我国监管科技的风险衍生与路径转换:从金融科技“三元悖论”切入

Derivative Risks and Path Transformation of China’s RegTech:Starting from the“Trilemma”of FinTech

随着金融科技(FinTech)不断深化发展,它带来了金融风险与金融监管的变化,并助推了监管科技(RegTech)的发展演进:从技术层监管应用到监管数据自动化,进一步发展至以数据为中心的算法监管。然而,传统金融语境下的"三元悖论"理论难以适应金融科技发展,需要对金融科技背景下的"三元悖论"理论加以重新构建,即在金融创新发展、金融风险防范和金融消费者权益保护之间,监管机构在任何给定时间上最多可以实现两个目标。通过具体剖析我国监管科技的发展现状与框架体系,发展监管科技可能衍生算法黑箱与垄断风险、系统性金融风险、消费者隐私与数据安全风险等。对此,通过采用法律金融学研究方法,对比分析域外海洋法系(英国)与大陆法系(日本)的监管科技发展经验,发现域外采取"双峰监管"与适度的创新监管以应对"三元悖论",从而给出我国监管科技发展路径的转换建议。

The constant development of financial technology(FinTech)has not only brought about changes in financial risks and financial regulation,but also promoted the evolution of regulatory technology(RegTech):from technical regulatory application to regulatory data automation,and further to data-centric algorithm supervision.The“trilemma”theory in the traditional financial context holds that regulators can at best achieve two goals at any given time between financial innovation and development,financial risk prevention and the protection of financial consumers’rights and interests.However,given the new context of FinTech development,the“trilemma”theory is hardly applicable,thus calling for reconstruction.A detailed analysis of the status quo of China’s RegTech development and its framework system reveals that RegTech gives rise to many risks such as algorithm black box and monopoly,systemic financial risk,consumer privacy invasion and data security risk.In this regard,with the research method of law and finance,the development experience of RegTech in extraterritorial marine law system(United Kingdom)and continental law system(Japan)is compared and analyzed.It is found that“twin peaks regulation”and appropriate innovative regulation are adopted respectively by UK and Japan in coping with the“trilemma”.Based on the findings,some suggestions are given for the transformation of the development path of China’s RegTech.