系统重要性金融科技公司的法律规制

Legal Regulation of the Systemic Important Fintech Companies

随着金融科技的加速应用,金融科技的系统性风险已成为监管重点。金融科技巨头以关键技术服务商、金融基础设施和互联网金融控股集团等样态深度参与金融活动,在规模性、复杂性、可替代性和关联性等方面开始具备系统重要性特征,成为金融科技时代的“大而不能倒”。有必要参考系统重要性金融机构的监管经验,并结合金融科技公司系统性风险的生成机理,对系统重要性金融科技公司予以特殊规制。在有效识别系统重要性金融科技公司的基础上,整合金融监管、数据治理、网络安全和市场竞争等四大规制场域,建立以协调性为目标的监管体制、以可靠性为目标的审慎监管体系、以可承受性为目标的风险处置机制,构建系统重要性金融科技公司的监管框架和规制方案,有效防范其运行失灵给金融稳定带来的冲击。

With the accelerated application of fintech,financial technology companies and their systemic risks have become a main focus of financial supervision.Fintech giants are deeply involved in financial activities in the form of key technology service providers,financial infrastructure,and internet financial holding companies,and have begun to have systemically important characteristics in terms of scale,complexity,substitutability,and relevance,and have become“too big to fail”in the fintech era.It is necessary to give fintech companies special regulation with referring to the supervisory experience of systemically important financial institutions and regarding to the systemic risk mechanism.On the basis of identifying the systemic important fintech companies,we should integrate financial supervision,data governance,network security and market competition,and establish regulatory system with the goal of coordination,prudential regulatory system with the goal of security,risk disposal mechanism with the goal of affordability,come up with the regulatory framework and plan for systemically important fintech companies to effectively prevent systemic risks caused by their operational failures to the financial stability.