系統重要性金融科技公司的法律規制

Legal Regulation of the Systemic Important Fintech Companies

隨著金融科技的加速應用，金融科技的系統性風險已成為監管重點。金融科技巨頭以關鍵技術服務商、金融基礎設施和互聯網金融控股集團等樣態深度參與金融活動，在規模性、複雜性、可替代性和關聯性等方面開始具備系統重要性特徵，成為金融科技時代的“大而不能倒”。有必要參考系統重要性金融機構的監管經驗，並結合金融科技公司系統性風險的生成機理，對系統重要性金融科技公司予以特殊規制。在有效識別系統重要性金融科技公司的基礎上，整合金融監管、數據治理、網絡安全和市場競爭等四大規制場域，建立以協調性為目標的監管體制、以可靠性為目標的審慎監管體系、以可承受性為目標的風險處置機制，構建系統重要性金融科技公司的監管框架和規制方案，有效防範其運行失靈給金融穩定帶來的衝擊。

With the accelerated application of fintech, financial technology companies and their systemic risks have become a main focus of financial supervision. Fintech giants are deeply involved in financial activities in the form of key technology service providers, financial infrastructure, and internet financial holding companies, and have begun to have systemically important characteristics in terms of scale, complexity, substitutability, and relevance, and have become“too big to fail”in the fintech era. It is necessary to give fintech companies special regulation with referring to the supervisory experience of systemically important financial institutions and regarding to the systemic risk mechanism. On the basis of identifying the systemic important fintech companies, we should integrate financial supervision, data governance, network security and market competition, and establish regulatory system with the goal of coordination, prudential regulatory system with the goal of security, risk disposal mechanism with the goal of affordability, come up with the regulatory framework and plan for systemically important fintech companies to effectively prevent systemic risks caused by their operational failures to the financial stability.