation of depository institutions and monetary control act of 1993. Since the 1990s, with the development of financial mixed operation, the us congress passed the financial service modernization act in 1999, which removed the boundaries of banking, securities and insurance institutions in terms of business scope legally.

From the perspective of the development of financial supervision system in the United States, it mainly starts with the reform of banking industry, and then carries out the reform of insurance and securities market, and finally establishes the "umbrella supervision system". In this regulatory system, the financial holding company controls the subsidiaries of the company engaged in banking, securities and insurance. Among them, the financial services modernization act passed by the United States mainly regulates financial holding companies. China can learn from the American reform process, starting from the banking, securities and insurance industry reform. The first step is to break through the restrictions of the securities industry, allow insurance companies and commercial Banks to make securities investment, and raise the entry threshold for relevant companies to enter the industry. After that, gradually lower the threshold of access. Finally, open banking to companies in the insurance and securities industries. Wait for mixed operations and umbrella regulation to take shape before a law similar to the us financial services modernisation act is enacted.

Under the current situation, mixed operation and mixed supervision have become the general trend of the development of China's financial market. China's current regulatory structure is still "one line, three meetings", which requires the four departments to work together to avoid a regulatory vacuum. With the development of mixed operation in China's financial industry, the degree of integration of banking, insurance and securities industry will be greatly improved, which requires the establishment of information sharing among the four departments.

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