On the Great Local Financial Law Research Association, Financial Law Research Association of Zhejiang Law Society

Zhejiang Law Society Financial Law Research Association was established on November 18, 2006. For more than ten years, the Research Association has always paid attention to the hot spots and frontier social issues in the field of local financial law, served the central work of the party committee and government, served the local economic and social development and the construction of the rule of law, and achieved relatively satisfactory results. Now, with regard to some experiences in the establishment, growth, standardization and development of our research association, I would like to report to all leaders and experts as follows:

1. scientific orientation of academic research direction, keeping a close eye on the frontiers of disciplines and hot legal issues

Local Financial Law Research Association should have scientific and correct academic research direction, academic research should always pay attention to the hot spots and frontier social issues in the field of financial law, observe the legal system problems behind social phenomena, and be able to scientifically evaluate and demonstrate, and put forward constructive suggestions to solve the problems. As far as economic construction is concerned, the degree of difference between provinces in the country is huge, and the financial activities as the core of the economy are very different. As a legal system at the national level, it focuses on the standardized development of formal finance (traditional finance), and correspondingly carries out the financial legal construction of the establishment and operation of a large-scale formal financial system, and constructs a relatively perfect legal system of the formal financial system. Including the "People's Bank of China Law", "Commercial Bank Law", "Securities Law", "Insurance Law", "Trust Law", "Securities Investment Fund Law", "Banking Supervision and Administration Law" and so on. Generally speaking, the local financial law research association has no obvious advantage in studying the problems in the formal financial system, especially in the study of the central financial supervision system, but it has obvious advantages in the study of local financial operation and supervision with territorial nature. Local finance, private finance and territorial finance are not invented, but objectively exist huge differences in finance, different economic environment, different regional culture, different population genes, all affect the establishment of financial activities rules, as well as the content of financial contracts. Zhejiang Province has rapid economic development, many small and medium-sized enterprises, many private enterprises, and many private wealth. At the same time, there are problems such as corporate financing difficulties, investment difficulties, expensive financing, and financing insurance. Especially after 2008, there has been a "lending storm" in Wenzhou, Zhejiang Province, caused by private financial activities with private lending as the core. Since 2013, Zhejiang Province has been in a leading position of "Internet finance". After 2012, the "guarantee chain and capital chain" caused by the break of the two chains, such as the wave of enterprise bankruptcy and bankruptcy, the wave of bank non-performing assets disposal, and so on, the private over-the-counter securities allocation activities and Hang Seng HMOS software tools, which began in 2005 and peaked in 2015, as well as the legal issues of "pan-criminalism" caused by the Internet financial rectification, have become the most realistic and direct research objects of the local financial law research society. To this end, the Financial Law Research Society of the Zhejiang Law Society has conducted research closely around hot and cutting-edge issues, from the legal perspective, "Research on the Construction of Local Financial Legal Environment", "Research on Corporate Financing Security and Prevention of Illegal Fund-raising", "Research on the Legal Governance of Private Financing", "Research on the Rule of Law in Securities Capital Market", "Intermediary Legal System in the Environment of Financial Reform", "Theory and Practice of Innovation and Construction of Internet Financing Legal System", "High-end Forum on Judicial Protection of Internet Finance", "Local Financial Supervision System construction of theory and practice", "enterprise financing of the capital chain guarantee chain and risk prevention and disposal countermeasures", "enterprise bankruptcy and disposal of non-performing assets", "over-the-counter securities allocation and risk prevention legal analysis" and a series of thematic studies, the results of thematic research are also collected and submitted to the relevant departments, some of which become directly legislative results. For example, the research results of private financing management led by the Zhejiang Financial Law Research Association have directly become part of the provisions of the Wenzhou Private Financing Management Regulations, the country's first financial local regulation (the regulations were approved by the Zhejiang Provincial People's Congress on November 22, 2013. The Standing Committee voted and passed, implemented on March 1, 2014), and some have become a reference for the party and government to make decisions. For example, President Li Youxing, on behalf of the Zhejiang Law Society, attended the first "China Rule of Law Forum" held by the China Law Society on March 30, 2016, and made a speech "Strengthening the Rule of Law Guarantee for Private Financing of Enterprises". On August 3, 2016, the China Law Society submitted it to the Central General Office and the Central Political and Legal Committee in the form of "To Report" (No. 24, No. 780, 2016). The research results of the Zhejiang Financial Law Society on local financial supervision legislation have directly promoted the Zhejiang Provincial People's Congress and the provincial government to initiate the legislative work of the Zhejiang Provincial Local Financial Supervision Regulations. The Provincial People's Congress has taken the Regulations as a kind of legislative research plan., It can be introduced when the conditions are ripe.

2. actively participate in the system research and system design of financial reform, boosting the local financial reform work

Zhejiang Province is an important area of financial reform, including Wenzhou Financial Reform Pilot Zone, Lishui Rural Financial Reform Pilot, Yiwu Trade Financial Reform Pilot, Taizhou Small and Micro Financial Reform Pilot, etc. The direct demand of any pilot is institutional guarantee. Usually these areas lack a clear and targeted legal system, lack of superior laws and regulations, as a local financial legal research organization, the contribution to the local regulatory level, as well as the contribution of the system at the regulatory level is entirely possible, and the institutional contribution to normative documents is universal. The research society needs to find a breakthrough point and do a good job in legislation, demonstration, research, and consultation in this area. To this end, the Research Association actively undertakes local government research, and effectively and operationally serves the construction of the local financial legal environment. Such as undertaking "Research on Legal Countermeasures of Zhejiang Private Financing Issues", "Research on Wenzhou Private Financing Management" (preparation of Wenzhou Private Financing Management Regulations in Zhejiang Province), "Research on the Construction of Local Financial Legal Environment: Zhejiang as an Example", "Zhejiang Local Financial Regulatory Regulations" legislative research, etc., to serve the construction of local financial legal system in a pragmatic, countermeasure and operability manner. In view of the characteristics of private finance and Internet finance in Zhejiang Province (represented by Alibaba and Ant Financial Services Group), especially the large number of Internet loan institutions, it not only brings good sides, but also has hidden risks, especially after the CBRC and other four ministries and commissions issued the interim measures for the Management of Business activities of Internet Lending Information intermediaries on August 24, 2016, combined with the background of Internet financial rectification, the Research Association convened Internet financial enterprises to carry out normative demonstration and evaluation of Internet finance, study Internet norms and new development space, and wrote a consultation on "Countermeasures and Suggestions for the Supervision of Internet Lending Information Intermediaries in Our Province" to be submitted to the provincial party committee and provincial government. Zhu Congjiu, vice governor of Zhejiang Province, made a special approval and submitted it to the Provincial Finance Office and the Zhejiang Provincial Bureau of the CBRC for research.

3. cut into the hot spots of social concern and issued the academic voice of the local financial law research association

in response to the nationwide sensational Wu ying fund-raising fraud case, as well as the Wenzhou financial reform incident, the illegal bill activity case and the crime of illegal business operation in lending, in view of the hot issues such as the rupture of the capital chain and the guarantee chain, the civil and criminal relationship in the loan guarantee case, the bill case, the legal nature of the over-the-counter securities allocation, etc., as a professional financial law research association, should issue a clear academic voice at the first time to guide the legitimacy and justice of the case handling. For example, in July 2015, China's stock market fluctuated greatly, and there was a relatively vague understanding of OTC securities allocation and Hang Seng HMOS software system. For this reason, the research society immediately convened professionals from all over the country to discuss the legal issues of OTC securities allocation and HMOS software system in depth, and clarified the legal relationship. In addition, the Research Association also actively participated in the "Double Hundred" lecture activities, and carried out special lectures such as "Private Financing Legal System and Governance", "Private Financing Latest Legislative System Design and Local Financial Development", etc. The correct handling of legal hot events has made certain contributions.

The 4. gathers talents from the core team of financial law and gives full play to the "think tank" function of the research institute

The local financial law research institute can obtain the support of famous (well-known) experts nationwide and peer experts in the province, which is the key to the work of the research institute. If the research will not be recognized and supported by the first-class experts in the discipline, the work of the research will be affected. The local financial law research association should have the ability to hire a group of professional experts to guide, check and give lectures on professional topics. The research society should concentrate experts from the discipline in the province to form a professional research service team that can be carried out at any time. The core academic research team is the key talent element for the research society to carry out its work effectively. The local financial law research association should broaden its horizons and extensively absorb professionals from institutions such as legislation, courts, procuratorates, government departments, public security, financial regulatory departments, financial institutions, private enterprises, and institutions of higher learning. Zhejiang Financial Law Research Association employs nearly 80 national professional experts, mainly in the fields of commercial law, economic law, securities law, banking law and financial law. As the core force of local research and special research, it increases its popularity and influence, and more importantly, it improves the effectiveness of academic research and solving practical problems, as well as the accuracy of the financial legal system itself, gathering local forces to form a team of nearly 400 professional researchers, it is easier to carry out special thematic research. For example, for research on issues in the field of securities law, we invite experts from the Securities Law Research Association, Peking University, Tsinghua University, China Securities Regulatory Commission, Shanghai, Shenzhen Stock Exchange, Renmin University of China, China University of Political Science and Law, East China University of Political Science and Law, etc. to jointly target the capital market. Conduct research on legal hotspots.

The effective work of local financial law research societies also requires strong support from national financial research organizations. Since its establishment, we have maintained the docking with the corresponding professional research associations of the China Law Society, including the China Securities Law Research Association, the Bank of China Law Research Association, the China Commercial Law Research Association, the China Economic Law Research Association, and so on. The way of docking is mainly to undertake the annual meetings and special academic conferences of national financial research associations. For example, the 2016 Annual Meeting of the China Securities Law Research Association on April 22-23, 2016 and the "High-end Forum on the Construction of China's Securities Rule of Law under the Background of the Stock Issuance Registration System" was hosted by the China Securities Law Research Association and hosted by the Financial Law Research Association of Zhejiang Law Society. Vice President Bao Shaokun of the China Law Society came to the forum to give an important speech and guidance. At the same time, the local financial law research association should strengthen cooperation and exchanges with similar financial law research institutions, cooperate in academic activities, and exchange experiences with each other to promote development. For example, we and the Financial Law Research Association of the Shanghai Law Society jointly organized the "China Local Financial Law Society Alliance Shanghai Forum: and China's Private Financial Legal System Research", "Financial Law Graduate Student Forum", etc., and the two research societies exchange visits and exchange visits. Enhance academic exchanges. In order to adapt to the situation that there is no financial law research society in China, as early as 2012, we launched a private alliance of local financial law research societies. Now the China Law Society has set up a coordination mechanism of China's financial law with the China Commercial Law Research Association as the lead unit, and held the first 2016 "Modernization of Financial Law from the Global Perspective of China Financial Law Forum" in Shanghai on December 10-11, 2016. In the future, this coordination mechanism organization will be the goal of the local financial law research association. The Financial Law Research Association of Zhejiang Law Society will actively apply to join the core members and be willing to undertake the corresponding work and obligations.

In summary, through more than ten years of practice and exploration, the financial law research of Zhejiang Law Society has formed a good working mechanism and operating mechanism, and has also achieved fruitful theoretical and practical results. The study of financial law in Zhejiang Province has unique characteristics, including grass-roots finance characterized by "private lending" and new forms of Internet finance represented by Ma Yun. The study of financial law in China needs Zhejiang elements. Therefore, on the occasion of this conference exchange, we call for the Zhejiang element to be seen in the coordination mechanism of financial law research at the national level. As a bridge and link, the Financial Law Research Association of Zhejiang Law Society is willing to contribute to the prosperity of national financial law research and the promotion of financial rule of law.