【原创|翻译】美国国家经济委员会金融科技监管白皮书（下部）
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。以下为白皮书第三部分原文和翻译。
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
（续前）
IV. Statement of Principles
十大原则声明
This statement of principles provides a framework for stakeholders in the fintech ecosystem to assess their role in contributing to the policy objectives outlined above. Further, these principles represent practical and actionable propositions to help the fintech ecosystem contribute to a well- functioning and inclusive financial system and to the economy as a whole.
这份原则声明为金融科技生态系统中的利益相关者评估其在促进上述政策目标中的作用提供了一个框架。此外，这些原则就帮助金融科技生态系统促进运作良好的普惠金融体系甚至整个经济体系来说是实用且可行的建议。
1.Think Broadly About the Financial Ecosystem
1. 更广泛地审议金融生态系统
Our economic well-being and national competitiveness require a safe, robust, and well-functioning financial services sector. To fortify and maintain such a sector, stakeholders must think broadly about the financial ecosystem and their role in it. The ecosystem has changed drastically in the years since the financial crisis. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 was the most sweeping set of financial reforms since the Great Depression. When coupled with the increasing pace of technological advancement, the change in financial services, like many industries, is undeniable. Fintech impacts the way we approach, deliver, and consume financial services. The conversation about fintech has evolved from one that pitted incumbent institutions against disruptors, to one that accepts the symbiotic relationship between the two, and stakeholders will continue refining the way society frames fintech and the changing nature of financial services. Therefore, incumbent institutions and new entrants alike should think broadly about this dynamic landscape as they work to ensure that their offerings add value for consumers, investors, and markets, and do so in a manner that is safe, transparent, and sustainable. Similarly, government actors should view their role as helping to create a thriving, sustainble financial services sector that includes new innovations and helps further other policy objectives.
经济福利和国家竞争力需要一个安全、健全和运作良好的金融服务部门。为了加强和维持这一部门，利益相关者必须广泛地思考金融生态系统及其在其中的作用。自金融危机以来的几年中，金融生态系统发生了巨大变化。2010年多德 - 弗兰克华尔街改革和消费者保护法是自大萧条以来最深刻的金融改革。随着技术发展的加快，金融服务的变化，像许多行业一样，是不可否认的。金融科技影响我们获取、交付和消费金融服务的方式。对金融科技的讨论已经从对现有机构的颠覆者，转变为两者之间的共生关系，利益相关者将继续提炼社会构建金融科技的方式和金融服务的变化性质。因此，传统机构和新的市场参与者需要更开阔地思考自己提供的产品和服务队消费者、投资人和市场的增加值，并以安全、透明和可持续地方式工作。同时，政府的职责是创造繁荣、可持续的包括创新在内的金融服务行业，并帮助推进其他政策目标。
2. Start with the Consumer in Mind
2. 注重消费者利益保护
As the fintech industry continues to grow and evolve, fintech companies must put the consumer – including both individuals and institutional customers – first by seeking to provide products and services that are safe, transparent, and user-friendly. These products and services also must endeavor to enhance consumer choice and expand access to financial services. First, post-crisis financial reforms underscored the importance of consumer protection for both consumers and the market. Therefore, consumer protection should be a primary and motivating concern for products and services offered by fintech companies. Fintech companies should build products and services that take into account full compliance with consumer protection (and all relevant) laws and regulations from the outset. Further, they should start with and maintain robust compliance systems to ensure that, as they grow, consumer protection develops as a natural part of their products’ DNA. This thinking also should go beyond mere compliance to help consumers build warranted trust in their financial services providers. Fintech offerings should be built to maximize consumers’ understanding of the product or service, and to enhance consumer choice. While fintech companies often seek to add value by disintermediating or disrupting traditional financial services, this goal also might be achieved by appropriately partnering with incumbent institutions or with each other. Products and services that are safe, transparent, user-friendly, and enhance choice will help ensure that consumers – whether individuals or institutions – derive maximum value.
随着金融技术行业的不断发展和演变，金融科技公司必须首先通过寻求提供安全、透明和用户友好的产品和服务，将消费者（包括个人和机构客户）放在首要位置。这些产品和服务还必须努力增强消费者的选择并扩大金融服务的可及性。首先，危机后的金融改革强调了消费者保护对消费者和市场的重要性。因此，消费者保护应该是金融科技公司提供的产品和服务的首要关注事项。金融科技公司提供产品和服务，应首先考虑到完全遵守消费者保护（和所有相关的）法律法规。此外，他们应该建立并维系强大的合规系统，将消费者保护作为其产品DNA的天然部分，以确保随着消费者保护的发展而发展。这种思维也应该超越单一的遵守法律法规，以帮助消费者对他们的金融服务提供商建立确定的信任。应建立金融科技产品，以最大限度地提高消费者对产品或服务的了解，并增强消费者的选择。虽然金融科技公司通常通过中断或破坏传统金融服务来寻求增值，但这一目标也可以通过与现有机构合作或彼此合作来实现。安全、透明、用户友好和多选的产品和服务将有助于确保消费者（无论是个人还是机构）的价值最大化
3. Promote Safe Financial Inclusion and Financial Health
3. 促进安全的普惠金融和财务健康
Fintech products and services should promote financial inclusion and financial health for consumers. Access to the financial system is insufficient as a stand-alone objective, especially if that access means that consumers face an increased risk of financial harm. Rather, increasing access to the financial system must be done safely so as to enhance overall financial health. Technologically-enabled products and services have the ability to provide broader access to basic financial services, expand access to credit to responsible borrowers, help consumers manage wealth, improve student loan financing, facilitate remittance payments, assist consumers in financial decision-making, and much more. The potential impact that fintech can have on the lives of financial consumers, including the underserved, is hard to overstate. Stakeholders in the fintech industry should aim to develop products and services that safely increase access to financial services and improve financial health. Likewise, government stakeholders should endeavor to work with the private sector to help accelerate the development of affordable and safe financial products at scale, both domestically and internationally.
金融科技产品和服务应促进普惠金融和消费者财物健康。作为独立的目标，仅金融系统的可触达性是不够的，尤其是在这种获取会增加消费者财务风险的情况下。相反，必须安全地增加获取金融系统的渠道，以提高整体的财务健康。金融科技支持的产品和服务有能力提供更广泛的基本金融服务，增加负责任借款人的信贷渠道，帮助消费者管理财富、改善学生贷款融资、促进汇款、帮助消费者做出正确财务决策，等等。金融科技可能对金融消费者（包括享受不到金融服务的人）的生活产生的潜在影响很难被夸大。金融科技行业的利益相关者应致力于开发能够安全地增加金融服务的获取渠道并改善金融健康的产品和服务。同样，政府利益相关者应积极与私营部门合作，帮助加快在国内和国际大规模开发实惠、安全的金融产品。
4. Recognize and Overcome Potential Technological Bias
4. 鉴别并规避技术上可能存在的偏差
Big data, artificial intelligence, advanced analytics, and related technologies have the potential to create enormous new opportunities, including in financial services. The increasing ability to test assumptions and make data-driven decisions could allow financial services companies to expand financial services more equitably and efficiently. While fintech has the potential to make financial services more accessible to underserved populations and to increase efficiency in the sector, stakeholders should not assume that fintech companies and their underlying technology will do so in an unbiased way. Despite the potential for increased objectivity, algorithmic systems still rely on inputs and processes informed by the people who design them. Moreover, the information they create still may be subject to human interpretations. Therefore, the underlying algorithms and the decisions they prompt could contain systemic, historical, and cultural biases that potentially may impact consumers unfairly and inequitably. To ensure that fintech truly is a means to increasing safe and fair access to financial products and services, rather than a vehicle that perpetuates income disparities or racial and gender inequality, innovators should be proactive in assessing the quality of their data and the potential for bias or negative externalities in their development and use of technology. Similarly, government should partner with the private sector to develop and evaluate innovations that have the potential to mitigate bias in the provision of financial services. This collaboration could ensure fair access to the best available products and services to expand economic opportunity.
大数据、人工智能、高级分析及相关技术能够为包括金融服务在内的领域创造诸多新机会。不断增加的测试假设和利用数据进行决策的能力，允许金融服务公司能够更公平、有效地扩大金融服务。虽然金融科技有可能使得得不到金融服务的人群更容易获得金融服务，并提高该行业的效率，但利益相关者不应假设金融科技公司及其基础技术将以不偏不倚的方式这样做。尽管具备客观性增强的潜力，算法系统仍然依赖于设计他们的人的输入和流程。此外，他们创造的信息仍然需要人类进行诠释。因此，底层算法及其做出的决策可能存在系统性、历史性和文化上的偏见，从而导致消费者遭遇不公正、不平等地对待。为了确保金融科技真正成为增加金融产品和服务的安全和公平获取渠道的手段，而不是永久存在收入差距或种族和性别不平等的工具，创新者应主动评估其数据的质量和偏差概率或负面外部性对其技术的开发和使用。同样，政府应与私营部门合作，开发和评估有可能在提供金融服务时减少偏见的新技术。这种合作可以确保公平地获得最好的产品和服务，扩大经济机会。
5. Maximize Transparency
5. 最大限度地提高透明度
The importance of providing transparent financial products and services is one of the critical lessons learned from the 2008 financial crisis. When financial products became so complex and services so confusing that consumers, institutions, and regulators struggled to understand their structure or implications, the consequences were disastrous. As fintech companies invent and reinvent financial tools, they should seek to do so in a way that is simple, clear, and transparent. Transparency should occur on several levels. Fintech companies must promote transparency with their customers. Transparency also is important when engaging with regulators or other appropriate authorities. Regulators and government officials should likewise be appropriately transparent about their practices and objectives, as it is important for policymakers and regulators to help industry better understand government’s perspective. Policymakers and regulators should build on recent work and continue using tools like whitepapers, conferences and events, office hours, regulatory guidance, and other creative methods to educate stakeholders and promote transparency with the fintech industry. In addition to its general importance, transparency remains at the heart of balancing the mutually reinforcing goals of expanding access to the financial system and protecting the system from abuse. By performing appropriate customer due diligence and monitoring activity, financial services companies will be better able to provide tailored, customer-centric, and safe financial services while identifying potentially illicit actors and activities that could undermine the integrity of the financial system. Working together to promote transparency, the public and private sectors can have enormous impact on the efficiency and security of the financial system.
提供透明的金融产品和服务的重要性是从2008年金融危机中汲取的关键教训之一。当今金融产品变得过于复杂、金融服务过于混乱，以至于消费者、金融机构和监管机构很难了解其结构或影响，这种后果将是灾难性的。当金融科技公司应该以简单、清晰和透明的方式发明和重塑金融工具。透明度的实现离不开以下几个层面的努力。金融公司必须应向客户提高其产品和服务的透明度。与监管机构或其他有关当局联系时，透明度也很重要。监管机构和政府官员也应确保其做法和目标适当透明，因为决策者和监管机构必须帮助行业更好地了解政府的观点。政策制定者和监管机构应根据当下的工作情况，不断使用白皮书、会议和活动、办公时间、监管指导和其他创新方法等工具来指导利益相关者并提高金融科技行业的透明度。除了其一般重要性之外，透明度也是平衡扩大对金融系统的获取和保护系统免于滥用的相互增强目标的核心。通过执行适当的客户尽职调查和监控活动，金融服务公司将能够更好地提供量身定制的、以客户为中心、安全的金融服务，同时识别可能破坏金融系统完整性的潜在非法行为者及其活动。公共和私营部门通过共同努力提高透明度，可以极大地提高金融系统的效率，确保金融系统的安全。
6. Strive for Interoperability and Harmonize Technical Standards
6. 努力实现互操作性和统一技术标准
As financial services continue to disintermediate and consumers seek increasingly personalized and flexible financial solutions, fintech companies and financial institutions should embed a presumption of interoperability and harmonized (or harmonizable) technical standards in their products and services. Doing so can reduce friction for consumers, helping the underserved and well-served alike connect different functions in their financial life. Interoperability and harmonization also can help industry entities coalesce around best practices and models that promote broad, shared objectives. Additionally, industry and government authorities should be sufficiently engaged with one another as technologies and standards evolve, and be prepared to work collaboratively within their sectors and across sectors to ensure that standards foster innovation while mitigating potential risks.
由于金融服务不断去中介化，消费者寻求越来越个性化和灵活的金融解决方案，金融科技公司和金融机构应在其产品和服务中嵌入互操作性一致的（或可协调的）技术标准的假设，帮助未被覆盖的和完好覆盖的消费者在各自的金融生活里，连接不同的功能。互操作性和协调性还可以帮助行业实体围绕最佳实践和模式进行联合，促进广泛的、共同的目标实现。此外，随着技术和标准的发展，行业和政府当局应充分互动，并准备在不同部门之间开展合作，以确保标准能够促进创新，同时减少潜在风险。
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
Given the proliferation of cybersecurity threats and the increasingly important role of big data, fintech companies must incorporate robust cybersecurity, data security, and privacy safeguards at the beginning of, and throughout, product and service lifecycles. As more entities gain access to larger amounts of personal and proprietary data, efforts to gain improper access to this information will increase and may become easier absent appropriate safeguards. Protecting consumer and institutional data, while also protecting the integrity of the financial services industry infrastructure, must be priorities for fintech companies large and small. To date, the financial services industry has set an example for other industries, working within industry and with government to proactively address cybersecurity, data security, and privacy concerns. Fintech companies should continue this important work and seek to improve upon this foundation.
鉴于网络安全威胁的激增和大数据日益重要的作用，金融科技公司必须在开始时加入强大的网络安全、数据安全和隐私保护，并贯穿整个产品和服务生命周期。随着越来越多的实体获取更多的个人和专有数据，获取这些信息的不当手段将会增加，如果没有适当的保护措施，可能会变得更容易。保护消费者和机构数据，同时保护金融服务行业基础设施的完整性，必须是大型和小型金融科技公司的重中之重。到目前为止，金融服务业已为其他行业树立了榜样：在行业内和政府合作，主动解决网络安全、数据安全和隐私问题。金融公司应该继续这项重要的工作，并寻求在该基础上不断改进。
8. Increase Efficiency and Effectiveness in Financial Infrastructure
8. 提高金融基础设施的运行效率
Although consumer- facing innovations receive the majority of the current public attention around fintech, enterprise solutions and infrastructure innovations are equally critical to the evolution of financial services, as technology has made it easier for firms to reduce the costs of managing their operations. As enterprise and institutional innovations continue to develop, companies should keep in mind the goals of increasing efficiency, structural integrity and safety, transparency, access, and compliance. Whether faster payments, auditable processes, or compliance systems, these innovations have tremendous potential to positively impact the financial services sector.
尽管面向消费者的创新是当前对金融科技关注的重头戏，但企业解决方案和基础设施创新对金融服务的发展同样重要，因为技术使公司更容易降低运营管理成本。随着企业和机构创新的不断发展，企业需要考虑提高效率，结构完整性和安全性、透明度，以及获取和合规性等目标。无论是更快捷的支付、可审计流程还是合规系统，这些创新都有可能对金融服务部门产生巨大的积极影响。
9. Protect Financial Stability
9. 确保金融稳定性
Although the fintech sector is still relatively small by comparison to the broader financial services industry, fintech companies must be mindful of, and forward- thinking about, the potential risks financial technology could pose for financial stability. While new and untested innovations may increase efficiency and have economic benefits, they potentially could pose risks to the existing financial infrastructure and be detrimental to financial stability if their risks are not understood and proactively managed. Therefore, it remains critical for fintech companies to work with incumbent institutions, policymakers, and regulators to identify and mitigate potential risks to financial stability.
尽管金融科技行业与更广泛的金融服务行业相比仍然相对较小，但金融科技公司必须注意到金融科技可能对金融稳定构成的潜在风险，并进行前瞻性思考。虽然新的、未经试验的创新可以提高效率和经济效益，但是如果他们的风险不被理解和主动管理，它们可能对现有的金融基础设施构成威胁，损害金融稳定性。因此，金融科技公司需要与传统机构、政策制定者和监管机构合作鉴别并缓解潜在的对金融稳定性造成的风险。
10.Continue and Strengthen Cross-Sector Engagement
10. 继续加强部门间合作
Fintech companies, financial institutions, and government authorities should consistently engage with one another. Whether the company is a new entrant or a mature institution, it must seek to develop consistent and ongoing relationships with policymakers and regulators. Likewise, government authorities should seek to learn about product and industry developments directly from participants before problems emerge. Such engagement helps identify areas for collaboration and reduce regulatory uncertainty. Additionally, close collaboration potentially could accelerate innovation and commercialization by surfacing issues sooner or highlighting problems awaiting technological solutions. Such engagement has the potential to add value for consumers, industry, and the broader economy.
金融科技公、金融机构和政府当局应该彼此保持合作。无论公司是新创设的还是成熟的机构，它必须寻求与政策制定者和监管者建立持续的关系。同样，政府当局应该在问题出现之前，直接从参与者那里了解产品和行业发展情况。这种参与有助于确定合作领域并减少监管不确定性。此外，密切合作可以更快地暴露问题、凸显等待技术解决方案的问题，从而加速创新和商业化。这种合作有可能为消费者、行业和更广泛的经济增加价值。
V. Conclusion
v. 结论
Fintech has tremendous potential to revolutionize access to financial services, improve the functioning of the financial system, and promote economic growth. For fintech to achieve its full potential, however, stakeholders must learn from the experiences of the financial crisis and collaborate to orient products and services toward broader objectives that benefit consumers, markets, and the economy. These principles should serve as a guide for such sustained engagement from all stakeholders.
金融科技在改革金融服务、改善金融系统的运作、促进经济增长等方面有巨大的潜力。 然而，为了实现其全部潜力，利益相关者必须从金融危机的经验中吸取教训，并为产出符合更多消费者、市场和经济体利益的产品和服务而进行合作。 这些原则应作为所有利益方持续进行参与的指南。(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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