Strengthen supervision science and technology applications to build supervision science and technology legal system

With the rapid development of fintech, as a product of deep integration of technology and financial supervision, supervision technology came into being. It is a new category of financial supervision in the background of fintech. As a digital regulatory method that improves supervision with technology, supervision technology is a weapon that prevent financial technology risks and improve financial supervision efficiency. It is the focus of improving the modern financial supervision system and supplementing the shortcomings of supervision. However, there are major legal issues that have been suspended as follows by supervision technology: lack of technical management legal specifications, lack of financial data legal specifications, lagging financial regulatory rules, and lack of supporting legal systems. Therefore, adhere to the problem orientation, analyze and judge the current status and legal issues of regulatory technology, and establish a reasonable supervision technical specification, financial data specifications, regulatory specifications, and supporting legal specifications to establish both tolerance technology innovation and safety requirements for supervision requirements. Science and technology application solutions promote the intelligence of regulatory science and technology empowering supervision processes, efficient information processing, scientific risk prevention and control, and improve the effectiveness of financial supervision.

Strengthen the significance of strengthening the construction of supervision science and technology legal system

National strategic needs. Since 2017, the People's Bank of China has been promoting the standardized application of regulatory science and technology. The "Fourteenth Five -Year Planning of the National Economic and Social Development of the People's Republic of China and the Outline of the Metropolitania Target in 2035" proposed "Steady Development of Financial Technology" and "Strengthening the Application of Regulatory Technology"; -2025) "" Accelerate the comprehensive application of supervision science and technology and strengthen the construction of digital supervision capabilities. " As a strategic task for the country's key promotion, the application of regulatory technology is urgently needed to lead and the protection of the rule of law.

Demand of financial supervision transformation. The current financial supervision belongs to the "command-control" supervision. It is a static supervision and is difficult to adapt to the dynamicity of financial technology; it is a unidirectional mandatory supervision. Artificial supervision is the standard, with low supervision efficiency; the regulatory policy opportunities are obvious, and the regulatory vacuum is very easy to occur. This must change the financial regulatory model, strengthen the application of regulatory science and technology, and build a regulatory science and technology legal system.

Regulatory science and technology legislation lags. The key to building a regulatory science and technology legal system is to establish its constituent elements and how these elements are connected into a legal whole, and the theoretical and practical circles have not yet had a scientific answer. Regulatory science and technology legislation lacks top -level design, lacks clear legal norms, is not uniform in concepts, unscientific structure, and systemicity. Although the individual clauses of relevant legislation have regulatory science and technology regulations, this fragmented legislative model is obviously not enough as a strategic task promoted by the country. The national level has not yet introduced unified regulatory scientific and technological laws, and the legal systems on regulatory science and technology are scattered in financial laws, regulations, rules and local regulations.

The needs of the healthy development of the financial industry. The digital transformation of the financial industry, optimizing the financial regulatory system, preventing financial risks, protecting the rights and interests of financial consumer consumer, preventing the disorderly expansion of capital, and anti -monopoly of financial platforms need to build a regulatory science and technology legal system to improve the efficiency of regulatory supervision.

Based on the "four elements" of supervision and technology as the infrastructure to build a regulatory science and technology legal system

To build a regulatory science and technology legal system, it is necessary to clarify its constituent elements and systematically designs around these elements. For regulatory technology, technology is the prerequisite, data is the foundation, supporting facilities are the cornerstone, supervision is the goal. They are the core elements of regulatory technology to play "supervision functions", and they are also the core content of building a regulatory science and technology legal system.

The composition of the "four elements" of supervision technology. First, technical elements. Regulatory technology is technical supervision, without technology, supervision technology is the air tower. Technology has undergone qualitative changes in the contemporary era. The maturity of emerging technologies represented by artificial intelligence and blockchain and its application in financial supervision have achieved the technical and intelligentization of financial supervision. Technology is the first element of supervision technology and the "center" of regulatory technology. It constitutes a tool element for supervision technology. Second, data elements. Regulatory technology is data supervision, without data, supervision technology is rice without rice. The application of supervision technology needs to rely on high -quality and variety of data, and achieve scientificization of regulatory decisions through data collection, data sharing, data analysis and data decision -making. Not only that, through the construction of data standardization and technological standardization, with the help of algorithms, unified regulatory regulations, unified regulatory law enforcement, and reduced regulatory ambiguousness, and truly realized "everyone is equal in front of the law." Therefore, data is the "blood" of regulatory technology and another important tool element for supervision technology. Third, supporting facilities. Supporting facilities are the underlying architecture of supervision technology, which is essential to resolve financial risks and ensure financial security. Infrastructure such as digital conversion, regulatory application platforms, regulatory data automation collection, and intelligent networks such as regulatory application platforms, regulatory data automation collection, and intelligent networks have played a vital guarantee function of supervision technology. Therefore, supporting facilities are another important tools for supervision technology. Fourth, regulatory elements. The ultimate goal of regulatory science and technology applications is to optimize supervision and improve supervision efficiency. Regulatory technology will induce major changes in financial regulatory concepts, regulatory frameworks, regulatory methods, and regulatory content, which is conducive to supervisors to build a technology -supported risk identification regulatory framework, making the data acquisition and processing more fine and accurate, so that the data acquisition and processing are more detailed and accurate, so that they make the data. Regulatory decision -making is more reasonable, regulatory law enforcement is more real -time, and regulatory effects are more effective. Therefore, supervision is the "soul" of regulatory technology and the purpose of regulatory technology. Therefore, the four major elements of technology, data, supporting facilities, and supervision jointly "support" the play of supervision technology functions, and they together constitute the "four elements" of regulatory technology. Technology, data, and supporting facilities are tools for supervision technology to play a "supervision" function, and serve the core goal of supervision. Among them, technology is "central", the weapon for supervision operation; data is "blood", the basis for regulatory decision -making; supervision is "soul", the core of supervision technology function; supporting facilities are "bones", which are "bones", which are "bones". Protection.

Content of the supervision science and technology legal system

Based on the "four elements" of supervision science and technology as the content, the "four -in -one" legal system that includes regulatory technical legal specifications, financial data legal specifications, regulatory legal norms, and supporting legal norms as the core content, lay the foundation for the rule of law for the comprehensive application of supervision science and technology Essence

Regulatory technical and legal specifications. A new technologies represented by big data, blockchain, artificial intelligence, and cloud computing have functions such as data management, data analysis, risk management, identification of illegal transactions, etc., and are the technical foundation for regulatory technology applications. However, technology is not perfect, nor is it completely neutral, and technical risks are everywhere. The main manifestations are physical and technical risks and human sexual technological risks. The former such as operational risk, system risk, network risk, hacker risk, service interruption, etc.; Essence In particular, we must focus on preventing "anti -supervision technology". It is driven by financial institutions, driven by business profits, uses technology to engage in illegal acts or for illegal purposes, and aims to defeat financial supervision.

Due to the lack of technical management laws and regulations, regulatory technology development and application market chaos, different technical standards, frequent technical ethics issues, and hidden technical risks intensify. Ethical norms, regulatory technology review, regulatory technology safety assessment specifications, regulatory technical standards, regulatory technology applications (regulatory agencies, technology development companies, financial institutions) specifications, algorithm design specifications, etc.

In order to improve the application level of regulatory technology, we should focus on improving technical management specifications at the following levels. First, formulate standards for regulatory technology review. It mainly includes: (1) security, technology applications must ensure safety, reliability, controllable, prevent physical and human technical risks; (2) openness, encourage the establishment of technical cooperation platforms, avoid data monopoly and platform monopolies, the largest Scope sharing of technological development results; (3) ethics, use scientific and technological ethics to supervise scientific and technological practice, technical application system should be fair, prevent technical alienation, reduce discrimination and prejudice; Degree and predictability, so that the system can be traced, verified, and accountable. Second, formulate special technical rules. The unity and compatibility of technical standards are the prerequisite for the application of supervision and technology. According to the characteristics of various technologies such as artificial intelligence, blockchain, and big data, we should seek breakthroughs from the aspects of basic standards, application standards, management standards, etc., improve the technical rules system, and prevent the physical risks of technology. Features and risk characteristics, formulate differentiated regulatory measures, and improve the fineness and matching of technology in regulatory applications. Third, set up algorithm specifications. In response to the disadvantages of technical defects, design bias and algorithm black boxes that may exist in the application process, the technical audit committee should be set up to evaluate the safety of algorithms, introduce technical ethics, enhance the transparency of algorithms, strengthen algorithm supervision, prevent algorithm discrimination and algorithm tyranny, eliminate technology to eliminate technology Human risk. Financial data legal specifications. The quality of financial data, data abduction, algorithm discrimination, information cocoon room, privacy leakage, data islands, etc. have restricted the application of supervision technology and urgently needed legal regulations. The application of data on data includes data collection, storage, use, processing, destruction and other links. This needs, first, establish financial data ethics specifications, prevent data alienation caused by ethical and moral risks such as digital gap and data abuse caused consumer abduction; second, establish financial data standard specifications. Clarify the definition of financial data standards, process control, monitoring and analysis, rectification and evaluation procedures to prevent data analysis "garbage in, garbage out"; formulate data standards and control mechanisms to ensure the consistency and availability of the data obtaining data; , Construct a financial data collection system. Use API and system embedding to realize real -time data interaction between regulatory agencies and financial institutions, and establish a automated data collection system; fourth, create financial data use specifications. Establish a scientific data architecture, strengthen classification management, and build a data usage rules system for orderly circulation and integrated applications; fifth, establish data governance specifications. Set the type of data rights, clarify the relationship between data ownership, strengthen data security control, realize the information desensitization, security isolation, and authority management of the entire life cycle, ensure data security and consumer privacy protection, realize "unified data standards", " Regulatory goals of expanding data sharing ".

Regulatory legal norms. With the rapid development of fintech, problems such as outdated regulatory legal system, lagging regulatory models, outdated regulatory technology, and low regulatory efficiency have become increasingly prominent. To this end, it is necessary to build a regulatory legal norm that matches the supervision technology. First, adjust the principle of supervision. In the face of the subversive changes brought about by the financial technology to the financial industry, the principles of financial supervision must also be tried on the situation, except for the old cloth. In order to adapt to the technical and dynamicity of fintech, regulators should establish big data thinking and adhere to the principles of adaptability, tolerance, experimentability, coordination, and technical. Second, change the method of regulatory. Regulatory technology is based on technical standards and code protocols. It has the function of legal norms. It is a regulatory mode centered on digitalization and intelligence. Its regulatory methods are diverse, including communication supervision and experimental types Supervision, intelligent supervision, digital supervision, and necessary manual auxiliary supervision. Third, implement supervision sandbox mode. With the help of regulatory sandboxes, regulators can fully understand the advantages and disadvantages of emerging technologies, control emerging regulatory technologies, evaluate financial regulatory legal systems, and optimize regulatory programs. When launching a regulatory sandbox policy, you need to clarify the main body of supervision, set up a supervision sandbox review committee, and review the list of shortlisted sandbox tests; set the conditions, standards, content, and goals of the finalist sandbox testing; sign the regulatory sandbox contract. Clarify the rights and obligations of the enterprise, especially the legal responsibility of the enterprise does not abide by the rules of the operation of the sandbox; the establishment of an information sharing mechanism, especially to ensure that the information between the enterprise and the regulatory agency and the supervisory sandbox audit committee shall be unblocked; formulate consumer rights and interests Guarantee measures; supervision sandboxes should also pay attention to the fairness and transparency of regulatory "loosening" policies, prevent supervision and capture, and balance the interests of all parties.

Supporting legal norms. On the one hand, the supporting law specifications are the operating specifications of indexy infrastructure, and on the other hand, it refers to the supporting system that guarantees the intelligent supervision of supervision technology. Infrastructure specifications are a series of legal rules for supporting supervision technology security and efficient applications. It aims to ensure the application effect of supervision technology. It has the characteristics of neutrality, weak replacement, technical, systemic importance, etc. , To resolve financial risks and ensure financial security. First, the regulatory platform operation standards; second, the digital system of regulatory regulations. The digitalization of regulatory regulations means that on the one hand, regulatory regulations should reflect the changes and application of technology, and increase technical norms. On the other hand, with the development of artificial intelligence and algorithm technology, regulatory regulations need to be "translated" into machine readable language. This Digital translations of regulatory regulations need to be constructed, and supporting systems such as natural language processing rules, computer program design language rules, and digital rules regulatory libraries. Third, risk early warning mechanism. With the help of digital and intelligent risk early warning systems, a hierarchical risk early warning mechanism is established, and different early warning levels and intervention measures are formulated based on risk levels, including risk classification, risk analysis, risk recognition, and risk resolution. Fourth, regulatory technology collaborative cooperation specifications. (Zhang Yongliang, Professor of Zhejiang Agricultural and Forestry University School of Civilization, Ecological Civilization Research Institute, Zhejiang Rural Revitalization Research Institute. Research on Legal Regulation (18SFB2049), Zhejiang Province's university -funded scientific research business fees special funds to fund the "Study on the Construction of Rural Governance Digital Legal System" (2020TD002))

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