Engineering the Legal Regime of Regulatory Sandbox in China－A Comparative Study
중국 규제 센드박스(Regulatory Sandbox) 법률 제도에 대한 탐색 - 주요 국가들에 관한 비교 분석으로
- 주제(키워드) Regulatory Sandbox , FinTech , Financial Innovation , Financial Supervision , Legal Regime Construction
- 발행기관 고려대학교 대학원
- 지도교수 Lin Zhang
- 발행년도 2019
- 학위수여년월 2019. 8
- 유형 Text
- 학위구분 석사
- 학과 대학원 법학과
- 세부전공 상법 전공
- 원문페이지 185 p
- 실제URI http://www.dcollection.net/handler/korea/000000085167
- UCI I804:11009-000000085167
- DOI 10.23186/korea.000000085167.11009.0000940
- 본문언어 영어
- 제출원본 000045997242
초록/요약
핀테크(Fintech)의 발전에 따라 금융 시장에 새로운 활력을 가져온 동시에 규제 기관에도 새로운 도전을 가진다. 핀테크의 활발한 발전에 따라 법률의 낙후성 문제가 점점 심해진다. 전통적인 금융 규제가 핀테크의 발전 속도에 적응되지 못한다. 알 수 없는 벤처를 예방하기 위해서 규제 기관은 핀테크 창신의 발전을 지나치게 규제할 경향이 있다. 그래서 현재의 규제 상황을 어떻게 바꾸면서 창신과 벤처의 균형을 어떻게 이루는지 전 세계가 직면하고 있는 공동적인 문제가 된다. 규제 센드박스가 최근 몇 년간 가장 주목을 받는 신형 규제 모드이다. 규제 센드박스는 금융 창신의 발전과 금융 위험의 예방을 겸하여 고려할 수 있는 신형 규제 모드이다. 이런 규제 모식은 금융 시장의 안전과 소비자의 권익을 보장한다는 전제하에 규제 준수 요구를 완화하는 방식으로 핀테크 창신 제품 혹은 서비스에 안전한 테스트 공간을 제공하면서 핀테크 창신의 지속적인 건전한 발전을 촉진하고 있다. 2016년부터 영국, 중국 홍콩, 싱가포르와 오스트레일리아는 잇따라 비교적인 완전한 규제 센드박스 제도를 건립하였다. 본문은 이 여러 국가들과 지역의 규제 센드박스 제도에 대한 소개와 서로 다른 점과 같은 점에 대한 비교 분석을 통하여 중국 대륙에 규제 센드박스가 도입된다는 것에 경험을 준다는 목적이 있다. 중국의 핀테크 발전과 규제 현황을 보면 중국은 규제 센드박스 제도를 도입한다는 필요성과 가능성이 높다. 그러므로 이상 국가들과 지역의 실천 경험을 참고로 하고 중국의 실제를 결합하면서 본문은 구체적으로 규제 센드박스에 대한 주체, 진입 기준, 실행 절차, 퇴출 규정과 소비자 보호 등 여러 방면에서 논술하고 중국의 실제에 맞는 규제 센드박스의 건립 초안을 제출하려고 한다.
more초록/요약
The rapid development of financial technology has brought new vitality to the financial market, at the same time, it has also caused new challenges for regulators. In the face of the booming financial technology field, the lack of adequate laws has become increasingly obvious. Traditional financial supervision cannot adapt to the speed of development of financial technology. In order to prevent unknown risks, it is easy to over-constrain the development of financial technology innovation for regulators. Therefore, how to change the current supervisory situation and achieve the balance between innovation and risk has become a common issue facing the world. The regulatory sandbox is the most popular financial technology regulatory model in recent years. It’s a new type of supervisory model that can balance financial innovation development and financial risk prevention. Under the premise of safeguarding financial market security and consumers’ rights and interests, it provides a safe testing environment with loose regulatory requests for financial technology products or services, which promotes the sound development of financial technology innovation. Since 2016, the UK, Hong Kong, China, Singapore, and Australia have successively established a relatively complete regulatory sandbox system. This paper aims to provide a reference for introduction of regulatory sandbox in mainland China through the comparative analysis of the regulatory sandbox in the above countries(region). As far as the status quo of financial technology development and supervision in China are concerned, China does have the need to establish a regulatory sandbox system. Combining the experience of other countries and national conditions of China, this paper will propose a scheme for regulatory sandbox regime construction in China based on the sandbox main body, admission criteria, operating procedures, exit rules and consumer protection mechanisms.
more목차
CHAPTER 1. INTRODUCTION 1
Ⅰ. Backgrounds and Significance of the Study 1
Ⅱ. Study Status 5
1. Status of overseas study 5
2. Status of domestic study 8
Ⅲ. The Contents and Methods of Study 13
1. The contents of study 13
2. The methods of study 15
CHAPTER 2. FINANCIAL TECHNOLOGY 16
Ⅰ. Definition and Classification 16
Ⅱ. Regulatory Dilemma Aroused by Fintech 22
1. Financial risks brought by fintech innovations 23
1.1 Technological risk 25
1.2 Operational risk 26
1.3 Systematic risk 27
2. Traditional financial supervision appears sluggish 28
2.1 Hysteretic traditional supervision 29
2.2 “Order and control” financial rules 31
CHAPTER 3. REGULATORY SANDBOX SYSTEM 36
Ⅰ. Connotation 36
Ⅱ. Operation Mechanism 38
CHAPTER 4. THE REGULATORY SANDBOX SYSTEM IN MAJOR COUNTRIES 48
Ⅰ. Regulatory Sandbox Operation Mechanism in Major Countries 48
1. UK's regulatory sandbox－ focus on innovation and consumer protection 50
1.1 The regulatory body and the application of the test body 52
1.2 Criteria for using sandbox 52
1.3 Operating procedures 55
1.4 Progress in the regulatory sandbox 58
2. Singapore's regulatory sandbox－ building a global smart financial center 58
2.1 The regulatory body and the application of the test body 59
2.2 Criteria for using sandbox 60
2.3 Operating procedures 62
2.4 Progress in the regulatory sandbox 65
3. Australia's regulatory sandbox－with a “license exemption” as its core 66
3.1 The regulatory body and the application of the test body 68
3.2 Criteria for using sandbox 69
3.3 Operating procedures 72
4. Hong Kong, China's regulatory sandbox －"elastic" regulation 74
4.1 The regulatory body and the application of the test body 74
4.2 Operating principles 76
4.3 Latest development 77
Ⅱ. Comparative Analysis of Regulatory Sandbox in Major Countries 78
1. Common points of the regulatory sandbox 78
1.1 Balance between innovation and risk prevention 78
1.2 Focus on consumer protection 80
1.3 Emphasis on information feedback and timely plan adjustment 82
2. Different points of the regulatory sandbox 83
2.1 The purpose of the regulatory sandbox system 84
2.2 The subjects of the regulatory sandbox and the area of application 87
2.3 Regulatory sandbox operation process 90
CHAPTER 5. NECESSITY AND FEASIBILITY OF INTRODUCING REGULATORY SANDBOX IN CHINA 95
Ⅰ. Necessity 96
1. Strict supervision and rule constraints 97
2. The scarce regulatory resources and asymmetric regulatory information 104
3. Fintech innovation risks 108
4. Advantages of regulatory sandbox system 109
Ⅱ. Feasibility 116
1. The similar regulatory path between regulatory sandbox and pilot financial reform 116
2. The similar regulatory concept between regulatory sandbox and internet financial supervision in China 118
3. The emergence of a coordinated regulatory framework 120
CHAPTER 6. THE LEGAL SYSTEM CONSTRUCTION OF CHINA'S REGULATORY SANDBOX 123
Ⅰ. The Macro Foundation of China's Regulatory Sandbox System 124
1. Respect for the choice of market players 124
2. Establishment of a regulatory coordination mechanism 125
3. Specific authorization for legal exemptions 127
4. Strengthening regulatory technology construction 129
Ⅱ. The Concrete Construction of China's Regulatory Sandbox System 130
1. Application of test subjects 131
2. Regulatory body 133
3. Admission criteria 138
4. Operating procedures 141
5. Extension and exit arrangements 145
6. Consumer protection 148
7. Specific practice 153
CHAPTER 7. CONCLUSION 158
BIBLIOGRAPHY 161
국문초록 174
