第四，制度监管模式有助于推动合规人员职业化，提高其专业水平。在美国，制度监管模式为合规工作提供了某些共同的制度框架。于是，整个合规行业对合规工作的意义形成了更广泛的共识，合规人员的职业化程度和专业水平也都有所提高。美国合规专业人员协会（National Association of Compliance Professionals Inc.， NSCP）已发布一项关于合规专业人员的职业道德守则，[133] 一些机构还推出了若干用于评价合规人员职业化程度和专业水平的认证制度，[134] 各类合规工作会议还为合规人员提供了后续教育和培训。[135] 制度监管模式作为一种全球性的监管模式，其富有活力的自我完善机制有助于满足这样一种迫切的需要，即在某些情况下，国际金融监管工作者不仅仅在创造新的市场，而且还在创造崭新的合规行业。迅速提升合规人员职业化程度和专业水平，有助于为合规行业储备丰富的人力资源。
最后，制度监管模式能够解决全球金融监管工作所面临的某些难题。当前，最严重的问题之一是全球性的证券欺诈行为。例如，在某个案件中，某机构自称是“一家总部位于乌拉圭的国际化财务咨询公司”，并在许多其他国家设有分支机构。事实上，证监会查明，不但上述分支机构纯属子虚乌有，而且该总机构也不过是在西班牙设立的一家违规证券营销机构，利用虚假的、误导性的证券信息从遍及四大洲、二十个国家的投资者集资数百万美元。[136] 在其他案件中，涉嫌的违法行为还包括：以多种语言提供误导性的销售资料；[137] 在某些国家针对特定的语言群体开展销售活动；[138] 在类似老挝万象这样的非金融中心设立从事违规营销活动的机构等。[139] 作为一种全球性的监管模式，制度监管模式能够帮助监管机构和市场参与者甄别合规经营的证券机构和违规经营的证券机构。对于新兴市场而言，这一点至关重要，因为其市场参与者往往并不为外界所熟知。如果这些新兴市场及其参与者想加入全球大家庭，建立完善的合规制度并使之与其他市场参与者的监管机构和合规制度相互交流，将有助于其在国际市场上树立良好的形象。
制度监管模式有着广阔的发展前景。作为一种全球性的监管模式，它可以灵活地适用于各种市场环境，有效地解决一些迫切的问题。或许，最重要的是，这一监管模式有助于强化证券市场中的相互信任和信心。事实上，这正是制度监管模式的核心价值，即建立一种全球性的合规监管制度体系，合规人员专业人员的职业化程度和专业水平普遍相当。这一制度体系还有助于在尊重各国特殊监管目标的同时，协调当今多元化监管体系，构建全球性的证券市场。现在，我们应当认可这种以制度为基础的监管方法，并将之作为第三种金融监管模式。
【作者简介】
约翰·沃什，美国证券交易委员会合规监督检查部副主任兼首席顾问，乔治城大学法律博士，波士顿学院历史学博士。
刘轶，男，1973年12月生，辽宁沈阳人，南开大学应用经济学博士后科研流动站博士后，武汉大学法学博士，会计师职称。
【注释】* 本文原载于《哈佛国际法学刊》（Harvard International Law Journal）第49卷第2期。本文仅反映作者个人的学术观点，与美国证券交易委员会及其委员和其他工作人员无关。本文的翻译已经征得作者同意，并得到了教育部人文社会科学研究项目（批准号：08JC820027）的支持以及中国博士后科学基金会、上海金融与法律研究院的特别资助。因篇幅所限，译者删减、合并了原文的部分注释。
在美国，对基金进行监管的法律依据是《投资公司法（1940年）》（15 U.S.C. §§ 80a-1–64 (2000)）及其实施细则。参见17 C.F.R. § 270 (2005)(与《投资公司法（1940年）》有关的法规和规章).
在美国，对投资顾问进行监管的法律依据是《投资顾问法（1940）》（15 U.S.C. §§ 80b-1–21 (2000)）及其实施细则。参见17 C.F.R. § 275 (2005)(与《投资顾问法（1940）》有关的法规和规章).
在美国，证券经纪商（brokers）和证券交易商（dealers）通常被统称为证券经纪商/交易商，对其进行监管的法律依据是《证券交易法（1934年）》（15 U.S.C. § 78a–78lll (2000)）及有关法规和规章。参见17 C.F.R. § 240 (2005)(与《证券交易法（1934年）》有关的法规和规章).
证监会是美国的证券监管机构。参见Securities Exchange Act of 1934 § 4, 15 U.S.C. § 78d (2000).
监管协会是根据《证券交易法（1934年）》的有关规定成立的证券商自律组织，负责对面向公众开展业务的所有证券公司实施监管。参见Order Approving Proposed Rule Change to Amend the By-Laws of NASD to Implement Governance and Related Changes to Accommodate the Consolidation of the Member Firm Regulatory Functions of NASD and NYSE Regulation, Inc., Exchange Act Release No. 56, 145, 72 Fed. Reg. 42,169, at 42,170, July 26, 2007,
http://www.sec.gov/rules/sro/nasd/2007/34-56145.pdf (以下简称July 26, 2007 FINRA Release).
例如，参见Michael R. Bloomberg & Charles E. Schumer, Sustaining New York’s and the US’ Global Financial Services Leadership(以下简称Bloomberg & Schumer Report), 2007, at 82,
http://www.senate.gov/~schumer/SchumerWebsite/pressroom/special_reports/2007/NY_REPORT%20_FINAL.pdf.
Committee on Capital Markets Regulation, Interim Report of the Committee on Capital Markets Regulation (通称为Hubbard Report), 2006, at 63–65,
http://capmktsreg.org/pdfs/11.30Committee_Interim_ReportREV2.pdf.
Bloomberg & Schumer Report, at 104–06.
Henry M. Paulson, Remarks on the Competitiveness of U.S. Capital Markets at the Economic Club of New York, Nov. 20, 2006,
http://www.treasury.gov/press/releases/hp174.htm; Ben S. Bernanke, Regulation and Financial Innovation, Remarks to the Federal Reserve Bank of Atlanta’s 2007 Financial Markets Conference, May 15, 2007,
http://www.bis.org/review/r070516a.pdf.
Press Release, SIFMA, Principles-Based Regulation Supported by SIFMA, May 3, 2007,
http://www.sifma.org/news/44066183.shtml.
参见About the FSA,
http://www.fsa.gov.uk/Pages/About/Who/index.shtml (last visited Mar. 17, 2008) (强调金融服务局是一个独立的、非政府的金融监管机构，并介绍了该机构的功能).
FSA, Principles-Based Regulation: Focusing on the Outcomes that Matter, Apr. 2007, at 4, 8-16 (列举了各种形式的指引以及其他监管措施),
http://www.fsa.gov.uk/pubs/other/principles.pdf (以下简称FSA, Principles-Based Regulation).
John Tiner, Principles-Based Regulation and What It Means for Insurers, Address at the Insurance Sector Conference, Mar. 20, 2006,
http://www.fsa.gov.uk/pages/Library/Communication/Speeches/2006/0320_jt.shtml (以下简称Tiner, Principles-based Regulation).
Press Release, Eric R. Dinallo, Superintendent of Ins., State of N.Y., New York Insurance Department Issues First Principles-Based Regulation Proposing Principles for Both Regulated and Regulators, Nov. 5, 2007,
http://www.ins.state.ny.us/press/2007/p0711051.htm (以下简称Dinallo, N.Y. Insurance Department Press Release).
Law Society Critical of Principle-Based Approach, Mortgage Introducer, Apr. 22, 2006, http://
www.mortgageintroducer.com/mortgages/10180/135/News_in_depth/Law_Society (引用了伦敦金融城法律协会监管法委员会主席玛格力特·查伯兰致金融服务局首席执行官约翰·泰纳的信函).
Adam Samuel, A Matter of Principle, Legal Update (TLT Solicitors, Bristol, U.K.), Aug. 2006 (原文存于作者处).
参见Emily Perryman, FSA ‘Should Not Monitor Compliance Process’, IFAONLINE, Aug. 10, 2006,
http://www.ifaonline.co.uk/public/showPage.html?page=ifa2006_articleimport&tempPageName=340752.
Philip Ryley, A Matter of Principle, LEGAL UPDATE (TLT Solicitors, Bristol, U.K.), 2006.
Adam Samuel, A Matter of Principle, Legal Update (TLT Solicitors, Bristol, U.K.), Aug. 2006 (原文存于作者处)(暗指金融业将会面临一种没有合规要求或者合规要求无关紧要的监管环境).
Paul F. Williams, Commentary on “Principles Versus Rules-Based Accounting Standards and the Concept of Substance over Form,”C. Richard Baker and Rick Hayes, Remarks at the Universidad Carlos III de Madrid 7th Interdisciplinary Perspectives on Accounting Conference, July 13, 2003,
http://turan.uc3m.es/uc3m/dpto/EMP/noved/williams%20on%20baker%282%29.pdf.
Tiner, Principles-based Regulation.
Dinallo, N.Y. Insurance Department Press Release.
FSA, Principles-Based Regulation; Dinallo, N.Y. Insurance Department Press Release.
Peter J. Wallison, Fad or Reform: Can Principles-Based Regulation Work in the United States?, Financial Services Outlook (American Enter. Inst. for Pub. Pol’y Research, Washington, D.C.), June 2007, at 2, 4 and 6,
http://www.aei.org/docLib/20070611_21829JuneFSOg.pdf.
FSA, Principles-Based Regulation, at 6.
Roel C. Campos, Principles v. Rules, Speech to the Luxembourg Fund Industry Association and the American Chamber of Commerce (June 14, 2007),
http://www.sec.gov/news/speech/2007/spch061407rcc.htm (援引了证监会第10b-5号监管规章并指出，证监会大部分稽查案件都是以该规章为法律依据的).
美国采用多元化方法来推行制度监管模式的主要原因是：证监会和监管协会各司其职，分别对证券市场进行监管；即使在证监会内部，也是由不同的业务部门负责制定针对基金、投资顾问的监管规范以及针对证券商的监管规范。
本文作者所属的合规监督检查部（以下简称合规监管部）负责对各类证券机构的监管检查。通过这种综合性的监管工作，作者能够对涉及不同类型证券机构的监管实践是否存在一致性作出判断。
Compliance Programs of Investment Companies and Investment Advisers, Investment Advisers Act Release No. 2204, Investment Company Act Release No. 26,299, 68 Fed. Reg. 74,714, Dec. 24, 2003 (以下简称SEC, Compliance Programs).
17 C.F.R. § 270.38a-1 (2005) (以下简称Rule 38a-1); 17 C.F.R. § 275.206(4)-7 (2005) (以下简称Rule 206(4)-7).
自律组织拟定的规章草案和规章修正案必须经证监会批准后才能够公布施行。2007年，证券商协会与纽约证券交易所的会员监管、监察和仲裁部门合并，成立了监管协会。参见July 26, 2007 FINRA Release; 另参见FINRA, About the Financial Industry Regulatory Authority,
http://www.finra.org/AboutFINRA/CorporateInformation/index.htm (last visited Mar. 17, 2008) (介绍了监管协会的职能).
Self-Regulatory Organizations: Order Approving Proposed Rule Change and Amendments No. 1 and 2 by the National Association of Securities Dealers Relating to Internal Controls and Supervisory Control Amendments and Notice of Filing and Order Granting Accelerated Approval of Amendment No. 3, Exchange Act Release No. 49,883, 69 Fed. Reg. 35,092, June 23, 2004(以下简称Release Approving Rule 3012(a)(1)). Self-Regulatory Organizations, Order Approving Proposed Rule Change and Amendments Nos. 1 and 2 thereto by the National Association of Securities Dealers, Inc. Relating to Chief Executive Officer Certification and Designation of Chief Compliance Officer, Exchange Act Release No. 50,347, 69 Fed. Reg. 56, 107, Sept. 10, 2004 (以下简称Release Approving Rule 3013).
NASD Manual §§ 3012(a)(1), 3013 (2006) (以下简称FINRA Rule 3012(a)(1)或者FINRA Rule 3013). 本文将指出，关于证券商的合规监管制度由来已久，这两项规章使该制度进一步完善。
Prevention of Certain Unlawful Activities with Respect to Registered Investment Companies, Investment Company Act Release No. 11,421, 45 Fed. Reg. 73,915, at 73,915, Oct. 31, 1980 (以下简称Rule 17j-1 Adopting Release); 17 C.F.R. § 270.17j-1 (2005) (以下简称Rule 17j-1).
Investment Adviser Codes of Ethics, Investment Advisers Act Release No. 2256, Investment Company Act Release No. 26,492, 69 Fed. Reg. 41,696, July 9, 2004 (以下简称Investment Adviser Codes of Ethics); 17 C.F.R. § 275.204a-1 (2005) (以下简称Rule 204a-1).
Rule 38a-1; Rule 206(4)-7; FINRA Rule 3012(a); 另参见Annual Compliance and Supervision Certification IM-3013 (以下简称FINRA, IM-3013), NASD Manual (CCH) (2006).
Rule 38a-1(a)(4)(iv); FINRA Rule 3013(b); Rule 17j-1; Rule 204a-1(a).
按照证监会的规定，证监会委员及其他工作人员就涉及监管工作的事项发表意见时，应声明有关意见仅反映个人的学术观点，并不代表证监会及其委员和其他工作人员的看法。
Brief of the Securities and Exchange Commission, Respondent at 37–44, DH2, Inc. v. S.E.C., 422 F.3d 591 (7th Cir. Sept. 24, 2004) (Nos. 04-2242, 04-2487).
Mark Borrelli, Market Making in the Electronic Age, 32 LOY. U. CHI. L. J. 815, 845 n. 194 (2001).
例如，参见FINRA, NTM 05-29.
例如，参见F.X.C. Investors Corp. and Francis X. Curzio, Initial Decision Release No. 218, 2002 SEC LEXIS 3168 (Dec. 9, 2002),
http://www.sec.gov/litigation/aljdec/id218jtk.htm (该判决认定，监管人员，特别是证监会委员以个人名义发表的意见不具有法律约束力). 2003年，证监会对本案作出了最终裁决。 F.X.C Investors Corp. and Francis X. Curzio, Investment Advisers Act Release No. 2097, 79 SEC Docket 276, Jan. 9, 2003,
http://www. sec.gov/litigation/aljdec/id218jtkfo.htm.
Rule 38a-1(a)(4); Rule 206(4)-7(c); FINRA Rule 3013(a).
FINRA Rule 3013(a); NASD Manual § 1021-22 (2006).
Rule 38a-1(a)(4)(i)–(ii).
Rule 206(4)-7(c). （根据《投资顾问法（1940年）》的有关规定，“受监管人员”包括投资顾问的合伙人、董事以及拥有类似身份或者享有类似职权的人；投资顾问的员工；以投资顾问名义提供投资建议并受该投资顾问监督和控制的人。参见Investment Advisers Act of 1940, Section 202(a)(25).——译者注）
Investment Advisers Act of 1940 § 203(e)(6), 15 U.S.C. § 80b-3(e)(6) (2000).
SEC, Compliance Programs, at 74,720.
Marianne Czernin, CEO Now Stands for “Certifying Executive Officer,” Regulatory Register, Dec. 8, 2004.
FINRA, IM-3013.
Gene Gohlke, Speech to the Managed Funds Educational Seminar Series 2005: A Job Description for CCOs of Advisers to Private Investment Funds (May 5, 2005),
http://www.sec.gov/news/speech/spch050505gg.htm. 合规总监应当承担的其他责任或者职责包括：确保合规政策和程序详尽、灵活，具有普遍适用性，能够契合所属证券机构的业务实际并反映其利益冲突的情况；确保在执行合规政策和程序的过程中，能够遵守适当的管理和控制原则；确保合规人员具备专业能力并切实履行职责；确保执行质量控制测试程序，以识别出不符合政策或者标准的交易；建立合规工作日志，明确各项重要的监管和合规工作的截止期限；向高级管理层报告合规自查结果；积极为合规部门争取适当的资源；关注监管和合规问题的发展动态；接受后续培训。
Paul F. Roye, Speech to the ICI 2003 Securities Law Development Conference: A Turning Point for America’s Mutual Fund Industry, Dec. 4, 2003,
http://www.sec.gov/news/speech/spch120403pfr.htm.
Paul F. Roye, Speech to the Mutual Fund Directors’ Forum, Jan. 8, 2004,
http://www.sec.gov/news/speech/spch010804pfr.htm Rule 38a-1(a)(1); Rule 206(4)-7(a); FINRA Rule 3012(a)(1).
NASD Manual § 3010(b) (2006). 这一规定的历史可以追溯至几十年前。例如，参见In re Transmittal Sec. Corp., 44 S.E.C. 805 (1972) (支持原证券商协会依据规章手册第27(a)章第3条，即现行监管协会第3010号规章，对某个未建立和维持书面监管程序的证券商给予纪律处分).
FINRA Rule 3012(a)(1).
SEC, Compliance Programs, at 74,716.
SEC, Compliance Programs, at 74,716.
例如，参见Gene A. Gohlke, SEC Expectations for Regulatory Compliance, Remarks before the Fund of Funds Forum, Nov. 14, 2005,
http://www.sec.gov/news/speech/spch111405gag.htm.
SEC, Compliance Programs, at 74,716–20 (针对投资顾问，列举了资产管理程序、交易惯例、本机构的自营交易和受监管人员的个人交易、披露的准确性、保障资产安全、必要业务记录的准确性、营销、客户持仓的估值、保障隐私以及保障持续经营的计划等；针对基金，列举了资产组合证券和基金份额的定价、基金份额的运作、关联方的识别、非公开信息的保密、遵守关于基金治理结构的规定以及营销时限等).
FINRA, NTM 05-29, at 2.
FINRA, NTM 05-29, at 2-3.
Paul Atkins, Statement at Open Meeting (SEC webcast Dec. 3, 2003)(以下简称Atkins, Statement at Open Meeting),
http://www.connectlive.com/events/secopenmeetings/sec-1203 03-archive.ram.
Rule 38a-1(a)(3); Rule 206(4)-7(b); FINRA Rule 3012(a)(1) and 3013(b); FINRA IM-3013.
Rule 38a-1(a)(3); Rule 206(4)-7(b).
See Webster’s New World College Dictionary, 4th ed., 2001, at 16 and 454 (将“充分性”一词解释为，达到充分程度的能力或者状态).
SEC, Compliance Programs, at 74,725.
SEC, Compliance Programs, at 74,720 and 74,725.
Rule 38a-1(a)(4)(iii)(这些具体事项包括合规政策和程序的重大变化、根据年度自查结果提出的重大修正建议以及前次自查完成后发生的重大合规事项).
17 C.F.R. 275.204-2(a)(17)(ii) (2005).
参见National Regulatory Services & Investment Adviser Association, Evolution Revolution 2007: A Profile of the Investment Adviser Profession, 2007, at 7,
http://www.investmentadviser.org/public/evolution_revolution-2007.pdf.
参见FINRA Rule 3012(a)(1).
参见FINRA Rule 3013(b); FINRA, IM-3013.
参见FINRA, Amendments Regarding Deadlines for Submission of Initial Annual Report Under Rule 3012 and Execution of the Initial Annual Certification Under Rule 3013 and IM-3013, Notice to Members 05-75, 2005, at 2,
http://www.finra.org/web/groups/rules_regs/documents/notice_to_members/p015378.pdf.
Eileen Morris, Regulatory Analyst, NASD Member Regulation’s Examination Program Group, Remarks at the NASD Supervisory Control Amendments Workshop(以下简称Morris, Remarks at the NASD Supervisory Control Amendments Workshop), Dec. 16, 2004,
http://www.finra.org/web/groups/educ_progs/documents/education_phone_workshop/p012809.pdf.
FINRA, IM-3013 (首席执行官可以在该报告提交后作出确认决定，也可以在下次董事会定期会议召开前作出确认决定).
NASD Leaves Firms Discretion in Drafting Certification Report, Compliance Rep.(Euromoney Inst’l Investor), Oct. 31, 2005, at 12.
Release Approving Rule 3013.
Atkins, Statement at Open Meeting.
Release Approving Rule 3013.
SEC Approves New Chief Executive Officer Compliance Certification and Chief Compliance Officer Designation Requirements (以下简称FINRA, NTM 04-79), Notice to Members 04-79, Nov. 2004, at 974,
http://www.finra.org/web/groups/rules_regs/documents/notice_to_members/p011955.pdf.
SEC Approves NASD Rule on Designating CCOs, CEO Certification of Compliance Processes, ComplyNet (Nat’l Regulatory Services), Sept. 27, 2004, No. 4 at 1.
Atkins, Statement at Open Meeting.
Rule 38a-1(a)(4)(iv); Rule 38a-1(c); FINRA Rule 3013(b).
SEC, Compliance Programs, at 74,721.
FINRA, IM-3013.
FINRA, NTM 04-79, at 974.
Self-Regulatory Organizations: Notice of Filing of Amendment No. 2 to a Proposed Rule Change by the National Association of Securities Dealers, Inc. Relating to Chief Executive Officer Certification and Designation of Chief Compliance Officer, Release No. 34-50105, July 28, 2004,
http://www.sec.gov/rules/sro/nasd/34-50105.pdf.
Paul F. Roye, Statement at Open Commission Meeting, Dec. 3, 2003,
http://www.sec.gov/news/speech/spch120303pfr.htm.
Harvey Goldschmid, Comm’r, SEC, Statement at Open Meeting (SEC webcast Dec. 3, 2003),
http://www.connectlive.com/events/secopenmeetings/sec-120303-archive.ram.
Rule 17j-1(c); Rule 204A-1(a).
Rule 17j-1(a)(1)(ii) (该规定还适用于基金主承销商的有关主管人员); Rule 17j-1(b); Rule 17j-1(c).
根据证监会的有关规定，投资顾问中的信息知情人员包括以下两种受监管人员：有机会获取关于客户买卖证券的非公开信息，或者有关基金持仓情况的非公开信息；参与为客户提供证券投资建议，或者有机会获取此类非公开建议的人。此外，如果某机构的主营业务是提供投资建议，那么该机构的所有董事、主要负责人和合伙人都被视为信息知情人员。参见17 C. F. R.§275. 204A-1 (2008). ——译者注。
Rule 204a-1(a).
Rule 17j-1 Adopting Release, at 73,916.
Investment Adviser Codes of Ethics, at 41,697.
Investment Adviser Codes of Ethics, at 41,697–98, n. 6 and n.17 (特别提到了对收受礼品的限制和对担任公众公司董事的限制).
William Donaldson, Chairman, SEC, Remarks Before the Caux Roundtable, Nov. 30, 2004,
http://www.sec.gov/news/speech/spch113004whd.htm.
Giovanni Prezioso, Paul F. Roye, Robert Plaze, Open Meeting of the Securities and Exchange Commission (SEC webcast May 26, 2004),
http://www.connectlive.com/events/secopenmeetings/sec-052604-archive.ram.
参见Bethany Mclean & Peter Elkind, The Smartest Guys in The Room: The Amazing Rise and Scandalous Fall of Enron, 2006, at 406–14.
David Hess Et Al., The 2004 Amendments to the Federal Sentencing Guidelines and their Implicit Call for a Symbiotic Integration of Business Ethics, Fordham J. Corp. & Fin. L., Vol. 11, 2006, at 734–38.
关于证监会稽查工作的概况，参见EC, About the Division of Enforcement,
http://www.sec.gov/divisions/enforce/about.htm (last modified Aug. 1, 2007). 关于监管协会纪律处罚工作概况，参见FINRA, FINRA Enforcement & Market Regulation,
http://www.finra.org/RegulatoryEnforcement/FINRAEnforcementMarketRegulation/index.htm (last visited Mar. 17, 2008).
Consulting Services Group, LLC, Securities Act Release No. 56,612, Investment Advisers Act Release No. 2669 (Oct. 4, 2007)(以下简称 Consulting Services Group),
http://www.sec.gov/litigation/admin/2007/34-56612.pdf(法律依据是证监会第206(4)-7号监管规章).
FINRA, Disciplinary and Other FINRA Actions 17 (Nov. 2007),
http://www.finra.org/web/groups/rules_regs/documents/notice_to_members/p037484.pdf (概要地介绍了Ellen Rose Lozinski，FINRA Case No. 2006003892001。在该案中，监管协会作出处罚的法律依据是监管协会第 3012号自律规章).
CapitalWorks Investment Partners, LLC, Investment Advisers Act Release No. 2520, June 6, 2006,
http://www.sec.gov/litigation/admin/2006/ia-2520.pdf.
Consulting Services Group.
例如，参见17 C.F.R. § 275.204A-1 (2004) (要求定期提交持有和交易证券情况的报告).
Brod, Investment Advisers Act Release No. 2673, Investment Company Act Release No. 28022, Oct. 24, 2007,
http://www.sec.gov/litigation/admin/2007/ia-2673.pdf (法律依据是证监会第17j-1号监管规章).
Portfolio Manager Kicked out of Industry for Failing to Report Personal Trades, IM Insight News(ACA Compliance Group, Washington, D.C), Oct. 29, 2007.
Consulting Services Group.
另一个涉及投资顾问合规监管制度的案件尚未审结。Melhado, Flynn & Assoc., Administrative Proceeding No. 3-12574, Feb. 26, 2007,
http://www.sec.gov/litigation/admin/2007/34-55356-o.pdf.
参见SEC, Select SEC and Market Data(2007, 2006, 2005 & 2004),
http://www.sec.gov/about.shtml. （根据证监会网站公布的数据，证监会于2008年共作出671项监管处罚决定。——译者注）
从2004年至2006年，监管协会先后共作出3,999项纪律处罚决定。截至本文完稿之日，关于2007年监管协会纪律处罚的完整数据尚未公布。FINRA, FINRA Statistics: Five Year Statistical Review,
http://www.finra.org/PressRoom/Statistics (last visited Mar. 17, 2008).（根据监管协会网站公布的数据，监管协会于2007年共作出1,177项纪律处罚决定，于2008年共作出1,073项纪律处罚决定。——译者注）
在计算监管处罚案件总数时，值得注意的问题是，在许多规模较小的证券机构中，合规总监会兼任其他管理职务。如果监管处罚针对的是以兼任职务身份作出的违法行为，那么该监管处罚与其合规总监的身份就没有关系。在本文中，对合规总监督的监管处罚都是对以合规总监身份作出的违法行为的监管处罚。
Susana P. Longo, Investment Advisers Act Release No. 2445, Oct. 26, 2005,
http://www.sec.gov/litigation/admin/ia-2445.pdf(复述了证监会查明的事实，并指出已作出关于终身禁入措施的终局决定); 另参见Litigation Release, SEC, Securities and Exchange Commission Sues Former Vice President of Atlanta, Georgia Investment Adviser for Misappropriating Over $5.4 million of Client Funds, Litigation Release No. 19,041 (Jan. 21, 2005),
http://www. sec.gov/litigation/litreleases/lr19041.htm; Applied Financial Group, Inc., Investment Advisers Act Release No. 2436 (Sept. 30, 2005),
http://www.sec.gov/litigation/admin/ia-2436.pdf (全面分析了某合规人员实施的违法行为，证监会以该合规人员所属投资顾问机构未履行监督职责为由对其作出处罚).
Litigation Release, SEC, SEC Charges 14 Defendants in Wall Street Insider Trading Ring, Including Personnel at UBS Securities LLC, Morgan Stanley & Co., Inc., and Bear Stearns, Inc., Litigation Release No. 20,022 (Mar. 1, 2007),
http://www.sec.gov/litigation/litreleases/2007/lr20022.htm(针对Randi E. Collotta的监管处罚); 另参见 Husband and Wife Caught in Morgan Stanley Trading Scam, BDINSIDER.COM, May 11, 2007 (报道了Collotta
女士因实施证券欺诈和恶意串通行为而受到刑事指控),
http://www.investmentwires.com/common/artprint2007.asp?storyID=14372&wireid=6.
Strong Capital Management, Inc., Release No. 34-49741, Investment Advisers Act Release No. 2239, Investment Company Act Release No. 26,448, May 20, 2004,
http://www.sec.gov/litigation/admin/34-49741.htm (针对Thomas A. Hooker作出的处罚决定).
需指出的是，本文分析了涉及合规监管规章的部分案例，但本文并不希望限制证监会在是否启动稽查程序方面的裁量权，也不对此做任何预测。
参见SEC, Office of Compliance Inspections and Examinations (July 23, 2007),
http://www.sec.gov/about/offices/ocie.shtml (介绍了证监会的检查程序); FINRA, What to Expect: Preparing for a FINRA Routine Examination (2008)(以下简称SEC, Office of Compliance Inspections and Examinations),
http://www.finra.org/EducationPrograms/OnlineLearning/WebcastsforComplianceStaff/p016910 (last visited Apr. 4, 2008) (介绍了监管协会的检查程序).
参见John H. Walsh, Regulatory Supervision by the Securities and Exchange Commission: Examinations in a Disclosure-Enforcement Agency, Admin. L. Rev. 1229, Vol. 51, 1999 (分析了检查和稽查的区别).
Lori Richards, Dir., Office of Compliance Inspections and Examinations, SEC, Speech at the Investment Company Institute/Independent Directors Council Mutual Fund Compliance Programs Conference: The New Compliance Rule: An Opportunity for Change, June 28, 2004, http://
www.sec.gov/news/speech/spch063004lar.htm; 另参见Morris, Remarks at the NASD Supervisory Control Amendments Workshop, at 5.
Letter from Robert C. Errico, Executive Vice President, NASD, Member Regulation, to NASD Members, May 17, 2006,
http://www.finra.org/web/groups/corp_comm/documents/home_page/p016638.pdf (强调了检查重点).
FINRA, Improving Examination Results, May 2006,
http://www.finra.org/RulesRegulation/ComplianceTools/ImprovingExamResults/p016582 (提到了监管协会第3012号规章).
Lori A. Richards, Remarks at the 2006 Securities Law Developments Conference(以下简称Richards, 2006 Securities Law Developments Conference), Dec. 5, 2006,
http://www.sec.gov./news/speech/2006/spch120506lar.htm.
The Need to Improve Advisers’ Annual Compliance Reviews(以下简称COMPLINET, The Need to Improve Advisers’ Annual Compliance Reviews), COMPLINET, Dec. 12, 2007,
http://www.complinet.com/global/news/news/article.html?ref=99880&bulletin=analysis(引述了证监会合规监管部副主任格纳·高克的讲话。格纳·高克透露了2007年度检查发现的问题，与2006年度检查的结果基本一致).
How Gene Gohlke Would Test Your Compliance Program, IM INSIGHT NEWS (ACA Compliance Group, Washington, D.C.), Mar. 7, 2005.
Richards, 2006 Securities Law Developments Conference(介绍了2006年度的检查结果).
Richards, 2006 Securities Law Developments Conference(在2006年度为期三个月的检查中，向40%的受检查监管对象发出了监管提示函); COMPLINET, The Need to Improve Advisers’ Annual Compliance Reviews(在2007年度为期三个月的检查中，向49%的受检查监管对象发出了监管提示函).
Richards, 2006 Securities Law Developments Conference.
参见Shaykh Yusuf Talal DeLorenzo, Islamic Business and Commercial Law: Shari’ah Compliance Risk, Chi. J. Int’l L., Vol. 7, 2007(在伊斯兰金融业务中，是否遵守伊斯兰教教法是操作风险和监管风险的表现形式之一).
例如，参见FATF Secretariat, OECD, Financial Action Task Force on Money Laundering: The Forty Recommendations, Recommendation 15, at 6 & Interpretative Note to Recommendation 15, at 25, Oct. 22, 2004,
http://www.fatf-gafi.org/dataoecd/7/40/34849567.pdf.
Richards, 2006 Securities Law Developments Conference.
参见NSCP, Code of Ethics: Standards of Professional Conduct and Guidance for Compliance Professionals, available at
http://www.nscp.org/media/ nscp-coe.pdf (last visited Apr. 4, 2008).
据笔者所知，监管协会、美国投资顾问协会（Investment Adviser Association, IAA）会同美国监管服务公司（National Regulatory Services, NRS）、美国合规专业人员协会分别推出了三种合规专业人员认证制度。参见FINRA Institute at Wharton Certificate Program,
http://www.finra.org/EducationPrograms/FINRAInstitute (last visited Mar. 17, 2008)(通过该认证后，可以获得注册监管和合规师资格); NRS Center for Compliance Professionals Investment Adviser Compliance Certificate Program,
http://www.nrs-inc.com/ccp/certificate.asp (last visited Mar. 17, 2008)(通过该认证后，可以获得注册投资顾问合规师资格); IAA Investment Adviser Compliance Certificate Program,
http://www.investmentadviser.org/public/iaaccp_brochure.pdf (last visited Mar. 17, 2008)(会同美国监管服务公司推出投资顾问合规认证制度); NSCP Certification,
http://www.cscp.org (last visited Mar. 17, 2008)(通过该认证后，可以获得注册证券合规师资格). 需要强调的是，虽然本文提及上述认证制度，但这并不意味笔者推荐或者支持这些制度；笔者还分别担任了上述认证制度的义务顾问。
本文不对这些会议做具体列举，因为完整的列举难以做到，部分列举又有推荐或者支持之嫌。读者通过互联网可以方便地搜索到各种合规会议的名称和议程。
Litigation Release, SEC, SEC Sues Millennium Financial, Ltd. for Running an International Boiler Room Operation, Litigation Release No. 17,528, May 22, 2002,
http://www.sec.gov/litigation/litreleases/lr17528.htm.
Litigation Release, SEC, SEC Brings Emergency Action Against Unregistered Investment Adviser and Affiliated Entities and Principals, Litigation Release No. 19,161, Mar. 30, 2005,
http://www.sec.gov/litigation/litreleases/lr19161.htm.
Press Release, SEC, SEC Halts Fraudulent Global Pyramid Scheme Preying on Hispanic Community, Press Release No. 2007-258, Dec. 11, 2007,
http://www.sec.gov/news/press/2007/2007-258.htm.
Litigation Release, SEC, SEC v. David M. Wolfson et al., Litigation Release No. 18,585, Feb. 23, 2004,
http://www.sec.gov/litigation/litreleases/lr18585.htm>.
