Investor Protection in China Lessons for Chinese Investor

Investor Protection in China 中国对于投资者的保护 Lessons for Chinese Investor Protection Regulation from the World Financial Crisis and the new regulatory reform proposals in UK 世界金融危机及 英国监管改革最新方案对中国投资者保护法规的借鉴意义 Nicholas Morris 尼古拉斯 • 莫里斯 November 2009

Agenda 目录 l What went wrong: focus on the problems underlying the World Financial Crisis 症结根源在哪：聚焦国际金融危机背后的问题 l Why all this matters for investor protection 这些问题对保护投资者的重要性何在 l The importance of investor protection mechanisms in China 在中国投资者保护机制的重要性 l The UK regulatory structure and recent reforms 英国的监管结构及最新改革 l Key issues in regulation of capital markets 资本市场监管中的关键问题 l Lessons for China and SIPF 对于中国及中国证券投资者保护基金的借鉴意义 l Strengthening the Chinese system 加强中国体制建设 Slide 2

What went wrong 问题症结 The reasons underlying the 2007 -8 World Financial Crisis carry many lessons for investor protection in China. 2007年至 2008年发生的世界金融危机的诱发因素为中国的投资者保护带来的经 验教训 The main problems were 主要的问题有: l Unfettered bank business growth through securitisation with inadequate capital support 资产证券化而缺乏相应的资本支持，从而导致银行业务发展失控 l Poor risk assessment and therefore mispricing 风险评估不准确，从而导致风险定价失误 Slide 3

What went wrong （continued） 问题症结（续） l Failure of Credit Rating Agencies to highlight problems 信用评级机构未能指明问题 l Liquidity crunch precipitated by lack of confidence 信心缺失加速流动性紧缩 l Major dislocation of Debtor Creditor relationship creating significant uncertainty and therefore worst case view 借贷关系的重大错位带来巨大的不确定性，从而导致预期降到谷底 l Political interference in commercial processes: encouraging home ownership exacerbated sub-prime problems 政府介入商业流程：对购房的鼓励加剧了次贷问题 l Explosion of derivative/ dependant Credit Default Swaps also precipitated crisis 衍生 具/相关性信用违约互换协议的激增也加速了危机进程 Slide 4

Underpriced Risk 低估的风险 Europe corporate bond market (non-financial corporate bonds); spread between yields on a Merrill Lynch High-Yield European Issuers Index bond a 10 -year German government bond. 欧洲公司 证券市场的非融资性公司债券：风险溢价 介于美林高收益欧洲发行商指数债券和10 10年期的德国政府债 证券市场的非融资性公司债券：风险溢价介于美林高收益欧洲发行商指数债券和 券。 Source: The Background to the 2007 Financial Crisis, Charles Goodhart, Figure 3 资料来源：背景为 2007年金融危机，Charles Goodhart, 资料来源：背景为 2007 Goodhart, 图 3 Slide 5

Declining liquidity流动性减弱 l Decline in holdings of liquid assets by commercial banks Northern Rock liability structure 英国北岩银行的负债结构 商业银行持有的流动资产减少 l Reliance on short-term credit and wholesale market 对短期信贷及批发市场的依赖 l Funding on basis of retail deposits from private sector 基于私人零售存款上的基金 l UK Bank Northern Rock was an extreme example – strong growth in securitised assets 英国北岩银行是一个 典型的例子—证券化的资产增长强劲 Source: The Background to the 2007 Financial Crisis, Charles Goodhart, Figure 7 Slide 6

Exposure to Securitisation 证券化风险 l Collateralised debt instruments 担保债券 – Banks originated loans, which were then pooled and sold to a Structured Investment Vehicle 银行的原始贷款被打包出售给经营结构化投资 具的机构 l Structured Investment Vehicles结构化的投资 具 – were rated and then funded by issuing commercial paper 经过评级，发行商业票据融资 – commercial paper issue was supported by a standby liquidity facility often provided by the bank(s) that have sold them the pool of assets. 商业票据的发 行通常是由出售打包资产的银行提供的备用流动性融通 具来支撑的 – standby liquidity facilities were contingent and therefore required less capital allocation备用流动性融通 具是相机抉择的，因此需要较少的资本拨备 l With market failure all liquidity facilities were called on and therefore became loans hence precipitating liquidity and credit crisis 由于市场失灵，所有的流动性融资 具都被挤兑变为贷款，从而最终导致了流动性和信用危机 Slide 7

Explosion in Credit Default Swaps 信用违约互换协议的激增 l Credit default swaps(“CDS”) provide the mechanism for one party to transfer or sell the risk associated with a particular asset in return for a payment to the party assuming the risk. It is a form of tradable credit insurance based on Credit Rating. 信用违约互换协议（CDS）的运作机制：一方在转让或者出售与某种资产相关的 风险的同时，向承担风险的另一方支付费用作为承担风险的报酬。这是一种基 于信用评级的可交易的信用保险。 l Over past 5 years driven by desire to maximize returns through diversifying risk there was an explosion in the trading of CDS based on the premise that credit ratings were accurate 在过去 5年里，出于通过风险分散获得最大回报的需要，CDS交易量激增。这些 交易的前提是信用评级是准确的。 Slide 8

Explosion in Credit Default Swaps （continued） 信用违约互换协议的激增 （续） l CDS effectively and significantly dislocated the traditional debtor-creditor relationship with significant reliance on an independent third party –The Credit Rating Agency CDS完全不同于传统的借贷关系，在很大程度上依靠独立的第三方—信用评级机 构-的运作。 l Pricing was thus critically dependent on the Rating Agencies, who were discredited and hence confidence collapsed 因此，CDS的价格只取决于评级机构，而评级机构信誉受损导致公众对CDS信心 的崩溃。 Slide 9

The role of the credit rating agencies 信用评级机构的角色 l Credit rating agencies mostly rate credit default risk 信用评级机构的评级主要针对对信用违约风险 l Do not normally cover market or liquidity risk 通常不包括市场风险或者流动性风 险 l ‘AAA’ ratings for collateral mortgage obligations (CMOs) often equated to AAA government debt 抵押担保债券（CMOs）的AAA评级常常等价于AAA级的政府债券 l Fall in US house prices meant that credit default risk was underestimated by agencies – little previous experience of widespread homeowner defaults 美国房价下跌意味着 信用评级机构低估了信用违约风险，它们之前对于目前大量出现的房主违约现 象缺乏经验。 l Possible conflict of interest – agencies often paid by originators of CMOs 可能存在的利益冲突—CMOs发行商通常会向评级机构支付一定的费用 l May not be enough competition between Moody’s; Standard and Poor’s; and Fitch 诸如标准普尔，穆迪和惠誉国际等，信用评级机构之间缺乏充分竞争。 Slide 10

Agenda 目录 l What went wrong: focus on the problems underlying the World Financial Crisis 症结根源在哪：聚焦国际金融危机背后的问题 l Why all this matters for investor protection 这些问题对保护投资者的重要性何在 l The importance of investor protection mechanisms in China 保护投资者机制在中国所起的重要作用 l The UK regulatory structure and recent reforms 英国的监管结构及最新改革 l Key issues in regulation of capital markets 资本市场监管中的关键问题 l Lessons for China and SIPF 对于中国及中国证券投资者保护基金的借鉴意义 l Strengthening the Chinese system 加强中国体制建设 Slide 11

Why does all this matter to investors? 这些问题对投资者保护的重要性何在 l Investor confidence is critical to growth-markets and availability of capital are driven by confidence 投资者信心对于成长型市场而言非常关键，信心决定资本充裕度 l Systemic collapse of debt markets destroyed confidence 债券市场的崩盘会严重打击 信心 l Economic performance was stalled by the consequent lack of capital 由此引起的资本 不足阻碍经济发展 l Trusted indicators became unreliable further damaged confidence 缺乏信心，进而过 去被用作衡量经济发展的指标不再可靠 l Securities firms are dependent on and often integrated with other parts of the financial system 证券公司通常与金融体系的其它部门相互依存，互相整合。 IN SHORT总之 l Everything is inter-linked: strong regulation is needed 一切都是相互联系的：需要有力的监管 Slide 12

Critical Role of the Banking System 银行体系的重要作用 l Credit markets play a crucial role in economic growth 信贷市场在经济增长中具有 举足轻重的作用。 l Primary point of reference is stability of banking system 首先，银行系统必须保持 稳定 l Banks play a crucial role in aggregating capital from depositors and then lending to borrowers who will employ the capital to earn a return 银行所扮演的角色是吸收存 款，发放贷款，借款人经过银行获得存款人的资金并通过运作资金获取收益。 l Failure of the banking system removes the fundamental and critical role banks play in allocating capital by removing their ability to attract deposits and therefore their ability to finance borrowers 银行体系运转失灵使其无法吸存和放贷，银行在资本 配置中所发挥的基础关键性的作用随之丧失。 l Economic growth is not possible without this critical role 没有银行所发挥的关键作 用，就没有经济增长。 Slide 13

Agenda 目录 l What went wrong: focus on the problems underlying the World Financial Crisis 症结根源在哪：聚焦国际金融危机背后的问题 l Why all this matters for investor protection 这些问题对保护投资者的重要性何在 l The importance of investor protection mechanisms in China 在中国投资者保护机制的重要性 l The UK regulatory structure and recent reforms 英国的监管结构及最新改革 l Key issues in regulation of capital markets 资本市场监管中的关键问题 l Lessons for China and SIPF 对于中国及中国证券投资者保护基金的借鉴意义 l Strengthening the Chinese system 加强中国体制建设 Slide 14

The importance of Investor Protection 投资者保护的重要性 “Research [shows] large differences between countries in ownership concentration in publicly traded firms, in the breadth and depth of capital markets, and in the access of firms to external finance. …. . [which depends on] how well investors, both shareholders and creditors, are protected by law from expropriation“ 有研究表明：各国在上市公司的所有权集中度、资本市场的深度和广度、公司 获取外部融资的途径等方面差异巨大……这取决于法律在多大程度上保护投资 者（包括股东或债权人）的资金不被挪用。 Investor Protection: Origins, Consequences, Reform – Financial Sector Discussion Paper 1, World Bank 投资者保护：起因，后果，改革— 金融业讨论稿 1， 世界银行 Slide 15

The importance of Investor Protection 投资者保护的重要性 “A … theme of this Report is the need for investor protection through greater transparency in the financial system. More information enables the market to more accurately price assets, risk, and other relevant inputs. Much of the present crisis can be attributed to a lack of critical information (and perhaps, in some cases, misinformation). ” 本报告的主题之一即需要通过提高金融体系的透明度来保护投资者。更多的信 息可使市场能更准确地为资产、风险及其它相关投入定价。这次危机很大程度 上应归结于信息匮乏（在有些情况下有可能是信息错误） The Global Financial Crisis: A Plan for Regulatory Reform May 2009. Committee On Capital Markets Regulation 全球金融危机： 2009年 5月监管改革计划。资本市场监管委员会 Slide 16

G 20 views on regulation 20国集团对监管的看法 Final Communiqué “The Global Plan for Recovery and Reform” Leaders of the Group of Twenty, London 2 April 2009年 4月2日伦敦 20国集团领导人《全球复苏与改革计划》的最后公报 “Regulators and supervisors must protect consumers and investors, support market discipline, ……. . reduce the scope for regulatory arbitrage, support competition and dynamism, and keep pace with innovation in the marketplace. ” 监管机构和监督机构必须保护消费者和投资者，维护市场规则，……减少监管 漏洞，保持竞争和活力，跟上市场创新的步伐。 Slide 17

Investor protection in China 中国的投资者保护 l The cornerstone of a stable and growing economy is confidence in its banking system and credit markets 投资者对于银行体系和信贷市场的信心是经济保持稳定和增长的基石。 l Investors and fund managers assume the stability of the system 投资者和基金经理假定系统是稳定的 l China needs strong systemic protection to ensure the stability of its banking system and attract crucial funds for development 中国必须建立强有力的保护 体系以确保银行体系的稳定，从而为发展吸引宝贵的资金。 l The Global Financial Crisis has highlighted a distinction and fundamental interdependence between Debt, crucially including the banking system, and Equity markets 全球金融危机彰显了债务市场，尤其是银行体系，与产权投资 市场之间的相互差异而又紧密联系的关系 l China needs Investor Protection which ensures the interdependence of markets and the associated risk 中国只有做好投资者保护，才能确保市场及其 相关风险相互依存 Slide 18

The Role of SIPF 证券投资者保护基金的角色 l Regulation of capital markets in China needs to be stronger and more integrated in order to protect investors 中国的资本市场需要得到更为有力的、更加综合的监管，这样才能保护投资者。 l The Securities Investor Protection Fund is a key element of this protection 证券投资者保护基金是这种保护的重要组成元素 l Information flows are also a crucial element 信息渠道畅通也是另一重要组成元素 l SIPF can and should play a strong role in ensuring investors are protected and provided with sufficient high-quality information 证券投资者保护基金在确保投资者得到保护并获得完整真实的信息方面能够并 且应该发挥巨大的作用 Slide 19

Agenda 目录 l What went wrong: focus on the problems underlying the World Financial Crisis 症结根源在哪：聚焦国际金融危机背后的问题 l Why all this matters for investor protection 这些问题对保护投资者的重要性何在 l The importance of investor protection mechanisms in China 在中国投资者保护机制的重要性 l The UK regulatory structure and recent reforms 英国的监管结构及最新改革 l Key issues in regulation of capital markets 资本市场监管中的关键问题 l Lessons for China and SIPF 对于中国及中国证券投资者保护基金的借鉴意义 l Strengthening the Chinese system 加强中国体制建设 Slide 20

Some UK views on development of regulation 英国在未来监管发展问题上的一些观点 l “Finance: a return from risk” - Mervyn King, Governor Bank of England, March 2009年 3月英格兰银行行长Mervyn King: 《金融：风险回归》 ‘To correct these types of market failure will require a system of regulation that effectively marries the ‘top down’ assessment of the risks to the system as a whole to the ‘bottom up’ supervision of individual institutions. ’ 在修正这些不同类型的市场失灵时需要监管体系能有效地把“自上而下”式 全系统风险评估与“自下而上”式单个机构监督结合起来。 Slide 21

Some UK views on development of regulation 英国在未来监管发展问题上的一些观点 l “Rethinking the financial network” Andrew Haldane, Executive Director for Financial Stability, Bank of England, April 2009年 4月英格兰银行金融稳定执行董事Andrew Haldane: 《金融网络系统的再思考》 ‘improvements in data are needed, in terms of better data collection, better analysis of the data, and better communication of the results to the public. Second, regulation of the network is needed to ensure appropriate control of the damaging network consequences of the failure of large, interconnected institutions’ 数据需要改进，是指需要改进数据收集与分析，并更好地将数据结果传 达至公众；其次，必须加强网络监管，以确保在相互关联的大型机构出 现故障时能有效的对受损的网络进行控制。 Slide 22

UK Statutory Framework 英国的法定框架 l HM Treasury, Financial Services Authority (FSA) and Bank of England are all responsible for aspects of financial services regulation 金融服务的监管由英国财政部、英国金融服务管理局（ＦＳＡ）和英格兰银 行三者共同负责 l Inter-relationship is governed by a formal ‘Memorandum of Understanding’ between them 以上各部门之间的协调由一份正式的“谅解备忘录”予以规定 l Competition Commission, Office of Fair Trading and Stock Exchange also involved 竞争委员会、公平交易办公室和证券交易所也参与了进来 l Stock Exchange, and its members, are formally permitted to ‘self regulate’ 证券交易所及其成员被正式许可进行“自我监管”。 Slide 23

Responsibilities in the UK system 英国国家机构职能图 Parliament国会 Chancellor of Exchequer 英国财政大臣 FSA Regulation�管 Authorisation授权 Supervision监督 Office of Fair trading 公平交易办公室 H M Treasury 财政部 Institutional structure 体制结构 Legislation立法 Intervention干预 Bank of England 英格兰银行 Monetary policy Stability货币政策稳定 Infrastructure机制 Competition Commission竞争 委员会 Development of competition and markets 竞争与市场的发展 Slide 24

Role of the Financial Services Authority 英国金融服务管理局的职能 • The UK regulatory regime is determined by the Financial Services and • Markets Act 2000. 英国的监管体系是由英国金融服务与2000法案予以规定的 It gives the Financial Services Authority (FSA) four statutory objectives: 它规定了英国金融服务管理局(FSA)四项法定目标： • Maintaining market confidence in the financial system 维护市场对金融体系的信心 • Promotion of public understanding of the financial system 促进公众对金融体系的认识 • Consumer protection 保护消费者 • Reduction in financial crime 减少金融犯罪 Slide 25

Regulation and self-regulation 监管和自我监管 FSA mainly concerned with investment banks and brokerages treatment of customers 英国金融服务管理局监管对象主要是投资银行和券商如何对 待客户 – are they being advised correctly and not defrauded? 客户是否得到正确的建议而未受欺骗？ l Stock Exchange regulates through their rules and procedures, with selfregulatory status 证券交易所的监管则依靠其自身规则和程序进行自我监管： • Market surveillance by exchanges is a key requirement of their selfregulatory status. 交易所的市场监督行为是其获得自我监管权限的一项关键要求 • Concerned with orderly markets, transparency, level playing fields and investor safety. 主要关注市场秩序、透明度、公平竞争环境和投资者安全 • Includes audits to ‘assist’ members in self-regulation 其中的审计功能，可以促使成员企业加强自我监管 l Slide 26

UK Investor Protection rules 英国投资者保护条例 l Initially set out in “A new framework for Investor Protection” White Paper, DTI, 1985 最初的相关规定出现在英国贸 部 1985的《投资者保护新框架》白皮 书中 l Covered regulatory system and the scope of regulation; institutional structure; `Fit and Proper‘ test; rules for the conduct of business; competition; unit trusts; marketing of life assurance, unit trusts and similar investments; pensions; advertising and promotion of investments; public issues and take-overs; insider dealing; and enforcement. 这些规定涵盖了监管体系和范围; 机构设置; “行为合规和适当”测试; 经营行为法规; 竞争; 单位信托投资公司; 养老金; 投资的广告和推 广; 上市和收购; 内幕交易; 以及规则执行等。 l Today this has developed into the FSA handbook system 现在，这些规则可参见FSA用户手册系统 Slide 27

Financial Services Compensation Scheme (FSCS) 金融服务补偿计划 l l l Established in 2001 under Financial Services and Markets Act 最初设立于2001年颁布的《金融服务与市场法案》 Has responsibilities for securities, banking, pensions and insurance 该计划覆盖范围包括证券、银行、保险和养老金等行业 Funded by a compulsory levy on all firms as needed 其资金来源于向所有公司的强制性收费 Payments limited to £ 48, 000 per customer 每位投资者补偿金额不超过4. 8万镑 Compensation for default, inappropriate behaviour and misrepresentation 补偿原因包括：违约，行为不端和描述不实 l Payments must be made in 90 days 补偿费用必须在 90天内支付 l Assets assigned to FSCS before payment付款前先将资产转让给FSCS Slide 28

Regulatory Reform in the UK 英国的监管改革 l Banking Act 2009银行法案 – New tools for dealing with failing banks and building societies – 为应对银行和建房互助会的破产制定的新措施 Improved compensation processes under FSCS – 在FSCS框架下改进的补偿程序 New Bank Insolvency and Administration procedures – 新的银行破产管理程序 Improved funding arrangements for FSCS to build up contingency fund 改进FSCS的融资安排，并设立应急基金 l Debate over whether ‘tripartite system’ contains too many agencies 就“三方体系”是否牵涉过多机构展开讨论 – Bank of England calling for unified macroprudential regulation 英格兰银行呼吁进行统一的宏观审慎监管 Slide 29

Agenda 议程 l What went wrong: focus on the problems underlying the World Financial Crisis 症结根源在哪：聚焦国际金融危机背后的问题 l Why all this matters for investor protection 这些问题对保护投资者的重要性何在 l The importance of investor protection mechanisms in China 在中国投资者保护机制的重要性 l The UK regulatory structure and recent reforms 英国的监管结构及最新改革 l Key issues in regulation of capital markets 资本市场监管中的关键问题 l Lessons for China and SIPF 对于中国及中国证券投资者保护基金的借鉴意义 l Strengthening the Chinese system 加强中国体制建设 Slide 30

Objectives of Regulation 管制目标 • Primarily the protection of the investor/consumer 首先，要做好投资者和消费者的保护 • Main argument for regulation is based on: 监管中的问题主要有以下几个方面： • Principal-agent problem between the investor and issuer or service provider 投资者与发行者或服务提供者之间的委托代理问题 • Difficulty of investor in monitoring performance of the service provider 投资者很难监控金融服务提供者的绩效 • Long term nature of many investments 许多投资期限较长 • Government has some responsibility to maintain a minimum standard of living 政府有义务制定最低生活标准 Slide 31

Focus on Credit Risk 关注信用危机 • Originates in clearance and settlement 信用危机起源于清算和结算的过程 • Possibility of default by one party creates credit risk 一方的违约可能性产生信用风险 • Impacts negatively on the liquidity of market clearing agents who require funds from defaulter to settle other transactions 对市场清算机构的流动性造成负面影响，因为这些机构需要从违约方收 取资金以进行其它结算。 • Use of net settlement systems reduces required collateral but increases impact of default through interdependencies 采用净结算系统可以减少所需的资金担保，但由于依存度提高增加了违约 产生的影响 Slide 32

Mitigation of Credit and Liquidity Risk 如何降低信用与流动性风险 • Adequate prudential regulation 充分的审慎监管 • Use of facilities for temporary credit or lender of last resort 使用临时信用融通或最终贷款人的功能 • Reduce risk to net settlement system through use of guarantees, central counterparts and collateral 通过担保、中心对冲和保证金等使结算系统的风险降低 • Reduce duration of parties exposure to each other between transaction and settlement 减少交易方之间交易和结算的时间 • Use of Delivery versus Payment (Dv. P) for simultaneous transactions 对于同步交易采用付款交割方式 • Settle immediately and separately thus avoiding interdependence and exposure problems of net settlement 采用即时和独立结算以避免净结 算过程中出现的相互依赖和风险问题 Slide 33

Fraud and misleading information 欺骗和误导性信息 l Access to information is often asymmetric 信息的获取经常是不对称的 l Need to protect investors by providing information flow 需要通过提供充分信息来保护投资者 l ‘Early warning’ methods of alerting investors 采用“预警”方式提醒投资者 l Bankruptcy processes need to ensure shareholders have a say 破产程序需要保证股东有发言权 l Ensure ‘insiders’ don’t get treated better than external shareholders 确保“内幕人士” 不具有信息优势 Slide 34

Agenda 目录 l What went wrong: focus on the problems underlying the World Financial Crisis 症结根源在哪：聚焦国际金融危机背后的问题 l Why all this matters for investor protection 这些问题对保护投资者的重要性何在 l The importance of investor protection mechanisms in China 在中国投资者保护机制的重要性 l The UK regulatory structure and recent reforms 英国的监管结构及最新改革 l Key issues in regulation of capital markets 资本市场监管中的关键问题 l Lessons for China and SIPF 对于中国及中国证券投资者保护基金的借鉴意义 l Strengthening the Chinese system 加强中国体制建设 Slide 35

Lessons for China and the role of SIPF 对于中国及中国证券投资者保护基金的借鉴意义 l Any regulatory system needs to supervise financial institutions for safety and soundness; regulate market structure and conduct; and provide for consumer/investor protection. 任何监管系统都需要监督金融机构的安全和可靠性；监管市场结构和 行为；并为客户和投资者提供保护 l The World Financial Crisis highlights the importance of good, responsive and strong regulation recognising the interdependence of markets. 世界金融危机凸显了在市场 相互依存度高的情况下良好的、反应迅速的、强有力的监管的重要性 l Good co-ordination between regulatory agencies is important to prevent ‘regulatory arbitrage’. 监管机构间协调一致对防止出现“监管漏洞”非常重要 l Information flows are crucial to efficient markets. 有效的市场离不开充分信息 l SIPF has played a role in each of these in China during the last decade, and has built up internal expertise. 过去 10年里，中国投资者保护基金在这些方面发挥了自己的 作用，并建立了自己的专家队伍。 Slide 36

Agenda 目录 l What went wrong: focus on the problems underlying the World Financial Crisis 症结根源在哪：聚焦国际金融危机背后的问题 l Why all this matters for investor protection 这些问题对保护投资者的重要性何在 l The importance of investor protection mechanisms in China 在中国投资者保护机制的重要性 l The UK regulatory structure and recent reforms 英国的监管结构及最新改革 l Key issues in regulation of capital markets 资本市场监管中的关键问题 l Lessons for China and SIPF 对于中国及中国证券投资者保护基金的借鉴意义 l Strengthening the Chinese system 加强中国体制建设 Slide 37

Strengthening the Chinese system 加强中国体制建设 l Development of funding mechanisms, including industry levies and a contingency fund to deal with catastrophic failures 融资开发机制，包括征收行业费用和成立应急基 金以应对突发性灾难 l Co-ordination between regulatory agencies to prevent ‘regulatory arbitrage’ 监管机 构间加强协调以避免出现“监管漏洞” l Enhanced treatment of sophisticated financial conglomerates to prevent future conflicts of interest 改善对复杂多元化的金融集团的监管，以防止未来出现利益冲突 l Refinement of rules for SIPF compensation: excluded categories; compensation limits; assignment of assets; time limits 细化投资者保护基金补偿规则：不予补偿的种类； 补偿限额；资产给付及时限等 l Strengthening SIPF powers for information gathering; fraudulent claims; inadequate records 强化保护基金在信息收集、诈骗诉讼申请以及记录不全等方面的处置权 l Administrative simplification: direct/small claims procedures; ‘fair funds system; advance payments 简化以下方面的管理流程：直接/小额诉讼程序；公平基金制度； 预付款等 Slide 38

Thank you ��

Questions and Discussion 问题与讨论