Law and Financial Markets Review最新文献

{"title":"The proposal for a new EU Consumer Credit Directive: towards responsible lending in the digital age?","authors":"O. Cherednychenko","doi":"10.1080/17521440.2022.2153611","DOIUrl":"https://doi.org/10.1080/17521440.2022.2153611","url":null,"abstract":"ABSTRACT Large-scale irresponsible consumer credit lending across the EU, along with the growing digitalisation of the market place, in the last decade or more has exposed serious limitations of the 2008 Consumer Credit Directive in ensuring adequate consumer protection in the unsecured credit markets. To remedy the shortcomings of the current regulatory regime, the European Commission’s Proposal for a New Consumer Credit Directive seeks to introduce a number of important changes. This article discusses the proposed changes and critically assesses their potential to ensure responsible lending in the digital age. It concludes that the adoption of the revised directive would represent a major step forward in combatting irresponsible lending practices and protecting European consumers against overindebtedness in the digital market place. At the same time, however, the effectiveness of the new consumer credit directive will depend to a considerable extent on its implementation and application in the Member States.","PeriodicalId":43241,"journal":{"name":"Law and Financial Markets Review","volume":"15 1","pages":"183 - 206"},"PeriodicalIF":0.0,"publicationDate":"2021-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46855575","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Robo-advisory services and investor protection","authors":"Reinhard Steennot","doi":"10.1080/17521440.2022.2153610","DOIUrl":"https://doi.org/10.1080/17521440.2022.2153610","url":null,"abstract":"ABSTRACT Technological advancement has created the possibility of providing investment advice and managing funds without any, or with only limited, human intervention (so-called robo-advice). In this paper, it is argued that robo-advisory services offer additional protection to retail investors since they – contrary to execution only services provided by online brokers – require a suitability test. However, robo-advice also creates certain risks, in particular because of the lack of personal contact and the use of algorithms. Therefore, financial intermediaries offering robo-advisory services must clearly explain the concept of robo-advice, ask clear and sufficient questions, ensure their algorithms provide suitable advice and provide clear, comprehensible and not-misleading information. As far as enforcement is concerned, financial supervisors must be able to verify the algorithms used and retail investors suffering damages because of unsuitable investment advice must be entitled to compensation, without having to prove that the algorithm was flawed.","PeriodicalId":43241,"journal":{"name":"Law and Financial Markets Review","volume":"15 1","pages":"262 - 277"},"PeriodicalIF":0.0,"publicationDate":"2021-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44206374","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Financial law in the era of artificial intelligence: key topics and themes","authors":"F. Barrière","doi":"10.1080/17521440.2023.2215480","DOIUrl":"https://doi.org/10.1080/17521440.2023.2215480","url":null,"abstract":"ABSTRACT The digital transformation of financial services is underway. In financial law, AI is already in a prominent position among the newly available tools, and its future uses are even more promising. However, this raises several certain issues, including legal ones. Legal experts, business divisions, data scientists and computer scientists need to anticipate these changes and establish interdepartmental working groups to anticipate the future regulatory challenges posed by AI technologies. The entities involved should anticipate the consequences of future regulations and to some extent are already one step ahead. The assessment of AI technologies must be documented following a risk-based approach.","PeriodicalId":43241,"journal":{"name":"Law and Financial Markets Review","volume":"15 1","pages":"312 - 322"},"PeriodicalIF":0.0,"publicationDate":"2021-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44120845","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"DLT-based enhancement of cross-border payment efficiency – a legal and regulatory perspective","authors":"D. Zetzsche, Linn Anker-Sørensen, Maria Lucia Passador, A. Wehrli","doi":"10.1080/17521440.2022.2065809","DOIUrl":"https://doi.org/10.1080/17521440.2022.2065809","url":null,"abstract":"ABSTRACT Financial law and regulation have, to date, assumed that regulated activities and functions are concentrated in a single legal entity responsible and accountable for operations and compliance. Even with regard to financial market infrastructure where the regulatory perspective acknowledges the need for interoperability of many entities as a system, each entity is subject to its own rules and regulations, and can thus meet its own compliance requirements independent of other system participants. The entity-focused regulatory paradigm is under pressure in the world of DLT-based payment arrangements where some ledgers, and thus the performance of the services as such, are distributed. DLT arrangements could provide an alternative to the traditional reliance on a mutually trusted central entity to transfer funds and enable the creation of new foundational infrastructures by distributing technical functions or linking existing systems. As such, we identify and outline concepts for use cases where DLT is potentially improving the efficiency of cross-border payments, namely a Best Execution DLT, a DLT application for a Network of Central Banks, a DLT as an AML/KYC utility, as well as DLT arrangements for an Identity Platform, a Small Payments Platform and, finally, an Interoperability Platform connecting multiple closed-loop and proprietary banking systems. Despite the wide-ranging interest in DLT-based payment systems, research so far has focused on technical concepts and lacked legal details. This article seeks to fill this gap by providing an initial analysis of the legal challenges related to DLT-based payment systems. From a legal perspective, the distribution of functions in DLTs comes with new risks created from the joint performance of services and functions as main characteristic of a distributed ledger, and the need for additional agreements, ongoing coordination across, and governance arrangements among the nodes. Further, in a cross-border context, multiple regulators and courts of various countries (asking for compliance with their own set of rules and regular reporting) will be involved. All of these must decide whether for compliance with any single rule they look at the DLT as a whole (herein called ‘the ledger perspective’) or each individual node (that is each institution participating in the DLT, herein called ‘the node perspective’). Moreover, financial and private law must provide for risk allocation, liability, responsibility and accountability for all legal obligations related to each function and activity. This article examines the extent to which the ledger perspective or the node perspective should prevail against the backdrop of a range of DLT use cases, resulting in policy recommendations for regulators. In this article, we propose the adoption of what we call an enabling approach for payment systems: ledger operators must specify in a Plan of Operations subject to regulatory approval to which rights and obligations ","PeriodicalId":43241,"journal":{"name":"Law and Financial Markets Review","volume":"15 1","pages":"70 - 115"},"PeriodicalIF":0.0,"publicationDate":"2021-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47565912","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"China’s long march towards the twin peaks model of financial regulation","authors":"Yuanfei Kang, A. Schmulow, Andrew Godwin","doi":"10.1080/17521440.2022.2054288","DOIUrl":"https://doi.org/10.1080/17521440.2022.2054288","url":null,"abstract":"ABSTRACT This article traces the evolution of China’s financial regulatory system, and its trend towards what could be referred to as a ‘quasi-Twin Peaks’ model. It then outlines the ongoing challenges with the current sector-based framework, including regulatory competition, regulatory arbitrage and inconsistent regulatory mandates. It then proposes a pathway by which China could adopt a true Twin Peaks model. Finally, the article outlines recent developments in consumer protection, and draws parallel with developments in two Twin Peaks jurisdictions: the UK and South Africa. The article concludes by arguing that the adoption of an overarching framework for consumer protection in banking products and payment services underscores the need for a unified framework that applies to all products and services in the financial sector, including those administered by the CSRC in the securities sector. It also highlights the benefits of separating market conduct and consumer protection regulation, from macro-prudential and micro-prudential regulation, and provides additional support for the argument that the ultimate destination to which China should march, is the Twin Peaks model of financial regulation. This would be in line with the emerging direction of China’s regulatory agency reform, and would better accommodate ongoing financial innovation and cross-sector cooperation and integration.","PeriodicalId":43241,"journal":{"name":"Law and Financial Markets Review","volume":"15 1","pages":"116 - 147"},"PeriodicalIF":0.0,"publicationDate":"2021-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48939431","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Editorial","authors":"Vincenzo Bavoso, Michael Galanis, G. Howells","doi":"10.1080/17521440.2022.2096336","DOIUrl":"https://doi.org/10.1080/17521440.2022.2096336","url":null,"abstract":"","PeriodicalId":43241,"journal":{"name":"Law and Financial Markets Review","volume":"15 1","pages":"1 - 2"},"PeriodicalIF":0.0,"publicationDate":"2021-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46245525","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Some policy issues surrounding the use of FinTech in public procurements","authors":"Bryane Michael, N. Korolevska","doi":"10.1080/17521440.2022.2063605","DOIUrl":"https://doi.org/10.1080/17521440.2022.2063605","url":null,"abstract":"ABSTRACT FinTech – along with the blockchain, other distributed ledger, smart contract, and tokenization usually assumed to accompany it – could change the way governments procure goods and services. Yet, both the academic and practitioner literature omits discussion of any policy-level analysis of the interaction between procurement rules and FinTech innovations. Procurement authorities and procurement law can play a vital role in the development of FinTech. They can help build the FinTech platforms and ecosystems that help them engage in public procurement. They should not try to procure such FinTech outright. Any FinTech applications facilitating public procurement should thus encourage compliance with the principles the international community has developed over decades.","PeriodicalId":43241,"journal":{"name":"Law and Financial Markets Review","volume":"15 1","pages":"38 - 69"},"PeriodicalIF":0.0,"publicationDate":"2021-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46548070","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Policy proposal trends in sovereign debt restructuring","authors":"András Póra","doi":"10.1080/17521440.2022.2063569","DOIUrl":"https://doi.org/10.1080/17521440.2022.2063569","url":null,"abstract":"ABSTRACT Possible reform of the global sovereign debt management framework is continuously discussed among the members of the policymaking community. After the evaporating Washington Consensus, several reform proposals were made. Some of them were realised, and others remained on paper. The area received new impulses after the Financial Crisis in 2008, mainly due to the European sovereign debt problems. Many of these suggestions were later forgotten. The worldwide fiscal stimuli caused by the COVID-19 pandemic in 2020 and the rapidly deteriorating sovereign debt situation induced another plethora of policy proposals. Some are novelties, but most are revised versions of the old ideas. The study aims to synthesise the old and newer suggestions, identifying current policy trends. The conclusion: the contractual approach still dominates the field, although there are also some feasible statutory-based ideas.","PeriodicalId":43241,"journal":{"name":"Law and Financial Markets Review","volume":"15 1","pages":"164 - 180"},"PeriodicalIF":0.0,"publicationDate":"2021-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47449841","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Of standards and technology: ISDA and technological change in the OTC derivatives market","authors":"Pierre Schammo","doi":"10.1080/17521440.2022.2063030","DOIUrl":"https://doi.org/10.1080/17521440.2022.2063030","url":null,"abstract":"ABSTRACT For enthusiasts, distributed ledger technology (DLT) and smart contract technology (SCT) promise a future of frictionless interactions and decentralisation. In practice, however, it is widely acknowledged that this vision faces significant challenges. These include legal challenges, technological challenges, but also implementation challenges. The latter arise because delivering the DLT/SCT vision does not take place in a vacuum, but in a setting populated by existing market actors that operate on the basis of pre-existing technologies and absent an industry-wide layer of standards to support technological change and the vision of frictionless interactions. This article seeks to contribute to the literature interested in implementation challenges. Its aim is two-fold: to examine implementation challenges and to take stock of current market efforts to overcome them. In particular, this article focusses on the efforts of the International Swaps and Derivatives Association (ISDA) and its initiatives to ‘standardise to digitise’. It will show that these initiatives can usefully be examined as an attempt to help the industry coordinate on a common foundational standards layer. However, this article also finds that the success of ISDA’s efforts is by no means certain. Nor are its efforts without raising some concerns.","PeriodicalId":43241,"journal":{"name":"Law and Financial Markets Review","volume":"15 1","pages":"3 - 37"},"PeriodicalIF":0.0,"publicationDate":"2021-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46261820","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Institutional architecture for financial supervision: a case study","authors":"C. Buttigieg, M. Bamber","doi":"10.1080/17521440.2020.1855563","DOIUrl":"https://doi.org/10.1080/17521440.2020.1855563","url":null,"abstract":"ABSTRACT The paper examines the institutional architecture for financial supervision of a small jurisdiction and proposes reforms with a view of achieving more efficient and cost-effective financial supervision. The central argument of the paper is that there are complementarities and information synergies between prudential financial supervision, which aims at safeguarding the integrity and stability of the financial system, and the core central banking function of monetary policy. The point is made that that monetary policy and prudential supervision for financial stability should therefore be put under one roof, particularly in small jurisdictions, where duplication of research and information on the financial system leads to the wasteful use of limited human, technical (which includes technology) and financial resources.","PeriodicalId":43241,"journal":{"name":"Law and Financial Markets Review","volume":"15 1","pages":"148 - 163"},"PeriodicalIF":0.0,"publicationDate":"2020-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/17521440.2020.1855563","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45305836","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}