論金融控股公司集團內關係人交易法制之研究

金融機構例如銀行以收受存款為業，負債比相對較高，有高槓桿以及以短支長、期限錯置之特性，特別需要防止金融機構造成之各種金融風險，因此金融機構的關係人交易除適用公司法與證券交易法規定以外，金控法或是銀行法均有針對關係人交易為加重之規定。但金控集團內母公司與子公司間、或子公司間的交易，利益並未流出集團，尤其是百分之百持股之子公司的情形，是否仍需要受嚴格的關係人交易法制束縛，應有討論空間，因此本文從此出發討論金控集團內關係人交易之法制是否需要加以調整。本文從金融控股公司模式從事跨業經營的角度著手，指出金控雖然以法人隔離不同金融業務，但是本質上卻有部門化之特性，法制設計上亦有許多調和機制，例如連結稅制或是金融母公司之救助義務，並非完全將金控內的子公司視為完全獨立的法人組織體。故本文於參考比較法例如美國法與歐盟法的規定後，認為我國法對金控集團內的關係人交易可採取放寬的管制，特別是金控與其持股百分之九十以上之金融子公司間、以及此類子公司彼此間之交易，應可豁免適用部分現行金控法與銀行法下的關係人交易規定，並輔以加強此類子公司彼此間的救助義務以保護債權人之風險，蓋於此法制設計下，上述公司較不致有誘因為不利於公司之關係人交易。此外，雖然免除部分銀行法與金控法之規定，上述關係人交易仍有其他法律規範需要加以遵守，例如除非有公司法第369條之4控制公司可例外先使從屬公司為不合營業常規之交易外，仍須合於常規交易；另外亦須遵守公開發行公司取處準則之相關規定，以及利用金控與銀行法下內部稽核與內部控制制度之規定自我監管金控集團內的關係人交易。

關鍵字

金融控股公司；關係人交易；金融集團；跨業經營；集團性監管

並列摘要

In light of the features of financial institutions, such as high leverage or maturity mismatch, laws should not only pursue the fairness of transaction but also prevent financial risks from harming stakeholders. Therefore, some additional regulations are in place for related-party transactions among financial holding companies underr the Financial Holding Company Act and the Banking Act beside the Company Act and the Securities Exchange Act. However, no benefit flows out of the financial conglomerate when a transaction takes place between the holding compay and its subsidiaries, especially when the holding company holds 100% of the shares of its subsidiaries. Thus, whether laws should be relaxed in the preceding situation has become a worth discussing issue. This thesis thus focuses on whether laws should adjust or abolish the regulations for related-party transaction inside the group of financial holding companies. Firstly, this thesis introduces the characteristics of the financial holding company model. Athough its subsidiaries are separate legal persons, they resemble branches. Moreover, existing laws have had some special adjustment mechanisms such as tax consolidation or imposing financial holding companies the obligation to aid their subsidiaries. This thesis proposes that the related-party transaction inside the group of financial holding companies may be exempted from the existing banking regulations and financial holding company regulations, provided that the related-party transaction takes place between the holding company and its subsidiaries whose 90% of shares are held by the holding company or between these subsidiaries. This thesis further proposes that laws should impose these subisdiaries the obligation to aid each other to protect creditors from high risk. This proposal can also prevent excessively incentivizing subsidiaries to engage in such related-party transactions that are against their stakeholders’ interests. To be sure, although this thesis proposes to exempt the above related-party transactions from existing banking and financial holding company regulations, these transactions shall abide by the obligations under company laws and securities laws. For instance, these transactions shall keep in arm's length subject to the provisions of Article 369-4 of the Company Act. Moreover, they should also abide by the regulations related to the acquisition or disposal of assets and those related interal control systems to self-monitor the related transactions inside the group.