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論著名稱: 論我國金融監理沙盒制度之光與影-以英國、美國、新加坡之制度為核心(The Light and Shadow of Financial Regulatory Sandbox in Taiwan-A Comparative Study with Regulation in U.K, U.S.A, Singapore)
研 究 生: 郭源安
指導教授: 莊永丞
出版日期: 2021.06
出版地區: 台灣
校院名稱: 私立東吳大學法律學系碩士
頁  數: 182 點閱次數: 394
下載點數: (本篇論著電子全文可分章下載) 銷售明細: 權利金查詢 變更售價
授 權 者: 郭源安
關 鍵 詞: 金融科技破壞式創新消費者保護金融監理沙盒金融科技發展與創新實驗條例落地機制
中文摘要: 科技發展日新月異,且在全球性重大事件推波助瀾下,更加速此效應。近年金融科技(FinTech)盛行,帶動金融市場中人際交流間之工具快速邁向數位化。若將此一發展以「矛」與「盾」兩層面視之,金融科技作為引領人類世界進步的「矛」,大幅提高金融工具、機構的使用效率與普及性,並創造出新興交易型態及模式。惟因作為「盾」的法規層面監管不明,金融科技之發展極易成法律適用空間的灰色地帶,進而形成犯罪利用之渠道。各國政府致力於發展創新科技之餘,亦開始注重監管及立法,使「矛」及「盾」二層面相輔相成,打造安全且穩健的金融體系。使二者相輔相成之關鍵為於新創企業、消費者、監管機關三方之間取得最適平衡點,而有別於傳統「規則基礎監理」架構,目前蔚為流行的另一種原則基礎監理方法,即屬「監理沙盒」(Regulatory Sandbox)實驗之創辦。
為跟上全球金融市場中領頭羊國家之步伐,我國於 2016 年亦建立一套金融監理沙盒制度。惟運作至今,我國沙盒制度是否真能發揮其應有之功能與目的,有待商榷。本文以下列三大問題意識作為撰寫本篇論文之核心骨幹:1)「金融監理沙盒實驗」之存在目的為何?2)參考國外沙盒制度,其運作模式與主管機關態度有無可供我國沙盒借鏡之處?3)我國沙盒實驗成功後案件之落地機制應如何改進?本文於第二章、第三章分別從「規範目的與適用對象」、「測試資格條件」、「申請程序與實驗機制」、「實驗期間消費者保護與風險控管機制」、「實驗完成後落地機制」等面向分析我國與英國、美國、新加坡等國家沙盒制度之規範、案例業務內容。
於第四章,本文回應前述三大核心問題意識,首先評析監理沙盒機制可能存在的疑慮、對於消費者、新創業者、政府機關之實益及我國應採行之因;其次,如同各國面對金融科技皆有其監理特色,我國亦有其他諸多相關措施,舉凡金融科技創新園區、業務試辦,皆屬立意良好的制度,惟監理沙盒如何與前開各制度相互配合、明確界定適用範圍,有賴我國主管機關正確地認事用法;又國外主管機關如何看待其沙盒制度、如何做好消費者保護機制,於我國有無參考之處,同樣為本文研究核心問題。最後沙盒實驗成功結束後之業者與其業務內容何去何從,本文認為應回歸最關鍵之問題:究竟「實驗成功」代表之意義為何?既然主管機關依照其專業判斷認定某業務合法,即應讓該業者就地合法而得正式開辦其業務內容,如此方為監理沙盒機制於金融科技浪潮中欲彰顯之精神。冀透過本研究,提出兼具保障投資人、具體建構主管機關權限與義務、並鼓勵創新之金融監理沙盒架構,活絡我國金融市場之發展。
英文關鍵詞: FinTechDisruptive InnovationConsumer ProtectionFinancial Regulatory SandboxFinancial Technology Development and Innovative Experimentation ActPost-experimentation Phase of Regulatory Sandbox Regime
英文摘要: After the major global events happen one after another, the technology was developed rapidly. In recent years, the revolution of FinTech has led to the rapid digitization of interpersonal communication tools in the financial market. FinTech has greatly improved the efficiency and popularity of financial tools and institutions, and created new types and mode of transaction. However, the development of FinTech can easily become a gray area of law application space due to the unclear regulatory, and thus form a channel for criminal use. In addition to develope innovation of technology, governments around the world have begun to pay attention to supervision and legislation to create a safe and stable financial system. The key to make FinTech cooperate with supervision, instead of against it, is to achieve an optimal balance between startups, consumers, and regulators. Unlike the traditional " Rule-based Supervision Compliance " framework, another “Principle-based Supervision Compliance " method that is currently popular is the "Regulatory Sandbox" experiment.
In order to keep up with the pace of leading countries in the global financial market, Taiwan also established a Financial Regulatory Sandbox in 2016. However, Regulatory Sandbox in Taiwan remains a lot of problems. Therefore, following three points are all the core issues of the thesis: 1) What is the purpose of the "Financial Regulatory Sandbox "? 2) With reference to the foreign sandbox system, are there any lessons for Regulatory Sandbox in Taiwan? 3) How should the post-experimentation phase of Regulatory Sandbox regime be improved after the sandbox experiment being successful in Taiwan? In chapter II and III, this thesis will analysis the standards and cases content of the sandbox regime between Taiwan, the United Kingdom, USA, and Singapore from following aspects: specification purposes, applicable objects, test qualifications, application procedures experimental mechanisms, consumer protection, mechanisms of risk control during the experiments, and the post-experimentation phase of Regulatory Sandbox regime.
In chapter IV, this thesis will respond to the aforementioned three core issues. First, this thesis analyzes the possible doubts of the Regulatory Sandbox, the benefits to consumers, startups, government agencies, and the reasons why Taiwan should adopt it. Second, as other countries using their unique supervision characteristics to face FinTech, Taiwan also has many other related measures. For example, FinTechSpace and Business Trials are both well-conceived systems. However, the administration should figure out how the Regulatory Sandbox cooperate with the previous systems and clearly define the scope of application. This thesis will also focus on how foreign administrations shaping their sandbox system’s role, how they balancing their consumer protection mechanisms. Finally, this thesis will discuss the post-experimentation phase of Regulatory Sandbox regime. To sum up, the most critical question should be returned: what is the meaning of "experimental success"? Since the administration determines that a certain business is legal according to its professional judgment, it should allow the business to be instandly legal, and to starts its business content formally. FinTech is now all the rage, and this is the final goal of the Regulatory Sandbox under this rage. This thesis hope to propose a Financial Regulatory Sandbox structure that can protect investors, specifically establish the authority and obligations of the administration, and encourage innovation, look forward to enhancing the development of Taiwan’s financial market.
目  次: 第一章 緒論
 第一節 研究動機
 第二節 研究目的
 第三節 論文章節架構
 第四節 研究方法
第二章 金融監理沙盒制度之光與影
 第一節 金融科技、監管科技與普惠金融趨勢
 第二節 何謂金融監理沙盒
 第三節 小結
第三章 外國監理沙盒制度之法制與實務運作
 第一節 英國
  第一項 沙盒制度分析
  第二項 案例分析
 第二節 美國
 第三節 新加坡
 第四節 小結
第四章 重塑我國監理沙盒制度之精神
 第一節 概說
 第二節 監理沙盒制度於我國適用之必要性
 第三節 監理沙盒制度與我國其他金融科技設施之交錯
 第四節 監理沙盒制度之修正建議
第五章 結論
參考文獻及書目
參考文獻: 一、中文文獻
(一)書籍
1. 王文宇等合著,金融法,台北市:元照,九版,2016年2月。
2. 王志誠等合著,實用證券交易法,台北市:新學林,五版,2018年2月。
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(二)期刊
1. 王明莊、江欣曄,我國「金融科技發展與創新實驗條例」簡評,萬國法律第217期,頁56-63,2018年2月。
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8. 彭金隆、臧正運,金融科技監理與我國金融監理沙盒制度之檢視,管理評論第38卷第4期,頁15-31,2019年10月。
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13. 鄭旭高,金融科技技術概覽(八)-應用金融科技、區塊鏈技術於會計師日常業務,月旦會計財稅網第2019卷第7期,頁1-3,2019年7月。
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(三)行政函釋
1. 金管科字第1070110280號函。
2. 金管科字第1080101365號函。
3. 金管科字第1080111451號函。
4. 金管科字第1080133124號函。
5. 金管科字第1080134627號函。
6. 金管科字第1080194644號函。
7. 金管證發字第1080321164號函。
8. 金管科字第1090193822號函。
9. 金管保壽字第10904194851號函。
10. 金管保綜字第10904923871號函。
11. 金管科字第11001305951號函。
(四)新聞資料與網路資源
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35. 富邦金控,全台第一個區塊鏈跨行轉帳沙盒實驗上線:北富銀攜手帳聯網科技首創Bagel Pay,2019年11月30日,https://www.fubon.com/financialholdings/news/news_1191202_281156.htm。
36. 富邦金控,北富銀「奈米投」通過金管會金融創新試辦審查正式全面開辦-投資「奈米化」成為迎向後疫情時代的趨勢,2020年6月9日,https://www.fubon.com/financialholdings/news/news_1200609_670390.htm。
37. 創業新聞,不進沙盒行不行?Fintech新創申請監理沙盒的優點及建議,2019年6月26日,https://meet.bnext.com.tw/articles/view/45036。
38. 創業新聞,傳統銀行不是敵人是神隊友!易安聯打造外籍移工超愛用跨境匯款服務,2019年8月2日,https://meet.bnext.com.tw/articles/view/45066。
39. 微文庫,知名慈善機構網路Start Network將使用區塊鏈追蹤資金流向,2017年8月5日,https://www.luoow.com/dc_tw/101841573。
40. 經濟日報,借鏡英美日金融監理沙盒經驗-看台灣金融創新發展,2020年1月17日,https://money.udn.com/money/story/5613/4294499。
41. 經濟日報,造反有理-直擊沙盒五個案之創新與挑戰:在途款融資篇,2020年3月13日,https://money.udn.com/money/topic/2020031302?exlink。
42. 經濟日報,造反有理-直擊沙盒五個案之創新與挑戰:旅遊網站賣旅平險篇,2020年3月14日,https://money.udn.com/money/topic/2020031402?exlink。
43. 經濟日報,造反有理-直擊沙盒五個案之創新與挑戰:基金交換篇,2020年3月14日,https://money.udn.com/money/topic/2020031401?exlink。
44. 經濟日報,造反有理-直擊沙盒五個案之創新與挑戰:外籍移工跨境匯款篇,2020年4月1日,https://money.udn.com/money/topic/2020031101?exlink。
45. 經濟日報,聯準會:超低利率至少再維持三年,促國會再推刺激政策,2020年9月17日,https://money.udn.com/money/story/5599/4866481。
46. 遠見雜誌,「好好投資」讓基金互換好容易,2020年1月3日,https://www.gvm.com.tw/article/70295。
47. 遠見雜誌,鼓勵創新的監理沙盒反阻斷新創活路,2020年8月27日,https://www.gvm.com.tw/article/74340。
48. 匯流新聞網,打造新創生存環境,新加坡成全球Fintech重鎮,2018年10月26日,https://cnews.com.tw/002181026a04/。
49. 電腦與通訊,Blockchain in Europe, More than Just a Hype 一窺歐洲區塊鏈之發展,現在、未來,2017年5月9日,https://ictjournal.itri.org.tw/Content/Messagess/contents.aspx?&MmmID=654304432122064271&CatID=654313611331661503&MSID=744065355341536670。
50. 關鍵評論,從英國看台灣,沙盒法案考驗的其實是政府監理能力,2016/12/18,https://www.thenewslens.com/article/56918。
51. 關鍵評論,「金融監理沙盒」上路兩年只核准七案,問題出在哪裡,2020年4月4日,https://www.thenewslens.com/article/134230。
52. 鏈新聞,改革監管環境,美眾議院議員再次提交《金融服務創新法案》提案,2019年10月22日,https://www.chainnews.com/zh-hant/articles/389693794086.htm。
53. 鏈新聞,首個區塊鏈交易所進入新加坡MAS沙盒,打響牌照發行前哨戰?,2019年11月5日,https://www.chainnews.com/zh-hant/articles/120991063271.htm。
54. 鏈新聞,新加坡支付服務法案正式生效!全球加密貨幣公司皆可在新加坡拓展業務,2020年1月29日,https://www.chainnews.com/zh-hant/articles/560557381377.htm。
55. 鏈新聞,監管沙盒玩的是什麼沙,金融創新在台灣玩得起來嗎,2020年5月2日,https://www.abmedia.io/cases-in-taiwan-sandbox-and-how-does-it-work。
56. 動區,台灣第一個「區塊鏈監理沙盒案」:台北富邦銀行將要試驗DLT 跨行轉帳,2019年8月16日,https://www.blocktempo.com/fubon-fsc-sandbox-blockchain-cross-boarder-payment/。
57. 動區,去中心化央行MakerDAO 與新創Monolith 合作,推出加密貨幣金融卡,2019年8月19日,https://www.blocktempo.com/ethereum-startup-monolith-adds-dai-to-visa-debit-card/。
58. 動區,路透社:摩根大通聯盟區塊鏈「Quorum」可能與以太坊軟體公司「ConsenSys」合併,2020年2月12日,https://www.blocktempo.com/p-morgan-in-merger-talks-with-consensys-for-its-in-house-blockchain-quorum/。
59. 動區,北富銀Bagel Pay提前結束實驗最快4月完成申報退出沙盒,2020年4月17日,https://www.blocktempo.com/taipei-fubon-might-come-out-of-regulatory-sandbox-in-april/。
60. 國泰金控,保險業也辦Demo Day!國泰人壽發表最新保險科技服務,2019年12月13日,https://www.cathayholdings.com/holdings/information-centre/intro/latest-news/detail?news=Q1egY5lvBU2Rq-xiPQLPgg。
61. 鉅亨網,中國信託搶先進駐金融科技創新園區-主攻點數支付等三大API,2018年8月16日,https://news.cnyes.com/news/id/4184723。
62. 鉅亨網,API受理居冠!凱基銀助FinTech Space三大新創團隊商轉,2019年4月19日,https://news.cnyes.com/news/id/4306442。
63. 經濟部國際貿易局,新加坡金管局推出快捷沙盒,為保險經紀、匯款業者提供更多試驗空間,2019年8月8日,https://www.trade.gov.tw/World/Detail.aspx?nodeID=45&pid=677285。
64. 經濟日報,債券團購平台-小資族湊伙理財新選擇,2021年1月13日,https://money.udn.com/money/story/5636/5170102。
65. 數位時代,那個透明的捐款箱:談區塊鏈技術導入慈善組織,2017年4月26日,https://www.bnext.com.tw/article/44246/blockchain-donate-smart-contract。
66. 數位時代,等待三年,網路基金交換平台將上線!好好投資談與遠銀合作內幕,2019年10月9日,https://www.bnext.com.tw/article/55048/stockgo-team-up-with-bankee。
67. 數位時代,7分鐘投保縮至1分鐘搞定!台灣首個保險監理沙盒實驗,讓旅遊網站能直接買保險,2019年12月13日,https://www.bnext.com.tw/article/55910/cathaylife-eztravel-regulatory-sandbox。
68. 聯合新聞網,WeWork上市失敗教訓,2019年12月6日,https://udn.com/news/story/6868/4209414。
69. 聯合新聞網,壽險公會「保全/理賠聯盟鏈」明年1月開辦,2020年12月31日,https://udn.com/news/story/7239/5137400。
70. 蘋果即時,lyft籌資上看650億下周掛牌交易-今年美國最大IPO,2019年3月22日,https://tw.appledaily.com/property/20190322/IREY7KS3XT66LUIT3G65JDWKVI/。
71. 蘋果即時,買菜同時還能辦開戶-國泰世華銀攜手全聯推金融服務站,2020年6月28日,https://tw.appledaily.com/property/20200628/ALPPUKEP3P6FK62T254UDXB4W4/。
72. 金融監督管理委員會,創新實驗揭露專區,更新日期:2020年4月10日,https://www.fsc.gov.tw/ch/home.jsp?id=666&parentpath=0%2C7%2C478。
73. 金融監督管理委員會,金融科技發展策略白皮書,2016年5月12日,https://www.fsc.gov.tw/ch/home.jsp?id=517&parentpath=0,7,478。
74. 金融監督管理委員會,訂定「銀行申請業務試辦作業要點」,2019年6月18日,https://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0,2&mcustomize=news_view.jsp&dataserno=201906180004&toolsflag=Y&dtable=News。
75. 金融監督管理委員會,訂定「證券期貨業申請業務試辦作業要點」,2019年10月3日,https://www.fsc.gov.tw/ch/home.jsp?id=128&parentpath=0,3&mcustomize=lawnew_view.jsp&dataserno=201910030002&toolsflag=Y&dtable=NewsLaw。
76. 金融監督管理委員會,金管會建置我國普惠金融衡量指標,2020年1月14日,https://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0,2&mcustomize=news_view.jsp&dataserno=202001140002&dtable=News。
77. 金融監督管理委員會保險局,金管會同意保險業運用區塊鏈技術申請試辦「保全/理賠聯盟鏈」服務,2020年3月19日,https://www.ib.gov.tw/ch/home.jsp?id=239&parentpath=0,2,238&mcustomize=multimessage_view.jsp&dataserno=202003190002&aplistdn=ou=news,ou=multisite,ou=chinese,ou=ap_root,o=fsc,c=tw&dtable=News。
78. 金融監督管理委員會,修正保險業申請業務試辦作業要點,2020年6月30日,https://www.fsc.gov.tw/ch/home.jsp?id=3&parentpath=0&mcustomize=lawnew_view.jsp&dataserno=202006300003&dtable=Law。
79. 金融監督管理委員會,行政院通過「電子支付機構管理條例」修正草案,2020年7月30日,
https://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0,2&mcustomize=news_view.jsp&dataserno=202007300001&aplistdn=ou=news,ou=multisite,ou=chinese,ou=ap_root,o=fsc,c=tw&dtable=News。
80. FX888PRO,區塊鏈企業BlockEx脫穎而出成功入選第四批FCA沙盒測試,2018年7月5日,http://www.fx888pro.com/fx168_news/blockchain/1807/2574561_tw.shtml。
81. GAMMA PARADIGM,全球最新投資潮流STO,2019年12月27日,https://gammaparadigm.com/tw/2019/12/27/%E5%85%A8%E7%90%83%E6%9C%80%E6%96%B0%E6%8A%95%E8%B3%87%E6%BD%AE%E6%B5%81-sto/。
82. IVC-InVisibleCities,更聰明的賣早餐?!位置智能幫助全球快餐品牌制定銷售策略,2019年6月9日,https://medium.com/ivc-invisiblecities/%E6%9B%B4%E8%81%B0%E6%98%8E%E7%9A%84%E8%B3%A3%E6%97%A9%E9%A4%90-%E4%BD%8D%E7%BD%AE%E6%99%BA%E8%83%BD%E5%B9%AB%E5%8A%A9%E5%85%A8%E7%90%83%E5%BF%AB%E9%A4%90%E5%93%81%E7%89%8C%E5%88%B6%E5%AE%9A%E9%8A%B7%E5%94%AE%E7%AD%96%E7%95%A5-51b3b7973667。
83. IT人,DLA Piper:2020年1月資料洩露調查報告,2020年3月29日,https://iter01.com/460597.html。
84. IThome,金融科技創新園區FinTechSpace正式開幕!首波進駐37家新創,囊括FinTech七大領域,2018年9月18日,https://www.ithome.com.tw/news/125951。
85. IThome,國內金融監理沙盒首創的基金交換平臺12月即將上線,維運團隊好好投資揭露更多技術運作細節,2019年10月9日,https://www.ithome.com.tw/news/133522。
86. Medium, 銀行閒談(21) -從HSBC UK Connected Money 看Opening Banking 未來,2018年1月27日,https://medium.com/bankofwatin/%E9%8A%80%E8%A1%8C%E9%96%91%E8%AB%87-21-%E5%BE%9E-hsbc-uk-connected-money-%E7%9C%8B-opening-banking-%E6%9C%AA%E4%BE%86-923beeb9f6f1。
87. The Digital Insurer,倫敦初創公司Pluto旨在簡化旅行保險的購買和理賠,2018年8月15日,https://www.the-digital-insurer.com/zh-CN/dia/london-startup-pluto-aims-to-simplify-travel-insurance-purchase-and-claims/。
88. TIDEBIT,區塊鏈初創公司在倫敦證券交易所平台上籌集了390萬美元的代幣權益,2019年4月16日,https://tidebit.medium.com/%E5%8D%80%E5%A1%8A%E9%8F%88%E5%88%9D%E5%89%B5%E5%85%AC%E5%8F%B8%E5%9C%A8%E5%80%AB%E6%95%A6%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E6%89%80%E5%B9%B3%E5%8F%B0%E4%B8%8A%E7%B1%8C%E9%9B%86%E4%BA%86390%E8%90%AC%E7%BE%8E%E5%85%83%E7%9A%84%E4%BB%A3%E5%B9%A3%E6%AC%8A%E7%9B%8A-6f3cd851f8f4。
89. X資訊,總部位於倫敦的RegTech ClauseMatch獲得了250萬美元的風險債務融資,2019年5月30日,https://0xzx.com/zh-tw/20190530004796554.html。
90. X資訊,SquareBook獲得FCA批准,有意創新IPO流程,2019年7月28日,https://0xzx.com/zh-tw/201907282233192828.html。
二、外文文獻
(一)書籍
1. ARNER, DOUGLAS W., BARBERIS, JANOS NATHAN & BUCKLEY, ROSS P., FINTECH AND REGTECH IN A NUTSHELL, AND THE FUTURE IN A SANDBOX, CFA INSTITUTE RESEARCH FOUNDATION, CHARLOTTESVILLE, U.S.A. (2017).
2. ARMOUR, J., AWREY, D., DAVIES, P. L., ENRIQUES, L., GORDON, J. N., MAYER, C. P., & PAYNE, J., PRINCIPLES OF FINANCIAL REGULATION, OXFORD UNIVERSITY PRESS (2016).
3. BAINBRIDGE, STEPHEN M., CORPORATION LAW AND ECONOMICS, FOUNDATION PRESS, NEW YORK, U.S.A. (2002).
4. COFFEE, JOHN C., JR. &SELIGMAN, JOEL, SECURITIES REGULATION: CASES AND MATERIALS, FOUNDATION PRESS, NEW YORK, U.S.A. (2003).
5. CHISHTI, SUSANNE & BARBERIS, JANOS , THE FINTECH BOOK: THE FINANCIAL TECHNOLOGY HANDBOOK FOR INVESTORS, ENTREPRENEURS AND CISIONARIES, MARSHALL CAVENDISH INTERNATIONAL (ASIA), SINGAPORE (2016).
6. FENWICK, MARK, VAN UYTSEL, STEVEN & YING, BI, REGULATING FINTECH IN ASIA: GLOBAL CONTEXT, LOCAL PERSPECTIVES, PERSPECTIVES IN LAW, BUSINESS AND INNOVATION, SPRINGERLINK, KYUSHU, JAPAN. (2002).
7. HAZEN, THOMAS LEE, PRINCIPLES OF SECURITIES REGULATION, WEST ACADEMIC PUNLISHING, NEW YORK, U.S.A. (3D ED. 2009).
8. HENDERSON, J., RETAIL AND DIGITAL BANKING: PRINCIPLES AND PRACTICE, KOGAN PAGE PUBLISHERS, LONDON, U.K. (2018) .
9. LAURENCE, TIANA, BLOCKCHAIN FOR DUMMIES, FOR DUMMIES, NEW JERSEY, U.S.A. (2017).
10. KINDLEBERGER, C. P., & ALIBER, R. Z. , MANIAS, PANICS AND CRASHES: A HISTORY OF FINANCIAL CRISES, PALGRAVE MACMILLAN, LONDON, U.K. (2011).
11. KING, M., THE END OF ALCHEMY: MONEY, BANKING, AND THE FUTURE OF THE GLOBAL ECONOMY, WW NORTON & COMPANY, NEW YORK, U.S.A . (2017).
(二)期刊
1. Arner, Douglas W., Barberis, Janos Nathan & Buckley, Ross P., FinTech, RegTech, and the Reconceptualization of Financial Regulation, 37 N.W. J. INT'L L. & BUS. 371, 371–419 (2017).
2. Arner, Douglas W., Barberis, Janos & Buckley, Ross P., The Evolution of FinTech: A New Post-Crisis Paradigm, 47 GEO. J. INT’L L. 1271, 1271-1346 (2016).
3. Barefoot, Jo Ann S., Regulatory Innovation, 19 NO. 3 FINTECH L. REP. NL 1. 1, 1–7 (2016).
4. Black, Julia, Hopper, Martyn & Band, Christa, Making a Success of Principles-Based Regulation, 1 LAW & FIN. MKTS. REV. 191, 191-206 (2007).
5. Brummer, Chris & Yadav, Yesha, Fintech and the Innovation Trilemma, 107 GEO. L.J. 235, 235-310 (2019).
6. Cortez, Nathan, Regulating Disruptive Innovation, 29 BERKELEY TECH. L. J. 175, 175-228 (2014).
7. Douglas, John L., New Wine Into Old Bottles: Fintech Meets The Bank Regulatory World, 20 N.C. Banking Inst. 17, 17–64 (2016).
8. Fenwick, Mark D., Kaal, Wulf A. & Vermeulen, Erik P.M., Regulation Tomorrow: What Happens when Technology is Faster than the Law?, American University Business Law Review, Vol. 6, No. 3, 561, 561-594.
9. Packin, Nizan Geslevich, Regtech, Compliance And Technology Judgment Rule, 93 CHI.-KENT L. REV. 193, 193–218 (2018).
10. Woolard, Christopher, A UK Perspective on FinTech Regulation: What is (and is not) a Sandbox?, 19 NO. 6 FINTECH L. REP. NL 3. 1, 1-3 (2016).
11. Zetzsche, Dirk A., Buckley, Ross P., Barberis, Janos N., & Arner, Douglas W., Regulating a Revolution: from Regulatory Sandboxes to Smart Regulation, 23 FORDHAM J. CORP. & FIN. L. 31, 31-103 (2017).
(三)Working Paper & Research Paper
1. Allen, Hilary J., Regulatory Sandbox 579-645 (George Washington Law Review, Vol. 87, 2017), available at https://ssrn.com/abstract=3056993.
2. Allen, Hilary J., Sandbox Boundaries 1-22 (American University Washington College of Law Research Paper No. 2019-18, 2019), available at https://ssrn.com/abstract=3409847.
3. Arner, Douglas W., Barberis, Janos Nathan & Buckley, Ross P., The Evolution of FinTech: A New Post-Crisis Paradigm 1-44 (University of Hong Kong Faculty of Law Research Paper No. 2015/047, 2015), available at https://ssrn.com/abstract=2676553.
4. Arner, Douglas W., Barberis, Janos Nathan & Buckley, Ross P., 150 Years of FinTech: An Evolutionary Analysis 22–29 (JASSA The Finsia Journal of Applied Finance, 2016), available at https://www.researchgate.net/profile/Ross_Buckley/publication/313364787_150_Years_of_FinTech_An_Evolutionary_Analysis/links/5897eace4585158bf6f59e3d/150-Years-of-FinTech-An-Evolutionary-Analysis.pdf.
5. Bromberg, Lev, Godwin, Andrew & Ramsay, Ian, Fintech Sandboxes: Achieving A Balance Between Regulation And Innovation 314-36 (Journal of Banking and Finance Law and Practice, University of Melbourne Legal Studies Research Paper No. 767, 2017), available at https://ssrn.com/abstract=3090844.
6. Bennett, Moses L., How to Think about Law, Regulation and Technology: Problems with ‘Technology’ as a Regulatory Target 1-19 (Law, Innovation & Technology, UNSW Law Research Paper No. 2014-30, 2014), available at https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2464750.
7. Bos, Jaap W.B. & Kolari, James W. & Van Lamoen, Ryan C.R., Competition and Innovation: Evidence from Financial Service 1590-1601 (Journal of Banking & Finance Volume 37, Issue 5, 2013), available at https://www.sciencedirect.com/science/article/pii/S0378426613000241.
8. Caytas, Joanna Diane, Regulatory Issues and Challenges Presented by Virtual Currencies 1-4 (Columbia Business Law Review, 2017), available at https://ssrn.com/abstract=2988367.
9. Davies, Anthony, Regulation and Productivity 1-22 (GEORGE MASON UNIVERSITY MERCATUS CENTER RESEARCH, 2014), available at https://www.mercatus.org/system/files/Davies-Regulation-Productivity-v2.pdf.
10. Demirgüç-Kunt, Asli & Klapper, Leora F., Measuring Financial Inclusion: The Global Findex Database 1-58 (World Bank Policy Research Working Paper No. 6025, 2012), available at https://ssrn.com/abstract=2043012.
11. Fenwick, Mark & Vermeulen, Erik P.M., The Future of Finance: Why Regulation Matters 1-25 (Tilburg Law School Research Paper Forthcoming, 2020), available at https://ssrn.com/abstract=3692529.
12. Finck, Michèle, Blockchain Regulation 1-30 (Max Planck Institute for Innovation & Competition Research Paper No. 17-13, 2017), available at https://ssrn.com/abstract=3014641.
13. Frazier, Grant, & Walter, Nick, Regulatory Sandboxes: How Federal Agencies Can Take Part in Cooperative Federalism and Catalyze Innovation and Economic Growth Through Exercise Of Their Exemptive Authority 1-27 (Dartmouth Law Journal, Forthcoming, 2020), available at https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3561263.
14. Freedman, Stephen R., Regulating the Modern Financial Firm: Implications of Disintermediation and Conglomeration 1-30 (St. Gallen Economics Working Paper 2000-21, 2000) available at https://ssrn.com/abstract=253928.
15. Godke Veiga, Marcelo & McCahery, Joseph A., The Financing of Small and Medium-Sized Enterprises: An Analysis of the Financing Gap in Brazil 1-39 (TILEC Discussion Paper No. DP2020-010, 2020), available at https://ssrn.com/abstract=3577741.
16. Kaal, Wulf A., Decentralized Autonomous Organizations – Internal Governance and External Legal Design 1-71 (University of St. Thomas (Minnesota) Legal Studies Research Paper No. 20-14, 2020), available at https://ssrn.com/abstract=3652481.
17. King, Thomas & Aggarwal, Nikita & Taddeo, Mariarosaria & Floridi, Luciano, Artificial Intelligence Crime: An Interdisciplinary Analysis of Foreseeable Threats and Solutions 1-31 (University of Oxford, 2018),. available at https://ssrn.com/abstract=3183238.
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19. Ofir, Moran & Sadeh, Ido, THE RISE OF FINTECH: PROMISES, PERILS, AND CHALLENGES 1-21 (The Interdisciplinary Center (IDC) Herzliya, 2021), available at SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3788168.
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(五)官方網站與文件
1. Financial Conduct Authority (FCA), FCA Handbook, https://www.handbook.fca.org.uk/.
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5. Financial Conduct Authority (FCA), Regulatory Sandbox - cohort 1 (2017), https://www.fca.org.uk/firms/regulatory-sandbox/cohort-1.
6. Financial Conduct Authority (FCA), Regulatory Sandbox - cohort 2 (2017), https://www.fca.org.uk/firms/regulatory-sandbox/cohort-2.
7. Financial Conduct Authority (FCA), Regulatory Sandbox - cohort 3 (2017), https://www.fca.org.uk/firms/regulatory-sandbox/cohort-3.
8. Financial Conduct Authority (FCA), Regulatory Sandbox - cohort 4 (2018), https://www.fca.org.uk/firms/regulatory-sandbox/regulatory-sandbox-cohort-4-businesses.
9. Financial Conduct Authority (FCA), Regulatory Sandbox - cohort 5 (2019), https://www.fca.org.uk/firms/regulatory-sandbox/cohort-5.
10. Financial Conduct Authority (FCA), Green FinTech Challenge – Successful Applicants (2019), https://www.fca.org.uk/firms/innovation/green-fintech-challenge.
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12. Financial Conduct Authority (FCA), Regulatory Sandbox - cohort 6 (2020), https://www.fca.org.uk/firms/regulatory-sandbox/regulatory-sandbox-cohort-6.
13. Financial Conduct Authority (FCA), The Digital Sandbox Pilot, https://www.fca.org.uk/firms/innovation/digital-sandbox.
14. Financial Conduct Authority (FCA), Regulatory and Digital Sandbox applications open, https://www.fca.org.uk/firms/regulatory-sandbox/regulatory-and-digital-sandbox-applications-open.
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20. Monetary Authority of Singapore (MAS), FINTECH REGULATORY SANDBOX GUIDELINES (2016), https://www.mas.gov.sg/-/media/mas/smart-financial-centre/sandbox/fintech-regulatory-sandbox-guidelines-19feb2018.pdf?la=en&hash=b1d36c055aa641f580058339009448cc19a014f7.
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22. Regulatory Sandbox - cohort 6, FCA, https://www.fca.org.uk/firms/regulatory-sandbox/regulatory-sandbox-cohort-6.
23. RegTech in Financial Services: Solutions for Compliance and Reporting, Institute of International Finance (IIF), https://www.iif.com/Portals/0/Files/private/iif-regtech_in_financial_services_-_solutions_for_compliance_and_reporting.pdf?ver=2019-01-04-142943-690.
24. UK Trade & Investment , Landscaping UK FinTech (2014), https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/341336/Landscaping_UK_Fintech.pdf.
25. World Economic Forum, The Future of Financial Services, http://www3.weforum.org/docs/WEF_The_future__of_financial_services.pdf.
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