The Legislative Path to the Full Integration of Financial Activities Under Supervision
In the context of building a modern financial system,the comprehensive inclusion of financial activities under supervision is necessary for preventing systemic risks,building a modern financial regulatory system,building a financial powerhouse and deepening the reform of financial system.In terms of legislation,it is necessary to redefine the functions and positioning of financial supervision,scientifically define the scope and boundaries of all financial activities included in regulation,and construct a legal system for comprehensive financial supervision through institutional innovation.From the macro perspective of financial governance and the overall framework of the legal system,it is not enough to simply include those financial activities which haven't been included under supervision into the current regulatory system.It is necessary to adopt a differentiated and precise regulatory approach for the financial activities which have been included under supervision by means of typification,distinguish between different types of financial activities,and construct a legal regulatory framework with the co-enforcement of the Financial Stability Law(《金融稳定法》)and the Financial Supervision Law(《金融监管法》),forming a comprehensive regulatory legal system with multi-level legislative coordination under the pattern of"co-enforcement of two laws"(双法并行).At the same time,with the emphasis on the"five major regulations"(五大监管)highlighted at the 6th Central Financial Work Conference,we will integrate new requirements for big data governance,innovate key financial regulatory systems,and build a new framework and a new system for financial governance,which are adapted to the development in the New Era.