美證監(jiān)會主席：我們?nèi)绾慰创悄芡额櫋^(qū)塊鏈、眾籌和網(wǎng)貸？

11月14日，美國證監(jiān)會（SecuritiesandExchangeCommission，美國證券交易委員會，下稱“SEC”）在華盛頓舉辦了其首屆Fintech論壇（議程見文末）。

當(dāng)天，SEC官網(wǎng)發(fā)文稱SEC現(xiàn)任主席MaryJoWhite（下稱“White”）將在奧巴馬任期結(jié)束時離職。

以下是White開場致辭全文：

中文版

我想歡迎你們所有——不管是來到華盛頓論壇會場的還是在線觀看的——來參加SEC舉辦的第一屆金融科技論壇。

金融服務(wù)領(lǐng)域新平臺和技術(shù)的迅速發(fā)展、私人投資的迅猛增加和來自監(jiān)管者日益增加的關(guān)注度使現(xiàn)在成為一個召集利益相關(guān)方討論“金融科技在當(dāng)今證券市場的角色和它的走向”的好時機。畢馬威和CBInsights發(fā)布的一份報告稱去年全球金融科技公司獲得的融資超過了190億美元，所以說金融科技在證券市場的地位愈發(fā)重要是毋庸置疑的。

監(jiān)管者有義務(wù)去了解、監(jiān)督和——在適當(dāng)之處——鼓勵金融科技的發(fā)展，同時也要準備好在必要之處實施投資者和市場保護措施。

今天的論壇是考慮這些問題的絕佳場合。當(dāng)然，舉辦一個這種規(guī)格的論壇、請到這種水準的與會人員（panelists）不是一件容易的事。所以，我想在開始時先感謝我們?yōu)檫@場論壇付出了大量努力的同事，包括MichaelBatlogg,SaraYoung,BruceClaybrook,AmyStarr,ElizabethBlasé,TinaBarry,DietrichKing,公共事務(wù)和出版印刷辦公室的團隊和我們的組織者。此時此刻，我還想感謝Piwowar委員建議舉辦此論壇。另外要特別感謝各位與會人員在此刻來參加我們的論壇。

"金融科技創(chuàng)新有潛力通過顯著有利于投資者和資本市場的方式變革證券行業(yè)的關(guān)鍵部分"達成了廣泛共識。今天的論壇將聚焦于幾個對SEC來說尤其重要的金融科技創(chuàng)新：

1、自動化投資建議有潛力給散戶更廣泛、更可承受的接觸資本市場的途徑；

2、分布式賬本技術(shù)可以簡化交易和清結(jié)算流程，使交易更加快速、高效和便宜；

3、網(wǎng)貸和集資門戶（crowdfundingportals）正在向個人和小企業(yè)提供融資新途徑。

培育能促進更安全的、更好的、和有潛力進行變革的創(chuàng)新發(fā)展的環(huán)境是重要的，但是，如俗話所說，力量越大、責(zé)任越大。我們必須確保創(chuàng)新沒有增加欺詐風(fēng)險和沒有傷害投資者。企業(yè)家應(yīng)該知道他們不僅是創(chuàng)新者，還是背負著重要責(zé)任和義務(wù)的市場參與者。盡管很多（企業(yè)家）將監(jiān)管合規(guī)視為負擔(dān)，但讓美國證券市場成為世界上最安全和最可依賴的市場的在很大程度上是因為——而非盡管——我們有堅定的投資者保護機制（robustinvestorprotections）。

我們，作為監(jiān)管者，也有重要責(zé)任去評估現(xiàn)有監(jiān)管政策是如何應(yīng)對新技術(shù)帶來的機遇和挑戰(zhàn)的。SEC已經(jīng)充分考慮了今天我們將要討論的一些創(chuàng)新帶來的具體挑戰(zhàn)：

——自動化投資顧問項目的可獲得性和受歡迎程度在過去幾年提高地很快。我們已經(jīng)考慮了所謂的機器人投顧（robo-advisers）作為注冊投資顧問滿足投資顧問法案（AdvisersAct）下的受托人義務(wù)和其他義務(wù)的程度。特別地，我們正在考察機器人投顧如何在有限的（如果有）與人類的互動中提供投資建議的：（1）提供充足的披露，來讓客戶理解它們的服務(wù)；（2）獲取能支持它們提供合適投資建議任務(wù)的信息。我們還考慮了自動化投資顧問如何設(shè)計解決與提供自動化建議相關(guān)的挑戰(zhàn)的合規(guī)項目、如何保護客戶數(shù)據(jù)和在有中斷的情況下如何保證業(yè)務(wù)持續(xù)性。

——至于區(qū)塊鏈，或者說分布式賬本技術(shù)，我們同事和分布式賬本技術(shù)工作組的成員正在仔細評估該技術(shù)將在何時、如何改變證券市場。就區(qū)塊鏈對金融服務(wù)和它們的客戶（尤其是后臺功能）有確實益處的程度來說，我們正在考慮區(qū)塊鏈如果被應(yīng)用于當(dāng)下的基礎(chǔ)設(shè)施是否會免去現(xiàn)有的一些特定服務(wù)和參與者。我們也在仔細研究創(chuàng)新者如何解決大規(guī)模應(yīng)用區(qū)塊鏈的問題（如協(xié)同工作的能力和可延展性）和在多大程度上這些系統(tǒng)會被準許進入。另外一個重要的關(guān)注點是創(chuàng)新者如何解決網(wǎng)絡(luò)、客戶數(shù)據(jù)和區(qū)塊鏈上資產(chǎn)的安全。

——我們對以證券為基礎(chǔ)的眾籌也有高度興趣，我們希望它能促進小企業(yè)從散戶處獲取融資的朝氣蓬勃的替代融資渠道的發(fā)展。為了培育發(fā)展的生態(tài)，堅定的投資者保護機制是重要的，我們也依賴經(jīng)紀人和集資門戶成為活躍的守門人。

——SEC作為網(wǎng)貸的聯(lián)邦監(jiān)管方聚焦于投資者保護。我們面臨的一個重大挑戰(zhàn)是投資者所掌握的能做出明智投資決策的信息的充足度，比如說貸款和借款人的信息，還有平臺專有的風(fēng)控和借貸模式。由于投資者是被網(wǎng)貸的潛在高收益率（這也意味著更大的風(fēng)險）吸引來的，關(guān)于借款人還款能力的信息就是關(guān)鍵的。對網(wǎng)貸投資者來說，創(chuàng)新必須建立在完整和公允的重大信息的披露上，這是聯(lián)邦證券法律的基石。

金融科技創(chuàng)新的速度和影響力提高了監(jiān)管方進行充分和充滿前瞻性的考慮的必要性。這是我在今年早些時候在SEC組建金融科技工作組的原因，這個工作組包含了SEC各個部門的成員，它的目的是評估現(xiàn)有技術(shù)。我已經(jīng)要求工作組在仔細審視之后提出特定的、特制的建議——包括綜合本次論壇的意見——來講述SEC應(yīng)該如何（讓公眾明白）現(xiàn)有監(jiān)管要求和促進負責(zé)任的創(chuàng)新的邊界。這些建議可以采用多種形式，包括提供SEC指引、概念發(fā)布、征求意見稿或者簡單地促進投資者對并沒有廣泛被理解的現(xiàn)有監(jiān)管條例和釋義的解讀。他們也應(yīng)該證實，至少是部分，我們現(xiàn)有的監(jiān)管已經(jīng)能充分解決新發(fā)展（帶來的挑戰(zhàn)）。

SEC的金融科技工作組會持續(xù)征求投資者、創(chuàng)新者和其他利益相關(guān)方關(guān)于這些新技術(shù)的意見。我們還處于初期階段，而不是最終階段。今天的論壇就是這個過程的重要部分。我歡迎和鼓勵每個人持續(xù)地參與到我們理解新的現(xiàn)有技術(shù)的努力中來確保這些技術(shù)有利于投資者和建設(shè)更為強大和更創(chuàng)新的市場。

我期待今天的討論，另外我想再次感謝你們到來，感謝你們分享自己的見解和專業(yè)經(jīng)驗。

英文原文

ChairMaryJoWhite

Nov.14,2016

IwanttowelcomeallofyoutotheSEC'sfirstFintechForum-boththoseofyouintheauditoriuminWashingtonandthosewatchingonline.

Therapiddevelopmentofnewplatformsandtechnologiesforfinancialservices,whichhasbeenaccompaniedbytremendousgrowthinprivateinvestmentandgrowingattentionfromregulators,makesthisanidealtimetobringtherelevantstakeholderstogethertodiscussboththeroleoffintechinoursecuritiesmarketstoday,andwhereitisheaded.Withglobalinvestmentinfintechcompaniesestimatedtobeover$19billionlastyear,[1]itissafetosaythatfintechiswellonitswaytoplayinganimportantroleinthefutureofthesecuritiesindustry.

Andregulatorshaveanobligationtounderstand,monitor,and-whereappropriate-encouragesuchdevelopments,whilesimultaneouslybeingpreparedtoimplementsafeguardswherenecessarytoprotectinvestorsandourmarkets.

Today'sforumisanexcellentvenueforconsideringalloftheseissues.Ofcourse,aneventofthismagnitudewithpanelistsofthiscaliberisnoteasytoproduce.So,IwanttobeginbythankingourstafffortheirtremendouseffortsinputtingtheForumtogether,includingMichaelBatlogg,SaraYoung,BruceClaybrook,AmyStarr,ElizabethBlase,TinaBarry,DietrichKing,theteamsfromtheOfficeofPublicAffairsandfromPublishingandPrinting,andourtalentedmoderators.IalsowanttothankCommissionerPiwowarforsuggestingthatweholdtheforumatthistime.AndIwanttoespeciallythankourdistinguishedpanelistsforcomingheretosharetheirimportantinsights.

Thereisrelativelywidespreadagreementthatfintechinnovationshavethepotentialtotransformkeypartsofthesecuritiesindustry-andtodosoinwaysthatcouldsignificantlybenefitinvestorsandourcapitalmarkets.Today'sforumfocusesonseveralofthesedevelopmentsthatareparticularlyimportanttotheSEC.

"Automatedinvestingadvicehasthepotentialtogiveretailinvestorsbroader,andmoreaffordable,accesstoourmarkets.

"Distributedledgertechnologycouldgreatlysimplifythetrading,settlementandclearingprocesses,makingtransactionsfaster,moreefficient,andlessexpensive.

"Onlinemarketplacelendersandcrowdfundingportalsareprovidingindividualsandsmallbusinesseswithnewpathstoaccesscapital.

Itisimportanttofosteranenvironmentwherepotentiallytransformativeinnovationsthatmakeforsafer,bettermarketscanflourish.But,asthesayinggoes,withpowercomesresponsibility.Wemustensurenewdevelopmentsarenotrushedtomarketorimplementedinawaythatfacilitatesariskoffraudorharmtoinvestors.Entrepreneursshouldrecognizethattheyarenotonlyinnovators,butalsomarketparticipantswithimportantdutiesandobligations.Althoughsomemayviewregulatorycomplianceasaburden,theU.S.securitiesmarketsarethesafestandmostreliableintheworldlargelybecauseof-notinspiteof-ourrobustinvestorprotections.

We,asregulators,alsohaveanimportantresponsibility-toevaluatehowourexistingrulesaddressboththechallengesandopportunitiespresentedbythesenewtechnologies.AttheCommission,wehavebeenthinkingcarefullyaboutthespecificchallengespresentedbyeachoftheareasbeingdiscussedtoday.

Thelastfewyearshaveseenrapidgrowthintheavailabilityandpopularityofautomatedinvestmentadvisoryprograms.Consistentwithourmission,wehavebeenconsideringhowtheseso-calledrobo-advisers,asregisteredinvestmentadvisers,meettheirfiduciaryandotherobligationsundertheAdvisersAct.Inparticular,wearelookingathowadvisersthatprovideinvestmentadvicewithlimited,ifany,humaninteraction:(1)provideappropriatedisclosuressothattheirclientsunderstandtheirservices;and(2)obtaininformationtosupporttheirdutytoprovidesuitableadvice.Wealsoareconsideringhowautomated-advisersaredesigningtheircomplianceprogramstoaddresstheparticularchallengesrelevanttoprovidingautomatedadviceandhowthesefirmssafeguardclientdataandaddressbusinesscontinuityintheeventofadisruption.

Intheareaofblockchain,ordistributedledger,technology,ourstaff,includingmembersfromourDistributedLedgerTechnologyWorkingGroup,arecarefullyevaluatingwhenandhowthistechnologywillbeon-boardedwithinthesecuritiesmarket.Totheextenttherearerealbenefitstoparticipantsinthefinancialservicessectorandtheircustomers,especiallytoback-officefunctionality,weareconsideringwhetherthistechnologywillobviatecertainservicesandparticipantsor,rather,beadoptedintocurrentinfrastructures.Wealsoarelookingcloselyathowinnovatorswillovercomechallengestothewidespreadadoptionofdistributedledgertechnology,suchasinteroperabilityandscalability,andtowhatextentsuchsystemswillbepermissioned.Anotherimportantconcernishowinnovatorswilladdressissuesofcybersecurityandthesafetyofcustomerdataandassetsinablockchain.

Significantexcitementalsosurroundstheuseofsecurities-basedcrowdfunding,whichwehopewillcontinuetofuelthedevelopmentofavibrantalternativeforsmallbusinessestoraisecapitalfromretailinvestors.Tofosteranecosystemofgrowth,itisimportantthatthereberobustinvestorprotection,andwearecountingonbrokersandfundingportalstobeactivegatekeepersinthisspace.

Intheonlinemarketplacelendingspace,theCommissionstaff,uniquelyamongfederalregulators,focusesoninvestorprotection.Onekeychallengeistheadequacyoftheinformationavailabletoinvestorstomakeinformedinvestmentdecisions,suchasinformationabouttheloansandborrowersunderlyingtheirinvestments,aswellastheplatform'sproprietaryriskandlendingmodels.Asinvestorsaredrawntopotentiallyhigheryieldingbutriskiermarketplaceloans,informationabouttheborrower'sabilitytorepaytheloanunderlyingtheinvestmentiscritical.Whenitcomestotheseinvestors,innovationmustbebuiltuponafoundationoffullandfairdisclosureofmaterialinformation,whichisthebedrockofthefederalsecuritieslaws.

Thespeedandimpactofsomeofthesedevelopmentsheightentheneedfortheconsiderationofregulationtobeboththoroughandforwardthinking.ThatiswhyIdirectedthecreationofafintechworkinggroupattheSECearlierthisyear,whichincludesstafffromacrosstheagencytoevaluatetheemergingtechnologies.Ihaveaskedthegrouptofocusonspecific,tailoredrecommendations-afteracarefulandinformedreview,includingincorporatinginsightsfromtoday'sforum-aboutwhattheSECshoulddotoprovideclarityonexistingregulatoryrequirementsandhelpfosterresponsibleinnovation.Suchrecommendationscouldtakeseveralforms,includingforprovidingstaffguidance,conceptreleases,orproposedrulemaking,ortheymaysimplycallfor,inpart,improvedcommunicationsaboutexistingregulationsandinterpretationsthatarenotwidelyunderstoodamonginnovators.Theymayalsoconfirm,atleastinpart,thatourexistingregulatoryapproachisalreadysuitabletoaddressnewdevelopments.

Theworkinggroupwillbesolicitingadditionalinputfrominvestors,innovators,andthemanyotherstakeholdersinthesenewtechnologies.Weareattheearlyphase,nottheend,ofouroutreach.Today'seventisanimportantpartofthatprocess.AndIwelcomeandencourageeveryone'scontinuedengagementasweworktounderstandthenewandemergingtechnologiestoensurethattheyworktofurthertheinterestsofinvestorswhilebuildingstronger,evermoreinnovativemarkets.

Ilookforwardtotoday'sdiscussions,andIwanttothankyouagainforcomingandsharingyourexpertiseandpointsofview.

[1]SeeKPMGandCBInsights.ThePulseofFintech,March9,2016,availableathttps://home.kpmg.com/xx/en/home/media/press-releases/2016/03/kpmg-and-cb-insights.html.

議程和與會人員

AgendaandPanelists

(AlltimesEastern,Panelistsasscheduledtoappear)

7:45a.m.Doorsopen

9:00a.m.OpeningRemarksbyChairWhite,CommissionerSteinandCommissionerPiwowar

9:15a.m.Panel1:ImpactofRecentInnovationinInvestmentAdvisoryServices

Moderator:KristinSnyder,Co-HeadoftheInvestmentAdvisor/InvestmentCompanyprogramintheSECOfficeofComplianceInspectionsandExaminations

Panelists:

BenAlden,GeneralCounselofBetterment

BoLu,Co-FounderandCEOofFutureAdvisoratBlackrock

MarkGoines,ViceChairmanofPersonalCapital

JimAllen,HeadofCapitalMarketsPolicyGroup,CFAInstitute

10:30a.m.Break

10:45a.m.Panel2:ImpactofRecentInnovationonTrading,Settlement,andClearanceActivities

Moderator:ValerieSzczepanik,HeadoftheSECDistributedLedgerTechnologyWorkingGroup;AssistantDirector,SECDivisionofEnforcement

Panelists:

BradPeterson,ExecutiveVicePresidentandChiefInformationOfficer/ChiefTechnologyOfficeratNasdaq

ChrisChurch,ChiefBusinessDevelopmentOfficer,DigitalAssetHoldings

MarkWetjen,HeadofGlobalPublicPolicyatDTCC

ProfessorEminGunSirer,CornellUniversity

GrainneMcNamara,PrincipalintheCapitalMarketsteamatPricewaterhouseCoopers

12:15p.m.LunchBreak

1:30p.m.Panel3:ImpactofRecentInnovationinCapitalFormation

Moderator:SebastianGomezAbero,HeadoftheOfficeofSmallBusinessPolicy,SECDivisionofCorporationFinance

Panelists:

MattBurton,CEOandCo-FounderofOrchardPlatform

ConorFrench,GeneralCounselofFundingCircleandCo-FounderoftheMarketplaceLendingAssociation

JavierSaade,ManagingDirectoratFenwaySummerVentures

SaraHanks,Co-FounderandCEOofCrowdCheck

MichaelPieciak,CommissioneroftheVermontDepartmentofFinancialRegulationandChiefoftheNASAACorporateFinanceSection

KarenMills,SeniorFellowatHarvardBusinessSchool

RamAhluwalia,CEOandCo-FounderofPeerIQ

3p.m.Break

3:15p.m.Panel4:InvestorProtectionintheFintechEra

Moderator:MarcWyatt,DirectorofSECOfficeofComplianceInspectionsandExaminations

Panelists:

TravisSchwab,CEOofEventusSystems

JohnWalsh,PartneratSutherlandAsbill&BrennanLLP

NikhilLele,PrincipalintheFinancialServicesOfficeatErnst&Young

RickFleming,SECInvestorAdvocate

4:30p.m.FintechForumconcludes

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