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    题名: 外國證券商跨境提供國內投資人證券經紀服務之監理法制
    A study on the regulatory regimes governing the foreign securities firms providing securities brokerage service to the domestic investors on a cross-border basis
    作者: 張玉璇
    Chang, Yu Hsuan
    贡献者: 劉連煜
    張玉璇
    Chang, Yu Hsuan
    关键词: 外國證券商
    跨境提供證券經紀服務
    跨境提供金融服務
    國民待遇規範制度
    認可待遇規範制度
    Foreign securities firms
    Providing securities brokerage service on a cross-border basis
    Providing financial service on a cross-border basis
    National treatment
    Recognition
    日期: 2017
    上传时间: 2017-09-13 14:52:29 (UTC+8)
    摘要: 隨網際網路、行動載具及數位科技之進步，金融服務之提供不再受限於地域上之隔閡。邇來，有許多國際性投資銀行擬透過其所經營之網路交易平台向我國投資人提供證券經紀服務，然因我國現今並未開放外國證券商得跨境提供我國投資人證券經紀服務，在相關規範上付之闕如。

    然而，法律上之禁止並無法阻止科技進步興起之跨境證券活動浪潮。如有朝一日我國擬開放外國證券商跨境提供我國投資人證券經紀等金融服務時，應採取何種規範方式及相關規範內容為何，有其討論之需要性及必要性。

    按此，本文首先將介紹我國現行證券商相關之規範制度，後參酌美國、澳洲及德國對於外國證券商跨境提供其國內投資人證券經紀服務之規範方式及內容，輔以國際證券管理機構組織所歸納使用於跨境證券活動之三種規範制度，嘗試提出我國對外國證券商跨境提供我國投資人證券經紀服務得採行之規範方式及內容之建議。

    本文研究結果建議，我國應針對不同身分別之投資人分別採用國民待遇規範制度及認可規範制度。即在非屬專業投資人部分，採用國民待遇規範制度；而在專業投資人部分，採用認可規範制度。同時，建議就有關跨境提供證券經紀服務之開放可分階段進行。最後，針對我國現行證交法及其相關規定，本文亦參考美國、澳洲及德國在相關規範架構下之細部規定，提出法規修正之建議及我國可能可以考慮之細部規範內容。

    在跨境金融服務興起的今日，重新思考及架構一套符合證券及金融市場國際化之規範架構及方式是一個必經的歷程，希望透過本文之研究結果及建議，能幫助我國在此波金融國際化之浪潮中立足國際。
    With the progress of the Internet, mobile vehicles and digital technology, the provision of financial service is no longer limited to geographical barriers. Recently, there are a lots of international investment banks intend to provide securities brokerage services to our domestic investors through their electronic trading platform.

    However, since Taiwan is not yet open to foreign securities firms to provide securities brokerage service to our domestic investors on a cross-border basis, there is lack of any relevant regulation.

    Nonetheless, the legal prohibition on the provision of service on a cross-border basis can not stem the tide of the cross-border securities activities resulted by the technological advancement. If one day Taiwan opens the foreign securities firms to provide securities brokerage services and/ or other financial services to our domestic investors on a cross-border basis, it is necessary and a must for Taiwan to consider what regulatory model and what regulations should be taken.

    Given the above, this study will first introduce the current regulatory regime related to the securities firms in Taiwan, and then take the regulatory regime and regulations governing the foreign securities firms providing securities brokerage service to the domestic investors on a cross-border basis adopted by the US, Australia and Germany and the three types of regulatory regimes summed up by the IOSCO, which are used for the regulation of cross-border securities activities, into account to try to propose the suggestions on the possible regulatory regime and regulations for Taiwan to adopt for this issue.

    The results of this study suggest that Taiwan should adopt the regulatory tools called National Treatment and Recognition and used them depend on the type of investor. That is, as to the non-professional investor, Taiwan should adopt National Treatment to regulate the cross-border securities brokerage service; and as to the professional investor, Taiwan should adopt Recognition to regulate the same. At the same time, this study suggests the cross- border provision of securities brokerage service could be considered to be opened by phases. Finally, as to the current Taiwan Securities and Exchange Act and its relevant regulations, this study also provide the proposed amendments and the relevant details by making reference to the regulations adopted by the US, Australia and Germany under the regulatory regime of each of them.

    In today’s world, it is a must to rethink and structure a regulatory regime and regulations that conform to the internationalization of securities and financial markets. It is hopeful that the results and suggestions in this study could assist Taiwan to gain a footing in the arena of the international financial market.
    參考文獻: 一、 中文資料
    （一） 書籍（按姓名筆劃排序）
    1. 王文宇主編，金融法，元照出版有限公司，2016年2月，九版。
    2. 李開遠，證券交易法理論與實務，五南圖書出版有限公司，2011年9月，初版。
    3. 陳春山，國際金融法論－政策及法制，五南圖書出版股份有限公司，2015年8月，2版。
    4. 劉連煜，新證券交易法實例研習，元照出版有限公司，2016年9月，14版。
    （二） 期刊資料（按姓名筆劃排序）
    1. 呂育儒，外匯業務，引領我國證券市場邁向國際化與自由化，證券暨期貨月刊，第32卷第2期，2014年2月16日，頁14-20。
    2. 吳韋潔、羅旭華，證券商受託買賣外國有價證券現況暨未來發展，證券暨期貨月刊，28卷10期，2000年10月16日，頁23-36。
    3. 邱瑞琴、李智雯，近期放寬證券商業務範圍及修正相關管理法令概述，證券暨期貨月刊，第30卷7期，2012年7月16日，頁5-14。
    4. 邱琳雅，德國金融事業管理法，金融聯合徵信雙月刊，第3期，2008年10月，頁62-64。
    5. 林詠喬，國際證券市場發展動態，證交資料597期，2012年1月，頁99-109。
    6. 張新平，WTO服務貿易總協定適用範圍及相關定義之探討，政大法學評論，113期，2010年2月，頁307-346。
    7. 張山，金融綜合經營背景下我國金融監管體制的構建－以澳大利亞金融監管體制為借鑒，經營管理者，2014年2月，上期，頁28-29。
    8. 陳麗娟，德國全方位金融監理體系之研究，中原財經法學，第30期， 2013年6月，頁235-287。
    9. 湯鐵漢，證券監理之國際發展趨勢－以IOSCO訓練議題為例，證券櫃買，第168期，頁26-39。
    10. 黃志鵬，WTO服務業貿易談判之展望與商機，銀行公會會訊，33期，2006年5月1日。
    11. 劉書甯，全面解讀TPP對台灣金融業影響，台灣銀行家，2015年12月，頁42-25。
    （三） 研究報告（按筆劃排序）
    1. 王儷容、沈中華，如何具體有效加速發展臺灣證券商國際證券業務OSU之研究，中華民國證券商業同業公會，2015年12月。
    2. 惇安法律事務所，證券商受託買賣外國有價證券業務增加仲介經紀商（Introductory Broker）架構及具體作法研究，中華民國證券商業同業公會，2006年12月。
    3. 謝儀悌，美國準備金制度近期變革及付息政策效果－兼論Fed退場機制對超額準備及聯邦資金利率之影響，中央銀行出國報告，2014年1月。
    （四） 學位論文
    1. 邱冠文，結構型商品交易之法律問題－以銷售義務為中心，國立政治大學法律學研究所碩士學位論文，2014年1月。
    （五） 網路資料
    1. 「投資美股ETF選「複委託」還是「美國券商」？」，2017年4月25日，http://golazylife.com/2016/09/10/%E6%8A%95%E8%B3%87%E7%BE%8E%E8%82%A1etf%E9%81%B8%E3%80%8C%E8%A4%87%E5%A7%94%E8%A8%97%E3%80%8D%E9%82%84%E6%98%AF%E3%80%8C%E7%BE%8E%E5%9C%8B%E5%88%B8%E5%95%86%E3%80%8D%EF%BC%9F/。
    2. 林成蔭，「海外投資－海外券商比較篇」，2017年2月9日，http://www.caizischool.com/blog/46847/%E6%B5%B7%E5%A4%96%E6%8A%95%E8%B3%87-%E6%B5%B7%E5%A4%96%E5%88%B8%E5%95%86%E6%AF%94%E8%BC%83%E7%AF%87.html。
    3. 國貿局官網，http://www.trade.gov.tw/cwto/Pages/Detail.aspx?nodeID=356&pid=312967&dl_DateRange=all&txt_SD=&txt_ED=&txt_Keyword=&Pageid。
    （六） 其他
    1. 金管會新聞稿，「金管會呼籲投資人勿透過非法之老虎證券投資外國有價證券」，2017年3月8日，https://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0,2&mcustomize=news_view.jsp&dataserno=201703080002&aplistdn=ou=news,ou=multisite,ou=chinese,ou=ap_root,o=fsc,c=tw&dtable=News。
    2. 臺灣證券交易所彙編，美國證券市場相關制度，2015年7月。
    3. 臺灣證券交易所彙編，德國證券市場相關制度，2016年7月。
     
    二、 外文資料
    （一） 書籍
    1. Gail Pearson, Financial Services Law and Compliance in Australia, 106-107 (2008).
    2. James leow, Australian Master Superannuation Guide, 341-342 (14th ed. 2010).
    （二） 研究報告
    1. Emerging Markets Committee of the IOSCO, Report on Cross-Border Activities of Market Intermediaries in Emerging Markets (2005), available at: http://www.iosco.org/library/pubdocs/pdf/IOSCOPD193.pdf.
    2. The Board of the IOSCO, IOSCO Task Force on Cross-Border Regulation Final Report (2015), available at: http://www.iosco.org/library/pubdocs/pdf/IOSCOPD507.pdf.
    3. Technical Committee of the IOSCO, Principles Regarding Cross-Border Supervisory Cooperation Final report (2010), available at: http://www.iosco.org/library/pubdocs/pdf/IOSCOPD322.pdf.
    （三） 政府資料
    澳洲
    1. ASIC, Regulatory guide 1: AFS Licensing Kit: Part 1-Applying for and varying an AFS licensing (2016), available at: http://download.asic.gov.au/media/3991579/rg1-published-25-august-2016.pdf.
    2. ASIC, Regulatory guide 2: AFS Licensing Kit: Part 2－Preparing your AFS licence or variation application (2016), avaliable at: http://download.asic.gov.au/media/4087989/rg2-published-29-november-2016.pdf.
    3. ASIC, Regulatory guide 54: Principles for cross-border financial regulation (2012), available at: http://download.asic.gov.au/media/1238990/rg54-published-29-june-2012.pdf.
    4. ASIC, Regulatory guide 121: Doing financial services business in Australia (2013), available at: http://download.asic.gov.au/media/3336163/rg121-published-25-august-2015.pdf.
    5. ASIC, Regulatory guide 166: Licensing: Financial requirements (2015), available at: http://download.asic.gov.au/media/3278616/rg166-published-1-july-2015.pdf.
    6. ASIC, Regulatory guide 176: Foreign financial services providers (2012), available at: http://download.asic.gov.au/media/1240973/rg176-published-29-june-2012.pdf.
    德國
    1. Deutsche Bundesbank, Notice on the granting of authorisation to provide financial services pursuant to section 32(1) of the German Banking Act (2016), available at: https://www.bundesbank.de/Redaktion/EN/Downloads/Tasks/Banking_supervision/Merkblaetter/notice_on_the_granting_of_authorisation_to_provide_financial_services.pdf?__blob=publicationFile.
    美國
    1. SEC, Registration Requirements for Foreign Broker-Dealers, Release No. 34-27017, 30013-30014 (11 July 1989), available at: https://www.sec.gov/rules/final/34-27017.pdf.
    2. SEC, Executive summary: Lost and Stolen Securities Program (2004), available at: https://www.sec.gov/files/377fin.pdf.

    （四） 期刊及文章
    1. OECD, Cross-Border Trade in Financial Services: Economics and Regulation, 75 Financial Market Trends, 23-60 (2000).
    2. Proskauer, Regulation of Non-U.S. Broker-Dealers Doing Business in the United States (2011).
    3. Shearman & Sterling LLP, German License Requirement for Cross-Border Banking and Financial Services (2004).
    4. Technical Committee of the International Organization of Securities Commissions, Regulation of Remote Cross-Border Financial Intermediaries (2004).
    （五） 網路資料
    SEC官網
    1. Guide to Broker-Dealer Registration, October 6, 2009, available at: https://www.sec.gov/reportspubs/investor-publications/divisionsmarketregbdguidehtm.html.
    2. Mutual Recognition Arrangement between the United States Securities and Exchange Commission and the Australian Securities and Investments Commission, together with the Australian Minister for Superannuation and Corporate Law, August 25, 2008, available at: https://www.sec.gov/about/offices/oia/oia_mututal_recognition/australia/framework_arrangement.pdf.
    3. SEC Announces Next Steps for Implementation of Mutual Recognition Concept Mar. 24, 2008, available at: https://www.sec.gov/news/press/2008/2008-49.htm,
    4. What we do, June 10, 2013, available at: https://www.sec.gov/Article/whatwedo.html.
    ASIC官網
    1. ASIC`s regulatory guidance on compliance with the financial services regime, available at: http://asic.gov.au/regulatory-resources/financial-services/.
    2. Memoranda of understanding and other international agreements, available at: http://asic.gov.au/about-asic/what-we-do/international-activities/international-regulatory-and-enforcement-cooperation/memoranda-of-understanding-and-other-international-agreements/.
    3. Our role, available at: http://asic.gov.au/about-asic/what-we-do/our-role/.
    4. 17-089MR ASIC remakes `sunsetting` class order providing relief to foreign financial services providers with a limited connection to Australia, available at: http://asic.gov.au/about-asic/media-centre/find-a-media-release/2017-releases/17-089mr-asic-remakes-sunsetting-class-order-providing-relief-to-foreign-financial-services-providers-with-a-limited-connection-to-australia/.
    澳洲其他機關網頁
    1. 澳大利亞駐華大使館網頁，http://china.embassy.gov.au/bjngchinese/White.html。
    2. 澳洲儲備銀行官網，
    (1) About the RBA, available at: http://www.rba.gov.au/about-rba/.
    (2) Council of Financial Regulators, available at: http://www.rba.gov.au/fin-stability/reg-framework/cfr.html.
    (3) Our Role, available at: http://www.rba.gov.au/about-rba/our-role.html
    3. 澳洲金融監管理事會網頁，http://www.cfr.gov.au/。
    BaFin官網
    1. Banks & financial services providers, available at: https://www.BaFin.de/EN/Aufsicht/BankenFinanzdienstleister/bankenfinanzdienstleister_node_en.html.
    2. Notes regarding the licensing for conducting cross-border banking business and/or providing cross-border financial services, available at: https://www.BaFin.de/SharedDocs/Veroeffentlichungen/EN/Merkblatt/mb_050401_grenzueberschreitend_en.html.
    其他
    1. About IOSCO, available at: http://www.iosco.org/about/?subsection=about_iosco.
    2. Beiten Burkhardt, Brexit advice: Doing cross-border Banking Business in Germany without EU-Passport, 5 July 2016, available at: http://cn.lexology.com/library/detail.aspx?g=eac7ba2b-7bc3-4c40-b6d0-3d2f9ee0b1a2.
    3. Office of Information and Regulatory Affairs, SUPPORTING STATEMENT For the Paperwork Reduction Act Information Collection Submission for Rule 17a-7, available at: https://webcache.googleusercontent.com/search?q=cache:9wqoHq9nC8UJ:https://www.reginfo.gov/public/do/DownloadDocument%3FobjectID%3D68704201+&cd=1&hl=zh-TW&ct=clnk&gl=tw.
    （六） 其他
    1. IOSCO, Objectives and Principles of Securities Regulation (2010), available at: https://www.iosco.org/library/pubdocs/pdf/IOSCOPD323.pdf.
    描述: 碩士
    國立政治大學
    法律學系
    100651008
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0100651008
    数据类型: thesis
    显示于类别:[法律學系] 學位論文

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