Research On The Legal Regulation Of Internet Financial Advertisment

In recent years,in practice,a large number of financial advertising forms have been produced through digital technology and published on Internet platforms in the form of advertising banners,text links,multimedia,etc.,so as to transmit advertising content to network users,which is defined as Internet financial advertising by the State Administration for Market Regulation and People’s Bank of China and other departments.Compared with traditional financial advertisements,Internet financial advertisements have the characteristics of more diverse forms,wider dissemination scope,targeted push,and easy deletion and modification of data.In practice,a series of misleading phenomena such as false publicity and lack of risk warnings are also more common,expanding the scope of the damaged groups and invisibly infringing on consumers’ privacy rights and independent choices.In law enforcement,problems such as advertising entities spanning multiple places,multi-department collaboration required for the determination of illegal Internet financial advertisements,and time-consuming and labor-intensive case investigation and handling were encountered,and difficulties in collecting evidence were encountered in the judiciary.Although the existing civil legal norms,advertising law and financial supervision law provide for the content and form of financial advertisements and the constituent elements of false Internet financial advertisements,there are still problems such as insufficient details in information disclosure provisions and imperfect provisions on prior review.Specifically,first of all,the prior review system is not perfect,and the market access list for Internet financial advertisements and the negative list prohibited from publication have not been established in a timely manner.Secondly,the regulatory responsibilities are not clear,China’s laws regulating Internet financial advertising are scattered in industry regulations,and the regulatory entities of different industries are different,and there is a lack of coordination and supervision mechanisms,resulting in regulatory gaps and overlapping regulatory functions,which cannot be effectively supervised and punished.Finally,the legal liability for illegal publication of Internet financial advertisements is not perfect,the punitive liability provisions are difficult to apply,the existing damage liability system is difficult to apply,and the damage liability system in the financial sector regulations is lacking.In order to protect the rights and interests of consumers,the above problems must be fundamentally clarified and resolved,so this paper focuses on the following improvement suggestions: First,Internet financial advertising entities are subject to stricter legal obligations than traditional financial advertising entities,including higher standard explanation obligations and due diligence obligations;Second,improve the relevant provisions on legal liability and explore the path of realizing punitive damages;Third,the introduction of a special representative litigation system gives consumer protection agencies the right to register on their behalf,allowing consumers to participate in litigation by "implicit participation and express withdrawal",so that aggrieved consumers who have not expressly stated their withdrawal are automatically bound by the outcome of the lawsuit;Fourth,it gives consumers who are misled by Internet financial advertisements and enter into contracts with advertisers unilaterally revoking the right;Finally,improve the supervision system of Internet financial advertising,promote the construction of industry self-regulatory organizations,and strengthen the review of the whole process of advertising activities.Through the above means,regulate the Internet financial advertising behavior of advertisers,advertising agents,and advertising publishers,protect the lawful rights and interests of financial consumers,purify the Internet financial advertising environment,and achieve the healthy and orderly development of the financial market.