Fintech Law and Regulation
| Module title | Fintech Law and Regulation |
|---|---|
| Module code | LAWM135 |
| Academic year | 2019/0 |
| Credits | 15 |
| Module staff | (Convenor) |
| Duration: Term | 1 | 2 | 3 |
|---|---|---|---|
| Duration: Weeks | 2 |
| Number students taking module (anticipated) | 20 |
|---|
Module description
The module focuses on the legal and regulatory framework for financial technologies (Fintech, Regtech, Suptech and Legaltech). You will learn about how Fintech such as Blockchain technology, AI, and Big Data is being used in and developed for the financial services including sectors such as retail and private banking, asset management, trading platforms and payment systems. Hence, the module will provide you with an overlook of the legal and regulatory framework for these sectors. It covers various legal, regulatory, and policy issues, from both a prudential and a conduct perspective, in the financial services industry such as the internal systems and controls, best execution rules, asset manager’s fiduciary duties to clients, anti-money laundering control, market abuse, data protection, and cyber risk.
Please note that this module is only available to those studying on the Contemporary Legal Studies in Bangkok programme.
Module aims - intentions of the module
The underlying aim of this module is to identify and explore the fundamental principles of financial regulation relating to financial technologies. The module covers UK, EU and international regulatory initiatives for some technologies such Blockchain technology, artificial intelligence, and Big Data in financial markets. Among the regulatory fields which are covered are: conduct of business, financial promotion and investor protection; market abuse; issues of securities; financial crime and data governance.
The more detailed aims of this module are therefore for you:
1: to analyse the principles of regulatory sandbox for Fintech and to explore the policies underpinning UK and EU regulatory structures for Fintech
2: to analyse the legal, regulatory, and policy issues associated with cryptocurrencies, initial coin offerings, online lending, new payments and wealth management technologies, and financial account aggregators.
3: to examine the evolving relationship between Fintechs, regulators, and traditional Financial institutions
3. to analyse the liabilities of financial institutions for wrongs and breaches of fiduciary duty in financial transactions when using Fintech
4. to explore Fintech regulation and the challenges posed by data protection and cyber security
5. to identify legal and regulatory mismatches with, and adaptation to, emerging Fintech business models
6. explore some of the tools government use to regulate financial markets and discuss potential challenges for FinTech innovators in complying with these regulations.
Intended Learning Outcomes (ILOs)
ILO: Module-specific skills
On successfully completing the module you will be able to...
- 1. Discuss detailed knowledge of principles of financial regulation and of the substantive law relating to financial technologies
- 2. evaluate critically the effectiveness of financial regulation for financial technologies
ILO: Discipline-specific skills
On successfully completing the module you will be able to...
- 3. apply principles of the common law and equity to factual problems arising out of financial technologies
- 4. analyse critically the nature and policy objectives of the law and regulation relating to financial technologies
ILO: Personal and key skills
On successfully completing the module you will be able to...
- 5. analyse issues arising from the inter-action of principles of substantive law and financial regulation in a specific commercial context
- 6. exercise critical judgment in relation to commercial issues
Syllabus plan
Whilst the module’s precise content may vary from year to year, it is envisaged that the syllabus will cover some or all of the following topics:
Section 1: Sources of financial regulation
A: Financial market regulatory architecture
B: Supervision and Enforcement
Section 2: Blockchain technology in financial services
A: Cryptocurrencies
B: Initial Coin Offerings (ICOs)
C: Money laundering control
Section 3: AI in financial services
A: Robo-advisers
B: Regtech
Section 4: Data governance in financial services
A: Open banking
B: Big data governance, privacy rights, and consumer protection
Learning activities and teaching methods (given in hours of study time)
| Scheduled Learning and Teaching Activities | Guided independent study | Placement / study abroad |
|---|---|---|
| 40 | 110 | 0 |
Details of learning activities and teaching methods
| Category | Hours of study time | Description |
|---|---|---|
| Scheduled Learning & Teaching Activities | 40 hours | 10 x 4 hour seminars Lecturer-led |
| Guided independent study | 45 hours | Preparation for seminars |
| Guided independent study | 5 hours | Preparation for and writing of formative essay |
| Guided independent study | 60 hours | Preparation for and writing of summative essays |
Formative assessment
| Form of assessment | Size of the assessment (eg length / duration) | ILOs assessed | Feedback method |
|---|---|---|---|
| Presentation/discussion of topics in seminars | 5 x 3 hour seminars plus preparation time. | 1-6 | Feedback within seminar; additional oral feedback available on request |
| Written essay | 700 words | 1-6 | Written feedback; additional oral feedback available on request |
Summative assessment (% of credit)
| Coursework | Written exams | Practical exams |
|---|---|---|
| 100 | 0 | 0 |
Details of summative assessment
| Form of assessment | % of credit | Size of the assessment (eg length / duration) | ILOs assessed | Feedback method |
|---|---|---|---|---|
| Essay | 100 | 5,000 words | 1-6 | Written feedback |
Details of re-assessment (where required by referral or deferral)
| Original form of assessment | Form of re-assessment | ILOs re-assessed | Timescale for re-assessment |
|---|---|---|---|
| Essay | Essay (5000 words) | 1-6 | December |
Indicative learning resources - Basic reading
Basic reading:
Niamh Moloney, EU Securities and Financial Markets Regulation (OUP, 2016)
Eilis Ferran & Look Chan Ho, Principles of Corporate Finance Law ( OUP 2014)
Collin Bamford, Principles of International Financial Law (OUP 2015)
Other textbooks:-
Ellinger, Lomnicka and Hare, Modern Banking Law (5th ed., Oxford, 2010).
R Cranston, Principles of Banking Law (Oxford, 2002).
Library reference:-
W Blair and G Walker (eds), Financial Services Law (2e, OUP, 2009)
W Blair and G Walker (eds), Financial Markets and Exchanges Law (1e, OUP, 2005)
Butterworths Banking Law Encyclopaedia, (LexisNexis, looseleaf) covers a part only of the module.
Financial Services Law Encyclopedia, (Sweet & Maxwell, looseleaf), annotated statutes only.
Alastair Hudson, The Law on Financial Derivatives (5th ed., Sweet & Maxwell, 2012)
Alastair Hudson, Securities Law (2nd ed, Sweet & Maxwell, 2013)
Alastair Hudson, The Law of Finance (2nd ed., Sweet & Maxwell, 2013)
Indicative learning resources - Other resources
Web based and electronic resources: Journal articles, case law and statutes available through the ordinary legal databases. FCA financial regulation all available free on-line via www.fca.gov.uk.
| Credit value | 15 |
|---|---|
| Module ECTS | 7.5 |
| Module pre-requisites | Module only available to students on the following programmes:
|
| Module co-requisites | None |
| NQF level (module) | 7 |
| Available as distance learning? | No |
| Origin date | 03/07/2019 |
| Last revision date | 28/08/2019 |