The Construction Of The Legal System Of Sandbox Regulation

In the current society,the deep interaction and integration of Finance and science and technology has shown tremendous development potential and become an important development trend in the field of financial markets.The integration of Finance and science and technology not only promotes the reform of the financial industry,but also inevitably brings more new challenges to the financial supervision system of various countries.Regulators in various countries have been exploring new and more flexible and effective financial supervision models.As a developed country of financial science and technology,Britain is facing the challenge brought by the development of financial science and technology to the regulatory system.In 2015,the Financial Conduct Regulatory Authority of the United Kingdom issued a report entitled "Sandbox of Regulation",and announced the specific implementation methods and programs of Sandbox of Regulation.The regulatory sandbox system can undoubtedly be regarded as a bold innovation to balance financial innovation and financial risks.The United States,Australia,Malaysia,Singapore and other countries,as well as Hong Kong and Taiwan,have followed the British approach and made innovative attempts in the financial supervision model.In this context,China should learn from the experience of other countries and regions,and build a regulatory system of financial science and technology innovation in line with China's national conditions,in order to achieve the goal of balancing the relationship between financial stability and financial innovation,and promoting the further development of financial science and technology in China.The concept of financial regulatory sandbox originated from sandbox,which is a temporary demonstration and testing tool.Therefore,regulatory sandbox means putting financial science and technology and financial innovation in a relatively safe testing environment,that is,providing a stable and predictable regulatory environment for emerging financial science and technology companies and innovative financial products and projects,balancing the integration and development of financial supervision security and stability and financial science and technology,thus forming a systematic and long-term regulatory mechanism.By comparing the regulatory sandbox legal system with some existing regulatory models,we can judge the pre-admissibility,differentiation and temporary characteristics ofregulatory sandbox.And the legal system of regulatory sandbox is not perfect.While it can promote the development of financial enterprises and financial industry,as well as the protection of financial consumers,its test results are limited in authenticity,the enterprises participating in the test are limited,and the defects that must depend on the actual regulatory rules must also be recognized and valued by us.In March 2015,the British government took the lead in putting forward the concept of sandbox system in financial supervision in the world.Subsequently,Australia,Singapore,Hong Kong,Taiwan and other countries or regions have followed the British experience in practice,and gradually participated in the attempt to regulate the sandbox legal system,making continuous exploration.Singapore encourages the adoption of innovative and safe financial technologies,Australia proposes that "regulatory sandbox" can be license-free and approval-free under certain conditions,providing a relaxed environment for approval and testing,while Malaysia makes commercial deployment a "regulatory sandbox" access condition.For our country,financial science and technology can be called "foreign products",but it is undeniable that financial science and technology in payment,network lending,insurance,securities market transactions and many other aspects,in a way that the public can not perceive,profoundly affect and change people's living habits and consumption patterns,providing a strong impetus for the transformation and development of China's financial industry.In this context,the introduction and construction of regulatory sandbox legal system in China is of great significance for the protection of financial enterprises,social economy and consumers.In the construction of regulatory sandbox legal system,we should first formulate relevant laws and regulations to provide basis and criteria for regulatory sandbox legal system.At present,the supervision of financial science and technology in our country still needs to be improved.In the construction of the legal system of supervision sandbox,we must strengthen the protection of consumers.We should fully consider the current situation of the development of financial science and technology in our country,and strive to combine the innovation of supervision with the reality of our country,so as to build a legal system of supervision sandbox in line with our national conditions.