From a Comparative Law Perspective to Inspect the Financial Consumer Protection Act of Taiwan
Date Issued
2014
Date
2014
Author(s)
Chuang, Wei-Ting
Abstract
The affection from the financial innovation brings good and bad to the world, for good, it creates various high profitable financial product to attract more investors get into the capital market, and further pump up the cash flow. To fulfill the needs of promoting the derivative financial product, M&A, restructure activities arise, bulding up a finance holding company is a mainstream business model now and in the future ; on the contrary, however, the truth hidden behind the florescence is the invisible high risk accompanied with the high profit return of the financial product. The disaster began from 2007 subprime mortgage crisis in US, spread to other countries, and caused the world-wide financial crisis in 2007-2008. From here, people started to re-exam the financial supervision applied to their countries. Observing the financial policies of foreign countries, no matter in a diversification supervision or in a single one, to enhance the protection of the financial consumer is one of the impaortant policies at the end. Therefore, we here like to remind that, the consumer protection should be regulated based on a structured whole plan, if the regulatory arbitrage should be avoided.
Since our financial regulations adopted from the foreign countries, our financial policies abided by the unified financial supervision concept, and we would like to establish a single ADR institution as well, the article would like to suggest that, in a holistic view, an integrated financial regulation should be made. Therefore, based on the thought of protecting financial consumers, the article brings out how the Financial Consumer Protection Act of US, UK formed during the process of financial supervision revolution. Also, the article studies the “Big Bang” in Korea, to provide an idea of three-phase legislative work and comparative details between the draft of Financial Consumer Protection Act of Korea and Financial consumer Protection Act of Taiwan for more reference. Last but not least, the article also recommends that, to achieve the short-term goal, we currently can establish a platform for the various ADRs in Taiwan to communicate with each other, to exchange the viewpoints while dealing the similar type of financial product, and finally to achieve the same consensus, for the future intergration financial regulation.
Subjects
金融消費者保護法
金融監理一元化
金融消費爭議解決機制
替代性紛爭解決機制
華爾街改革暨消費者保護法
金融投資服務暨資本市場法
衍生性金融商品
金融海嘯
次貸風暴
連動債
Type
thesis
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