我国资管业务穿透式监管完善研究

A Study on the Improvement of Penetrating Regulation in China’s Asset Management Industry

摘要: 穿透式监管向下穿透至资金最终投向，向上穿透至最终投资者，采用实质重于形式和不干预的原则，把握资管产品的本质合理监管。当前我国资管业务的穿透式监管存在制度环境及基础设施不完善、监管边界模糊难以稳定市场预期以及当前金融监管体系“全穿透”困难等问题。对此本文给出相应的完善建议：完善顶层制度设计，奠定监管基础；建立信息共享平台以加强对资管数据和信息的把握；加强跨部门的联合监管体系建设，规制混业经营带来的监管套利行为。

Abstract: Penetrating regulation penetrates downward to the final investment of funds and upward to the final investors, adopting the principles of substance over form and non-interference, and grasping the essence of asset management products for reasonable regulation. At present, the penetrating regulation of China’s asset management industry suffers from an imperfect institutional environment and infrastructure, blurred regulatory boundaries that make it difficult to stabilize market expectations, and difficulties in “full penetration” of the current financial regulatory system. In this regard, this paper gives corresponding suggestions for improvement: improve the top-level system design to lay a solid regulatory foundation; establish an informationsharing platform to strengthen the grasp of data and information on asset management; and strengthen the construction of a joint regulatory system across departments to regulate the regulatory arbitrage brought about by mixed industry operation.