Policies of Facilitating Affiliation of Banking and Securities Institutions and Expanded Bank Securities Activities: A Critical Analysis of the U.S. Financial Services Modernization Act

論商業銀行與證券業之結盟和放寬商業銀行證券業務之立法政策：對於美國金融服務現代化法之評析

楊君毅(Chiunyi Yang)

《致理法學》 3期 (2008/03) Pp. 175-221

摘要

The United States financial market had undergone a dramatic transformation in 1999 with the enactment of the Financial Services Modernization Act (commonly known as the Gramm-Leach Bliley Act), repealing the prohibition against affiliation of banking and securities institutions and interlock of managements imposed by the Glass-Steagall Act. Nonetheless, even before the advent of the Gramm-Leach-Bliley Act, the United States financial market had experienced a movement of deregulation fueled by court decisions and regulatory rule-making discretions with respect to securities activities (e.g., underwriting, dealing in, investing for bank's own account securities, etc.) of banking institutions. Shortly after the enactment of the Gramm-Leach-Bliley Act, the Financial Holding Company Law of Taiwan was enacted in 2000, allowing affiliation of banking and securities institutions, a practice banned under the existing Banking Law. In the years that follow, similar deregulations occurred in the Taiwanese financial market with respect to allowing banking institutions to engage in expanded securities activities through a financial subsidiary. Apparently, the United States regulatory scheme, as well as the related legislative policies, had been instrumental in shaping those of Taiwan. This paper examines the policies allowing affiliation of banking and securities institutions and expanded securities activities of banking institution, as to whether those policies may serve their intended purpose of integrating commercial and investment banking while maintaining the safety and soundness of banking institutions.

關鍵字

Bank ； Securities ； Commercial Banking ； Investment Banking ； Financial Holding Company ； Gramm-Leach-Bliley Act ； Financial Services Modernization Act ； Affiliation ； Financial Subsidiary

並列摘要

自從美國金融服務現代化法於1999年誕生以來，催生了自該國近半個世紀以來最大的金融監理制度變革；其中最主要的，金融服務現代化法打破以往商業銀行與證券公司不得為關係企業的法令限制。事實上，早在金融服務現代化法誕生之前，美國金融市場已經歷過一連串金融管制的鬆綁，透過法院判決和寬鬆的行政法規命令賦予商業銀行相當程度能力，直接或間接透過子公司經營證券業務。在美國金融服務現代化法通過不久，台灣的金融控股公司法也立法通過，解除在現行銀行法規定下無法與證券公司形成關係企業的限制。之後，台灣也經歷與美國相同的金融管制鬆綁，允許商業銀行透過擁有證券子公司而具有更大的證券業務能力。由此可見，美國相關金融法規和其立法政策對台灣相關金融法規之立法政策具有相當程度的影響力。本文試圖透過檢視與解除商業銀行與證券公司為關係企業之管制、和允許商業銀行直接或間接透過子公司從事證券業相關業務之美國立法政策，在解除法令管制同時是否能兼顧銀行的穩健經營。

並列關鍵字

銀行 ； 證券 ； 商業銀行 ； 投資銀行 ； 金融控股公司 ； 金融服務現代化法 ； 結盟 ； 關係企業 ； 金融子公司