Abstract:

Normative Agile Regulation combines a regulatory framework with agile governance, using the regulatory framework as an “anchor” to provide stable normative expectations for orderly interactions among market participants, while simultaneously pursuing the agility of the entire regulatory process from “regulatory actions-regulatory rules-legal standards” to better adapt to the governance challenges posed by the uncertainties brought by digital technologies. Financial data openness serves as a typical application scenario for practicing Normative Agile Regulation, drawing insights from international experiences in open banking reforms. To promote financial data openness through regulation, a policy framework should be established, encompassing three dimensions: data resource openness, data element mobility, and data rights allocation. In China’s current financial data management system, there exist three mechanistic barriers: a narrow scope of data resource openness, high costs associated with data element mobility, and an imbalanced data rights allocation structure. Guided by the Normative Agile Regulation paradigm, China should strive to create a normative framework with the “Financial Data Openness Regulation” at its core. This includes expanding the scope of financial data openness within the boundaries of the law, creating standards for financial data openness, transaction platforms, and collaborative regulatory mechanisms, and optimizing the structure of data rights allocation.

Key words: normative agile regulation, financial data, data openness, open banking