摘要
金融科技正在推动金融变革,并给金融监管带来挑战。为此,各国监管者基于本国的实践和自身能力不断探索适合自己的监管方案,从而在促进创新的同时降低风险。按照监管严厉程度,各国金融科技的监管模式可划分为五种类型:"自由放任"型、"个案分析"型、"试验主义"型(包括监管沙箱)、"量体裁衣"型和"削足适履"型。这五种类型的监管均利、弊共存,即使备受推崇的监管沙箱也不例外。监管沙箱目前的实践范围和规模均有限,有些制度设计只是披着监管沙箱的"外衣",其实质与传统监管路径并无二致,且"试点"等其他"试验主义"监管作为监管沙箱的替代路径也值得探讨。在此基础上,本文认为借助监管科技,构建与金融科技发展阶段和风险程度相匹配的递进性监管包容制度,是有效平衡金融科技创新与风险的有效监管路径。
Financial Technology （FinTech） is transforming the financial system and posing challenges to financial regulations. Aiming to promote financial innovations while reduce the risks, international regulators continuously explore suitable regulatory models based on practices and abilities. The regulatory models can be summarized into five types according to the severity of supervision, namely ＂Laissez-faire＂ regulation; Case- based regulation; Experimental regulation including Regulatory Sandboxes （RS）; ＂Tailor-made＂ regulation; and ＂Cautious Fit＂ regulation. The well-respected RS has its pros and cons, such as the scope and scale of practice are limited. Some claims the SR are just regular regulations in disguise. This paper proposes to build a progressive regulatory system, which matches the development stage of the risk level of FinTech with the help of regulatory technology （RegTech）.
出处
《金融监管研究》
2017年第11期21-37,共17页
Financial Regulation Research
