The Consideration And Reconstruction To The Pathways Of Fintech Regulation In China

Financial Technology naturally has information transparency risks,liquidity risks and systemic risks.The centralized financial supervision system based on the original "One Bank and Three Committees" and the traditional financial supervision strategies with capital adequacy ratio and deposit reserve ratio are unable to adapt to the risk characteristics and regulatory needs of Financial Technology.Despite the reorganization of the central supervisory body into a "One Bank and Three Committees" and the "One Bank and Two Committees",and the establishment of the State Council Financial Stability and Development Committee,initially has a"light" centralization system of "umbrella" and "two peaks",but still There is a dilemma in the centralization of financial supervision,the unclear ownership of the central government,and the low level of the regulatory system.Investigating the practice of extraterritorial financial supervision,most of the British and American countries have implemented a "Unified supervision and decentralized Multipolarization",regulatory system,and have conducted effective explorations in market access,financial consumer protection,and regulatory innovation in the matter;emphasize the importance of legislation and the supporting role of industry associations.In combination with China's practice,in the regulatory system,a national unified regulatory body should be established,and the "One Bank and Two Committees" should be changed to its subordinate institutions,which will promote the separation of supervision into functional supervision,and clearly define the responsibilities between the various regulatory agencies;meanwhile,it should give full play to the enthusiasm of local supervision,promote the rule of law of local financial regulatory power through legislation or administrative regulations,and set up local financial regulatory agencies in strict accordance with the law.Implement information sharing and promote supervision and coordination;in terms of system allocation,it is necessary to adopt legislation or administrative regulations to adopt restrictions on market access,financial license system,prohibition of absorption of funds,and release of centralized funds;in the process of supervision,we must adopt "Look-Through"supervision,clarify the flow chains of funds and the actual controllers behind them.In order to strengthen the effect of financial supervision,we should adopt the method of "regulatory technology";in the aspect of post-reliance,explore the establishment of the Financial risk funds and investment insurance systems to promote consumer rights protection.