Research On The Legalization Of Internet Financial Information Regulation

The essence of Internet financial products and services is different permutations and combinations of information.In the Internet financial model,both the supply and demand of funds conduct information release and screening,matching of supply and demand of funds,and payment settlement through the Internet platform.With the open and shared features of the Internet,financial transaction costs are greatly reduced,and information transparency and information transmission efficiency are improved.The process of Internet financial regulation itself is closely linked to information activities and the use of information,and the generation and evolution mechanism of Internet financial market risks is also highly correlated with information activities.This means that attention should be paid to the characteristics and laws of information activities and the regulation of information activities in Internet finance in order to achieve the purpose of Internet financial risk governance.Public rights-led Internet financial administrative regulation has positive effects on preventing and regulating Internet financial risks,but in practice,it has also exposed limitations such as lagging behind the speed of financial innovation,high regulatory costs,and instability of regulatory strategies.Therefore,the introduction of information regulation,a flexible regulatory model,and rigid administrative regulation have become a feasible path to improve the Internet financial regulatory system.Information regulation of Internet finance is "regulation using information",and includes all means of using information to regulate to achieve the purpose of governing the Internet financial market.The information regulation of Internet finance should be based on four basic principles: the principle of neutrality,the principle of integrity,the principle of combination,and the principle of moderate tilt protection.Through the comparison of the implementation costs of Internet financial information regulation and administrative regulation,it can be found that information regulation has the comparative advantages of lower information acquisition costs,diversified information sources,less obstacles to the start of regulatory procedures,and fewer countermeasure behaviors of regulated persons.In low-level areas,the cooperative regulation of financial regulatory agencies and third-party institutions and the incentives and cooperation of financial regulatory agencies to market entities are an effective regulatory path.Information tools for Internet financial regulation include information disclosure systems,reputation mechanisms,platform rating systems,financial consumer education,and reward reporting systems.Although the forms of expression are different,the different information tools are still around the main line of "Internet financial regulation by means of information".We can consider starting from the two dimensions of regulatory body and regulatory strength,to type the Internet financial information tools,and include them in the "rule system" and "hierarchical system" to outline the standard system of information tools.The choice and application of information regulation is essentially a question of the compatibility of information tools with Internet finance.In the process of selecting and applying information tools,it is necessary to analyze the factors that affect the compatibility of information tools,including regulatory scenarios,the strength of regulatory tools,the cost and benefits of regulation,and the impact on the interests of third parties.On this basis,a complete Internet financial information regulatory operating framework needs to have four specific elements: standard setting,information acquisition,behavior correction and effect feedback.In the practice of Internet financial information regulation,different information tools have different functional advantages and application scopes.In view of complex Internet financial market problems,many factors determine that a single information tool is difficult to ensure the effective realization of policy objectives,and it is necessary to strengthen the optimal combination between different information tools.There are flaws in the information regulation and administrative regulation paths of Internet finance.No one path is perfect.The choice between the two paths can only be a choice between imperfect things.But it is gratifying that their regulatory advantages are complementary(complementary of regulatory advantages).This means that the shortcomings or deficiencies of one regulatory path in some aspects may be compensated by the comparative advantages of another path in this respect.Therefore,information regulation and administrative regulation of Internet finance can form a cooperative regulatory model.Internet financial cooperation regulations can be divided into external cooperation and internal cooperation.Judging from the future development trend,future cooperation should go deeper into the system of information regulation and administrative regulation path,that is,the "internal cooperation model".Internet finance can be regarded as the basic version of Fin Tech,and Fin Tech is its upgraded version.Compared with Internet finance,the penetration and influence of technology elements on financial technology are more obvious.In Fin Tech,technology has evolved into the core driving element of financial development,and these technological elements have profoundly changed the financial supply and demand subjects,business models,risk composition and regulatory models of the financial industry.The change from Internet finance to Fin Tech means that regulatory activities are becoming more complex and specialized.However,with the rapid development of technological means,technology has subtly changed the way and value of information regulation,and it is an inevitable trend to reshape information regulation.