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。
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。
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)。
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, 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.
 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.
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
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
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
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
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(来源：零壹财经 文/孙爽)