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监管科技蓬勃发展 亟需行业新框架

国际资讯监管与政策

监管科技蓬勃发展 亟需行业新框架

Regtech Poised to Thrive; Requires New Regulatory Framework

无论是对金融机构还是对监管者而言,法规遵循都是一件费时费钱的事情。政策分析公司Federal Financial Analytics的数据显示,2013年美国最大的6家银行在法规遵循上花了700亿美元,比2007年的340亿美元多了一倍,这表明法规遵循的成本在不断增长。

监管科技(Regtech)指的就是“用于监管的科技”(regulatory technology)。最近几年为应对法规遵循带来的的种种挑战,监管科技迅速兴起。

监管科技可以算是金融科技的子集,指使用尖端技术(如人工智能、大数据以及分布式分类账)来提高监管效率,降低法规遵循的成本。

监管科技已经在多个领域得到应用,如数据聚合、风险建模、情景分析和预测、身份验证和实时监控。

近期监管科技方面值得注意的公司有专攻风险建模的Ayasdi公司,专攻交易环境行为分析的 Sybenetix公司,以及提供全面监管服务平台的Suade公司。

据报道,全球对监管、合规、政府软件的需求将在2020年达到1187亿美元,监管科技行业将迎来蓬勃发展。

对监管新框架的需求

香港大学法学院的Douglas Arner和Janos Barberis、新南威尔士大学法学院的Ross Buckley发表了一篇题为《金融科技、监管科技以及金融监管的重构》的论文,分析了监管科技的兴起,并号召建立新的监管框架,以捕捉技术的变革潜力。

报道称:“要监管快速变化的金融系统,决策人和监管者都要更多地使用监管科技。”

监管科技、人工报告与合规程序的数字化“为金融服务行业和监管者节省了大笔开支。”

报道称:“监管科技不仅仅是一个更为高效的工具,而且是促使监管模式发生转变的关键变化。”

“从历史来看,监管科技是金融服务监管的必然演进,且应发展为巩固整个金融服务部门的根本基础。”

报道指出,高速的金融科技创新将需要新的金融监管框架,以涵盖如“数据主权”、“数据监控”等内容。

目前,金融科技的持续发展需要新的框架,即监管框架。报道建议现代基础设施开发商支持市场功能,并举了SWIFT公司的例子,因为这家公司专注建立优化过的基础设施,以支持全球支付。此外该文还建议开始对金融创新做适当监管,关键是结存风险,以及与金融行业合作带来的创新潜力。

解决方案之一是建立监管沙盒,实时测试创新产品、服务、商业模式和交付机制。

Regulation compliance is time consuming and expensive for both financial institutions and regulators. According to policy analysis firm Federal Financial Analytics, the six largest banks in the US spent as much as US$70 billion on compliance in 2013. That's twice the US$34 billion spent in 2007, a figure highlighting the continuously increasing costs.

Regtech, an amalgam of "regulatory technology," has been quick to emerge as a solution to address the challenges associated with regulation compliance.

A subset of fintech, regtech implies the use of cutting-technologies, such as artificial intelligence, Big Data and distributed ledgers, to create new efficiencies and reduce the costs of complying with various regulations.

Regtech applications have being developed in areas that include data aggregation, risk modeling, scenario analysis and forecasting, identity validation and real-time monitoring.

Notable players currently include Ayasdi, which specializes in risk modeling, Sybenetix, which focuses on behavior analysis in trading environments, and Suade, which provides a holistic regulation-as-a-service platform.

The industry is poised to thrive as the global demand for regulatory, compliance and governance software is expected to reach US$118.7 billion by 2020, according to a report by Let's Talk Payments.

Need for a new regulatory framework

In a new paper titled 'Fintech, RegTech and the Reconceptualization of Financial Regulation,' Douglas Arner and Janos Barberis of the Faculty of Law of the University of Hong Kong, and Ross Buckley of the Faculty of Law of the University of New South Wales, analyze the rise of regtech and call for a new regulatory framework that would help capture the transformative potential of technology

"For policymakers and regulators, the challenge of regulating rapidly transforming financial systems requires increasing the use of and reliance on regtech," the report says.

Regtech and the digitalization of manual reporting and compliance processes "offer tremendous cost savings to the financial services industry and regulators."

"Regtech represents more than just an efficiency tool and rather is a pivotal change leading to a paradigm shift in regulation," it argues.

"Viewed holistically, RegTech represents the next logical evolution of financial services regulation and should develop into a foundational base underpinning the entire financial services sector."

The report points out that the speed of fintech innovation will require the regulatory framework for financial to be rethought so as to cover elements such as "data sovereignty" and "data supervision."

"At this stage, the sustainable development of fintech will need to be built around a new framework, namely regtech," the report says.

It advises for the development of modern infrastructure to support market functions, citing for instance SWIFT, which has been focusing on an improved structure to support global payments.

Another advice is to start working on the development of appropriate regulatory responses to fintech innovation. The key here will be the balance risk and potential innovation by working collaboratively with the industry.

One option would be to establish regulatory sandboxes to test innovative products, services, business models and delivery mechanisms in a live environment.

GELP

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