“监管沙盒”中国化高质量发展的路径研究——基于英国“监管沙盒”的经验启示

Research on the Path of High-quality Development of"Regulatory Sandbox"Sinicization——Based on the Experience of"Regulatory Sandbox"in the UK

金融与科技的融合发展在深刻改变金融业态、重塑金融商业模式的同时,亦带来技术风险、数据风险、垄断风险等新型风险,而传统监管受此影响出现监管法律滞后、监管真空等困境。英国的“监管沙盒”作为一种主动适应型监管机制,凸显主动性、灵活性的监管理念,依靠主动提供“缩小版”真实应用场景和“宽松版”监管环境的“安全空间”,支持金融科技企业创新产品、服务、业务模式,能有效协调“金融创新”与“金融监管”的关系,进而实现“促进金融创新”与“金融风险防范”之间的平衡。“监管沙盒”中国化的战略构想体现监管思路、推行模式、具体规则、理念调适方面的变革,我国应从近期、中期、远期三个方面强化“监管沙盒”中国化的有效治理。

The integrated development of finance and science and technology not only profoundly changes the financial industry and reshapes the financial business model,but also brings new risks such as technical risk,data risk,monopoly risk,etc.,while the traditional supervision is af fected by that development,resulting in difficulties such as regulatory law lag,regulatory vacu um and so on.Britain's"regulatory sandbox",as a kind of activelyadaptive regulation mecha nism,highlights the regulatory concept of initiation and flexibility,relies on the active offer of"miniature"real application scenario and"loose""safe space"of the regulatory environment,and supports the products,service and business innovation of financial and science and technolo gy enterprises,which can effectively coordinate the relationship between"financial innovation"and"financial regulation",and further achieve the balance between"promotion of financial inno vation"and"prevention of financial risk".The strategic conception of sinicization of"regulatory sandbox"reflects the reform in regulatory thinking,implementation mode,specific rules and con cept adjustment.China should strengthen the effective governance of"regulatory sandbox"sini cization in the near,medium and long term.