金融科技平台的架构、定性与规制

The Framework, Characterization and Regulation of Fintech Platforms

金融科技平台始终面临着一道定性难题:销售抑或广告。如果跳出传统属性界定的概念藩篱,回归“防控风险”的金融法核心要义,则不难发现“风险导入和风险控制”构成平台定性的两大实质要件。由此观之,金融科技平台因主导智能推介、账户关联、版式设计、佣金分成以及品牌混同等多项业务,而呈现风险导入性更强、控制力更高的销售化趋向。因此,针对金融科技平台的行为规制,除了在主体层面应将适当性义务提升至平台一级,而非转嫁至控股持牌机构,还需要在内容上留意金融科技对适当性义务的挑战和革新。当然,金融科技平台四层嵌套和单一控股的组织架构,始终构成上述平台定性与行为规制的约束性条件,应予重视。

Fintech platforms are always faced with a qualitative problem:sales or advertising.If one jumps out of the conceptual barriers of traditional attribute definitions and return to the core essence of financial law of“risk prevention and control”,it is not difficult to find that“risk introduction and risk control”constitute the two essential elements of the platforms’characterization.From this point of view,fintech platforms present a marketization tendency to be more risk-introduced and more controllable because they dominate many businesses such as smart promotion,account association,layout design,commission sharing,and brand mixing.Therefore,in order to regulate the behavior of fintech platforms,in addition to raising the suitability obligation to the platform level at the subject level,rather than transferring it to the holding licensed institution,it is also necessary to pay attention to the challenges and innovations of fintech on the suitability obligation in terms of content.Of course,the four-layered nesting and single-holding organizational structure of financial technology platforms have always constituted the binding conditions for the above-mentioned platform characterization and behavior regulation,which should be seriously taken into consideration.