| The third-party payment was widely used, which brought huge economic benefits; meanwhile, it also led to the capital precipitation on a large scale. In order to strictly regulate the third-party payment institutions and to prevent the risk faced by precipitation funds, the central bank introduced "Measures for the Custody of Clients’Reserves of Payment Institutions" in June 2013. However, there were no rules to regulate the ownership of the reserves interest, which resulted an intense discussion in the fields of legal science. This article started with mechanism formation of precipitation funds, and analyzed its present situation and put forward the shortcomings in laws according to the present regulations in China. This article could be divided into four parts.Firstly, it introduced the definition of the third party payment and the precipitation funds caused by the third-party payment, and discussed the theory of mechanism formation of precipitation funds. The third-party payment is an independent and electronic way to provide the credit guarantee in a way of connecting the bank and the users. Precipitation funds are the money that the users entrust the institution to pay, and are the money that the institution have received but not yet paid. They mainly come from two aspects:the cash in transit and the sequestration money from the payment tools.Secondly, it showed some drawbacks of the supervision regulations of precipitation funds and its interest, including the low regulation of the legal status, uncovered areas, unitary of supervisions, and the obscure positioning in ownership.Thirdly, after analyzing the situation in China, separately, the article studied the laws, relevant policies and supervision mechanisms of the third-party payment in the United States and the European Union, closely focusing on the third-party payment issues, especially in precipitation funds and its interest. In the Unites States, the third-party payment was mainly adjusted by the current law, and was defined as non-financial institution, and the precipitation funds were supervised by a system of deposit insurance. In the European Union, the third-party payment was regulated by some special legislation, and was defined as financial institution, and the precipitation funds were supervised by a system of risk margin.In the end, in reference to the foreign legislation and practice experience, this article proposed the following advices to legally supervise China’s precipitation funds and its interest:Firstly, clarify the legal relationship between third-party payment subjects, affirm the nature of the precipitation funds, and have a comprehensive understanding and accurate positioning of third-party payment. Secondly, it put forward an idea that parts of the interest use right could be transferred to a third party agency on the premise that the ownership of precipitation funds and its interest belonged to the users. As a result, it cannot only save the cost of the interest distribution, but also help to use the interest to make up the cost for the free collection &payment; at the same time, it can make a difference in safeguarding the rights and interests of users, enabling the users to better enjoy the benefits of precipitation funds interest. In the end, Establish and implement the proprietary account management system, deposit insurance system and the security deposit system, build legal supervision system with the central bank as a core and other professional institutions as an assist, establish and improve self-discipline mechanism in the fields of the third-party payment industry, and timely develop some suitable measures for the financing precipitation funds according to the theory that practice was guided by theory, measure was determined by nature. Through putting forward a series of the above measures, the third-party payment industry could play its biggest advantage. |
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