Dahe Finance Cube commentator Xu Bing.
Let financial regulation truly 'grow teeth and thorns'. This is a sentence in the article signed by the Office of the Financial Commission and the Financial Working Committee published by Qiushi recently. The original article said that it is necessary to effectively solve the problem of "loose and soft" supervision, and strive to achieve consistent, strict and thorough supervision to the end, so that financial supervision can truly "grow teeth and thorns".
The first financial work conference held before this also emphasized that "it is necessary to comprehensively strengthen financial supervision and effectively prevent and resolve financial risks", and proposed to "effectively improve the effectiveness of financial supervision and bring all financial activities into supervision in accordance with the law".
The author notes that the frequency and intensity of penalties imposed by financial institutions have increased significantly. For example, on December 1, the official websites of the central bank and the State Administration of Financial Supervision and Administration announced dozens of fines in a row, and the amount of single fines and confiscations was as high as 22.4 billion yuan, and many banks were fined tens of millions of yuan. This round of punishment involved a number of banks, asset management, insurance and other financial institutions and then senior executives. In response, a number of financial institutions responded that they will seriously reflect on and learn lessons in the future, continue to strengthen business compliance management, further strengthen system implementation, and do a good job in the construction of long-term mechanisms.
This undoubtedly sends a clear signal: financial regulation is gradually "teething and thorns". This is not only an inevitable requirement for the healthy and stable development of the financial market, but also a powerful response to the problem of "loose and soft" supervision in the past.
Making financial regulation truly "toothy and thorny" means that the regulators have a zero-tolerance attitude towards violations of laws and regulations. Whether it is a traditional financial institution or an emerging financial industry, as long as it touches the legal red line, it must accept severe punishment. This is not only a punishment for violators, but also a warning to other market players. By increasing the penalties, financial institutions can be more aware of the importance of compliance management, so as to consciously abide by laws and regulations and maintain market order.
Making financial regulation truly "toothy and thorny" does not just mean more severe penalties. More importantly, the regulatory authorities need to establish a sound regulatory system to achieve full coverage of financial supervision. This includes institutional supervision, behavioral supervision, functional supervision, penetrating supervision and continuous supervision. Only by forming a comprehensive regulatory synergy can we ensure that every corner of the financial market is effectively supervised.
To make financial supervision truly "toothy and thorny", it is also necessary for the regulatory authorities to continuously improve their professionalism and authority. As said at the recent financial work conference, the financial field is highly professional, complex and involves large interests, so it needs a high-quality professional financial supervision team that dares to supervise and is good at supervision. This team must not only have rich professional knowledge and practical experience, but also maintain a keen insight into new technologies and new business formats in order to identify and respond to potential risks in a timely manner.
To make financial supervision truly "toothy and thorny" also requires the joint participation and support of all sectors of society. Financial institutions, investors, consumers and other market entities should establish a sense of compliance, consciously abide by laws and regulations, and jointly maintain market order. At the same time, the public should also play a supervisory role, criticize violations of laws and regulations, and promote the formation of a good atmosphere for the whole society to pay attention to financial security.
Editor-in-charge: Liu Anqi |Reviewer: Chen Xiaojuan |Review: Li Zhen |Supervisor: Wan Junwei.