Non Financial Sector Internet Financial Innovation Is The Focus Of Attention

"Internet finance, which is now hot in the society, is actually more about innovation made by non-financial organizations using Internet technology. Under the existing legal system and regulatory mode, the Internet financial innovation of non-financial sector is the focus of attention."

Li Aijun said.

She said that the understanding of Internet finance has basically reached a consensus in the community. One is the innovation of product innovation and service mode carried out by traditional financial institutions using Internet technology, and another is the innovation made by non-financial institutions using Internet technology, mainly for financial services, such as P2P and public funding.

The traditional financial intervention in Internet technology is based on the existing legal system and regulatory mode. The new products can basically be adjusted and monitored under the existing legal framework, and the risks can be prevented. The main risk lies in the non-financial organizations' financial services provided by Internet technology, including credit risk of borrowers and network technology risks.

Compared with the traditional financial institutions using Internet technology innovation, the risk of Internet private financial innovation is greater.

Because they are not in the framework of the existing legal system and regulatory mode, unlike the innovation of traditional financial institutions, they must abide by the existing commercial banking law, securities law, trust law, insurance law, and the strict supervision of relevant regulatory bodies.

"At present, the state has promulgated the management method of the third party payment. The so-called no system, no supervision is P2P and two chips."

Li Aijun said.

In Li Aijun's view, the legal relationship between private lending is formed on the P2P platform. The existing laws are adjusted by the general principles of the civil law, contract law and criminal law. There is no regulatory system.

"Private lending does not involve the public in the traditional sense. It is mutual benefit and mutual benefit among acquaintances. It is not a profit making behavior. It does not require the state to regulate through formal regulatory agencies."

For the crowd raising, mainly equity raising, the SFC has given the qualitative analysis, which is the private placement law.

Private placement has a special introduction in China's securities investment fund law.

However, traditional

Through network technology, the essential changes have taken place. From the old acquaintances to strangers society, the public has already been involved, and the risks brought to investors are also great. Investors' property has been deceived and looted.

The same is true of equity investment. Public investment is not like the approval system of listed companies, regulatory system, private equity fund has a securities investment law to adjust, there are corresponding.

There is no system of private placement such as equity financing.

"In this case, the society appeals to the state to strengthen supervision and protect the interests of investors from outside."

Li Aijun said.

Therefore, last year, the state has already issued the regulations, P2P is supervised by the CBRC, and the stock ownership is raised to the SFC supervision.

At present, the CBRC has been dring the regulatory system, and the SFC has issued a draft.

Li Aijun said that Guiyang has established an exchange, buying and selling information as commodities, integrating information into economic services, and buying and selling will produce interests.

This involves a new question whether information is legal right, which is also a problem raised by legal researchers.

If the information appears as a legal right, it should be defined by the corresponding legislation, which information can be traded as a commodity, what can not? What is the subject qualification of the paction and what the behavior pattern is, it is a very worthwhile question to be discussed.

"The pace of innovation can be greater, but it is necessary to operate in the framework of established law, not to ignore the established legal system, and to keep the bottom line of law in data pactions."

Li Aijun said, the use of data can directly refer to the central bank's credit management measures, which subjects can collect letters, collect which subjects' information, and what conditions to collect.

In addition, the EU and the United States have issued corresponding legal systems for data usage, and are relatively perfect and can be referred to.