證券化利益衝突及其監理規範之研究--以美國次貸危機後之金融改革為核心

A Study on Conflicts of Interest in Securitization and their Regulations---Focus on U.S. Financial Regulatory Reform Post the Subprime Crisis

林俊銘(LIN, JUNN MING)

指導教授 ： 謝哲勝

國立中正大學/法學院/法律學系/博士(2016年)

摘要

本論文目的在探討引發美國次貸危機及全球金融海嘯的核心導因證券化利益衝突，及美國為了解決這些利益衝突所進行的金融改革工程---「多德．法蘭克華爾街改革與消費者保護法」(Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010；以下簡稱DF Act)的相關規範。希望藉由美國金融規範改革經驗的引介，重新擘劃我國後危機時代證券化法制之新藍圖。
本文分別從微觀及宏觀層面剖析證券化利益衝突現象，並將DF Act的立法規範體系予以解構，重新建構為證券化參與機構(創始機構、安排機構、服務機構及資產管理機構)、信用評等機構及影子銀行利益衝突之規範體系，闡述說明該法對於證券化利益衝突之規範內容。全文共分八章，整體架構如次:
第一章在說明研究動機、目的、研究範圍、研究方法，交代研究架構與流程。
第二章針對證券化的意義、類型、基本原理，及其發展簡史，效率與風險面相，進行說明。
第三章從微觀層面觀察證券化各個參與機構在證券化過程中所引發的利益衝突問題，並就危機發生後DF Act 制訂通過前，論者針對這些利益衝突提出之有關改革芻議，加以論述說明。
第四章針對DF Act有關防範證券化參與機構利益衝突的相關規範，進行探討。另對爭議性之「伏爾克法則」及「利益衝突法則」，亦一併提出探討。
第五章探討信用評等機構被歸咎為助長金融危機發生的諸多原因，並就美國2006年信用評等機構改革法及DF Act的重大改革內容進行分析。
第六章界定影子銀行概念及其與傳統銀行差異所在，說明影子銀行的中介程序及其參與者。並探討美國DF Act與國際清算銀行巴賽爾銀行監理委員的Basel III有關銀子銀行的相關規範。
第七章借鏡DF Act的金融改革經驗，重新為我國後危機時代證券化法制擘畫新的藍圖。這些借鏡美國DF Act改革經驗的內容，包括: (一)防範從創始到分銷模式利益衝突之法制；(二)防範信用評等機構利益衝突之法制，及(三)防範影子行利益衝突之法制。
第八章綜合前述各章之分析，提出個人一隅之見，用供學術界及實務界參考。

關鍵字

多德．法蘭克華爾街改革與消費者保護法 ； 影子銀行 ； 發行人付費模式 ； 從創始到分銷模式 ； 利益衝突 ； 證券化 ； 伏爾克法則 ； 利益衝突法則

並列摘要

Securitization is a measure of structured finance that must joint commercial banking, investment banking, asset management institutions (such as mutual funds, hedge funds, private equity funds, etc.), special purpose vehicle (SPV), insurance companies, and other related agencies to participate. It confuses the traditional separation of banking and securities activities that it is hard to be supervised by related financial authorities. U.S. subprime mortgage crisis was resulted from the presence of conflict of interest involving the information asymmetry between securitization participants and investors. Moreover, entered each participant’s inherent field too deeply, systematic risk is easy to bring out when a participant faces insolvency or bankruptcy. In the end, Federal Government bailouts financial institutions to end “too big to fail” by using taxpayers’ fund. Then, the market would face an adverse selection problem.
This research primarily explores the regulatory framework of conflicts of interest in securitization. Focusing on U.S. financial regulatory reform post the subprime crisis, by which discusses the involved regulatory scheme of securitization participants that contributed to conflicts of interest in securitization and shadow banking that created the source of systemic risk for the financial system.
The structure of this research comprises eight major parts. Part one illustrates incentives, methodologies and realms of the research. Part two discusses definition, fundamental, patterns, pros and cons of securitization and reminisces its short developing history. Part three explores meaning of the term “conflicts of interest” from theoretical viewpoints and compares the difference between “moral hazard”, “adverse selection” and “conflicts of interest”, therefore observe the various participants involved in conflicts of interest in the securitization process from the micro-level. Part four analyzes regulatory framework of conflicts of interest in securitization, especially the given provisions in the “Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010”, including “Volcker rule” and “Conflicts of Interest Rule”. Part five probes conflicts of interest problems in the credit rating agencies that result in the financial crisis in 2008, then analyzes financial regulations addressing these problems. Part six explains what the shadow banking is, by providing definitions in a literature review, and also a comparison of shadow banking and traditional banking, as well as composition of shadow bank, then, introduces financial regulations addressing problems of shadow banking. Part seven concludes aforementioned reasoning by which to suggest a tentative scheme for Taiwan’s legislators in conducting financial reform about preventing the conflicts of interest in securitization in the future. Part eight concludes my opinion in this article as a explain theory to deepen the doctrine and practice of Taiwan’s financial law.

並列關鍵字

Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 ； Shadow Bank ； Issuer-Pays Model ； Originate-to-Distribute Model ； Conflicts of Interest ； Securitization ； Volcker rule ； Conflicts of Interest Rule

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