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題名 跨國破產事件之爭議問題探討—以店頭衍生性金融交易市場及其案例為探討中心
A study on legal issues regarding cross-border insolvency cases : focus on over-the-counter derivatives markets and the relevant cases作者 張家欣
Chang, Chia-hsin貢獻者 林國全
張家欣
Chang, Chia-hsin關鍵詞 跨國破產
店頭衍生性金融交易
系統性風險
提前終止與淨額結算
金融改革法令
Cross-border insolvency
Over-the-counter (OTC) derivatives
Systemic risk
Close-out netting
Financial regulatory reforms日期 2015 上傳時間 1-Jun-2017 09:53:33 (UTC+8) 摘要 在金融市場國際化之趨勢下，各國金融交易參與者極可能受到跨國破產事件的影響。同時，受到金融創新潮流的驅使，非傳統金融工具的商業活動亦構成金融市場重要環節之一，從而探討破產法制對於非傳統金融交易契約之處理方式，實有其重要性。本文以店頭衍生性金融交易市場以及所選取案例為中心，探討跨國破產事件相關議題，包括破產法制對於店頭衍生性金融交易所給予的特殊規定（或在破產法制下承認提前終止與淨額結算條款之效力，以下均統稱為「破產法特殊規定」），以及相關跨國破產事件之可能處理模式或合作途徑。本文以國內外學術文獻、法院見解之整理為基礎，進行法學分析，並輔以金融實務觀點進行研究，於各相關部分同時探討我國法制。本文分為七章，內容簡介如後。首先，於第一章說明研究動機、目的、研究方法與架構，同時也限定研究範圍。又因跨國破產事件具多樣性與複雜性，為使本文討論範圍明確與聚焦，故於第二章先行提出具體跨國破產事件之美國與英國案例及其爭議問題，並以其做為本文探討中心與範圍，探討內容即包含破產法制涉及店頭衍生性金融交易之規範實體面議題，以及跨國破產事件處理方式之程序面議題。後續章節將陸續探討上開問題。第三章簡介店頭衍生性金融交易，以及說明其常見契約結構、相關法律問題。本章同時介紹「單一主契約模式」與「提前終止與淨額結算條款」之概念，學者及實務工作者有謂上開契約條款之功能，包含避免於破產程序中破產管理人選擇性履行或拒絕契約、降低交易對手信用風險、提升未違約方之再避險可能性、減少銀行業之資本計提成本、降低系統性風險等，而其中最具爭議性的降低系統性風險功能，也是目前全球多國破產法制承認提前終止與淨額結算條款具有效性的重要理由之一。本章著重於顯示店頭衍生性金融交易之當事人約定事項與破產法制間之關聯性，此屬於破產法制之規範實體面議題，以便於次一章接續介紹外國破產法制之相關具體內容。本章內容與後續各章均有密切關聯，故有說明之必要。第四章先說明破產法制之一般原則，再分別於美國、英國、歐盟、日本、以及我國法制下，觀察破產法制對於店頭衍生性金融交易之例外規定（或在破產法制下承認提前終止與淨額結算條款之效力），著重於說明破產法制立法或承認「提前終止與淨額結算條款」效力之現況，並參考外國文獻探討其立法理由是否具有充足正當性，以及其規定是否有修訂或調整之必要。相對於第三章彙整學說及實務觀點以說明「提前終止與淨額結算條款」之功能，本章則援引外國文獻對破產法制立法或承認「提前終止與淨額結算條款」效力之批評，並做出該條款效力於破產法制中至少應調整為受有一定限制之結論，也就是訂有交易提前終止權之暫時凍結期間、於具系統重要性金融機構清理程序中適用股東與債權人共同承擔損失機制、交易雙方善意無偏頗等，以及在我國法制下亦宜採取同等看法。本章最後分析本文第二章案例在破產法制下之實體面問題，同時也藉此試行探討「提前終止與淨額結算條款」在破產法制下的效力範圍以及第二章案例合成型債務抵押債券交易中有關「序位轉換條款」之效力爭議。本文認為美國破產法院、英國法院係分別各自依其破產法制與公共政策對「序位轉換條款」做出效力判斷，各具實體理由；以及「序位轉換條款」在我國法制下應屬有效。第五章在本論文題旨範圍內，先說明2007年-2009年金融危機後，二十國集團（G20）所提出的國際性指導建議，之後擇要介紹美國與歐盟依循上開建議，對於店頭衍生性金融交易市場所採行的金融改革法規，包含（但不限於）交易執行平台、集中清算、交易資料之申報、對未集中清算交易加強徵提擔保品等管理措施；此外，在跨國交易監理層面上，簡要介紹替代遵循之概念。本章並說明以上規範與跨國破產事件之關係。本章在整體研究架構上的功能有二，一方面是做為第四章破產法規範實體面議題與第六章跨國破產法制程序面議題之連結，也就是觀察美國及歐盟金融改革法令對第四章所述破產法特殊規定之影響，以及金融改革法案所對應第六章目前國際金融市場之實務發展趨勢以及特殊清理架構下之相關規定。另一方面，相對於第六章係探討發生跨國破產事件時之程序處理模式，第五章則是從破產事件發生前之前階段觀察，藉由事前建構市場監理措施及規劃，以期促進跨國破產事件發生時之處理效能。第六章探討跨國破產事件處理方式之程序面議題。先敘明跨國破產立法所採行的基礎原則理論，包含普及原則、屬地原則、修正式普及原則、現代化屬地原則；同時簡要介紹相關跨國破產法制。繼而說明金融穩定理事會 （FSB）相關建議，以及觀察近期國際金融實務發展。之後，綜結第四章至第六章之內容，按跨國破產事件之實體面議題與程序面議題，對於涉及店頭衍生性金融交易之跨國破產事件，說明本文在相關立法論或處理合作模式層面上所採取之立場。最末，分析本文第二章案例之程序處理問題。最後，第七章就本論文探討範圍以及第二章所提出之問題，進行總結論，並試行對我國金融市場參與者提出相關建議。
AbstractDue to globalization of financial markets, it is hard for market participants to avoid the impact arises from cross-border insolvency events. With the trend of financial innovation, non-traditional financial instruments become an important role in financial markets, and it’s necessary to understand the treatment of these instruments under insolvency law systems. This thesis discusses specific legal issues with regard to cross-border insolvency events in over-the-counter (OTC) derivatives financial markets with focus on the relevant cases selected, including the special treatment of OTC derivatives under insolvency law systems and the potential procedures or coordinate ways to deal with the cases. Based on and reference to research of academic papers and court decisions, this thesis discusses issues through legal analysis supplemented with views of financial practice. The relevant parts are also discussed under Taiwan’s law system. This thesis proceeds in 7 chapters briefly described as follows. Chapter 1 explains the objective, purpose, and fundamental structure together with the method used of this thesis. Assumptions and Confines of this thesis are also described in this chapter. Given diversity and complexity of cross-border insolvency events, Chapter 2 attempts to present actual cases for discussion in order to providing the scope and focuses of this thesis. Key finding of the presented cases includes substantive legal issues of insolvency laws applied to OTC derivatives transactions and procedural legal issues of dealing with cross-border insolvency events. Matters aforementioned will be addressed in further chapters. Chapter 3 describes the basic understanding of OTC derivatives and the legal elements of participants’ transaction contracts in market practice. This chapter also describes the concepts of “the single agreement approach” and “close-out netting provisions”. As academic opinions and practical views mentioned, close-out netting provisions encompass the functions of eliminating the risk of “cherry-picking” by a liquidator in the insolvency proceeding, minimizing counterparty credit risk by calculating exposures on a net basis, promoting the possibility of re-hedging transactions, applying lower capital requirements by regulators to refer to netted transactions for bank industry, and reducing systemic risk in the financial system. Insolvency law systems which allow the effectiveness of close-out netting provisions heavily rationalize the legislation as being founded on preventing the threat of systemic risk. While some academic papers argue that the rationalization on the basis of reducing systemic risk is unconvincing or unnecessary for reasons. Chapter 3 primarily concerns the connections between OTC derivatives contracts and insolvency law systems, in the dimension of substantive legal issues. What addressed in this chapter is highly connected with the subsequent chapters. Chapter 4 describes the general principles of insolvency laws at first, and then observes the exclusions of OTC derivatives transactions under insolvency law systems of U.S., UK, EU, Japan and Taiwan respectively, focusing on issues respecting of validity and enforceability of close-out netting provisions. Compared with Chapter 3 which describes the functions of close-out netting stated by advocators, this chapter illustrates challenges or arguments posed by academic papers with different views. Reference to the relevant academic opinions, this thesis considers that the effectiveness of close-out netting provisions shall, at least, be subject to restrictions to a reasonable extent, such as temporary stays on early termination rights as well as on enforcement rights of security interests, application of the bail-in tool in SIFIs’ resolution procedures, and each party’s good faith. The aforesaid views are also proposed to be referenced by Taiwan’s law regime in the future. In the end of this chapter, it analyzes the cases presented in Chapter 2 within the scope of substantive issues of insolvency laws, and concludes that both U.S. bankruptcy court’s ruling and UK courts’ decisions on the flip clause embedded in CDO instruments are correct respectively pursuant to their own insolvency laws and public policies. In addition, this thesis is in the opinion that the flip clause shall be effective under Taiwan’s current insolvency law system.Chapter 5 will first describe the international guidelines suggested by G20 after 2007-2009 financial crisis. It will then go on to introduce the financial regulatory reforms adopted by U.S. and EU following G20’s guidelines, including the mandatory requirements for trading on the regulated platforms, clearing through a central counterparty (CCP), reporting to a trade repository (TR), and exchanging margins for non-centrally cleared OTC derivative transactions. Besides, the concept of substituted compliance is briefly explained herein for implementing the regulatory regimes to cross-border activities. Chapter 5 also observes the connections between the aforesaid regulatory reforms and cross-border insolvency events. Under the structure of this thesis, substantive legal issues in Chapter 4 and procedural legal issues in Chapter 6 are bridged by Chapter 5. While Chapter 6 emphasizes on ex post measures to handle cross-border insolvency events, this Chapter 5 considers ex ante measures that monitor and supervise OTC derivatives markets and that also have been expected to promote ex post measures in case. Chapter 6 addresses the procedural aspects while dealing with cross-border insolvency cases. First, the theoretical principles for cross-border insolvency law are explained, including universality, territoriality, modified universality and modern territoriality. It herein also introduces legislative regimes in relation to UNCITRAL Model Law on Cross-Border Insolvency and some jurisdictions’ international insolvency laws. Second, it turns to suggestions made by FSB. Third, the recent international trend in market practice is observed. Then, section 4 of this Chapter proposes framework of regulatory aspects and cooperation arrangements to process cross-border insolvency events, comprehensively in the substantive and the procedural dimensions. Lastly, it analyzes the cases presented in Chapter 2 within the scope of procedural issues of insolvency laws. Chapter 7 summaries conclusions on this thesis and on issues raised in Chapter 2. This final Chapter also tries to provide suggestions to our financial market participants in Taiwan.參考文獻 一、中文部分（一）書籍1.尹正友、張兴祥，中美破产法律制度比较研究，法律出版社，2009年6月。2.王晓琼，跨境破产中的法律冲突问题研究，北京大学出版社，2008年1月。3.朱浩民，衍生性金融商品，智勝文化事業有限公司，2001年2月。4.李後政，國際民事訴訟法論，五南圖書出版股份有限公司，2015年7月三版。5.孫森焱，民法債編總論（下冊），2014年9月訂正版。6.孫森焱，民法債編總論（上冊），2014年10月修訂版。7.陳計男，破產法論，三民書局股份有限公司，2004年4月，修訂三版。8.許耀明，國際私法新議題與歐盟國際私法，2009年4月初版。9.黃立，民法債編總論，2006年。10.儲蓉，信用衍生性金融商品，財團法人台灣金融研訓院，2008年3月。（二）學位論文1.徐千惠，衍生性商品相關契約法律關係之比較研究—以ISDA契約為例，東吳大學法學院法律學系法律專業碩士班碩士論文，2008年1月。2.郝月葵，論破產程序中「進行中雙務契約」之處理—以智慧財產權授權契約為中心，國立中央大學產業經濟研究所碩士論文，2005年7月。3.唐敏寶，外國民事裁判之承認，國立政治大學法律學研究所博士論文，2010年3月。（三）期刊論文/專書論文1.王文宇，從衍生性金融商品論現代契約法之新議題，法令月刊第53卷第8期，頁33-44，2002年8月。2.沈冠伶，國際債務清理程序之基本問題，臺灣法學雜誌第144期，頁93-118，2010年1月。3.陳國樑，論破產法上之抵銷權，強制執行法破產法論文選輯（楊建華主編），五南圖書出版公司，頁498-511，1984年7月。4.陳逸竹，論國際破產—以日本法為出發點，萬國法律雜誌第151期，頁24-34，2007年2月。5.陳聰富，誠信原則的理論與實踐，政大法學評論，第104期，頁1-60，2008年8月。6.鄭有為，從日本「民事再生法」的誕生看燦爛輝煌的二十一世紀破產法學，載：破產法學的美麗新世界，2012年9月3版。（四）研究報告/研討會資料1.馮震宇（計劃主持人）、黃立坪、黃筱文、黃嘉敏，歐盟金融工具市場指令(MiFID)對衍生性金融商品影響之研究，2008年7月（臺灣期貨交易所股份有限公司委外研究報告）2.財團法人理律文教基金會2012超國界法律研討會（網站http://www.leeandli.org.tw/national_20121216.html，最後閱覽日：2015/05/30）：議題三：從超國界法律思維出發論外國債務清理裁判之承認與執行（研究資料，理律文教基金會， 2012年7月），第1頁至第19頁(http://www.leeandli.org.tw/download/national/2012/議題三-從超國界法律思維出發論外國債務清理裁判之承認與執行(完).pdf，最後閱覽日：2015/05/30）。（五）參考網站http://www.ardf.org.twhttp://www.leeandli.org.twhttp://www.tpex.org.twhttp://www.twse.com.twhttp://jirs.judicial.gov.tw二、英文部分（一）書籍1.Acharya Viral V., Cooley Thomas F., Richardson Matthew and Walter Ingo, Regulating Wall Street: The Dodd-Frank Act and the New Architecture of Global Finance (2011), John Wiley & Sons, Inc.2.Aicher, Robert D.（Editor）, Derivatives: Legal, Practices and Strategies（2010）, Aspen Publishers.3.Allen, William A. International Liquidity and the Financial Crisis (2013), Cambridge University Press.4.Bender, Seth P., Negotiating skills for the ISDA Master Agreement: The Essential Playbook for Over-The-Counter Derivatives (2011), Pearson Education.5.Beatty, Jeffrey F. and Samuelson, Susan S., Essentials of Business Law (2008), Thomson Learning.6.Blum, Brian A., Bankruptcy and Debtor/Creditor (2006), Aspen.7.Bush, Derek M., Eitel, Mitchell S., and Makow, Lawrence S. (Co-Chairs), A Guide to Financial Institutions 2011: Navigating the New Landscape (2011) , Practising Law Institute.8.Cao, Jin, Banking Regulation and the Financial Crisis (2012), Routledge.9.Castagnino, John-Peter, Derivatives-The Key Principles (3rd edition, 2009), Oxford University Press.10.CCH Attorney-Editor Publication, Dodd-Frank Wall Street Reform and Consumer Protection Act - Law, Explanation and Analysis (2010), Wolters Kluwer. 11.Dalhuisen, Jan, Dalhuisen on Transnational Comparative, Commercial, Financial and Trade Law (Vol.3) : Financial products, financial services and financial regulation (Oxford and Portland, Hart, 4th edn, 2010)12.Das, Satyajit, Credit Derivatives-CDOs and Structured Credit Products (3rd., 2005)13.Epstein, David G. and Nickles, Steve H., 2009-2010 BANKRUPTCY CODE AND RELATED MATERIALS FOR LAW STUDENTS (2009), WEST.14.Frey, Martin A., Frey, Phyllis Hurley & Swinson, Sidney K., An Introduction to Bankruptcy Law (5TH ed., 2007), Thomson/Delmar Learning.15.Fletcher, Ian F., Insolvency in Private International Law – National and International Approaches (2nd. 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(Editor in Chief), Black’s Law Dictionary (Ninth Edition, 2009), Thomson Reuters.17.Gifis, Steven H., Law Dictionary (1996）, Barron`s Educational Series.18.Gooch, Anthony C. & Klein, Linda B., Documentation for Derivatives（1993）, Euromoney Publications.19.Goode, Roy, Principles of Corporate Insolvency Law (fourth edition, 2011), Sweet & Maxwell.20.Greene, Edward F. / Beller, Alan L. / Rosen, Edward J. / Silverman, Leslie N. / Braverrman, Daniel A. / Sperber, Sebastian R., U.S. Regulation of the International Securities and Derivatives Markets, Volume 2 (2009) , Wolters Kluwer.21.Gregory, Jon, Counterparty credit risk–The new challenge for global financial markets（2010）, Wiley.22.Harding, Paul, Mastering the ISDA Master Agreements (1992 and 2002)：a practical guide for negotiation (3rd ed., 2010) , FT Press.23.Harding Paul and Johnson Christian A., Mastering the ISDA Collateral Documents-A practical guide for negotiators (2nd edition, 2012) , FT Press.24.Ho, Look Chan （General Editor）, Cross-Border Insolvency: A Commentary on the UNCITRAL Model Law (Third Edition, 2012), Globe Law and Business.25.Jan Job de Vries Robbe’, Securitization Law and Practice-In the Face of the Credit Crunch（2008）,Wolters Kluwer.26.Jan Job de Vries Robbe’, Structured Finance-On from the Credit Crunch-The Road to Recovery (2009), Kluwer Law International.27.Jorion Philippe, Financial Risk Manager Handbook（2009）, Wiley.28.Lastra, Rosa M. (Editor), Cross-Border Bank Insolvency (2011), Oxford University Press.29.Lynch, Aidan B. (Editor), Derivatives Reform and Regulation (2011), Nova Science Publishers, Inc.30.McCracken, Sheelagh, The Banker’s Remedy of Set-off (2010), Bloomsbury Professional.31.McDonald, Robert L., Fundamentals of Derivatives Markets (2009), Northwestern University.32.Muñoz, David Ramos & Consultant editor: Ingram, Kevin, The law of transnational securitization (2010), Oxford University Press.33.Olivares-Caminal Rodrigo, Douglas John, Guynn Randall, Kornberg Alan, Paterson Sarah, Singh Dalvinder, Stonefrost Hilary, and Consultant Editors: Ho, Look Chan & Segal Nick, Debt Restructuring (2011), Oxford University Press.34.Omar, Paul J. （Editor）, International Insolvency Law (2008 reprinted 2010), Ashgate.35.Schwartz, Robert J. and Smith, Clifford W. 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International Insolvency Review, Volume 16, Issue 3, 145-179 (2007).（三）研究報告/工作報告1.BCBS & IOSCO, Margin requirements for non-centrally cleared derivatives (March 2015), available at : http://www.bis.org/bcbs/ publ/d317. pdf (last visited on：2015/06/30).2.Bliss, Robert R. and Kaufman, George G., Derivatives and Systemic Risk: Netting, Collateral, and Closeout, 1-24 (May 10, 2005). FRB of Chicago Working Paper No. 2005-03. Available at SSRN: https://ssrn.com/abstract =730648 (last visited on：2015/04/08).3.CPMI-IOSCO – Recovery of financial market infrastructures（October 2014）, available at : http://www.bis.org/cpmi/publ/d121.pdf (last visited on：2015/05/01).4.European Financial Market Lawyers Group (EFMLG), Protection for Bilateral Insolvency Set-Off and Netting Agreement under EC Law, paragraph 57-58, 73-111, pp.21, 26-37 (OCTOBER 2004). 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(Provided to INSOL International Fellow course 2012 by Bob Wessels), p.1-p.19, available at : https://www.insol.org/Fellowship%202012/Literature/ Module%20A/Session%201/Additional%20Reading/2011-05%20Wessels%20-%20Cross%20border%20agreements.pdf (last visited on：2015/05/30).コメントの概要及びコメントに対する金融庁の考え方，http://www.fsa.go.jp/news/25/20140305-1/01.pdf (last visited on：2015/04/08).（五）參考網站http://www.bis.orghttp://www.bloomberg.comhttp://www.betterregulation.comhttp://www.cftc.govhttp://www.debtwire.comhttp:// www.fca.org.ukhttps://www.federalreserve.govhttp://www.financialstabilityboard.orghttp://www.fitchratings.com.twhttp://www.fsb.orghttp://www.fsa.go.jp/http://www.ft.comhttps://www.gov.ukhttp:// www.isda.orghttp://www.legislation.gov.ukhttp://www.lse.ac.ukhttps://www.newyorkfed.orghttp://www.sec.govhttp://www.tpex.org.twhttp://www.uncitral.orghttp://www.unidroit.orghttp://ec.europa.euhttp://eur-lex.europa.euhttp://iiiglobal.orghttp://law.e-gov.go.jp/cgi-bin/idxsearch.cgihttp://ssrn.com 描述 碩士
國立政治大學
法學院碩士在職專班
97961114資料來源 http://thesis.lib.nccu.edu.tw/record/#G0097961114 資料類型 thesis dc.contributor.advisor 林國全 zh_TW dc.contributor.author (Authors) 張家欣 zh_TW dc.contributor.author (Authors) Chang, Chia-hsin en_US dc.creator (作者) 張家欣 zh_TW dc.creator (作者) Chang, Chia-hsin en_US dc.date (日期) 2015 en_US dc.date.accessioned 1-Jun-2017 09:53:33 (UTC+8) - dc.date.available 1-Jun-2017 09:53:33 (UTC+8) - dc.date.issued (上傳時間) 1-Jun-2017 09:53:33 (UTC+8) - dc.identifier (Other Identifiers) G0097961114 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/110150 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 法學院碩士在職專班 zh_TW dc.description (描述) 97961114 zh_TW dc.description.abstract (摘要) 在金融市場國際化之趨勢下，各國金融交易參與者極可能受到跨國破產事件的影響。同時，受到金融創新潮流的驅使，非傳統金融工具的商業活動亦構成金融市場重要環節之一，從而探討破產法制對於非傳統金融交易契約之處理方式，實有其重要性。本文以店頭衍生性金融交易市場以及所選取案例為中心，探討跨國破產事件相關議題，包括破產法制對於店頭衍生性金融交易所給予的特殊規定（或在破產法制下承認提前終止與淨額結算條款之效力，以下均統稱為「破產法特殊規定」），以及相關跨國破產事件之可能處理模式或合作途徑。本文以國內外學術文獻、法院見解之整理為基礎，進行法學分析，並輔以金融實務觀點進行研究，於各相關部分同時探討我國法制。本文分為七章，內容簡介如後。首先，於第一章說明研究動機、目的、研究方法與架構，同時也限定研究範圍。又因跨國破產事件具多樣性與複雜性，為使本文討論範圍明確與聚焦，故於第二章先行提出具體跨國破產事件之美國與英國案例及其爭議問題，並以其做為本文探討中心與範圍，探討內容即包含破產法制涉及店頭衍生性金融交易之規範實體面議題，以及跨國破產事件處理方式之程序面議題。後續章節將陸續探討上開問題。第三章簡介店頭衍生性金融交易，以及說明其常見契約結構、相關法律問題。本章同時介紹「單一主契約模式」與「提前終止與淨額結算條款」之概念，學者及實務工作者有謂上開契約條款之功能，包含避免於破產程序中破產管理人選擇性履行或拒絕契約、降低交易對手信用風險、提升未違約方之再避險可能性、減少銀行業之資本計提成本、降低系統性風險等，而其中最具爭議性的降低系統性風險功能，也是目前全球多國破產法制承認提前終止與淨額結算條款具有效性的重要理由之一。本章著重於顯示店頭衍生性金融交易之當事人約定事項與破產法制間之關聯性，此屬於破產法制之規範實體面議題，以便於次一章接續介紹外國破產法制之相關具體內容。本章內容與後續各章均有密切關聯，故有說明之必要。第四章先說明破產法制之一般原則，再分別於美國、英國、歐盟、日本、以及我國法制下，觀察破產法制對於店頭衍生性金融交易之例外規定（或在破產法制下承認提前終止與淨額結算條款之效力），著重於說明破產法制立法或承認「提前終止與淨額結算條款」效力之現況，並參考外國文獻探討其立法理由是否具有充足正當性，以及其規定是否有修訂或調整之必要。相對於第三章彙整學說及實務觀點以說明「提前終止與淨額結算條款」之功能，本章則援引外國文獻對破產法制立法或承認「提前終止與淨額結算條款」效力之批評，並做出該條款效力於破產法制中至少應調整為受有一定限制之結論，也就是訂有交易提前終止權之暫時凍結期間、於具系統重要性金融機構清理程序中適用股東與債權人共同承擔損失機制、交易雙方善意無偏頗等，以及在我國法制下亦宜採取同等看法。本章最後分析本文第二章案例在破產法制下之實體面問題，同時也藉此試行探討「提前終止與淨額結算條款」在破產法制下的效力範圍以及第二章案例合成型債務抵押債券交易中有關「序位轉換條款」之效力爭議。本文認為美國破產法院、英國法院係分別各自依其破產法制與公共政策對「序位轉換條款」做出效力判斷，各具實體理由；以及「序位轉換條款」在我國法制下應屬有效。第五章在本論文題旨範圍內，先說明2007年-2009年金融危機後，二十國集團（G20）所提出的國際性指導建議，之後擇要介紹美國與歐盟依循上開建議，對於店頭衍生性金融交易市場所採行的金融改革法規，包含（但不限於）交易執行平台、集中清算、交易資料之申報、對未集中清算交易加強徵提擔保品等管理措施；此外，在跨國交易監理層面上，簡要介紹替代遵循之概念。本章並說明以上規範與跨國破產事件之關係。本章在整體研究架構上的功能有二，一方面是做為第四章破產法規範實體面議題與第六章跨國破產法制程序面議題之連結，也就是觀察美國及歐盟金融改革法令對第四章所述破產法特殊規定之影響，以及金融改革法案所對應第六章目前國際金融市場之實務發展趨勢以及特殊清理架構下之相關規定。另一方面，相對於第六章係探討發生跨國破產事件時之程序處理模式，第五章則是從破產事件發生前之前階段觀察，藉由事前建構市場監理措施及規劃，以期促進跨國破產事件發生時之處理效能。第六章探討跨國破產事件處理方式之程序面議題。先敘明跨國破產立法所採行的基礎原則理論，包含普及原則、屬地原則、修正式普及原則、現代化屬地原則；同時簡要介紹相關跨國破產法制。繼而說明金融穩定理事會 （FSB）相關建議，以及觀察近期國際金融實務發展。之後，綜結第四章至第六章之內容，按跨國破產事件之實體面議題與程序面議題，對於涉及店頭衍生性金融交易之跨國破產事件，說明本文在相關立法論或處理合作模式層面上所採取之立場。最末，分析本文第二章案例之程序處理問題。最後，第七章就本論文探討範圍以及第二章所提出之問題，進行總結論，並試行對我國金融市場參與者提出相關建議。 zh_TW dc.description.abstract (摘要) AbstractDue to globalization of financial markets, it is hard for market participants to avoid the impact arises from cross-border insolvency events. With the trend of financial innovation, non-traditional financial instruments become an important role in financial markets, and it’s necessary to understand the treatment of these instruments under insolvency law systems. This thesis discusses specific legal issues with regard to cross-border insolvency events in over-the-counter (OTC) derivatives financial markets with focus on the relevant cases selected, including the special treatment of OTC derivatives under insolvency law systems and the potential procedures or coordinate ways to deal with the cases. Based on and reference to research of academic papers and court decisions, this thesis discusses issues through legal analysis supplemented with views of financial practice. The relevant parts are also discussed under Taiwan’s law system. This thesis proceeds in 7 chapters briefly described as follows. Chapter 1 explains the objective, purpose, and fundamental structure together with the method used of this thesis. Assumptions and Confines of this thesis are also described in this chapter. Given diversity and complexity of cross-border insolvency events, Chapter 2 attempts to present actual cases for discussion in order to providing the scope and focuses of this thesis. Key finding of the presented cases includes substantive legal issues of insolvency laws applied to OTC derivatives transactions and procedural legal issues of dealing with cross-border insolvency events. Matters aforementioned will be addressed in further chapters. Chapter 3 describes the basic understanding of OTC derivatives and the legal elements of participants’ transaction contracts in market practice. This chapter also describes the concepts of “the single agreement approach” and “close-out netting provisions”. As academic opinions and practical views mentioned, close-out netting provisions encompass the functions of eliminating the risk of “cherry-picking” by a liquidator in the insolvency proceeding, minimizing counterparty credit risk by calculating exposures on a net basis, promoting the possibility of re-hedging transactions, applying lower capital requirements by regulators to refer to netted transactions for bank industry, and reducing systemic risk in the financial system. Insolvency law systems which allow the effectiveness of close-out netting provisions heavily rationalize the legislation as being founded on preventing the threat of systemic risk. While some academic papers argue that the rationalization on the basis of reducing systemic risk is unconvincing or unnecessary for reasons. Chapter 3 primarily concerns the connections between OTC derivatives contracts and insolvency law systems, in the dimension of substantive legal issues. What addressed in this chapter is highly connected with the subsequent chapters. Chapter 4 describes the general principles of insolvency laws at first, and then observes the exclusions of OTC derivatives transactions under insolvency law systems of U.S., UK, EU, Japan and Taiwan respectively, focusing on issues respecting of validity and enforceability of close-out netting provisions. Compared with Chapter 3 which describes the functions of close-out netting stated by advocators, this chapter illustrates challenges or arguments posed by academic papers with different views. Reference to the relevant academic opinions, this thesis considers that the effectiveness of close-out netting provisions shall, at least, be subject to restrictions to a reasonable extent, such as temporary stays on early termination rights as well as on enforcement rights of security interests, application of the bail-in tool in SIFIs’ resolution procedures, and each party’s good faith. The aforesaid views are also proposed to be referenced by Taiwan’s law regime in the future. In the end of this chapter, it analyzes the cases presented in Chapter 2 within the scope of substantive issues of insolvency laws, and concludes that both U.S. bankruptcy court’s ruling and UK courts’ decisions on the flip clause embedded in CDO instruments are correct respectively pursuant to their own insolvency laws and public policies. In addition, this thesis is in the opinion that the flip clause shall be effective under Taiwan’s current insolvency law system.Chapter 5 will first describe the international guidelines suggested by G20 after 2007-2009 financial crisis. It will then go on to introduce the financial regulatory reforms adopted by U.S. and EU following G20’s guidelines, including the mandatory requirements for trading on the regulated platforms, clearing through a central counterparty (CCP), reporting to a trade repository (TR), and exchanging margins for non-centrally cleared OTC derivative transactions. Besides, the concept of substituted compliance is briefly explained herein for implementing the regulatory regimes to cross-border activities. Chapter 5 also observes the connections between the aforesaid regulatory reforms and cross-border insolvency events. Under the structure of this thesis, substantive legal issues in Chapter 4 and procedural legal issues in Chapter 6 are bridged by Chapter 5. While Chapter 6 emphasizes on ex post measures to handle cross-border insolvency events, this Chapter 5 considers ex ante measures that monitor and supervise OTC derivatives markets and that also have been expected to promote ex post measures in case. Chapter 6 addresses the procedural aspects while dealing with cross-border insolvency cases. First, the theoretical principles for cross-border insolvency law are explained, including universality, territoriality, modified universality and modern territoriality. It herein also introduces legislative regimes in relation to UNCITRAL Model Law on Cross-Border Insolvency and some jurisdictions’ international insolvency laws. Second, it turns to suggestions made by FSB. Third, the recent international trend in market practice is observed. Then, section 4 of this Chapter proposes framework of regulatory aspects and cooperation arrangements to process cross-border insolvency events, comprehensively in the substantive and the procedural dimensions. Lastly, it analyzes the cases presented in Chapter 2 within the scope of procedural issues of insolvency laws. Chapter 7 summaries conclusions on this thesis and on issues raised in Chapter 2. This final Chapter also tries to provide suggestions to our financial market participants in Taiwan. en_US dc.description.tableofcontents 第一章 緒論 1第一節 研究動機與研究目的 1第二節 研究方法與研究架構 4第二章 問題提出與本文探討範圍之限定 7第一節問題提出—美國Lehman Brothers Special Financing v. BNY Corporate Trust Services Limited案及跨國破產事件爭議問題 7第一項 案例事實 7第二項 英國上訴法院之判斷 11第三項 美國破產法院之判斷 14第四項 小結 16第二節 探討範圍之限定及用語釋義 17第一項 探討範圍之限定與前提 17第二項 本文用語釋義 18第三章 簡介店頭衍生性金融交易約定事項暨其與破產法制之關聯 23第一節衍生性金融交易之介紹 23第一項 衍生性金融交易之意義 23第二項 市場架構 27第三項 承作交易之可能動機 31第二節 單一主契約模式（the single agreement approach） 33第一項 契約結構與組成 33第二項 採行單一主契約模式之理由 41第三項 契約性質 46第三節 交易契約之其他法律問題 47第一項 履行給付義務之前提條件 48第二項 提前終止與淨額結算條款 53第三項 交易主體之適格性 63第四項 第三方抵銷 64第四章 破產法制對於店頭衍生性金融交易之特殊規定 67第一節 破產法制之特殊規定 67第一項 概論 67第二項 美國法之相關規定 70第三項 英國法制之討論 74第四項 歐盟之相關規定 77第五項 日本法之相關規定 80第六項 我國法制下之討論 83第七項 歸納與小結 90第二節 對於第二章案例之實體面分析 102第一項 ISDA與SIFMA支持序位轉換條款之有效性 102第二項 在美國法下之分析 104第三項 在英國法下之分析 108第四項 小結 111第五章 美國及歐盟金融改革法令之影響 121第一節G20共識與國際組織之支持研究 122第二節 美國之改革法案 125第三節 歐盟之改革法令 133第四節小結 141第六章 跨國破產事件之處理模式 153第一節 基礎原則理論與跨國破產法制 154第一項 基礎原則理論 154第二項 跨國破產法制 156第二節 金融穩定理事會之相關建議 168第三節 提前終止與淨額結算條款之近期國際實務發展 172第一項UNIDROIT「提前終止與淨額結算條款之運作原則」 173第二項 BCBS報告與建議 173第三項 ISDA發布有關特殊清理程序之議定書 174第四節 立法論與處理方式之綜結 178第五節 對第二章案例之程序面處理模式分析 186第六節 我國現行法規範及債務清理條例草案 187第七章結語 193【參考文獻】 203 zh_TW dc.format.extent 2682709 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0097961114 en_US dc.subject (關鍵詞) 跨國破產 zh_TW dc.subject (關鍵詞) 店頭衍生性金融交易 zh_TW dc.subject (關鍵詞) 系統性風險 zh_TW dc.subject (關鍵詞) 提前終止與淨額結算 zh_TW dc.subject (關鍵詞) 金融改革法令 zh_TW dc.subject (關鍵詞) Cross-border insolvency en_US dc.subject (關鍵詞) Over-the-counter (OTC) derivatives en_US dc.subject (關鍵詞) Systemic risk en_US dc.subject (關鍵詞) Close-out netting en_US dc.subject (關鍵詞) Financial regulatory reforms en_US dc.title (題名) 跨國破產事件之爭議問題探討—以店頭衍生性金融交易市場及其案例為探討中心 zh_TW dc.title (題名) A study on legal issues regarding cross-border insolvency cases : focus on over-the-counter derivatives markets and the relevant cases en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 一、中文部分（一）書籍1.尹正友、張兴祥，中美破产法律制度比较研究，法律出版社，2009年6月。2.王晓琼，跨境破产中的法律冲突问题研究，北京大学出版社，2008年1月。3.朱浩民，衍生性金融商品，智勝文化事業有限公司，2001年2月。4.李後政，國際民事訴訟法論，五南圖書出版股份有限公司，2015年7月三版。5.孫森焱，民法債編總論（下冊），2014年9月訂正版。6.孫森焱，民法債編總論（上冊），2014年10月修訂版。7.陳計男，破產法論，三民書局股份有限公司，2004年4月，修訂三版。8.許耀明，國際私法新議題與歐盟國際私法，2009年4月初版。9.黃立，民法債編總論，2006年。10.儲蓉，信用衍生性金融商品，財團法人台灣金融研訓院，2008年3月。（二）學位論文1.徐千惠，衍生性商品相關契約法律關係之比較研究—以ISDA契約為例，東吳大學法學院法律學系法律專業碩士班碩士論文，2008年1月。2.郝月葵，論破產程序中「進行中雙務契約」之處理—以智慧財產權授權契約為中心，國立中央大學產業經濟研究所碩士論文，2005年7月。3.唐敏寶，外國民事裁判之承認，國立政治大學法律學研究所博士論文，2010年3月。（三）期刊論文/專書論文1.王文宇，從衍生性金融商品論現代契約法之新議題，法令月刊第53卷第8期，頁33-44，2002年8月。2.沈冠伶，國際債務清理程序之基本問題，臺灣法學雜誌第144期，頁93-118，2010年1月。3.陳國樑，論破產法上之抵銷權，強制執行法破產法論文選輯（楊建華主編），五南圖書出版公司，頁498-511，1984年7月。4.陳逸竹，論國際破產—以日本法為出發點，萬國法律雜誌第151期，頁24-34，2007年2月。5.陳聰富，誠信原則的理論與實踐，政大法學評論，第104期，頁1-60，2008年8月。6.鄭有為，從日本「民事再生法」的誕生看燦爛輝煌的二十一世紀破產法學，載：破產法學的美麗新世界，2012年9月3版。（四）研究報告/研討會資料1.馮震宇（計劃主持人）、黃立坪、黃筱文、黃嘉敏，歐盟金融工具市場指令(MiFID)對衍生性金融商品影響之研究，2008年7月（臺灣期貨交易所股份有限公司委外研究報告）2.財團法人理律文教基金會2012超國界法律研討會（網站http://www.leeandli.org.tw/national_20121216.html，最後閱覽日：2015/05/30）：議題三：從超國界法律思維出發論外國債務清理裁判之承認與執行（研究資料，理律文教基金會， 2012年7月），第1頁至第19頁(http://www.leeandli.org.tw/download/national/2012/議題三-從超國界法律思維出發論外國債務清理裁判之承認與執行(完).pdf，最後閱覽日：2015/05/30）。（五）參考網站http://www.ardf.org.twhttp://www.leeandli.org.twhttp://www.tpex.org.twhttp://www.twse.com.twhttp://jirs.judicial.gov.tw二、英文部分（一）書籍1.Acharya Viral V., Cooley Thomas F., Richardson Matthew and Walter Ingo, Regulating Wall Street: The Dodd-Frank Act and the New Architecture of Global Finance (2011), John Wiley & Sons, Inc.2.Aicher, Robert D.（Editor）, Derivatives: Legal, Practices and Strategies（2010）, Aspen Publishers.3.Allen, William A. 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