| China is gradually becoming the leader of international financial science and technology innovation,and also an important innovation center of global financial science and technology.The vigorous development of financial science and technology has greatly enhanced the application space of financial scenarios and financial service capabilities,filled the gap in the field of financial infrastructure in China,but its development has also brought difficulties to financial supervision.On the one hand,financial science and technology has not broken through the essence of finance,and traditional regulatory risks still exist;on the other hand,financial science and technology has triggered new forms of risk.The larger and more technology companies and other informal financial institutions enter the field of financial science and technology,which aggravates the financial disintermediation effect.With the expansion of financial unicorn's customer size and global development,the spread of systemic financial risks has been accelerated.Broadcasting,some financial unicorns have become in fact "big but not failing" institutions.The technicality of financial science and technology also brings about the risks of financial information leakage,money laundering and financial fraud.How to balance innovation and wind control has become the primary problem of China's financial supervision system.At present,the legal system of financial science and technology supervision in China is difficult to adapt to the contradiction of financial science and technology development in terms of time dimension,space dimension and supervision ability.In 2015,the UK Financial Behavior Regulatory Authority introduced a sandbox regulatory legal system to create regulatory space compatible with financial innovation and risk prevention.As the latest international experience on financial science and technology supervision,it also provides a possible reference for China's financial science and technology supervision innovation.Whether China can introduce sandbox supervision legal system and how to construct sandbox supervision legal system in line with the characteristics of China's national conditions to solve the current regulatory dilemma of financial science and technology are the main issues discussed in this paper.Focusing on this problem,the legal system of financial science and technology sandbox supervision in China will be constructed through interdisciplinary research methods,comparative research methods and scientific induction,along with the idea of "putting forward questions-establishing hypotheses-Verifying hypotheses-drawing lessons from experience-solving problems",and will be analyzed in the following aspects:Firstly,starting from the development of financial science and technology and its challenge to traditional financial supervision,and combining with the evolution of financial science and technology supervision in China,this paper summarizes and expounds the existing problems of traditional financial supervision in China,that is,traditional supervision can not adapt to the expansion of financial science and technology in time,space and technology.Based on the enlightenment gained from the development of international and domestic financial science and technology supervision,this paper puts forward the possibility of sandbox supervision legal system as an effective financial science and technology supervision.Secondly,it makes a comprehensive legal analysis of the sandbox supervision system of financial science and technology.The sandbox supervision system is a kind of experimental financial supervision.It takes the real financial market environment,the financial innovation of the subjects and the exemption mechanism of laws and regulations as its bottom design.After defining the sandbox supervision system by law,it carries out legal theory from three aspects: basic characteristics,legal relationship and legal value.Then it analyses the necessity of establishing the legal system of sandbox supervision,and expounds that sandbox supervision system has sufficient development soil and space in China from three aspects of local resources: technical basis,software basis and practical basis of financial science and technology supervision.Based on the evaluation of rationality analysis,necessity analysis and feasibility analysis,the conclusion is drawn that China should construct the legal system of sandbox supervision.Thirdly,by examining the construction ideas of sandbox supervision system in Britain,Singapore and Australia,and analyzing its characteristics in sandbox test applicants,application procedures and elimination measures,we can draw the inspiration of sandbox supervision system construction in China: we should clarify the regulatory framework of sandbox supervision in financial science and technology,establish the regulatory objectives of "innovation + wind control + elimination protection",and construct regulators and eliminators.The benign interaction between the regulated and promote the establishment of more complete financial consumer protection measures.Finally,based on the reality of China's financial science and technology supervision,combined with the development trend of China's financial system reform,this paper explores the construction ideas of China's sandbox supervision system: first,from the perspective of sandbox regulators,we should establish a dualistic supervision system with "one committee,one line,two sessions" and provincial financial supervision institutions as the main body;second,from the perspective of sandbox regulators,we should set up financial science and technology companies.Incorporate into the regulatory structure;third,improve the benign interaction between regulatory bodies;fourth,the corresponding consumer protection measures should be established during sandbox supervision;fifth,the landing mechanism of sandbox supervision should be improved to achieve the transformation of sandbox supervision results. |
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