金融監理之管制革新 ─兼論金融監理沙盒制度之落地機制

在全球化潮流與綱路科技的蓬勃發展趨勢下，金融管制思維應之改變，開放性而有效的監理法制架構為當務之急，監理沙盒制度提供了監理法制設計的新途徑。由於成文法的立法程序與行政法體系的框架，對於管制革新產生了一定程度的限制，本研究試圖從公法學的視角，以行政法的法理與實務探討金融監理之管制革新方法，並對金融監理沙盒制度的落地機制提出可行之論議，本文主要的研究貢獻為：一、以公法視角探討金融監理管制之憲法思維。二、比較各國的金融監理法制之異同與發展趨勢。三、以行政法學的理論與實務評析金融監理沙盒制度。四、金融監理法制的再造與柔軟化的手段，提供解題思路。金融市場具有動態、複雜和多元，並且有自我適應之特質，因此任何的監理或管制措施都可能成為引發下次的金融動盪的遠因，因而金融監理的管制思維與手段，應有更具有動態性與積極性。本研究認為可由公法學的視角，重新形塑經濟管制的思維，包括：一、平等權與差異化監理之兼容性；二、普惠金融之實現；三、監理沙盒與試驗性立法架構之可行性；四、以消費者及投資人權益保障之立法原則。監理沙盒制度發展源自英美法系之國家，其實行差異化監理或法規豁免，仍必須依循法律保留原則而設計，思考我國金融監理沙盒制度之落地機制，或可由法律授權對金融機構實行差異化監理；就非特許金融機構是否納入監理或豁免法規適用，可擴大授權主管機關裁量空間，亦可設置差異化金融執照，依風險基礎設計管制法規。另一方面對動態、複雜多變的金融環境及新興金融科技的發展，可透過軟法治理與公私協力之組織及作用，一則具彈性靈活的優點，二則活用非正式組織資源與效率，達成合作治理之效。

關鍵字

金融監理；監理沙盒；軟法治理；公私協力；試驗性立法

並列摘要

Under the trend of globalization and the booming development of Internet Technology, financial regulatory thinking should be changed, and it is imperative to consider an open- minded supervision and effective legal framework. The design of the financial regulatory sandbox regime provides a new way for the design of regulatory system. Due to the legislative procedure of the statute law and the framework of the administrative law system, there are certain restrictions on regulatory reforms. This study attempts to discuss the regulatory reform methods of financial supervision from the perspective of public law, using the theory and practice of administrative law, and discuss on the Post-Experimentation Phase of Financial Regulatory Sandbox Regime. The main contributions of the research include: 1. Discussing the constitutional thinking of financial supervision and regulation from the perspective of public law. 2. Compare the similarities, differences and development trends of financial regulatory systems in different countries. 3. Analysis of the financial regulatory sandbox regime are based on the theory and the practice of administrative law. 4. Reengineering and softening of the financial regulation provide ideas for problem solving. The financial market is dynamic, complex and diverse, and has the characteristics of self-adaptation. Therefore, any supervision or control measures may become the underlying cause of the next financial turmoil. In other words, the thinking and means of financial regulation should be more dynamic and initiatory. This research believes that the thinking of economic regulation can be shaped from the perspective of public law, including: 1. the compatibility of equal rights and differentiated regulation; 2. the realization of inclusive finance; 3. the feasibility of the regulatory sandbox and the experimental legislative framework 4. Legislative principles to protect the rights of consumers and investors. The development of the regulatory sandbox regime originates from countries in the common law system. The implementation of differentiated supervision or regulatory exemption still follows the principle of legal retention. For the regulation adaptation after the financial regulatory sandbox experimentation in Taiwan, we can think about differentiated regulatory for authorized financial institutions in accordance with the law. Considering that whether or not the unauthorized financial institutions are included in supervision or excluded from regulations, we should authorize the competent authority to exercise discretion and set differentiated financial license, designing regulations on risk-based. Facing the dynamic, complicated and ever-changing financial environment and the development of emerging fintech, through the organization of soft law governance and the public –private- partnership cooperation, we can witness the advantages of flexibility, and and take advantage of the resources and the effectiveness of the informal organization to implement cooperative governance.