“监管沙盒”制度设计和实施特点:经验及启示

The System Design and Implementation Features of “Regulatory Sandbox”:Experience and Implication

近年来,金融科技在我国蓬勃发展,如何在有效防控风险的前提下鼓励金融科技创新是当前面临的一个重要课题。本文对各国家和地区"监管沙盒"制度设计进行提炼总结,实施情况和特点进行实证研究,结合当前我国金融创新发展趋势和金融监管体系特点,提出建立我国"监管沙盒"制度的启示。"监管沙盒"是现行法律框架下的相机决策制度安排,具有甄别、宣示和窗口作用。金融科技创新未改变金融本质,测试项目不得逾越监管底线。制度设计应与本国监管体系相匹配,对现行法律规制形成有益补充。制度设计融入原则导向监管理念,实施过程中严格甄别、筛选;制度设计应突出金融消费者权益保护,实施过程更须密切关注信息安全。在此基础上,本文提出了运用"监管沙盒"发展我国金融科技的相关政策建议。

In recent years, Fintech （financial technology） is booming in China. One of the important topics is how to encourage the development of Fintech with risks well contained. This paper summarizes the system design and implementation features of ＂regulatory sandbox＂ in a number of countries and regions, combining China＇s current Fintech development and supervision, giving enlightenment on establishing the ＂regulatory sandbox＂ in China. ＂Regulatory sandbox＂ is a discretion- directed arrangement under the current legal framework, which has the function of screening, announcements and observa- tion. Fintech innovation doesn＇t change the essence of finance, and the testing project shouldn＇t overstep the bottom line of supervision. The design of the system should be consistent with the supervision system, and become a beneficial part of the regulation. The design of the system should include the idea of principle directed regulation, as well as strict screening in the process of implementation. The design of the system should highlight the protection of financial consumers＂ rights and inter- ests, while paying close attention to the information security in the process of implementation. On this basis, it also gives some advice on how to develop China＇s Fintech by using ＂regulatory sandbox＂ .