Author(s)

Ou Lei

Corresponding Author

Ou Lei

ABSTRACT

While improving financial efficiency and enriching financial products, financial technology has also brought about the generalization of financial risks. The financial rules under the traditional financial supervision paradigm are usually the product of crisis-based legislation and regulation. They are characterized by “command and control” and cannot cope with the pan-financialization brought by financial technology, the frequent financial risks, the endogenous and exogenous financial systems risk and other issues. The transformation of the financial regulatory paradigm is imperative. The new paradigm of financial regulation requires the establishment of a cross-industry risk regulator on top of specialized financial regulators to prevent risks from being transmitted inside and outside the financial system, requires adaptive regulation to rationally distribute finance between financial legislatures, financial regulators and regulated institutions rule-making power, requires experimental supervision to deal with the time-consuming problems of regulatory intervention, requires data-driven supervision, real-time or quasi-real-time supervision of financial technology, and explores new ways to solve the regulatory lag.

KEYWORDS

Financial technology, cross-industry risk regulation, adaptive regulation, experimental supervision, regulatory technology