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（Securities and Exchange Commission，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Mary Jo White（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CB Insights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Michael Batlogg, Sara Young, Bruce Claybrook, Amy Starr,ElizabethBlasé, Tina Barry, Dietrich King, 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（crowdfunding portals）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（robust investor protections）。

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（Advisers Act）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

Chair Mary Jo White

Nov. 14, 2016

I want to welcome all of you to the SEC's firstFintech Forum - both those of you in the auditorium in Washington and thosewatching online.

The rapid development of new platforms andtechnologies for financial services, which has been accompanied by tremendousgrowth in private investment and growing attention from regulators, makes thisan ideal time to bring the relevant stakeholders together to discuss both therole of fintech in our securities markets today, and where it is headed. Withglobal investment in fintech companies estimated to be over $19 billion lastyear,[1] it is safe to say that fintech is well on its way to playing animportant role in the future of the securities industry.

And regulators have an obligation to understand,monitor, and - where appropriate - encourage such developments, whilesimultaneously being prepared to implement safeguards where necessary toprotect investors and our markets.

Today's forum is an excellent venue forconsidering all of these issues. Of course, an event of this magnitude with panelistsof this caliber is not easy to produce. So, I want to begin by thanking ourstaff for their tremendous efforts in putting the Forum together, includingMichael Batlogg, Sara Young, Bruce Claybrook, Amy Starr, Elizabeth Blase, TinaBarry, Dietrich King, the teams from the Office of Public Affairs and fromPublishing and Printing, and our talented moderators. I also want to thankCommissioner Piwowar for suggesting that we hold the forum at this time. And Iwant to especially thank our distinguished panelists for coming here to sharetheir important insights.

There is relatively widespread agreement thatfintech innovations have the potential to transform key parts of the securitiesindustry - and to do so in ways that could significantly benefit investors andour capital markets. Today's forum focuses on several of these developmentsthat are particularly important to the SEC.

"    Automated investingadvice has the potential to give retail investors broader, and more affordable,access to our markets.

"    Distributed ledgertechnology could greatly simplify the trading, settlement and clearingprocesses, making transactions faster, more efficient, and less expensive.

"    Online marketplacelenders and crowdfunding portals are providing individuals and small businesseswith new paths to access capital.

It is important to foster an environment wherepotentially transformative innovations that make for safer, better markets canflourish. But, as the saying goes, with power comes responsibility. We mustensure new developments are not rushed to market or implemented in a way thatfacilitates a risk of fraud or harm to investors. Entrepreneurs shouldrecognize that they are not only innovators, but also market participants withimportant duties and obligations. Although some may view regulatory complianceas a burden, the U.S. securities markets are the safest and most reliable inthe world largely because of - not in spite of - our robust investorprotections.

We, as regulators, also have an important responsibility- to evaluate how our existing rules address both the challenges andopportunities presented by these new technologies. At the Commission, we havebeen thinking carefully about the specific challenges presented by each of theareas being discussed today.

The last few years have seen rapid growth in theavailability and popularity of automated investment advisory programs.Consistent with our mission, we have been considering how these so-calledrobo-advisers, as registered investment advisers, meet their fiduciary andother obligations under the Advisers Act. In particular, we are looking at howadvisers that provide investment advice with limited, if any, humaninteraction: (1) provide appropriate disclosures so that their clients understandtheir services; and (2) obtain information to support their duty to providesuitable advice. We also are considering how automated-advisers are designingtheir compliance programs to address the particular challenges relevant toproviding automated advice and how these firms safeguard client data andaddress business continuity in the event of a disruption.

In the area of blockchain, or distributedledger, technology, our staff, including members from our Distributed LedgerTechnology Working Group, are carefully evaluating when and how this technologywill be on-boarded within the securities market. To the extent there are realbenefits to participants in the financial services sector and their customers,especially to back-office functionality, we are considering whether thistechnology will obviate certain services and participants or, rather, beadopted into current infrastructures. We also are looking closely at howinnovators will overcome challenges to the widespread adoption of distributedledger technology, such as interoperability and scalability, and to what extentsuch systems will be permissioned. Another important concern is how innovatorswill address issues of cybersecurity and the safety of customer data and assetsin a blockchain.

Significant excitement also surrounds the use ofsecurities-based crowdfunding, which we hope will continue to fuel thedevelopment of a vibrant alternative for small businesses to raise capital fromretail investors. To foster an ecosystem of growth, it is important that therebe robust investor protection, and we are counting on brokers and fundingportals to be active gatekeepers in this space.

In the online marketplace lending space, theCommission staff, uniquely among federal regulators, focuses on investor protection.One key challenge is the adequacy of the information available to investors tomake informed investment decisions, such as information about the loans andborrowers underlying their investments, as well as the platform's proprietaryrisk and lending models. As investors are drawn to potentially higher yieldingbut riskier marketplace loans, information about the borrower's ability torepay the loan underlying the investment is critical. When it comes to theseinvestors, innovation must be built upon a foundation of full and fairdisclosure of material information, which is the bedrock of the federalsecurities laws.

The speed and impact of some of thesedevelopments heighten the need for the consideration of regulation to be boththorough and forward thinking. That is why I directed the creation of a fintechworking group at the SEC earlier this year, which includes staff from acrossthe agency to evaluate the emerging technologies. I have asked the group tofocus on specific, tailored recommendations - after a careful and informedreview, including incorporating insights from today's forum - about what theSEC should do to provide clarity on existing regulatory requirements and helpfoster responsible innovation. Such recommendations could take several forms,including for providing staff guidance, concept releases, or proposedrulemaking, or they may simply call for, in part, improved communications aboutexisting regulations and interpretations that are not widely understood amonginnovators. They may also confirm, at least in part, that our existingregulatory approach is already suitable to address new developments.

The working group will be soliciting additionalinput from investors, innovators, and the many other stakeholders in these newtechnologies. We are at the early phase, not the end, of our outreach. Today'sevent is an important part of that process. And I welcome and encourageeveryone's continued engagement as we work to understand the new and emergingtechnologies to ensure that they work to further the interests of investorswhile building stronger, ever more innovative markets.

I look forward to today's discussions, and Iwant to thank you again for coming and sharing your expertise and points ofview.

[1] See KPMG and CB Insights. The Pulse ofFintech, March 9, 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

Agenda and Panelists

(All times Eastern, Panelists as scheduled to appear)

7:45 a.m.  Doors open

9:00a.m. Opening Remarks by Chair White, Commissioner Stein andCommissioner Piwowar

9:15 a.m.  Panel 1: Impact of Recent Innovation in Investment Advisory Services

Moderator: Kristin Snyder, Co-Head of the Investment Advisor/InvestmentCompany program in the SEC Office of Compliance Inspections and Examinations

Panelists:

Ben Alden, General Counsel of Betterment

Bo Lu, Co-Founder and CEO of Future Advisor at Blackrock

Mark Goines, Vice Chairman of Personal Capital

Jim Allen, Head of Capital Markets Policy Group, CFA Institute

10:30 a.m.  Break

10:45 a.m. Panel 2: Impact of Recent Innovation on Trading,Settlement, and Clearance Activities

Moderator: Valerie Szczepanik, Head of the SEC Distributed LedgerTechnology Working Group; Assistant Director, SEC Division of Enforcement

Panelists:

Brad Peterson, Executive Vice President and Chief Information Officer/ChiefTechnology Officer at Nasdaq

Chris Church, Chief Business Development Officer, Digital Asset Holdings

Mark Wetjen, Head of Global Public Policy at DTCC

Professor Emin Gun Sirer, Cornell University

Grainne McNamara, Principal in the Capital Markets team atPricewaterhouseCoopers

12:15 p.m. Lunch Break

1:30 p.m.  Panel 3: Impact of Recent Innovation in CapitalFormation

Moderator: Sebastian Gomez Abero, Head of the Office of Small BusinessPolicy, SEC Division of Corporation Finance

Panelists:

Matt Burton, CEO and Co-Founder of Orchard Platform

Conor French, General Counsel of Funding Circle and Co-Founder of theMarketplace Lending Association

Javier Saade, Managing Director at Fenway Summer Ventures

Sara Hanks, Co-Founder and CEO of CrowdCheck

Michael Pieciak, Commissioner of the Vermont Department of FinancialRegulation and Chief of the NASAA Corporate Finance Section

Karen Mills, Senior Fellow at Harvard Business School

Ram Ahluwalia, CEO and Co-Founder of PeerIQ

3 p.m. Break

3:15 p.m. Panel 4: Investor Protection in the Fintech Era

Moderator: Marc Wyatt, Director of SEC Office of Compliance Inspections and Examinations

Panelists:

Travis Schwab, CEO of Eventus Systems

John Walsh, Partner at Sutherland Asbill & Brennan LLP

Nikhil Lele, Principal in the Financial Services Office at Ernst &Young

Rick Fleming, SEC Investor Advocate

4:30 p.m. Fintech Forum concludes