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Fintech regulation in the us

2019-12-02 来源: 51Due教员组 类别: 更多范文

下面为大家整理一篇优秀的assignment代写范文- Fintech regulation in the us,供大家参考学习,这篇论文讨论了美国的金融科技监管。美国是最早将互联网技术大规模应用于金融领域的国家,金融科技的发展一直走在世界前列。针对金融科技的发展及其伴生的风险问题,美国有着一套相对严密的监管制度。对于金融科技,美国金融监管部门的态度总体上是审慎宽松的。监管部门对于金融科技并不主张过分干预,美国金融科技的高速发展得益于政府大力支持金融科技发展并积极出台相关监管政策措施。

Fintech regulation,美国的金融科技监管,assignment代写,论文代写,北美作业代写

In view of the development of fintech and its associated risks, the us adopts prudent and loose regulatory policies to encourage fintech innovation. To maintain the sound and stable development of fintech through sound legal system; Its perfect credit investigation system has also become an important guarantee for the development of fintech in the United States. Learning from the experience of the United States, China should properly handle the relationship between stability and innovation, grasp the intensity of fintech regulation, and speed up the legalization of financial regulation and the construction of credit investigation system.

In the 1990s, Internet technology began to be applied on a large scale, and fintech came into being. According to the definition of the financial stability board, fintech mainly refers to emerging business models, new technology applications, new products and services that are driven by emerging cutting-edge technologies such as big data, blockchain, cloud computing and artificial intelligence and have a significant impact on financial markets and the supply of financial services.

The United States is the first country to apply Internet technology in the financial field on a large scale, and the development of fintech has been taking the lead in the world. Especially since 2010, us fintech companies have developed rapidly, and New York and silicon valley have gathered a large number of fintech companies. As a global financial center, many fintech companies have emerged in New York relying on the developed capital advantages of Wall Street and outstanding financial talents. Silicon valley, known as the cradle of scientific and technological innovation in the United States, has a good ecological environment for financial innovation, attracting a large number of fintech talents, and many fintech unicorns are incubated here. At the same time, Google, Apple, Facebook and Amazon, the four leading technology companies, have also been making efforts in the field of fintech, and their investment has continued to expand. The development of fintech has pushed traditional financial institutions in the United States to adopt information network technology on a large scale, enhance market competitiveness, and significantly lower the threshold of financing, which has played an obvious role in encouraging scientific and technological innovation. As an important driving force of financial innovation, fintech has exerted a profound influence on the financial industry and even the whole economic life.

In recent years, the development of fintech in China is also accelerating, and its disruptive impact on the financial industry is gradually emerging. On the one hand, Internet fintech companies such as ant financial and tenpay seize the lead in mobile payment, consumer finance and other fields by virtue of their big data and technological advantages. On the other hand, the major Banks have also started the "accelerated" mode, has set up fintech subsidiaries. By the end of June 2019, 10 Banks, including industrial bank, ping an bank, China merchants bank, everbright bank, China construction bank, China minsheng bank, huaxia bank, bank of Beijing, industrial and commercial bank of China and bank of China, had successively established fintech subsidiaries. Fintech has become a key area of financial resources distribution and is accelerating to change or even overturn the traditional financial pattern. However, with the rapid development of fintech, many risks and problems have been accumulated. How to balance the relationship between innovation and risk prevention has become an important test for fintech regulation. As a leader in fintech, the us has a lot to learn from its regulation of fintech.

The us has a relatively tight regulatory regime for the development of fintech and its associated risks.

Us financial regulators have generally been cautious and relaxed about fintech. The regulatory authorities do not advocate excessive intervention in fintech. The rapid development of fintech in the United States is due to the government's strong support for fintech development and the active introduction of relevant regulatory policies and measures.

In the United States, there is no financial regulatory agency specifically set up for fintech companies. All financial businesses involved in fintech shall be integrated into the existing financial regulatory system for unified supervision according to their functions. Generally speaking, the financial regulatory authorities in the United States are encouraging the development of fintech, and the regulation is relatively loose. Fintech companies can operate and develop freely within the framework allowed by the regulatory system. The office of the comptroller of the currency's fintech enterprise application assessment charter explicitly states that fintech companies, like other Banks under federal franchises, can conduct business in a safe and healthy manner to meet the needs of consumers, businesses, and communities. Encourage fintech companies to adopt innovative ways to promote financial inclusion.

In order to adapt to and encourage the development of fintech, the us national economic council issued the white paper fintech regulatory framework in 2017, which comprehensively and systematically elaborated the policy objectives and basic principles of fintech policy design and regulatory strategy. The paper argues that fintech has unrivaled potential to revolutionise access to financial services, improve the functioning of the financial system and promote economic growth. The white paper sets out six policy objectives: actively promoting innovation and entrepreneurship in financial services; promoting safe, affordable and fair access to capital; strengthening financial inclusion and financial health; addressing risks to financial stability; improving the financial regulatory framework; and maintaining national competitiveness. On the basis of this paper put forward the perfect financial ecosystem, attaches great importance to the protection of financial consumer rights and interests, to promote safe pratt &whitney financial and financial health, identify and avoid prejudice, improve the transparency of financial products and services, efforts to achieve interoperability and coordination of technical standards, attaches great importance to the network security, data security and privacy protection, and improve the efficiency and effectiveness of financial institutions, maintaining financial stability, continue to develop and strengthen international cooperation and so on ten principles. These principles should serve as guidelines for all practitioners to maintain communication and cooperation.

The regulatory guidelines and policies are matched by a sound legal system and credit system, so as to effectively protect the legitimate rights and interests of fintech consumers and the security of transactions.

The United States is a country with a relatively sound financial legal and regulatory system. It maintains the stable and healthy development of the financial industry through a sound legal guarantee system.

The financial services modernization act of 1999 put an end to more than 60 years of separate operations and separate regulation. Following the existing financial laws and regulatory framework, the United States implements centralized management of fintech according to the type and mode of financial business. In the United States, third-party payment institutions are defined as non-bank financial institutions, which perform licensing, spot inspection and financial status supervision at the state level. American states have enacted laws on the monetary services of their non-financial institutions in accordance with the uniform monetary service act. Laws and regulations such as the U.S. financial reform act, the privacy act, the electronic fund transfer act, and the uniform commercial code regulate the electronic payment settlement activities of third-party payment institutions in different ways.

The United States has included the regulation of P2P online lending platforms in the securities industry. In the United States, the certificates sold by P2P online lending platforms are regarded as securities, while the selling and issuing of income rights certificates to lenders by P2P online lending platforms are securities trading behaviors. The securities and exchange commission regulates the P2P online lending industry mainly through mandatory disclosure of information. The federal trade commission can take enforcement action against P2P online lenders, which provide specific services to depository institutions and are regulated by the federal reserve and the office of the comptroller of the currency. The consumer protection rules for online lenders are regulated by the consumer financial protection bureau and the federal trade commission. In 2012, President Obama signed the act of promoting entrepreneurial enterprises financing, the bill further relax restrictions on private capital markets, relax for small and medium-sized enterprises IPO financing process and subsequent disclosure regulation, whose income is less than $1 billion enterprises in the five years after the initial public offering to public financial information. The law also allows start-ups and small businesses to raise up to $1m a year through "mass financing". The introduction of this law provides a relatively loose institutional environment for small enterprises to raise funds through online fundraising, adds an exemption system for crowdfunding issuance registration, and strengthens the supervision of crowdfunding intermediaries. The act embodies the organic unity of deregulation and regulation. The promulgation of the law marks the legalization of crowdfunding equity financing.

In 1970, the U.S. congress passed the fair credit reporting act, and the federal trade commission and the consumer financial protection commission, the credit reporting regulators in the United States, performed their respective regulatory duties within the scope of their respective responsibilities. The fair credit reporting act was enacted when a large number of consumer credit investigation and reporting agencies appeared in the market, and most of the agencies used consumer credit score as the basis for granting credit. The fair credit reporting act defines for the first time the scope of business responsibilities of credit reporting agencies, marking a milestone in the protection of the rights and interests of individual credit information in the United States. It specifies the responsibilities and obligations of credit agencies and users, the legal content of credit reports, the purpose of using credit reports and the relevant legal rights and responsibilities of consumers. In 1996, the us government amended the fair credit reporting act and introduced the intelligence authorization act and the debt collection improvement act to supplement the use of individual consumer credit reports by the fbi and federal government agencies.

In addition, the United States and is introducing the equal credit opportunity act honest loan law the act of fair credit check the electronic fund transfer act "bankruptcy law" the privacy act and the freedom of information act and other laws and regulation to form a complete set, the fair credit reporting act to regulate credit and equal credit and protect individual privacy and so on has carried on the strict legal norms. U.S. consumer financial protection agency, the financial consumers' lawful rights and interests of financial protection and supervision, the sponsor of the innovative financial products should be provided in the protection of consumers' rights and interests about our product, including the innovative products to provide is different from the characteristics of existing products on the market, innovation potential risks, and safeguard measures, etc.

America's efficient financial system and rapid development of fintech innovation are attributed to its relatively loose regulatory encouragement policies and sound legal system, as well as its well-developed credit system. The development of credit investigation agencies in the United States has experienced a process from basic to diversified services and from domestic to global market, gradually forming a complete industrial system and a highly developed market.

The leader in the us corporate credit market is credit giant Dunne & bradstreet. D&b group is an international famous credit management company of enterprise credit investigation. With a history of more than 170 years, the company has become an industry giant in the field of commercial credit investigation by continuously expanding the credit evaluation market. The company has the highest comprehensive database of its kind in the world, and customers can access the business information database information through the global network. The company's main services are credit investigation, receivables management, marketing information, value-added products, securities credit rating, financial information services. D&b assigns a d&b code to all the enterprises in the database. D&b is a unique 9-digit global coding system, which is widely used in enterprise identification, organization and arrangement of business information. DUNSRight database has DUNSRight's unique DUNSRight process, which is based on the company's control over the quality of information and consists of 5 steps including global data collection, entity matching, DUNSRight coding, enterprise association and prediction index.

At present, the American personal credit market is a stable situation of experian, ecofei and quanlian. American personal credit bureaus experienced the development process of centralization, decentralization and recentralization, and finally formed a highly centralized industry pattern. Small credit bureaus all over the country were attached to the three credit bureaus to carry out business, and their relationship with the three bureaus was usually subordinate or contractual. And the three credit bureau is the credit bureau alliance company members. The federation of credit bureaus deals with the government and the media on behalf of the credit investigation industry.

The three major credit bureaus in the United States almost cover the entire American personal credit market, and their credit reports basically cover the adult population of the United States. Personal data mainly includes personal identity information, credit information and public information. The bureau processes the data it receives to calculate individual credit scores. At the same time, these data are constantly updated, and individual credit scores change dynamically. The credit score of American individuals is generally between 300 and 850, and different customer credit corresponds to different financial services. The three major credit bureaus use credit scores to sell credit reports to relevant demand agencies. The three bureaus have access to the credit files of 170 million American adults and sell more than 600 million credit reports a year, generating more than $10 billion in revenue. The whole society has a very high attention to personal credit, and the demand is very strong. However, the fair credit report law has strict legal provisions on the personal credit information of others, and the caller can only get it if he/she complies with the provisions. The credit reports of the three credit bureaus have their own characteristics and cater to different market demands. The three credit agencies compete with each other and promote each other, making the credit market in the United States more mature.

The experience of fintech regulation in the United States can provide beneficial enlightenment for improving the fintech regulation level in China and promoting the healthy development of fintech in China, which is conducive to the research and discussion on the path selection of strengthening fintech regulation in China.

On the one hand, fintech has brought guidance and reform to the whole financial industry, effectively promoted economic and financial development and greatly facilitated people's lives. On the other hand, compared with traditional finance, fintech field contains financial and technological risks. After the rapid growth in recent years, China's fintech has entered the normative development stage of promoting development and keeping an eye on risks. Financial regulation should balance the relationship between innovation and stability of science and technology, not only ensure the financial development of science and technology innovative energy, improve financial efficiency, avoid too strict and rigid regulation the vitality of financial innovation, and to ensure the financial security, to avoid financial disorder of science and technology development, not a major economic and financial risks, keep the safety line, which requires the regulator to control financial regulation of science and technology strength and strategy as well.

We should strengthen the top-level design of financial cooperative supervision and establish a sound financial cooperative supervision system. The fintech regulatory departments should give full play to their functions, improve the macro-prudential management system, establish a centralized and coordinated coordinated regulatory mechanism at the central level, and coordinate the relationship between central and local supervision. Fintech makes the boundary of existing business forms not as clear and distinct as before, but increasingly integrated. Therefore, it is necessary to design the top-level system of financial collaborative supervision, coordinate the relationship between institutional supervision, functional supervision and behavioral supervision, so as to achieve the full coverage of supervision and avoid supervision blank or repeated supervision. Fintech regulation should fully study and judge the risk levels of different financial businesses, so as to determine the way and intensity of regulation. It is necessary to strengthen the all-round monitoring before, during and after the event, strictly monitor and manage the frequent occurrence of risks, and take effective measures to prevent risks from expanding. We should strengthen the information disclosure system, unify the information disclosure standards for fintech enterprises, improve the transparency of the industry, impose strict punishment on violations of disclosure and other behaviors, and ban those who have seriously lost their trust from the industry.

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