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2015年,我国证券市场上因场外配资行为引发的市场波动引发了学界与业界的讨论。在这场讨论中,我们强调了技术手段给金融创新带来的挑战,却没有注意到域外对场外配资行为早已有较为成熟的规制方案。其中,美国联邦储备委员会制定的U规则是规制场外配资行为的一把利器。然而,这一规则在我国并没有得到深入而广泛的讨论。U规则的主要内容包括对配资资金的规模控制、融资信息的披露及融资规制的豁免。其最大的创新之处在于以实质主义为标准,以信息披露为手段,将所有以证券为担保的融资行为纳入U规则的规制。美国的U规则对我国当下证券市场配资行为的监管具有重大的借鉴意义。我国监管者尤其要注意对配资交易形式进行实质性判断,以不断适应发展变化的配资交易市场。
In 2015, the market volatility in China’s securities market caused by the act of distributing funds outside the market triggered discussions between academia and the industry. In this discussion, we emphasized the challenge brought by technological means to financial innovation but failed to notice that there are already long-established regulatory programs on extra-territorial capital allocation. Among them, the United States Federal Reserve Board to develop the U rules is a weapon to regulate the off-site funding. However, this rule has not been discussed in depth and extensively in our country. The main contents of the U rules include the scale control of funds, the disclosure of financing information and the exemption of financing regulations. Its biggest innovation lies in the materialism as the standard, with information disclosure as a means to incorporate all the securities-backed financing into the regulation of U rules. The U rule of the United States has great reference significance for the regulation of the act of matching capital with the current securities market in our country. In particular, regulators in our country should pay attention to making substantive judgments on the form of matching transactions in order to continuously adapt to the development and changes in the capital market.