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dc.contributor.authorKapsis, Ilias
dc.date.accessioned2020-01-31T02:36:39Z
dc.date.accessioned2020-02-17T11:17:44Z
dc.date.available2020-01-31T02:36:39Z
dc.date.available2020-02-17T11:17:44Z
dc.date.issuedMay 2020
dc.identifier.citationKapsis, I (2020) A Truly Future-Oriented Legal Framework for Fintech in the EU. European Business Law Review. 31(3): 475-514.en_US
dc.identifier.urihttp://hdl.handle.net/10454/17638
dc.descriptionYesen_US
dc.description.abstractThis article reviews critically the recent EU legislation and proposals for the regulation of financial technology (‘fintech”) and makes recommendations for legal improvements in the proposed frameworks, which will help to accelerate fintech growth, a declared EU goal, in the years to come. The rise of fintech driven by non-bank entities (technology startups, finance, big tech and big retail companies) helps to transform financial services industry, but also threatens the market positions of traditional banks and through them potentially the stability of the financial system. The current EU proposals, as presented in the Commission’s Fintech Action Plan published in 2018 and follow-up measures, outlined a number of steps to support fintech, while ensuring the protection of market stability and consumers and the maintenance of level playing field in the financial services markets. The article argues that, while the Commission’s proposed policy mix contains certain positive measures for fintech, it remains, overall, conservative and favours the incumbents. It also argues that unless the Commission becomes bolder and adopts a more flexible legal framework for fintech (for which the article makes specific recommendations), the latter will not grow at the pace needed to help build a competitive ad-vantage for the EU financial sector. The Commission’s continuing support of the established market landscape dominated by financial conglomerates employing traditional business models risks undermining the ability of the European financial system to adapt to the changing competition landscape created by advancing financial technologies and to fully address stability concerns, which emerged as a result of the financial crisis.en_US
dc.language.isoenen_US
dc.rights© 2020 Kluwer Law International BV. Reproduced from European Business Law Review, volume no. 31, issue number 3, May 2020, 475-514, with permission of Kluwer Law International.en_US
dc.subjectFinancial technologyen_US
dc.subjectFintechen_US
dc.subjectEUen_US
dc.subjectEuropean Unionen_US
dc.subjectRegulationen_US
dc.subjectAction planen_US
dc.titleA Truly Future-Oriented Legal Framework for Fintech in the EUen_US
dc.status.refereedUnknownen_US
dc.date.Accepted2019-12-02
dc.typeArticleen_US
dc.type.versionAccepted manuscripten_US
dc.identifier.doihttps://doi.org/10.54648/eulr2020020
dc.date.updated2020-01-31T02:36:48Z
refterms.dateFOA2020-02-17T11:18:46Z


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