美证监会主席：我们如何看待智能投顾、区块链、众筹和网贷？

11月14日，美国证监会（SecuritiesandExchangeCommission，美国证券交易委员会，下称“SEC”）在华盛顿举办了其首届Fintech论坛（议程见文末）。

当天，SEC官网发文称SEC现任主席MaryJoWhite（下称“White”）将在奥巴马任期结束时离职。

以下是White开场致辞全文：

中文版

我想欢迎你们所有——不管是来到华盛顿论坛会场的还是在线观看的——来参加SEC举办的第一届金融科技论坛。

金融服务领域新平台和技术的迅速发展、私人投资的迅猛增加和来自监管者日益增加的关注度使现在成为一个召集利益相关方讨论“金融科技在当今证券市场的角色和它的走向”的好时机。毕马威和CBInsights发布的一份报告称去年全球金融科技公司获得的融资超过了190亿美元，所以说金融科技在证券市场的地位愈发重要是毋庸置疑的。

监管者有义务去了解、监督和——在适当之处——鼓励金融科技的发展，同时也要准备好在必要之处实施投资者和市场保护措施。

今天的论坛是考虑这些问题的绝佳场合。当然，举办一个这种规格的论坛、请到这种水准的与会人员（panelists）不是一件容易的事。所以，我想在开始时先感谢我们为这场论坛付出了大量努力的同事，包括MichaelBatlogg,SaraYoung,BruceClaybrook,AmyStarr,ElizabethBlasé,TinaBarry,DietrichKing,公共事务和出版印刷办公室的团队和我们的组织者。此时此刻，我还想感谢Piwowar委员建议举办此论坛。另外要特别感谢各位与会人员在此刻来参加我们的论坛。

"金融科技创新有潜力通过显著有利于投资者和资本市场的方式变革证券行业的关键部分"达成了广泛共识。今天的论坛将聚焦于几个对SEC来说尤其重要的金融科技创新：

1、自动化投资建议有潜力给散户更广泛、更可承受的接触资本市场的途径；

2、分布式账本技术可以简化交易和清结算流程，使交易更加快速、高效和便宜；

3、网贷和集资门户（crowdfundingportals）正在向个人和小企业提供融资新途径。

培育能促进更安全的、更好的、和有潜力进行变革的创新发展的环境是重要的，但是，如俗话所说，力量越大、责任越大。我们必须确保创新没有增加欺诈风险和没有伤害投资者。企业家应该知道他们不仅是创新者，还是背负着重要责任和义务的市场参与者。尽管很多（企业家）将监管合规视为负担，但让美国证券市场成为世界上最安全和最可依赖的市场的在很大程度上是因为——而非尽管——我们有坚定的投资者保护机制（robustinvestorprotections）。

我们，作为监管者，也有重要责任去评估现有监管政策是如何应对新技术带来的机遇和挑战的。SEC已经充分考虑了今天我们将要讨论的一些创新带来的具体挑战：

——自动化投资顾问项目的可获得性和受欢迎程度在过去几年提高地很快。我们已经考虑了所谓的机器人投顾（robo-advisers）作为注册投资顾问满足投资顾问法案（AdvisersAct）下的受托人义务和其他义务的程度。特别地，我们正在考察机器人投顾如何在有限的（如果有）与人类的互动中提供投资建议的：（1）提供充足的披露，来让客户理解它们的服务；（2）获取能支持它们提供合适投资建议任务的信息。我们还考虑了自动化投资顾问如何设计解决与提供自动化建议相关的挑战的合规项目、如何保护客户数据和在有中断的情况下如何保证业务持续性。

——至于区块链，或者说分布式账本技术，我们同事和分布式账本技术工作组的成员正在仔细评估该技术将在何时、如何改变证券市场。就区块链对金融服务和它们的客户（尤其是后台功能）有确实益处的程度来说，我们正在考虑区块链如果被应用于当下的基础设施是否会免去现有的一些特定服务和参与者。我们也在仔细研究创新者如何解决大规模应用区块链的问题（如协同工作的能力和可延展性）和在多大程度上这些系统会被准许进入。另外一个重要的关注点是创新者如何解决网络、客户数据和区块链上资产的安全。

——我们对以证券为基础的众筹也有高度兴趣，我们希望它能促进小企业从散户处获取融资的朝气蓬勃的替代融资渠道的发展。为了培育发展的生态，坚定的投资者保护机制是重要的，我们也依赖经纪人和集资门户成为活跃的守门人。

——SEC作为网贷的联邦监管方聚焦于投资者保护。我们面临的一个重大挑战是投资者所掌握的能做出明智投资决策的信息的充足度，比如说贷款和借款人的信息，还有平台专有的风控和借贷模式。由于投资者是被网贷的潜在高收益率（这也意味着更大的风险）吸引来的，关于借款人还款能力的信息就是关键的。对网贷投资者来说，创新必须建立在完整和公允的重大信息的披露上，这是联邦证券法律的基石。

金融科技创新的速度和影响力提高了监管方进行充分和充满前瞻性的考虑的必要性。这是我在今年早些时候在SEC组建金融科技工作组的原因，这个工作组包含了SEC各个部门的成员，它的目的是评估现有技术。我已经要求工作组在仔细审视之后提出特定的、特制的建议——包括综合本次论坛的意见——来讲述SEC应该如何（让公众明白）现有监管要求和促进负责任的创新的边界。这些建议可以采用多种形式，包括提供SEC指引、概念发布、征求意见稿或者简单地促进投资者对并没有广泛被理解的现有监管条例和释义的解读。他们也应该证实，至少是部分，我们现有的监管已经能充分解决新发展（带来的挑战）。

SEC的金融科技工作组会持续征求投资者、创新者和其他利益相关方关于这些新技术的意见。我们还处于初期阶段，而不是最终阶段。今天的论坛就是这个过程的重要部分。我欢迎和鼓励每个人持续地参与到我们理解新的现有技术的努力中来确保这些技术有利于投资者和建设更为强大和更创新的市场。

我期待今天的讨论，另外我想再次感谢你们到来，感谢你们分享自己的见解和专业经验。

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.

议程和与会人员

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

生成海报

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