Theoretical Foundation and Practical Development of the Regulatory Sandbox

廖凡，中国社会科学院国际法研究所研究员，法学博士。【中文摘要】监管沙盒的基本宗旨是促进金融科技发展,特别是支持初创企业所进行的“破坏性创新”活动，在此意义上构成金融科技监管的ー个子命题。金融科技是指技术驱动的金融创新,与中国语境下的互联网金融异曲同工;监管科技（广义）则是市场主体“合规科技”和监管机构“监管科技”的统称。监管沙盒本源上是对全球金融危机后过度强化的监管要求的“反动”和“纠偏”，其理论基础是破坏性创新和适应性监管。英国等国家和地区的实践表明，监管沙盒对于金融市场、监管体制和监管文化等外部条件有着特定要求,并非金融科技监管的必然选择或者普适模式。从中国的实际情况出发,至少就当下而言,并不适于引入监管沙盒。 【Abstract】The fundamental purpose of the regulatory sandbox is to facilitate the development of financial technology (Fintech)，especially the “disruptive innovations” activities of start-up enterprises. In this sense，the regulatory sandbox is a sub-category of Fintech regulation. Fintech is technology-enabled financial innovation，synonymous with the term “internet finance” in the Chinese context，while regulatory technology (Regtech)，in a broad sense，is a combination of the “compliance technology” of market players with the “regulatory technology” of regulators. The regulatory sandbox was originally a “counteraction” and “correction” to the over-strengthened regulatory requirements after the Global financial Crisis ，and its theoretical foundation is disruptive innovation and adaptive regulation. From the perspective of the relevant practices in the UK and some other countries and regions，the development of the regulatory sandbox requires specific external conditions in terms of financial markets， regulatory systems and regulatory culture. It is by no means an inevitable choice or universal model. Given the country's actual conditions，the regulatory sandbox is not fit for China，at least for the time being.中国社会科学院国情调研重大项目“国际比较视野下的互联网金融创新与规范发展”(2017-6