CAJ | 학술논문

无论在货币支付还是货币融通领域，互联网与金融两者都在迈向深度融合，这预兆着互联网金融时代的到来。互联网金融主表现为金融对互联网信息技术的工具性应用，本质上互联网金融仍属金融范畴。非正规金融应用互联网信息技术最突出的成果表现为第三方支付、P2P借贷和众筹融资等金融创新模式的新兴。基于国内法律现状，互联网金融不是在交易角度无法可依，而是在监管角度缺乏规制。互联网金融在发展的同时也出现了风险问题，造成金融安全隐患。对互联网金融应实施监管已逐渐成为国内外金融监管机构的共识。在国内实施互联网金融监管，应确定监管主体地方化的方向，采取原则导向监管方式，构建以会员邀请、资金第三方托管、简易信息披露及信息安全保护为核心的互联网金融“安全港”制度。
무론재화폐지부환시화폐융통영역，호련망여금융량자도재매향심도융합，저예조착호련망금융시대적도래。호련망금융주표현위금융대호련망신식기술적공구성응용，본질상호련망금융잉속금융범주。비정규금융응용호련망신식기술최돌출적성과표현위제삼방지부、P2P차대화음주융자등금융창신모식적신흥。기우국내법률현상，호련망금융불시재교역각도무법가의，이시재감관각도결핍규제。호련망금융재발전적동시야출현료풍험문제，조성금융안전은환。대호련망금융응실시감관이축점성위국내외금융감관궤구적공식。재국내실시호련망금융감관，응학정감관주체지방화적방향，채취원칙도향감관방식，구건이회원요청、자금제삼방탁관、간역신식피로급신식안전보호위핵심적호련망금융“안전항”제도。
Both in the fields of the payment and the financing, the Internet and the finance are moving towards deep integration, which heralds the arrival of an Internet finance era. The main manifestation of the Internet finance is the application of the Internet information technology in finance. In essence, third-party payment the application of t payment is a helpful typical forms of the the Internet finance belongs to finance. Currently, as financial innovations, , P2P lending and crowdfunding are emerging, which is the contribution of he Internet information technology by the informal finance. Third-party SU lnc pplement of the payment system, P2P lending and crowdfunding are the lusive finance. Under current Chinese laws, If not in violation of any law prohibition, there is certain legitimate space of existence for Internet finance. For the Internet finance activities, the transaction rules are in place while the regulations lack. At present, the Internet finance is thriving, but meanwhile, risks issues also arise continuously, which impose hidden perils to financial security. Gradually, people both from abroad and at home form the consensus that the Internet finance should be regulated. In China, based on the characteristics of the Internet finance, in order to prevent complicated and inefficient regulations which restrain financial innovations, the regulatory agency, the regulatory method and the regulatory system of the Internet finance shall be differentiated with those applied in the traditional financial institutions. At the same time, people shall strike a balance between market dynamics and risk control. The centralized and unified regulatory patterns or similar, which regulate the traditional financial institutions, should not be adopted. The regulatory authority should be gradually granted to the local governments, so as to realize the localization of the regulatory agency. Compared with the rules-based regulation, the standard-based regulation approach should be applied, which is more suitable for the regulation of financial innovation. To control risks, the safe-harbor mechanism of the Internet finance should be established. The safe-harbor mechanism has four core rules. The first one is the membership rule, which is designed to avoid public soliciting. Through three steps, namely, member registration, member screening and member invitation, the investors become qualified. The rule makes it possible for the Internet finance activities to avoid legal risk of soliciting to the public. The second is the escrow rule, which is in place to avoid fund-raising. P2P lending and crowdfunding platform are the information matching place, respectively for the direct debt finance and the direct equity finance. The platform shall not resume the money-settlement role in its business, which should be taken by the independent bank with the qualification of escrow. The third is the summary information-disclosure rule, which is to protect investors. Information disclosure applies not only to the stock market, but also to the entire direct finance system. It is their obligations for the platform and the money user to disclose the relevant information. However, the disclosure standard should be substantially lower than the stock market. The last one is the information-protection rule, which is made to protect the legitimate rights and interests. In the Internet finance platform, there are numerous ID and transaction data, concerning all participants, including borrowers, guarantors, investors, and others. It is the purpose of the rule to protect personal privacies or business secrets.