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tween the Central Banks, finance ministries and other relevant institutions or departments of financial regulation, to meet the integrated operation and development trend of the financial industry needs. The agency could lead by the State Department, and Central Bank, China Banking Regulatory Commission, Securities Regulatory Commission, China Insurance Regulatory Commission and the Development and Reform Commission, Ministry of Finance and other ministries should take participate in this agency, which aims to promote the cooperation between the regulatory bodies from the temporary arrangement into a regular, and programmed with actual decision-making or practical arrangements content. These bodies’ position can be similar to the relationships between financial holding company and subsidiary. Financial holding company in the head office level is diversified, but the subsidiary level is separate operation, so that financial holding company both meets the Mixed and also adapt to sub-operators. Therefore, the financial regulatory coordination committee is a key to play the role of a higher level of integration, it is necessary to prevent regulation offside, but also to prevent the regulatory vacuum. To this end, its functions should primarily include the existing level of financial holding company groups’ supervision, industrial type of financial holding company’s regulation, and the regulation of cross-financial businesses and innovative products as well as some regulatory vacuum in the regulatory area (Prosperetti, L 2009).
The modern financial regulation should be more enhanced and regulated in advance (Prosperetti, L 2009). The sub-prime crisis shows that at the face of increasingly complex and frequent market innovation and increasingly complex, innovative products, relying solely on disclosure of information to protect the interests of investors, has been inadequate. With the complexity of modern financial products, investors have become increasingly hard to identify their potential risks. Therefore, regulators simply do to ensure that information is really disclosure, or fully rely on the supervision of information transparency have been inadequate.
In response to this aspect, the regulatory system is necessary to have a transition from the previous emphasis on regulating agency to the regulatory models of agency’s function (Prosperetti, L 2009). Namely, to various types of financial institutions, which have the same type of business, take unified regulation and supervision at a unified standard, in order to reduce the blind spot, monitoring to improve the regulation efficiency. At the same time, regulators in the prior regulation should have a better in-depth study about innovative products, and on this basis to create an effective risk assessment of products, especially for the products which may cause the systematic risk, it should take the appropriate chain of custody forward, analyze in-depth and evaluate the hidden danger could bring about which financial products to the regulatory system (Congleten, RD 2009).
Not only regulate on the Chinese-funded financial institution's overseas investments and assets, aim to prevent its overseas exposure is too large, in China must also strengthen supervision of foreign financial institutions. May take the following measures: First, the proper control of enter the speed of foreign financial institutions to China. At present, China's banking is opening up faster than ma