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題名 因應LIBOR退場之政府作為模式比較
Comparison of the Different Governments’ Approaches in Response to the Permanent Cessation of LIBOR作者 林潔如
Lin, Jie-Ru貢獻者 楊光華
Yang, Guang-Hwa
林潔如
Lin, Jie-Ru關鍵詞 LIBOR
LIBOR退場
LIBOR轉換
LIBOR基準利率
政府因應LIBOR退場作為模式比較
LIBOR
LIBOR Cessation
LIBOR Transition
LIBOR Benchmark Rate
Comparison of Government Approaches to LIBOR cessation日期 2021 上傳時間 1-Nov-2021 11:53:44 (UTC+8) 摘要 LIBOR為常見於決定金融商品契約價格或利息的基準利率，當全球最通用之基準利率LIBOR即將於2021年底退場，無非應依契約自由原則由契約當事人事前協議可替代LIBOR之參考基準利率，而不應由政府介入LIBOR轉換。然而，本文觀察到各國政府於LIBOR退場之末(2021)年，各國介入LIBOR轉換之程度與態樣迥異，或有像美國紐約以制訂新法介入LIBOR轉換者，或有像是歐盟與英國因既存之基準利率規範背景而須修法者。相形之下，亞洲國家像是日本、及主要金融市場所在國香港與新加坡，均未見主管機關制訂立法介入LIBOR轉換，只是以行政指導方式為之。我國政府目前因應LIBOR退場之作為類似後者，主管機關介入程度更淺，僅是籲請業界自律組織自訂計劃加以因應而已。本文比較前述政府因應LIBOR退場介入程度有別之態樣與其原因，透過研究制訂LIBOR轉換立法等積極作為之國家的立法源由，突顯我國政府之作為近似日本、香港、新加坡等亞洲國家，即受LIBOR退場影響之程度與範圍不足以正當化制訂立法介入LIBOR轉換，採取與彼等相仿的柔性作為不難理解。
LIBOR is a commonly used benchmark rate in the global financial market but is going to be phased out by the end of 2021. In principle, the market should be able to react to the LIBOR cessation spontaneously, which means that contract parties have to negotiate beforehand and replace LIBOR with an agreed alternative benchmark rate. However, regulators in New York, UK and European Commission actively engaged in the LIBOR transition by enacting or amending their legislation or regulation, while no such legislative actions had been adopted by Asian financial hubs, such as Hong Kong, Singapore and Japan. Taiwan regulator’s response to the Libor cessation is similar to its counterparts in Asian financial hubs.This article analyzes the reasons for different levels of regulators engagement in LIBOR transition and suggests that the impact of LIBOR cessation in Taiwan is too small to justify enacting LIBOR transition legislation. It is understandable that our government, like those Asian countries, had adopted soft approaches in response to the permanent cessation of LIBOR.參考文獻 一、 中文文獻(一) 期刊論文江庭瑀，倫敦同業拆借利率的問題現況與改革方向，政治大學國際經貿組織暨法律研究中心經貿法訊，226期，網址：http://www.tradelaw.nccu.edu.tw/epaper/no226/3.pdf(二) 法規中華民國銀行商業同業公會全國聯合會(金融業拆款中心)臺北金融業拆款定盤利率作業規範。(三) 政府、機構文件曹慧蘭，銀行公會協助推動LIBOR轉換工作紀要，銀行公會，會訊第121期，網址：https://www.ba.org.tw/Publications/UnionInfo新聞稿－籲請金融機構審慎因應2022年LIBOR可能退場之風險，金融監督管理委員會，發佈日期：2020年2月25日，網址：https://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0,2&mcustomize=news_view.jsp&dataserno=202002250002&o=fsc,c=tw&dtable=NewsLIBOR轉換因應措施建議方向報告書，普華商務法律事務所，2020年12月。香港金融管理局，通告：利率基準改革(含附件)，檔號: B1/15C，2020年04月23日李達志，香港金融管理局，匯思－利率基準改革，2019年5月20日，網站：https://www.hkma.gov.hk/chi/news-and-media/insight/2019/05/20190502/香港金融管理局，通告－利率基準改革，檔號: B1/15C，2020年10月16日，網址：https://www.hkma.gov.hk/media/chi/doc/key-information/guidelines-and-circular/2020/20201016c1.pdf香港金融管理局，通告－利率基準改革，檔號: B1/15C，2021年3月24日，網址：https://www.hkma.gov.hk/media/chi/doc/key-information/guidelines-and-circular/2021/20210325c1.pdf香港金融管理局，通告－利率基準改革，檔號: B1/15C，2021年7月8日，網址：https://www.hkma.gov.hk/media/chi/doc/key-information/guidelines-and-circular/2021/20210708c3.pdf香港金融管理局，通告－利率基準改革，檔號: B1/15C，2021年8月19日，網址： https://www.hkma.gov.hk/media/chi/doc/key-information/guidelines-and circular/2021/20210819c1.pdf(四) 網際網路Argin Chang, Apple Lam& Cindy Wang，彭博商業週刊，摸著石頭過河 台銀行業LIBOR轉換工程欲快不易，2020年4月24日，網址http://content-cdn-b.bbwc.cn/v5/app18/issue_1452/articles/180090876/show-1-6-1452-176-180090876-1_1587702725.html李達志，香港金融管理局，匯思，利率基準改革，2019年5月20日，網站：https://www.hkma.gov.hk/chi/news-and-media/insight/2019/05/20190502/香港金融管理局，利率基準改革，https://www.hkma.gov.hk/chi/key-functions/banking/banking-regulatory-and-supervisory-regime/reform-of-interest-rate-benchmarks/陳美君，LIBOR年底退場 央行示警：銀行面臨六大風險，2021年6月14日，經濟日報，網址：https://money.udn.com/money/story/5613/5531834孫彬訓，LIBOR年底將退場 行庫備戰，工商時報，2021年6月14日，網址：https://ctee.com.tw/news/finance/474277.html簡榮宗律師，銀行辦理金融衍生性商品程序及ISDA合約(下) ，台灣法律網，網址：http://www.lawtw.com/article.php?template=article_content&area=free_browse&parent_path=,1,1573,&job_id=200309&article_category_id=2049&article_id=117953二、 外文文獻(一) 書籍ANTHONY SAUNDERS & MARCIA MILLON CORNETT, FINANCIAL MARKETS AND INSTITUTIONS 151 (4TH ED. 2007)YOUSSEF CASSIS, CAPITAL OF CAPITAL: THE HISTORY OF INTERNATIONAL FINANCIAL CENTRES 1780-2005 263(1st published 2006).(二) 專書論文Eisenberg, Theodore and Miller, Geoffrey P., "The Flight to New York: An Empirical Study of Choice of Law and Choice of Forum Clauses in Publicly-Held Companies` Contracts", Cornell Law Faculty Publications. Paper 1491., (2009).(三) 期刊Charles A. Sweet and Kurt W. Rademacher from Morgan, New York EnactsLegislative ’Fix’ for Legacy LIBOR Contracts Governed by NY Law; Will a Federal Fix Be Next?, LEXOLOGY, Apr. 19, 2021., https://www.lexology.com/library/detail.aspx?g=7f7f97d1-fe95-4678-a7f7-62dfe8dd61d1Fuller, Emily, Russell, Emma Connor, Zoe, The end of LIBOR, THE BANKING LAW JOURNAL, Vol.135 (3), pp.183-185 (2018)Hogan Lovells, 2018 ISDA Choice of Court and Governing Law Guide:What you need to know, Debt Capital Markets, GLOBAL INSIGHTS, 48,48.Kathy Martin and Maria Sagan, The Phase-out of LIBOR: A Primer, BANKING & FINANCE LAW REVIEW, Vol.35 (3), p.547-562 (2020)Julia Goptarenko, Liberating the World from LIBOR: Implication for Non-Cleared Derivatives, Aug. 11th, 2017, https://ssrn.com/abstract=3017639Michael W. 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https://abs.org.sg/benchmark-rates/sor-sibor-to-sora (last visited Oct. 27, 2021).ARRC, Fallback Contract Language, https://www.newyorkfed.org/arrc/fallbacks-contract-languageAshurst, EU Benchmark Regulation amended to include a statutory replacement rate mechanism for LIBOR, to extend third-country transitional provisions, and to exempt certain FX rates, Feb. 2021, https://www.ashurst.com/en/news-and-insights/legal-updates/benchmark--regulation---statutory-replacement-rate-mechanism-for-libor/BBA Website, The Basic, http://www.bbatrent.com/explained/the-basicsEuropean Commission News, New measures to restore confidence in benchmarks following LIBOR and EURIBOR scandals, Sep. 18, 2013, https://ec.europa.eu/commission/presscorner/detail/en/IP_13_841FCA, Benchmarks, https://www.fca.org.uk/markets/benchmarksFCA, UK Benchmarks Regulation, https://www.fca.org.uk/markets/benchmarks/regulationFCA news. 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Department of the Treasury, https://www.treasury.gov/resource-center/faqs/Markets/Pages/fixedmuni.aspx 描述 碩士
國立政治大學
國際經營與貿易學系
103351045資料來源 http://thesis.lib.nccu.edu.tw/record/#G0103351045 資料類型 thesis dc.contributor.advisor 楊光華 zh_TW dc.contributor.advisor Yang, Guang-Hwa en_US dc.contributor.author (Authors) 林潔如 zh_TW dc.contributor.author (Authors) Lin, Jie-Ru en_US dc.creator (作者) 林潔如 zh_TW dc.creator (作者) Lin, Jie-Ru en_US dc.date (日期) 2021 en_US dc.date.accessioned 1-Nov-2021 11:53:44 (UTC+8) - dc.date.available 1-Nov-2021 11:53:44 (UTC+8) - dc.date.issued (上傳時間) 1-Nov-2021 11:53:44 (UTC+8) - dc.identifier (Other Identifiers) G0103351045 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/137657 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 國際經營與貿易學系 zh_TW dc.description (描述) 103351045 zh_TW dc.description.abstract (摘要) LIBOR為常見於決定金融商品契約價格或利息的基準利率，當全球最通用之基準利率LIBOR即將於2021年底退場，無非應依契約自由原則由契約當事人事前協議可替代LIBOR之參考基準利率，而不應由政府介入LIBOR轉換。然而，本文觀察到各國政府於LIBOR退場之末(2021)年，各國介入LIBOR轉換之程度與態樣迥異，或有像美國紐約以制訂新法介入LIBOR轉換者，或有像是歐盟與英國因既存之基準利率規範背景而須修法者。相形之下，亞洲國家像是日本、及主要金融市場所在國香港與新加坡，均未見主管機關制訂立法介入LIBOR轉換，只是以行政指導方式為之。我國政府目前因應LIBOR退場之作為類似後者，主管機關介入程度更淺，僅是籲請業界自律組織自訂計劃加以因應而已。本文比較前述政府因應LIBOR退場介入程度有別之態樣與其原因，透過研究制訂LIBOR轉換立法等積極作為之國家的立法源由，突顯我國政府之作為近似日本、香港、新加坡等亞洲國家，即受LIBOR退場影響之程度與範圍不足以正當化制訂立法介入LIBOR轉換，採取與彼等相仿的柔性作為不難理解。 zh_TW dc.description.abstract (摘要) LIBOR is a commonly used benchmark rate in the global financial market but is going to be phased out by the end of 2021. In principle, the market should be able to react to the LIBOR cessation spontaneously, which means that contract parties have to negotiate beforehand and replace LIBOR with an agreed alternative benchmark rate. However, regulators in New York, UK and European Commission actively engaged in the LIBOR transition by enacting or amending their legislation or regulation, while no such legislative actions had been adopted by Asian financial hubs, such as Hong Kong, Singapore and Japan. Taiwan regulator’s response to the Libor cessation is similar to its counterparts in Asian financial hubs.This article analyzes the reasons for different levels of regulators engagement in LIBOR transition and suggests that the impact of LIBOR cessation in Taiwan is too small to justify enacting LIBOR transition legislation. It is understandable that our government, like those Asian countries, had adopted soft approaches in response to the permanent cessation of LIBOR. en_US dc.description.tableofcontents 第一章 緒論 1第一節 研究動機與目的 3第二節 研究方法與架構 5第二章 LIBOR退場背景與轉換困難 7第一節 LIBOR退場及轉換背景 8第二節 ISDA及其他標準化轉換條款 12第三節 協議轉換之困難 16第三章 美國紐約立法例 19第一節 紐約為國際金融中心 20第二節 紐約法為多數金融商品契約之管轄法 22第三節 使用LIBOR金融商品契約眾多之影響 24第四章 歐盟與英國立法例 28第一節 歐盟與英國基準指標管制背景 29第二節 歐盟因應LIBOR退場之修法緣由 31第三節 英國因應LIBOR退場之修法緣由 33第五章 柔性介入LIBOR轉換之態樣－日本、香港、新加坡及我國 35第一節 LIBOR幣別國－日本 36第二節 非LIBOR幣別國－香港、新加坡 38第三節 業界自行因應LIBOR轉換者－我國 41第六章 結論 44參考文獻 46 zh_TW dc.format.extent 928933 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0103351045 en_US dc.subject (關鍵詞) LIBOR zh_TW dc.subject (關鍵詞) LIBOR退場 zh_TW dc.subject (關鍵詞) LIBOR轉換 zh_TW dc.subject (關鍵詞) LIBOR基準利率 zh_TW dc.subject (關鍵詞) 政府因應LIBOR退場作為模式比較 zh_TW dc.subject (關鍵詞) LIBOR en_US dc.subject (關鍵詞) LIBOR Cessation en_US dc.subject (關鍵詞) LIBOR Transition en_US dc.subject (關鍵詞) LIBOR Benchmark Rate en_US dc.subject (關鍵詞) Comparison of Government Approaches to LIBOR cessation en_US dc.title (題名) 因應LIBOR退場之政府作為模式比較 zh_TW dc.title (題名) Comparison of the Different Governments’ Approaches in Response to the Permanent Cessation of LIBOR en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 一、 中文文獻(一) 期刊論文江庭瑀，倫敦同業拆借利率的問題現況與改革方向，政治大學國際經貿組織暨法律研究中心經貿法訊，226期，網址：http://www.tradelaw.nccu.edu.tw/epaper/no226/3.pdf(二) 法規中華民國銀行商業同業公會全國聯合會(金融業拆款中心)臺北金融業拆款定盤利率作業規範。(三) 政府、機構文件曹慧蘭，銀行公會協助推動LIBOR轉換工作紀要，銀行公會，會訊第121期，網址：https://www.ba.org.tw/Publications/UnionInfo新聞稿－籲請金融機構審慎因應2022年LIBOR可能退場之風險，金融監督管理委員會，發佈日期：2020年2月25日，網址：https://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0,2&mcustomize=news_view.jsp&dataserno=202002250002&o=fsc,c=tw&dtable=NewsLIBOR轉換因應措施建議方向報告書，普華商務法律事務所，2020年12月。香港金融管理局，通告：利率基準改革(含附件)，檔號: B1/15C，2020年04月23日李達志，香港金融管理局，匯思－利率基準改革，2019年5月20日，網站：https://www.hkma.gov.hk/chi/news-and-media/insight/2019/05/20190502/香港金融管理局，通告－利率基準改革，檔號: B1/15C，2020年10月16日，網址：https://www.hkma.gov.hk/media/chi/doc/key-information/guidelines-and-circular/2020/20201016c1.pdf香港金融管理局，通告－利率基準改革，檔號: B1/15C，2021年3月24日，網址：https://www.hkma.gov.hk/media/chi/doc/key-information/guidelines-and-circular/2021/20210325c1.pdf香港金融管理局，通告－利率基準改革，檔號: B1/15C，2021年7月8日，網址：https://www.hkma.gov.hk/media/chi/doc/key-information/guidelines-and-circular/2021/20210708c3.pdf香港金融管理局，通告－利率基準改革，檔號: B1/15C，2021年8月19日，網址： https://www.hkma.gov.hk/media/chi/doc/key-information/guidelines-and circular/2021/20210819c1.pdf(四) 網際網路Argin Chang, Apple Lam& Cindy Wang，彭博商業週刊，摸著石頭過河 台銀行業LIBOR轉換工程欲快不易，2020年4月24日，網址http://content-cdn-b.bbwc.cn/v5/app18/issue_1452/articles/180090876/show-1-6-1452-176-180090876-1_1587702725.html李達志，香港金融管理局，匯思，利率基準改革，2019年5月20日，網站：https://www.hkma.gov.hk/chi/news-and-media/insight/2019/05/20190502/香港金融管理局，利率基準改革，https://www.hkma.gov.hk/chi/key-functions/banking/banking-regulatory-and-supervisory-regime/reform-of-interest-rate-benchmarks/陳美君，LIBOR年底退場 央行示警：銀行面臨六大風險，2021年6月14日，經濟日報，網址：https://money.udn.com/money/story/5613/5531834孫彬訓，LIBOR年底將退場 行庫備戰，工商時報，2021年6月14日，網址：https://ctee.com.tw/news/finance/474277.html簡榮宗律師，銀行辦理金融衍生性商品程序及ISDA合約(下) ，台灣法律網，網址：http://www.lawtw.com/article.php?template=article_content&area=free_browse&parent_path=,1,1573,&job_id=200309&article_category_id=2049&article_id=117953二、 外文文獻(一) 書籍ANTHONY SAUNDERS & MARCIA MILLON CORNETT, FINANCIAL MARKETS AND INSTITUTIONS 151 (4TH ED. 2007)YOUSSEF CASSIS, CAPITAL OF CAPITAL: THE HISTORY OF INTERNATIONAL FINANCIAL CENTRES 1780-2005 263(1st published 2006).(二) 專書論文Eisenberg, Theodore and Miller, Geoffrey P., "The Flight to New York: An Empirical Study of Choice of Law and Choice of Forum Clauses in Publicly-Held Companies` Contracts", Cornell Law Faculty Publications. 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