英美企業(yè)及金融法規(guī)之發(fā)展

1、英美企業(yè)及金融法規(guī)之發(fā)展陳春山教授2003年4月1目次金融市場發(fā)展之回顧與前瞻美國金融服務(wù)業(yè)現(xiàn)代化法美國企業(yè)現(xiàn)代化法我國法制改造前瞻2Global Financial Institutions M&A$0$800$900$262$498$781$822$702$443$200$40055%57%45%20%5%27%11%3%34%5%7%24%9%6%48%20%47%41%12%33%8%9%36%10%Source: Goldman3全球金融競爭的成功要素ScaleExtract cost efficiencies and enable investment in cutting-edg

2、e technologyAccess lower cost-capital and facilitate efficient capital managementPossess wherewithal to make acquisitionsAttract and retain talentGeographyPursue growth in under-penetrated markets Leverage existing product and other expertise in new markets Avoid marginalization in globalization of

3、industriesComplement strategy to increase scaleScopeDiversify earnings and risk exposure Exploit opportunities to cross-sellEnhance service/control access to customerIncrease profitability per customerSource: Goldman4Travelers Insurance GroupPFS Services Inc.Salomon Smith Barney Holdings Inc.Citicor

4、pPrimerica Finance Corp.Primerica Financial Services, Inc.Salmon Brothers Hong Kong LimitedSalmon Brothers Hong Kong Futures LimitedSalmon Brothers Asset Management Asia Pacific LimitedSmith Barney Inc.Salmon Brothers Holding Company Inc.Citicorp Banking Corporation (CBC)Citibank N.A.Citibank Overse

5、as Investment Corp. (COIC)Smith Barney International Inc.Smith Barney Pacific Holdings. Inc.Smith Barney (Asia) LimitedCiticorp Insurance Agency Co. Ltd.Diners Club International Ltd.Citicorp General Insurance Agency Co. Ltd.Citibank Salomon Smith Barney Securities (Taiwan) LimitedCiticorp Securitie

6、s Investment Trust CompanySection 23A/B花旗集團團體組織結(jié)構(gòu)圖citigroupSource: Citigroup5BUSINESS SCOPE AND ORGANIZATIONcitigroup Global Consumer GroupCitibanking Branch based banking business with 28 million customer accounts in 46 countriesCards Citigroup is by far the worlds largest card company with 97 mill

7、ion cards in forceCitifinancial Consumer finance business serves middle-income familiesPrimerica Financial Services Leader in individual term life insurance Travelers Insurance Life & Annuity, property and casualty Global Corporate & Investment BankCitibank -Commercial banking -Transaaction services

8、 Salomon Smith Barney/Nikko Salomon Smith Barney/ Shroders Salomon Smith Barney - Investment Banking -Fixed Income -Equities -Private Client -Research Global Investment Management & Private Banking GroupSSB Citi Asset Management Group - Mutual fund - Portfolio management -Unit investment trustsCitib

9、ank Private Bank- 100 offices in 58 cities and 31 countries for high net worth clients - Designing trust and estate plans - Managing custom portfolios - Hedging FX exposure - Structuring derivatives - Financing acquisitions (e.g.a sport team)Global Retirement Services - Pension administration - Citi

10、street - College saving planSource: Citigroup6美國企業(yè)弊端安隆案Anderson解體CSFB/美林案Xerox案World Com案默克藥廠案7Country macro rankingsSource: CLSA Emerging Markets各國總體公司治理表現(xiàn)8CountryPremium for Good Corporate GovernanceJapan20.20%Taiwan20.20%Korea24.20%Malaysia24.90%Thailand25.70%Indonesia27.10%U.S.18.30%U.K.17.90%各國

11、公司治理表現(xiàn)之股票溢價資料來源：麥肯錫公司、亞洲華爾街日報9美國金融服務(wù)業(yè)現(xiàn)代化跨業(yè)經(jīng)營廢除Glass-Steagall法適用於銀行控股公司，但不為金融控股公司之業(yè)務(wù)限 制 金融業(yè)務(wù)州法之執(zhí)行經(jīng)授權(quán)之共同銀行控股公司對存款提供公司之禁令文叉行銷限制；有限用途銀行限制之放寬；財產(chǎn)出脫對“超大型”金融機構(gòu)動用次順位求償債權(quán)，以保護金 融體系與存戶基金金融現(xiàn)代化對小規(guī)模企業(yè)與農(nóng)業(yè)貸款效果之研究10隱私權(quán)揭露非公開個人資料保護非公開個人資料個人資料揭露之義務(wù)機構(gòu)隱私權(quán)政策之揭露制定法規(guī)執(zhí)行保障公平信用報告法與州法關(guān)連金融關(guān)係企業(yè)間資料分享之研究定義生效日11美國2002年沙班歐克斯理法案內(nèi)容大要標(biāo)題別

12、（Title） Title I:公開公司會計監(jiān)督委員會(public company accounting oversight board) Title II:會計師獨立性(auditor independence) Title III:公司責(zé)任(corporate responsibility) Title IV:加強財務(wù)揭露(enhanced financial disclosures) Title V:分析師利益衝突(analyst conflicts of interest) Title VI:證管會資源及職權(quán)(commission resources and authority) Title VII:研究與報告(Studies and reports) Title VIII:公司及刑事詐欺責(zé)任(corpo