Both in the fields of the payment and the financing,the Internet and the finance are moving towards deep integration,which heralds the arrival of an Internet finance era .The main manifestation of the Internet finance is the application of the Internet information technology in finance .In essence,the Internet finance belongs to finance .Currently,as financial innovations,third-party payment,P2P lending and crowdfunding are emerging,which is the contribution of the application of the Internet information technology by the informal finance . Third-party payment is a helpful supplement of the payment system,P2P lending and crowdfunding are the typical forms of the inclusive finance . Under current Chinese laws,If not in violation of any law prohibition,there is certain legitimate space of existence for Internet finance .For the Internet finance activities,the transaction rules are in place while the regulations lack .At present,the Internet finance is thriving,but meanwhile,risks issues also arise continuously,which impose hidden perils to financial security .Gradually,people both from abroad and at home form the consensus that the Internet finance should be regulated . In China,based on the characteristics of the Internet finance,in order to prevent complicated and inefficient regulations which restrain financial innovations,the regulatory agency,the regulatory method and the regulatory system of the Internet finance shall be differentiated with those applied in the traditional financial institutions . At the same time,people shall strike a balance between market dynamics and risk control .The centralized and unified regulatory patterns or similar,which regulate the traditional financial institutions,should not be adopted .The regulatory authority should be gradually granted to the local governments,so as to realize the localization of the regulatory agency .Compared with the rules-based regulation,the standard-based regulation approach should be applied,which is more suitable for the regulation of financial innovation .To control risks,the safe-harbor mechanism of the Internet finance should be established . The safe-harbor mechanism has four core rules .The first one is the membership rule,which is designed to avoid public soliciting . Through three steps,namely,member registration,member screening and member invitation,the investors become qualified . The rule makes it possible for the Internet finance activities to avoid legal risk of soliciting to the public . The second is the escrow rule,which is in place to avoid fund-raising .P2P lending and crowdfunding platform are the information matching place,respectively for the direct debt finance and the direct equity finance .The platform shall not resume the money-settlement role in its business,which should be taken by the independent bank with the qualification of escrow . The third is the summary information-disclosure rule,which is to protect investors . Information disclosure applies not only to the stock market,but also to the entire direct finance system .It is their obligations for the platform and the money user to disclose the relevant information .However,the disclosure standard should be substantially lower than the stock market .The last one is the information-protection rule,which is made to protect the legitimate rights and interests .In the Internet finance platform,there are numerous ID and transaction data,concerning all participants,including borrowers,guarantors,investors,and others .It is the purpose of the rule to protect personal privacies or business secrets .
李有星 陈飞 金幼芳. 互联网金融监管的探析[J]. 浙江大学学报(人文社会科学版), 2014, 44(4): 87-97.
Li Youxing Chen Fei Jin Youfang. A Study on the Regulation of the Internet Finance. JOURNAL OF ZHEJIANG UNIVERSITY, 2014, 44(4): 87-97.