市场型金融创新法律监管路径的反思与超越

市场型金融创新凸显了规范与现实之间的冲突。无论是选择性监管路径,还是规则扩张式监管路径,抑或是以监管沙箱为代表的实验式监管路径,都不能很好地解决该冲突。以上三种路径,都是在“术”的层面上展开。为了超越以上三种路径,我国应在“道”的层面上进行理念与制度完善,即我国需要完善金融法治基础,建构金融法治哲学,制定《金融法典》或《金融法总则》,创新金融法的更新机制,创建市场型金融创新合法性裁定制度,完善市场型金融创新的法律责任,以便进一步提升我国对市场型金融创新监管的法治化水平。

Rethinking and Transcendence of the Legal Supervision Path of Market-oriented Financial Innovation

Market-oriented financial innovation reveals the conflicts between norms and reality.The selective regulatory path,the rule expansion regulatory path,and the experimental regulatory path represented by the regulatory sandbox,cannot solve the conflicts well.The above three paths are all carried out at the level of“method”.In order to surpass the above three paths,China needs to improve the concept and system at the level of“essence”,i.e.,strengthening the foundation of financial rule of law,shaping the philosophy of financial rule of law,formulating the Financial Code or the General Provisions of Financial Law,innovating the renewal mechanism of financial law,creating the legitimacy ruling system of market-oriented financial innovation,and improving the legal responsibility of market-oriented financial innovation so as to enhance its level of rule of law in the supervision of market-oriented financial innovation.