【原创|翻译】美国国家经济委员会金融科技监管白皮书（中部）
译者：麻双豹，华东政法大学外语学院法律翻译硕士研究生
编辑：张浩伦，上海交通大学凯原法学院法学硕士研究生
导语：2017年1月13日，距离奥巴马卸任还有7天之际，美国国家经济委员会发布了一份名为“Framework for Fintech” 的白皮书，概述奥巴马政府有关金融科技创新的原则和政策框架，为监管机构如何评估新兴的金融科技生态系统提供了包括“更广泛地审议金融生态系统”等在内的10项原则。以下为白皮书第二部分原文和翻译。
美国国家经济委员会
之
金融科技监管白皮书
（原文&翻译）
目录
I. Introduction
I. 简介
II. Background
II. 背景
III. Policy Objectives for Financial Services
III. 金融服务行业的政策目标
Foster Positive Financial Services Innovation and Entrepreneurship
积极推动金融服务创新、创业
Promote Safe, Affordable, and Fair Access to Capital
增加安全、实惠和公平的资金获取渠道
Strengthen Financial Inclusion & Health in the United States and Abroad
增强国内外的普惠金融和财务稳健
Address Financial Stability Risks
应对金融波动风险
Further a 21st Century Financial Regulatory Framework
推动21世纪金融监管框架建设
Maintain National Competitiveness
维系国家竞争力
IV. Statement of Principles
十大原则声明
1. Think Broadly About the Financial Ecosystem
1. 更广泛地审议金融生态系统
2. Start with the Consumer in Mind
2. 注重消费者利益保护
3. Promote Safe Financial Inclusion and Financial Health
3. 促进安全的普惠金融和财务健康
4. Recognize and Overcome Potential Technological Bias
4. 鉴别并规避技术上可能存在的偏差
5. Maximize Transparency
5. 最大限度地提高透明度
6. Strive for Interoperability and Harmonize Technical Standards
6. 努力实现互操作性和统一技术标准
7. Build in Cybersecurity, Data Security, and Privacy Protections from the Start
7. 网络安全、数据安全和隐私保护贯穿始终
8. Increase Efficiency and Effectiveness in Financial Infrastructure
8. 提高金融基础设施的运行效率
9. Protect Financial Stability
9. 确保金融稳定性
10.Continue and Strengthen Cross-Sector Engagement
10. 继续加强部门间合作
V. Conclusion
v. 结论
（金融服务行业的政策目标 续）
·Promote Safe, Affordable, and Fair Access to Capital
·增加安全、实惠和公平的资金获取渠道
Access to safe and affordable capital enables individuals and businesses to assert greater control over their financial affairs and supports economic growth. Nonetheless, such access remains a challenge for many creditworthy individuals and businesses. The difference between responsible capital sought and capital extended can prevent important investments that could contribute significantly to economic opportunity, financial security, and growth. Small business access to capital is a prime example. Despite serving as a critical part of the U.S. economy, small businesses generally have limited access to capital and other vital resources that help entrepreneurs grow their businesses. Recent research suggests that more than 70% of small businesses seek loans of less than $250,000, but banks, despite increased small business lending since the financial crisis, remain hesitant to lend this credit.5 Similarly, creditworthy individual borrowers may have trouble accessing the affordable credit they need to buy a home or make other important investments. Even in those instances where businesses or consumers are able to access capital, they may need help managing their money in a way that helps ensure financial security.
安全、实惠的资本获取渠道使个人和企业能够更强有力地控制其金融事务并推动经济增长。然而，许多信誉良好的个人和企业仍面临着融资难问题。负责任的资本寻求和资本扩展之间的差异可能会阻碍可能对经济机会、金融安全和发展有重大影响的重要投资。小企业资本获取是一个最好的例子。尽管作为美国经济的重要组成部分，小型企业获取资本和其他帮助企业家发展事业的重要资源的渠道较为有限。据近期一份调查显示，70%的小企业申请的贷款金额在25万美元之内，尽管金融危机之后，小企业的贷款规模有所增长，但银行还是对此类贷款的发放犹豫不决。同样，信用良好的个体借款人可能无法获得所需的信贷来购买房子或进行其他重要投资。即使在企业或消费者能够获得资本的情况下，他们还可能需要帮助管理他们的资金，以确保金融安全。
The financial services industry, including fintech, can play an important role in serving creditworthy borrowers and businesses in need of capital. Marketplace lenders, crowdfunding platforms,6 and other innovations can improve access to safe, affordable, and fair capital to help individuals and small businesses take control of their finances while supporting sustainable economic growth. This Administration recognizes the importance of using innovative platforms to provide access to capital while also ensuring adequate protections. For example, in 2016, Treasury published a whitepaper entitled Opportunities and Challenges in Online Marketplace Lending. The whitepaper was the product of significant engagement with the private sector. It recognized the potential for marketplace lenders to expand access to capital and proposed six recommendations to public and private sector participants for providing such access safely.
包括金融科技在内的金融服务业可以对需要资本的且信誉良好的借款人和企业提供重要服务。 市场贷款机构、众筹平台和其他类似创新可以提供获取安全、实惠和公平的资本的渠道，帮助个体和小企业更好地掌管他们的财政状况、促进经济可持续增长。政府认识到创新性平台提供了融资渠道，同时也确保予以适当的保护。例如，2016年，财政部发布了一份题为《互联网市场贷款中的机遇和挑战》的白皮书。白皮书是与私营部门重要合作的产物。它认识到市场贷款机构扩大资本获取渠道的潜能；同时，为了增加这种资本获取渠道的安全性，向公共和私营部门参与者提出了六项建议。
Innovators and government should continue working together to ensure that America’s entrepreneurs, small businesses, and families have safe and sustainable access to capital.
创新者和政府应该继续合作，共同致力于确保美国的企业家、小企业和家庭能够安全和可持续地获取资本。
·Strengthen Financial Inclusion & Health in the United States and Abroad
·增强国内外的普惠金融和财务稳健
According to the 2015 Federal Deposit Insurance Corporation (FDIC) National Survey of Unbanked and Underbanked Households, approximately nine million households (or seven percent) in the United States do not have any bank account (unbanked), while another 24.4 million (19.9 percent) have a bank account but still rely on alternative financial services like payday lending (underbanked). Some of these alternative providers can be extremely costly, and even predatory, charging consumers exorbitant fees just to access their own money. These costs have a disproportionate impact on lower and middle-income individuals and families.9 In developing countries, lack of access to financial services is even more severe. According to the World Bank, an estimated two billion adults are unbanked worldwide.
据2015年联邦存款保险公司 (FDIC) 对非银行人口和未充分享有银行服务的人口进行的调查显示，2440万（19.9%）在银行开户的人还要依赖于“发薪日贷款”（非银行服务）等替代性金融服务。这些替代性提供商中的一些可能是极其昂贵的、甚至是掠夺性的，收取消费者昂贵的费用只是为了自己的获利。这些高昂成本对中低收入个人和家庭产生不成比例的影响。在发展中国家，缺乏获取金融服务的机会更加普遍。 根据世界银行，世界上估计有20亿成年人没有受到银行服务。
One important means of international financial inclusion and economic development is cross- border payments (remittances) from individuals residing in developed countries to those in developing countries. According to the World Bank, such remittances totaled nearly $432 billion in 2015.11 Technological innovation for remittances can help ensure faster delivery of money at a lower cost. It also can help to authenticate transactions, ensure that money transacts safely between the intended parties, and help detect, disrupt, and prevent illicit funds from traveling through the global financial system. Beyond remittances, innovation in financial services can help bring efficiency and transparency to financing for development projects, and help budding entrepreneurs build and grow businesses.
从发达国家的个人到发展中国家的个人的跨境支付（汇款）是国际性的普惠金融和经济发展的一个重要手段。根据世界银行的统计，2015年，这类汇款总额约4320亿美元。技术创新不仅能够降低跨境汇款成本，还能增加汇款可靠性、安全性和透明度，防止非法资金通过全球金融系统跨境流动。除了汇款，金融服务的创新可以帮助提高发展项目融资的效率和透明度，帮助初创企业家设立和发展企业。
Moving money across borders can be a complicated and expensive process, especially when stakeholders perceive the dual objectives of financial inclusion and national security to be at odds. Rather, financial inclusion and national security objectives are mutually reinforcing, as both require including more people in the regulated financial sector, while preventing illicit activity. Financial services providers and government authorities can work together to use technology to support these complementary goals.
跨境转移货币可能是一个复杂而昂贵的过程，特别是当利益相关方认为普惠金融和国家安全的双重目标不一致时尤为如此。相反，普惠金融和维护国家安全的目标是相辅相成的，因为在受到监管的金融领域，两者都需要覆盖更多的人群，防止非法活动。金融服务提供商和政府当局可以携手合作，利用技术支持实现这些互补性目标。
In both developing and developed countries, technology is making it easier for people to access the financial system and take control of their money. Despite some important progress, however, improved access to the formal financial system by itself is not sufficient. Consumers also need tools to help manage their finances and improve their financial health. Whether storing money and transacting safely, paying off student debt while managing other expenses, preparing to purchase a home, saving for retirement, or managing cash flow, financial health impacts every demographic.
在发展中国家和发达国家，技术使人们更容易进入金融系统，并掌管自己的钱。然而，尽管取得了一些重要进展，但获取正规金融系统服务本身的改善力度是不够的。消费者还需要借助一些工具来帮助管理他们的财务和改善他们的财务健康。无论是安全地存储货币还是交易、偿还学生债务，还是管理其他开支、准备购买房屋、储蓄退休金或管理现金流，财务健康都会影响到每个人。
The U.S. government can play a critical role in fostering innovations to improve and safely expand financial services around the globe. Similarly, the financial services sector, including fintech, has a vital role to play in increasing financial inclusion and health.
美国政府可以在促进创新、改善和扩大全球金融服务方面发挥关键作用。 同样，金融服务部门（包括金融科技服务部门），在增加普惠金融和金融健康方面发挥着至关重要的作用。
·Address Financial Stability Risks
·应对金融波动风险
New innovations in financial services have the potential to benefit the financial system by increasing transparency and reducing costs. However, there are also risks associated with new and untested technologies, as well as the use of existing technologies for new purposes. If left unmanaged, these risks could pose harm to the wider financial system. As the financial crisis demonstrated, systemic financial risks may arise in unexpected ways. While fintech represents only a small part of the wider financial services sector at present, policymakers, regulators, and industry should collaborate to identify and mitigate potential systemic risks as the industry grows. Part of that collaboration might include using new innovations to assist in risk management and regulatory functions. Nearly a decade after the worst financial crisis since the Great Depression, we must remain steadfast in our commitment to financial stability. The post-crisis environment coupled with the pace of innovation represents a unique opportunity to bring new tools and a new spirit of cross-sector collaboration to bear on this objective.
金融服务的新创新，通过增加透明度、降低成本来惠及金融系统。然而，新型、未经测试的技术的使用以及现有技术在新场景的应用会带来风险。如果这些风险不能得到有效控制，可能会对更广泛的金融体系造成损害。正如金融危机带给我们的启示那样，系统性金融风险可能以意想不到的方式出现。虽然金融科技在目前金融服务行业的浩瀚大海中仅占很小一部分，但政策制定者、监管机构和行业应该合作，识别和减少在行业发展时潜在的系统性风险。包括使用新的创新来协助风险管理和履行监管职能。在大萧条以来最严重的金融危机发生近十年之后，我们必须继续坚定我们对金融稳定的承诺。危机后的环境、快速发展的技术创新，为我们实现这一承诺，开发了新工具，孕育了跨部门合作的新精神，向世人呈现了新的、难得的机会。
·Further a 21st Century Financial Regulatory Framework
·推动21世纪金融监管框架建设
As the financial sector changes, policymakers and regulators must seek to understand the different benefits of and risks posed by fintech innovations. By building upon this Administration’s public- private sector engagement, policymakers and regulators can do even more to enhance collaboration.
随着金融领域的不断发展变化，政策制定者和监管机构必须了解金融科技创新的优势和风险。 在政府的公私部门合作的基础上，政策制定者和监管机构可以通过更多方式加强合作。
First, as policymakers and regulators engage with the fintech ecosystem, they should continue to rely on data-driven analysis to inform their work. For example, reflecting the Administration’s commitment to sustained engagement, Treasury created an interagency working group on marketplace lending to share information, engage with industry participants and public interest groups, and evaluate where additional regulatory clarity could protect borrowers and investors. All relevant regulatory agencies participate with the recognition that regulatory clarity and consistency are critical to supporting a safe and innovative modern financial regulatory framework.
首先，随着政策制定者和监管机构更多地参与金融科技生态系统发展之中，他们应继续依靠大数据分析为其工作提供信息。例如，为了实现政府对持续参与的承诺，财政部建立了一个市场贷款机构间工作组，以共享信息、与行业参与者和公共利益集团进行接洽、评估什么样的监管透明度可以保护借款人和投资者。所有相关监管机构都参与其中，认识到监管透明度和一致性对支持安全、创新的现代金融监管框架至关重要。
Second, policymakers and regulators should endeavor to develop and use tools that help them maintain flexibility as they engage with a rapidly changing industry. Tools like Treasury’s RFI on marketplace lending, and the CFPB’s Project Catalyst and No-Action Letter policy are good examples.
第二，致力于开发和使用能够帮助其灵活适应瞬息万变的业态的工具， 如财政部的市场贷款RFI、CFPB的项目催化剂和交易许可函政策等都是很好的例子。
Third, policymakers and regulators should look across borders and levels of government for examples of how others are engaging with the fintech industry. In particular, the United Kingdom has developed an innovative policy strategy to improve the country’s competitiveness as a global destination for fintech.12 Additionally, Singapore established a fintech office within the Monetary Authority of Singapore — Singapore’s central bank and financial regulatory authority — to foster fintech innovation and make Singapore an international hub for fintech. While every practice will not fit every jurisdiction, sharing ideas and best practices can promote policy and regulatory harmonization, and help advance safe innovation worldwide.
第三，政策制定者和监管机构应该跨越国界和政府层面，了解其他国家和地区如何与金融科技行业进行良性互动。特别是英国制定的一项创新的政策战略，以提高本国作为金融科技全球目的地的竞争力。此外，新加坡在新加坡金融管理局（新加坡中央银行和金融监管当局）设立了金融科技办事处，以促进金融科技创新，使新加坡成为金融科技的国际中心。虽然每种实践并不能适用于所有地区，但是分享理念和最佳实践可以促进政策和监管协调，并有助于推动全球安全创新。
Fintech also has a growing role in the policymaking and regulatory space, including by helping to strengthen the existing policy and regulatory architecture. The technology developed by the fintech sector has the potential to help both the private and public sectors monitor compliance with existing laws and regulations. Additionally, technology also might help policymakers and regulators think differently about the most efficient and effective ways to achieve desired policy and regulatory outcomes. It must also, however, include appropriate safeguards to protect consumers, institutions, and the financial system, as intended by existing laws and regulations. Policymakers and regulators should endeavor to work closely and openly with fintech innovators to think creatively about ways to achieve compliance goals.
金融科技在政策制定和监管空间方面通过包括帮助加强现有的政策和监管架构等途径也发挥着越来越大的作用。由金融科技部门开发的技术有潜力帮助私营和公共部门检验是否符合现行法律和法规。 此外，技术还可能帮助决策者和监管者对实现预期政策和监管效果的最有效、最高效的方法进行不同的思考。但是，它还必须包括适当的保护措施，以按照现行法律和法规的规定保护消费者、金融机构和金融体系。决策者和监管机构应与金融科技创新者近距离、开放地合作，从文件实现理想的政策和监管效果、达成合规目标。
·Maintain National Competitiveness
·维系国家竞争力
A robust financial system is integral to the economy because it enables the fundamental functions of economic activity, including connecting borrowers with savers, facilitating investments, processing payments, and the safekeeping of financial assets. Moreover, the financial services industry facilitates and finances goods and services for the wider economy, supporting broader economic growth.
稳健的金融体系是经济的一个组成部分，因为它能够实现经济活动的基本功能，包括实现借款人与储蓄者的利益对接、促进投资、处理支付和保管金融资产等。此外，金融服务业为更广泛的经济提供商品和服务并提供资本，以支持更广泛的经济增长。
In order for the U.S. financial system to remain competitive in the global economy, the United States must continue to prioritize consumer protection, safety, and soundness, while also continuing to lead in innovation. Such leadership requires fostering innovation in financial services, whether from incumbent institutions or fintech start-ups, while also protecting consumers and being mindful of other potential risks. It also includes supporting U.S.-based fintech companies in exporting their products and services, actively contributing to cross-border coordination efforts, and providing a strong, reliable environment for investment. Finally, maintaining our competitive advantage requires that we remain focused on our workforce. The growth of fintech will undoubtedly impact employees of the financial services sector in much the same way technological innovation has impacted other sectors of the economy. As fintech continues to develop, all stakeholders must be mindful of how we use this innovation to maintain our leadership position in the world, which includes taking into account the impacts on our workforce.
为了使美国金融体系在全球经济中保持竞争力，美国必须以对消费者的保护、安全和稳健为先，同时继续引领创新。这种领先地位需要促进金融服务的创新，无论是现有机构还是金融科技初创公司，同时还保护消费者并注意防范其他潜在风险。美国也支持美国金融科技公司出口其产品和服务，推动跨境合作和提供强健、可靠的投资环境。最后，保持我们的竞争优势需要我们继续专注于我们的员工队伍。金融科技的增长无疑将影响金融服务部门的员工，就像技术创新对其他经济部门产生影响一样。随着金融科技的不断发展，所有利益相关者必须关注我们如何利用这一创新来维持我们在世界上的领先地位，包括考虑对我们员工的影响。（未完）
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译者介绍：麻双豹，华东政法大学外语学院法律翻译硕士研究生，主要研究领域：区块链、法律翻译、区块链相关翻译引进等。联系邮箱：496833963@qq.com。
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