Publication:
The layers of digital financial innovation : charting a regulatory response

Simple item page
dc.affiliation.areaUC3M. Área de Derecho Mercantiles
dc.affiliation.dptoUC3M. Departamento de Derecho Privadoes
dc.affiliation.grupoinvUC3M. Grupo de Investigación: Sociedad, Tecnología y Derecho mercantil (SOCITEC)es
dc.contributor.authorRodríguez de las Heras Ballell, Teresa
dc.date.accessioned2022-12-01T17:14:02Z
dc.date.available2022-12-01T17:14:02Z
dc.date.issued2020-08-12
dc.description.abstractThe increasing penetration of digital technologies in financial markets is evidenced by promising adoption rates among users, expanding presence of fintech firms and bigtech providing techfin services, and the growing use of fintech solutions by incumbents. The increasingly popular term "fintech" captures the accelerated transformation of contemporary financial markets driven and enabled by technology, and encapsulates its multifarious potential impact on services, market structures, and business models. This Article first aims to devise and propose an analytical framework to understand the digital challenges to financial regulation based on the "layers of digital financial innovation" theory. Accordingly, digital innovation (fintech) is stratified in three layers: the structure layer, activity layer, and players layer-each of which identifies and analyses the impact of digital innovation on a financial-market dimension. Consequently, a multi­layered regulatory response is proposed. This Article will consider different regulatory strategies devised to face each layer of fintech, as risks and benefits differ in each layer. This Article's starting premise is that any attempt to approach fintech as a single, global phenomenon will sink in the vast complexity of a multifaceted, open process phenomenon and is bound to fail. Our understanding is that the intricacies in embracing the impact of fintech on financial markets and the difficulties in apprehending its consequences for regulation and supervision are largely exacerbated by the lack of perception of its multi-layered nature. Based on a three-variable function to assess the adequacy of regulation and devise a fit-for-purpose regulatory response, a taxonomy of policy challenges will be addressed, and a multi-layered regulatory strategy is proposed accordingly.en
dc.identifier.bibliographicCitationRodriguez de las Heras Ballell, T. (2020).The Layers of Digital Financial Innovation: Charting a Regulatory Response. Fordham Journal of Corporate. & Financial Law, 25 (2), pp. 381-420en
dc.identifier.issn1532-303X
dc.identifier.publicationfirstpage381es
dc.identifier.publicationissue2es
dc.identifier.publicationlastpage421es
dc.identifier.publicationtitleFordham Journal of Corporate & Financial Lawen
dc.identifier.publicationvolume25es
dc.identifier.urihttps://hdl.handle.net/10016/36139
dc.identifier.uxxiAR/0000027686
dc.language.isoenges
dc.publisherFordham University School of Lawes
dc.relation.publisherversionhttps://ir.lawnet.fordham.edu/jcfl/vol25/iss2/2es
dc.rights© The Fordham Law Archive of Scholarship and Historyes
dc.rights.accessRightsopen accessen
dc.subject.ecienciaDerechoes
dc.subject.otherFintechen
dc.subject.otherFinanceen
dc.subject.otherMarketsen
dc.subject.otherArchitectural neutralityen
dc.subject.otherFinancial regulationen
dc.titleThe layers of digital financial innovation : charting a regulatory responseen
dc.typeresearch article*
dc.type.hasVersionVoR*
dspace.entity.typePublication
Files
Original bundle
Now showing 1 - 1 of 1
Thumbnail Image
Name:
layers_FJCFL_2020.pdf
Size:
18.43 MB
Format:
Adobe Portable Document Format
Download
Collections
Sociedad, Tecnología y Derecho mercantil (SOCITEC). Artículos de revistas
Proyectos FOS (2022-2023)