监管科技:金融科技的监管挑战与维度建构
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摘要
科技驱动的金融创新所内含的技术风险、操作风险,甚至诱发系统性风险之可能,迫使监管者必须予以有力回应。然而,监管技术匮乏、监管法律滞后和监管理念守旧等问题,以审慎监管、功能监管、行为监管等为核心构建的传统监管体系和法规无法有效应对去中介、去中心化的金融交易现状。因此,必须在审慎监管、行为监管等传统金融监管维度之外增之以科技维度,形塑双维监管体系,从而更好地应对金融科技所内含的风险及其引发的监管挑战。科技维度的监管致力于依靠大数据、云计算、人工智能、区块链等技术构建科技驱动型监管体系。其以数据驱动监管为核心,构筑起分布式的平等监管、智能化的实时监管、试点性的监管沙盒为核心的金融监管体系,突破传统金融监管的固有困局,创新监管方式,保护金融消费者,维护金融稳定。
The technological and operational risks in technology-driven financial innovations,and even the possibility of induced systemic risk,force regulators to make effective responses.However,due to the absence of regulatory technology,the lag in regulatory laws and out-of-date regulatory concepts,traditional regulatory systems and laws focused on prudential,functional and behavioral supervision cannot effectively respond to the present state of disintermediation and decentralized financial transactions.Therefore,to the traditional prudential and behavioral dimensions of financial supervision must be added the technological dimension,forming a twodimensional regulatory system that is better able to cope with the inherent risks in financial science and technology and the consequent regulatory challenges.We should be committed to relying on technologies such as big data,cloud computing,artificial intelligence and blockchain to build a technology-driven regulatory system.With datadriven regulation at its heart,this system should build a financial monitoring system centered on distributed equal supervision,intelligent real-time supervision and a pilot regulatory sandbox,breaking through the inherent predicament of traditional financial supervision and innovating regulatory models to protect financial consumers and maintain financial stability.
The technological and operational risks in technology-driven financial innovations,and even the possibility of induced systemic risk,force regulators to make effective responses.However,due to the absence of regulatory technology,the lag in regulatory laws and out-of-date regulatory concepts,traditional regulatory systems and laws focused on prudential,functional and behavioral supervision cannot effectively respond to the present state of disintermediation and decentralized financial transactions.Therefore,to the traditional prudential and behavioral dimensions of financial supervision must be added the technological dimension,forming a twodimensional regulatory system that is better able to cope with the inherent risks in financial science and technology and the consequent regulatory challenges.We should be committed to relying on technologies such as big data,cloud computing,artificial intelligence and blockchain to build a technology-driven regulatory system.With datadriven regulation at its heart,this system should build a financial monitoring system centered on distributed equal supervision,intelligent real-time supervision and a pilot regulatory sandbox,breaking through the inherent predicament of traditional financial supervision and innovating regulatory models to protect financial consumers and maintain financial stability.
引文
(1)Klaus Schwab,The Fourth Industrial Revolution,New York:Crown Business,2017,p.6.
(1)杨东:《论金融领域的颠覆式创新与监管重构》,《人民论坛·学术前沿》2016年第11期。
(2)参见Douglas W.Arner,J1nos Barberis and Ross P.Buckley,“The Evolution of Fintech:A New Post-Crisis Paradigm,”Georgetown Journal of International Law,vol.47,no.4,2016,pp.1271-1319.
(3)Iris H-Y Chiu,“Fintech and Disruptive Business Models in Financial Products,Intermediation and Markets:Policy Implications for Financial Regulators,”Journal of Technology Law and Policy,vol.21,no.1,2016,p.56.
(4)Financial Stability Board,“Fintech:Describing the Landscape and a Framework for Analysis,”Research Report,March 2016.
(1)参见William J.Magnuson,“Regulating Fintech,”Vanderbilt Law Review(Forthcoming,2017),Texas A&M University School of Law Legal Studies Research Paper,pp.17-55.
(2)Douglas W.Arner,J1nos Barberis and Ross P.Buckley,“The Evolution of Fintech:ANew Post-Crisis Paradigm,”pp.1271-1319.在该文献中,将Fintech分成了1866年到1966年(Fintech 1.0),1967年到2008年(Fintech 2.0)和2008年至今(Fintech3.0)三个阶段。
(3)Douglas W.Arner,J1nos Barberis and Ross P.Buckley,Fintech and Regtech in a Nutshell,and the Future in a Sandbox,The CFA Institute Research Foundation,2017,p.2.
(1)Dirk A.Zetzsche,Ross P.Buckley,Douglas W.Arner and Janos Nathan Barberis,“From Fintech to Techfin the Regulatory Challenges of Data-Driven Finance,”New York University Journal of Law and Business,Forthcoming.
(2)Douglas W.Arner,J1nos Barberis and Ross P.Buckley,“The Evolution of Fintech:ANew Post-Crisis Paradigm,”pp.1271-1319.
(3)参见李文红、蒋则沈:《金融科技(FinTech)发展与监管:一个监管者的视角》,《金融监管研究》2017年第3期。
(4)参见孙国峰:《从Fintech到Regtech》,《清华金融评论》2017年第5期。
(1)William J.Magnuson,“Regulating Fintech,”Vanderbilt Law Review(2017),Forthcoming.
(2)Douglas W.Diamond and Philip H.Dybvig,“Bank Runs Deposit Insurance,and Liquidity,”Journal of Political Economy,vol.91,no.3(Jun.1983),pp.401-419.
(3)Mark Fenwick,Wulf A.Kaal and Erik Vermeulen,“Regulation Tomorrow:What Happens When Technology Is Faster than the Law?”Lex Research Topics in Corporate Law&Economics Working Paper,no.2016-8.
(4)参见杨东:《互联网金融的法律规制---基于信息工具的视角》,《中国社会科学》2015年第4期。
(1)参见Iris H-Y Chiu,“Fintech and Disruptive Business Models in Financial Products,Intermediation and Markets:Policy Implications for Financial Regulators,”pp.56-60.
(2)刘燕、夏戴乐:《股灾中杠杆机制的法律分析---系统性风险的视角》,《证券法律评论》2016年第1期。
(3)Lyria Bennett Moses,“How to Think about Law,Regulation and Technology:Problems with‘Technology’as a Regulatory Target,”Law,Innovation and Technology,vol.5,no.1,2013,pp.1-20.
(1)Roger Brownsword and Han Somsen,“Law,Innovation and Technology:Before We Fast Forward-A Forum for Debate,”Law,Innovation and Technology,vol.1,no.1,2009,pp.1-73.
(2)参见Wulf A.Kaal and Erik PM Vermeulen,“How to Regulate Disruptive Innovation-From Facts to Data,”Jurimetrics,vol.57,no.2,2017Forthcoming,pp.4-6.
(3)Lyria Bennett Moses,“Agents of Change:How the Law‘Copes’with Technological Change,”pp.763-794.
(4)参见Wulf A.Kaal and Erik PM Vermeulen,“How to Regulate Disruptive Innovation-From Facts to Data,”pp.4-6.
(5)比如,美国国会众议院2017年6月8日通过了大幅反转《多德-弗兰克法案》的CHOICE议案并提交参议院表决。共和党认为,该法案给美国经济带来了最严重的负担,甚至比奥巴马时期的所有监管负担都要沉重。参见吴乐珺:《美政府“松绑”金融监管能走多远?》,《人民日报》2017年6月20日,第21版。
(1)如美国的1933年《证券法》和1934年《证券交易法》规定的监管规则及其实施细则在实施后的近半个世纪内仍发挥法律效力,这很大程度源于该期间证券市场整体的稳定性。参见Chris Brummer,“Disruptive Technology and Securities Regulation,”Fordham Law Review,vol.84,no.3,2015,p.1000.
(1)Chris Brummer,“Disruptive Technology and Securities Regulation,”p.977.
(2)Chris Brummer,“Disruptive Technology and Securities Regulation.”
(3)HM Treasury,2015 Budget Report,March 18,2015,https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/416330/47881_Budget_2015_Web_Accessible.pdf,Jan.4,2018.
(4)Financial Conduct Authority,Call for Input on Supporting the Development and Adopters of RegTech Feedback Statement,July 7,2016,https://www.fca.org.uk/publication/feedback/fs-16-04.pdf,Jan.4,2018.
(5)Douglas W.Arner,J1nos Barberis and Ross P.Buckley,Fintech and Regtech in a Nutshell,and the Future in a Sandbox,p.3.
(1)Lawrence G.Baxter,“Adaptive Financial Regulation and Regtech:A Concept Article on Protection for Victims of Bank Failures,”Duke Law Journal,vol.66,no.3,2016,p.597.
(2)Douglas W.Arner,J1nos Barberis and Ross P.Buckley,Fintech and Regtech in a Nutshell,and the Future in a Sandbox,pp.2-20.
(1)参见杨东:《互联网金融治理新思维》,《中国金融》2016年第23期。
(2)参见渠敬东、周飞舟、应星:《从总体支配到技术治理---基于中国30年改革经验的社会学分析》,《中国社会科学》2009年第6期。
(3)参见刘永谋、李佩:《科学技术与社会治理:技术治理运动的兴衰与反思》,《科学与社会》2017年第2期。
(4)参见Thomas Saretzki,“Technological Governance-Technological Citizenship?”in Hubert Heinelt,Panagiotis Getimis,Grigoris Kafkalas,Randall Smith and Erik Swyngedouw,eds.,Participatory Governance in Multi-level Context,Wiesbaden:Springer Fachmedien Wiesbaden GmbH,2002,pp.83-105.
(5)参见Thomas Saretzki,“Technological Governance-Technological Citizenship?”pp.83-105.
(6)Nick Fox,Katie Ward and Alan O’Rourke,“A Sociology of Technology Governance for the Information Age:The Case of Pharmaceuticals,Consumer Advertising and the Internet,”Sociology,vol.40,no.2,2006,pp.315-334.
(1)Lawrence G.Baxter,“Adaptive Financial Regulation and Regtech:A Concept Article on Protection for Victims of Bank Failures,”p.599.
(2)参见刘轶:《金融监管模式的新发展及其启示---从规则到原则》,《法商研究》2009年第2期。
(1)Ruth B.Carter and Gary E.Marchant,“Principles-Based Regulation and Emerging Technology,”in G.E.Marchant,B.R.Allenby and J.R.Herkert,eds.,The Growing Gap Between Emerging Technologies and Legal-Ethical Oversight:The Pacing Problem,Dordrecht:Springer Netherlands,2011,pp.158-164.
(2)参见杨东:《防范金融科技带来的金融风险》,《红旗文稿》2017年第16期。
(3)参见Kern Alexander,Rahul Dhumale and John Eatwell,Global Governance of Financial Systems,Oxford:Oxford University Press,2006.
(1)参见杨东:《互联网金融风险规制路径》,《中国法学》2015年第3期。
(1)Carla L.Reyes,“Moving Beyond Bitcoin to an Endogenous Theory of Decentralized Ledger Technology Regulation:An Initial Proposal,”Villanova Law Review,vol.61,no.1,2016,p.213.
(2)Douglas W.Arner,J1nos Barberis and Ross P.Buckley,Fintech and Regtech in a Nutshell,and the Future in a Sandbox.
(1)Douglas W.Arner,J1nos Barberis and Ross P.Buckley,“The Evolution of Fintech:ANew Post-Crisis Paradigm,”pp.1271-1319.
(2)京东金融:《2017金融科技报告:行业发展与法律前沿》,第154页,2017年6月1日,http://e.jd.com/30351539.html#none,2017年10月23日。
(3)Douglas W.Arner,J1nos Barberis and Ross P.Buckley,Fintech and Regtech in a Nutshell,and the Future in a Sandbox.
(1)参见Government Office for Science,Fintech Futures:The UK as a World Leader in Financial Technologies,March 18,2015,p.48,https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/413095/gs-15-3-fintech-futures.pdf,2017年10月23日。
(1)参见Jonah M.A.Crane,“Regtech:Bending the Risk/Cost Curve or Breaking It?”Fintech Law Report:E-Banking,Payments&Comm erce in the Mobile World,no.4,(August 2017),p.8.
(2)杨东、潘曌东:《区块链带来金融与法律优化》,《中国金融》2016年第8期。
(1)Douglas W.Arner,J1nos Barberis and Ross P.Buckley,“The Evolution of Fintech:ANew Post-Crisis Paradigm,”pp.1271-1319.
(2)参见Government Office for Science,Fintech Futures:The UK as a World Leader in Financial Technologies,March 18,2015,p.48,https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/413095/gs-15-3-fintech-futures.pdf,2017年10月23日。
(3)Douglas W.Arner,J1nos Barberis and Ross P.Buckley,Fintech and Regtech in a Nutshell,and the Future in a Sandbox.
(1)Aaron Wright and Primavera De Filippi,“Decentralized Blockchain Technology and the Rise of Lex Cryptographia,”March 10,2015,p.50,https://ssrn.com/abstract=2580664,2017年9月27日。
(2)Carla L.Reyes,“Moving Beyond Bitcoin to an Endogenous Theory of Decentralized Ledger Technology Regulation:An Initial Proposal,”p.195.
(3)Planet Compliance,“RegTech and Regulators or the Sandbox Isn’t for Everyone,”January 13,2017,http://www.planetcompliance.com/2017/01/13/regtechregulators-sandbox-isnt-everyone/,2017年12月5日。
(4)Carla L.Reyes,“Moving Beyond Bitcoin to an Endogenous Theory of Decentralized Ledger Technology Regulation:An Initial Proposal,”pp.227-230.
(1)Joshua A.Kroll,Joanna Huey,Solon Barocas,Edward W.Felten,Joel R.Reidenberg,David G.Robinson and Harlan Yu,“Accountable Algorithms,”University of Pennsylvania Law Review,vol.165,no.3,2017,pp.633-705.
(2)Joshua A.Kroll,Joanna Huey,Solon Barocas,Edward W.Felten,Joel R.Reidenberg,David G.Robinson and Harlan Yu,“Accountable Algorithms,”pp.633-705.
(3)Douglas W.Arner,J1nos Barberis and Ross P.Buckley,Fintech and Regtech in a Nutshell,and the Future in a Sandbox.
(4)Daniel Barben,Erik Fischer,Cynthia Selin and David H.Guston,“Anticipatory Governance of Nanotechnology:Foresight,Engagement,and Integration,”in Edward J.Hackett,Olga Amsterdamska,Michael E.Lynch and Judy Wajcman,eds.,The Handbook of Science and Technology Studies,Cambridge:MIT Press,2008,pp.979-1000.
(1)Guston DH,“Understanding‘Anticipatory Governance’,”Social Studies of Science,vol.44,no.2,2014,pp.218-242.
(2)Jonah M.A.Crane,“RegTech:Bending the Risk/Cost Curve or Breaking It?”p.7.
(3)Chris Brummer,“Disruptive Technology and Securities Regulation,”p.1050.
(1)杨东:《论金融领域的颠覆式创新与监管重构》,《人民论坛·学术前沿》2016年第11期。
(2)参见Douglas W.Arner,J1nos Barberis and Ross P.Buckley,“The Evolution of Fintech:A New Post-Crisis Paradigm,”Georgetown Journal of International Law,vol.47,no.4,2016,pp.1271-1319.
(3)Iris H-Y Chiu,“Fintech and Disruptive Business Models in Financial Products,Intermediation and Markets:Policy Implications for Financial Regulators,”Journal of Technology Law and Policy,vol.21,no.1,2016,p.56.
(4)Financial Stability Board,“Fintech:Describing the Landscape and a Framework for Analysis,”Research Report,March 2016.
(1)参见William J.Magnuson,“Regulating Fintech,”Vanderbilt Law Review(Forthcoming,2017),Texas A&M University School of Law Legal Studies Research Paper,pp.17-55.
(2)Douglas W.Arner,J1nos Barberis and Ross P.Buckley,“The Evolution of Fintech:ANew Post-Crisis Paradigm,”pp.1271-1319.在该文献中,将Fintech分成了1866年到1966年(Fintech 1.0),1967年到2008年(Fintech 2.0)和2008年至今(Fintech3.0)三个阶段。
(3)Douglas W.Arner,J1nos Barberis and Ross P.Buckley,Fintech and Regtech in a Nutshell,and the Future in a Sandbox,The CFA Institute Research Foundation,2017,p.2.
(1)Dirk A.Zetzsche,Ross P.Buckley,Douglas W.Arner and Janos Nathan Barberis,“From Fintech to Techfin the Regulatory Challenges of Data-Driven Finance,”New York University Journal of Law and Business,Forthcoming.
(2)Douglas W.Arner,J1nos Barberis and Ross P.Buckley,“The Evolution of Fintech:ANew Post-Crisis Paradigm,”pp.1271-1319.
(3)参见李文红、蒋则沈:《金融科技(FinTech)发展与监管:一个监管者的视角》,《金融监管研究》2017年第3期。
(4)参见孙国峰:《从Fintech到Regtech》,《清华金融评论》2017年第5期。
(1)William J.Magnuson,“Regulating Fintech,”Vanderbilt Law Review(2017),Forthcoming.
(2)Douglas W.Diamond and Philip H.Dybvig,“Bank Runs Deposit Insurance,and Liquidity,”Journal of Political Economy,vol.91,no.3(Jun.1983),pp.401-419.
(3)Mark Fenwick,Wulf A.Kaal and Erik Vermeulen,“Regulation Tomorrow:What Happens When Technology Is Faster than the Law?”Lex Research Topics in Corporate Law&Economics Working Paper,no.2016-8.
(4)参见杨东:《互联网金融的法律规制---基于信息工具的视角》,《中国社会科学》2015年第4期。
(1)参见Iris H-Y Chiu,“Fintech and Disruptive Business Models in Financial Products,Intermediation and Markets:Policy Implications for Financial Regulators,”pp.56-60.
(2)刘燕、夏戴乐:《股灾中杠杆机制的法律分析---系统性风险的视角》,《证券法律评论》2016年第1期。
(3)Lyria Bennett Moses,“How to Think about Law,Regulation and Technology:Problems with‘Technology’as a Regulatory Target,”Law,Innovation and Technology,vol.5,no.1,2013,pp.1-20.
(1)Roger Brownsword and Han Somsen,“Law,Innovation and Technology:Before We Fast Forward-A Forum for Debate,”Law,Innovation and Technology,vol.1,no.1,2009,pp.1-73.
(2)参见Wulf A.Kaal and Erik PM Vermeulen,“How to Regulate Disruptive Innovation-From Facts to Data,”Jurimetrics,vol.57,no.2,2017Forthcoming,pp.4-6.
(3)Lyria Bennett Moses,“Agents of Change:How the Law‘Copes’with Technological Change,”pp.763-794.
(4)参见Wulf A.Kaal and Erik PM Vermeulen,“How to Regulate Disruptive Innovation-From Facts to Data,”pp.4-6.
(5)比如,美国国会众议院2017年6月8日通过了大幅反转《多德-弗兰克法案》的CHOICE议案并提交参议院表决。共和党认为,该法案给美国经济带来了最严重的负担,甚至比奥巴马时期的所有监管负担都要沉重。参见吴乐珺:《美政府“松绑”金融监管能走多远?》,《人民日报》2017年6月20日,第21版。
(1)如美国的1933年《证券法》和1934年《证券交易法》规定的监管规则及其实施细则在实施后的近半个世纪内仍发挥法律效力,这很大程度源于该期间证券市场整体的稳定性。参见Chris Brummer,“Disruptive Technology and Securities Regulation,”Fordham Law Review,vol.84,no.3,2015,p.1000.
(1)Chris Brummer,“Disruptive Technology and Securities Regulation,”p.977.
(2)Chris Brummer,“Disruptive Technology and Securities Regulation.”
(3)HM Treasury,2015 Budget Report,March 18,2015,https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/416330/47881_Budget_2015_Web_Accessible.pdf,Jan.4,2018.
(4)Financial Conduct Authority,Call for Input on Supporting the Development and Adopters of RegTech Feedback Statement,July 7,2016,https://www.fca.org.uk/publication/feedback/fs-16-04.pdf,Jan.4,2018.
(5)Douglas W.Arner,J1nos Barberis and Ross P.Buckley,Fintech and Regtech in a Nutshell,and the Future in a Sandbox,p.3.
(1)Lawrence G.Baxter,“Adaptive Financial Regulation and Regtech:A Concept Article on Protection for Victims of Bank Failures,”Duke Law Journal,vol.66,no.3,2016,p.597.
(2)Douglas W.Arner,J1nos Barberis and Ross P.Buckley,Fintech and Regtech in a Nutshell,and the Future in a Sandbox,pp.2-20.
(1)参见杨东:《互联网金融治理新思维》,《中国金融》2016年第23期。
(2)参见渠敬东、周飞舟、应星:《从总体支配到技术治理---基于中国30年改革经验的社会学分析》,《中国社会科学》2009年第6期。
(3)参见刘永谋、李佩:《科学技术与社会治理:技术治理运动的兴衰与反思》,《科学与社会》2017年第2期。
(4)参见Thomas Saretzki,“Technological Governance-Technological Citizenship?”in Hubert Heinelt,Panagiotis Getimis,Grigoris Kafkalas,Randall Smith and Erik Swyngedouw,eds.,Participatory Governance in Multi-level Context,Wiesbaden:Springer Fachmedien Wiesbaden GmbH,2002,pp.83-105.
(5)参见Thomas Saretzki,“Technological Governance-Technological Citizenship?”pp.83-105.
(6)Nick Fox,Katie Ward and Alan O’Rourke,“A Sociology of Technology Governance for the Information Age:The Case of Pharmaceuticals,Consumer Advertising and the Internet,”Sociology,vol.40,no.2,2006,pp.315-334.
(1)Lawrence G.Baxter,“Adaptive Financial Regulation and Regtech:A Concept Article on Protection for Victims of Bank Failures,”p.599.
(2)参见刘轶:《金融监管模式的新发展及其启示---从规则到原则》,《法商研究》2009年第2期。
(1)Ruth B.Carter and Gary E.Marchant,“Principles-Based Regulation and Emerging Technology,”in G.E.Marchant,B.R.Allenby and J.R.Herkert,eds.,The Growing Gap Between Emerging Technologies and Legal-Ethical Oversight:The Pacing Problem,Dordrecht:Springer Netherlands,2011,pp.158-164.
(2)参见杨东:《防范金融科技带来的金融风险》,《红旗文稿》2017年第16期。
(3)参见Kern Alexander,Rahul Dhumale and John Eatwell,Global Governance of Financial Systems,Oxford:Oxford University Press,2006.
(1)参见杨东:《互联网金融风险规制路径》,《中国法学》2015年第3期。
(1)Carla L.Reyes,“Moving Beyond Bitcoin to an Endogenous Theory of Decentralized Ledger Technology Regulation:An Initial Proposal,”Villanova Law Review,vol.61,no.1,2016,p.213.
(2)Douglas W.Arner,J1nos Barberis and Ross P.Buckley,Fintech and Regtech in a Nutshell,and the Future in a Sandbox.
(1)Douglas W.Arner,J1nos Barberis and Ross P.Buckley,“The Evolution of Fintech:ANew Post-Crisis Paradigm,”pp.1271-1319.
(2)京东金融:《2017金融科技报告:行业发展与法律前沿》,第154页,2017年6月1日,http://e.jd.com/30351539.html#none,2017年10月23日。
(3)Douglas W.Arner,J1nos Barberis and Ross P.Buckley,Fintech and Regtech in a Nutshell,and the Future in a Sandbox.
(1)参见Government Office for Science,Fintech Futures:The UK as a World Leader in Financial Technologies,March 18,2015,p.48,https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/413095/gs-15-3-fintech-futures.pdf,2017年10月23日。
(1)参见Jonah M.A.Crane,“Regtech:Bending the Risk/Cost Curve or Breaking It?”Fintech Law Report:E-Banking,Payments&Comm erce in the Mobile World,no.4,(August 2017),p.8.
(2)杨东、潘曌东:《区块链带来金融与法律优化》,《中国金融》2016年第8期。
(1)Douglas W.Arner,J1nos Barberis and Ross P.Buckley,“The Evolution of Fintech:ANew Post-Crisis Paradigm,”pp.1271-1319.
(2)参见Government Office for Science,Fintech Futures:The UK as a World Leader in Financial Technologies,March 18,2015,p.48,https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/413095/gs-15-3-fintech-futures.pdf,2017年10月23日。
(3)Douglas W.Arner,J1nos Barberis and Ross P.Buckley,Fintech and Regtech in a Nutshell,and the Future in a Sandbox.
(1)Aaron Wright and Primavera De Filippi,“Decentralized Blockchain Technology and the Rise of Lex Cryptographia,”March 10,2015,p.50,https://ssrn.com/abstract=2580664,2017年9月27日。
(2)Carla L.Reyes,“Moving Beyond Bitcoin to an Endogenous Theory of Decentralized Ledger Technology Regulation:An Initial Proposal,”p.195.
(3)Planet Compliance,“RegTech and Regulators or the Sandbox Isn’t for Everyone,”January 13,2017,http://www.planetcompliance.com/2017/01/13/regtechregulators-sandbox-isnt-everyone/,2017年12月5日。
(4)Carla L.Reyes,“Moving Beyond Bitcoin to an Endogenous Theory of Decentralized Ledger Technology Regulation:An Initial Proposal,”pp.227-230.
(1)Joshua A.Kroll,Joanna Huey,Solon Barocas,Edward W.Felten,Joel R.Reidenberg,David G.Robinson and Harlan Yu,“Accountable Algorithms,”University of Pennsylvania Law Review,vol.165,no.3,2017,pp.633-705.
(2)Joshua A.Kroll,Joanna Huey,Solon Barocas,Edward W.Felten,Joel R.Reidenberg,David G.Robinson and Harlan Yu,“Accountable Algorithms,”pp.633-705.
(3)Douglas W.Arner,J1nos Barberis and Ross P.Buckley,Fintech and Regtech in a Nutshell,and the Future in a Sandbox.
(4)Daniel Barben,Erik Fischer,Cynthia Selin and David H.Guston,“Anticipatory Governance of Nanotechnology:Foresight,Engagement,and Integration,”in Edward J.Hackett,Olga Amsterdamska,Michael E.Lynch and Judy Wajcman,eds.,The Handbook of Science and Technology Studies,Cambridge:MIT Press,2008,pp.979-1000.
(1)Guston DH,“Understanding‘Anticipatory Governance’,”Social Studies of Science,vol.44,no.2,2014,pp.218-242.
(2)Jonah M.A.Crane,“RegTech:Bending the Risk/Cost Curve or Breaking It?”p.7.
(3)Chris Brummer,“Disruptive Technology and Securities Regulation,”p.1050.
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