Study On The Legislative Issues And Countermeasures Of The "Regulatory Sandbox" Of Financial Technology Services In Our Country

As one of the most advanced financial technology services supervision tools in the world,the "Regulatory Sandbox" has been recognized by countries around the world since its inception.China officially introduced the "Regulatory Sandbox" in 2019.In the past three years when the "Regulatory Sandbox" has been piloted,although the overall effect has exceeded expectations,there are still problems such as insufficient supporting laws and regulations in the actual operation of the "Regulatory Sandbox",which has laid hidden dangers for the sound development of financial technology services.Considering the above facts,this thesis takes the practice of "Regulatory Sandbox" in China as the background,and summarizes the excellent extraterritorial legislative models of "Regulatory Sandbox",which provide references for the establishment of the "Regulatory Sandbox" legal system for financial technology services in China.The first chapter mainly introduces the basic theory,operation mode and the latest development of the "Regulatory Sandbox" in China.First of all,the "Regulatory Sandbox" means a loose testing environment where startups in financial technology services industry can test their innovative products in the "Regulatory Sandbox",in a rather laxer legal regulatory environment than that in the real financial technology services market.Secondly,the "Regulatory Sandbox" sets a series of standards and rules.During the testing phase of the "Regulatory Sandbox",financial technology services products enjoy a relatively loose legal environment,but only after they have met all the requirements of the "Regulatory Sandbox",the products can be fully put out into the financial market.Finally,16 provinces and cities in China have carried out the pilot work of "Regulatory Sandbox",involving nearly 120 projects.Due to the rapid expansion of the financial technology services market,financial technology services projects will also become more diverse.The second chapter mainly analyzes the legislative problems existing in the "Regulatory Sandbox" of the financial technology services in China,including the lack of legislation in the "Regulatory Sandbox" of our country’s financial technology services,and the inability to rely on the qualifications of applicants for the "Regulatory Sandbox".The lack of risk-prevention practices in the "Regulatory Sandbox" test and the legislative gaps in the exit mechanism of the "Regulatory Sandbox".The third chapter mainly summarizes the legislative models of the "Regulatory Sandbox" in the United Kingdom,the United States and South Korea,providing models for reference for the establishment of the "Regulatory Sandbox" legal system in China.The fourth chapter mainly makes suggestions for the formulation of the "Regulatory Sandbox" legislation.The main suggestions are as follows: First,amend the "Banking Law" to provide the legal system of "Regulatory Sandbox" that has not yet been stipulated in the existing Banking Law.The new regulations on the “Regulatory Sandbox”can be authorized by the National People’s Congress and the Standing Committee,along with the cooperation with local government legislation to reasonably allocate the rights,obligations and legal responsibilities of all parties in the "Regulatory Sandbox".Second,clarify the applicant for the "Regulatory Sandbox" — screen financial technology services companies that apply for the test.Third,build a "Regulatory Sandbox" risk control system.Only by designing the risk control system of the "Regulatory Sandbox" which is rigorous enough,will it ensure that financial technology services products can not only unleash their innovative nature in the "Regulatory Sandbox" test,but also protect consumers’ rights and interests from the damage caused by the innovative products.Fourth,establish an exit mechanism from the "Regulatory Sandbox".Set the "Regulatory Sandbox" exit criteria,do a good job of connecting financial technology services products to the real financial market after passing the "Supervision Sandbox" test,and guide the financial technology services products to develop better.