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El. knyga: Digital Innovation in Financial Services: Legal Challenges and Regulatory Policy Issues

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Consumer behaviour is rapidly trending towards the use of digital devices as instruments through which to transact day-to-day business. This original and timely book shows how this trend creates new opportunities not only for retail consumers but also for financial service providers, regulators and central banks. The author offers a comprehensive overview of these opportunities and their countervailing legal and regulatory challenges.

The author describes and analyses in unprecedented detail the application of digital financial innovation (FinTech), and some of its core manifestations, including virtual currencies, Blockchain and distributed ledger technologies to the delivery of financial services, in areas such as:

  • – payments;
  • – securities clearing and settlement;
  • – central banking;
  • – real-time access to financial information;
  • – instant completion of core financial transactions;
  • – data validation and reconciliation processes; and
  • – digital contracting (smart contracts).

Also clarified are the legal and other barriers to be overcome – including cybersecurity and risks to privacy – before any widespread adoption of digital innovation in the highly regulated financial sector context can occur.

As an informed assessment of the legal merits and risks of technological innovation for financial service providers and central banks, and as a contribution to establishing a conceptual framework within which to analyse and better understand the applications of digital innovation to the financial sector, this practical work is bound to be welcomed by legal practitioners and legal scholars alike with an interest in financial services. Policymakers and regulators will also appreciate its guidance on how to temper the less benevolent aspects of FinTech with targeted, risk-focused regulation, so as to promote innovation and preserve the potential benefits for financial markets and their participants alike.

About the Author vii
Preface xvii
List of Abbreviations and Acronyms
xix
Acknowledgements xxiii
Chapter 1 Introduction: Digital Innovation in Financial Services -- An Overview of Risks, Benefits and Use Cases
1(18)
§1.01 FinTech and Its Promises
2(5)
[ A] The Consumer Perspective
3(1)
[ B] The Financial Institutions' and Service Providers' Perspective
3(3)
[ C] The Regulators' and Supervisors' Perspective
6(1)
§1.02 FinTech: Risks and Challenges
7(4)
[ A] Headline Consumer and Investor Risks
7(1)
[ B] Headline Risks for Financial Institutions and Service Providers
8(2)
[ C] Regulatory Challenges: Highlights
10(1)
§1.03 Headline Use Cases of FinTech: An Introduction
11(3)
[ A] Clearing and Settlement of Payments
12(1)
[ B] Securities Issuance, Trading and Post-trading
13(1)
[ C] Information Sharing
14(1)
§1.04 Final Remarks and Scope of This Study
14(5)
Chapter 2 DLTs, Blockchain and Distributed Ledgers: Scope, Definitions and Headline Legal and Regulatory Issues
19(36)
§2.01 DLTs and Blockchain: Definitions, Possible Areas of Application and Key Strengths
19(6)
[ A] Prefatory Remarks
20(1)
[ B] Blockchain: The Archetypal DLT
21(1)
[ C] DLTs: Strengths, Weaknesses and Practical Limitations
22(3)
§2.02 Distributed Ledgers
25(7)
[ A] Ledgers and Their Significance for the Contemporary Financial System
25(1)
[ B] Financial Intermediaries and Their Function in Modern Financial Markets
26(1)
[ C] Distribution
27(3)
[ D] Consensus Protocols and Security Features
30(2)
§2.03 Recapitulative Remarks
32(1)
§2.04 DLTs and Distributed Ledgers: High-Level Legal and Regulatory Issues
33(20)
[ A] Why, How and When to Regulate and Supervise DLTs and Distributed Ledgers
34(1)
[ 1] Why Regulate DLTs and Distributed Ledgers?
34(2)
[ 2] How to Regulate DLTs and Distributed Ledgers?
36(3)
[ 3] When to Regulate DLTs and Distributed Ledgers?
39(1)
[ B] Legal and Regulatory Implications of the Use of DLTs for the Holding of Funds, the Issuance and Holding of Securities and the Settlement of Payments and Securities Transfers
40(1)
[ 1] Legal Status of Assets Issued and Transactions Performed in a DLT Environment
41(1)
[ 2] Asset Identification, Issuance and Segregation
41(3)
[ 3] Settlement Finality in a DLT Environment
44(2)
[ 4] Conflict of Laws
46(2)
[ 5] Insolvency Proceedings
48(1)
[ 6] Access to Central Bank Accounts and Liquidity
48(1)
[ 7] Compliance with Legal and Regulatory Requirements
49(1)
[ C] Protection of Transactional and Other Data in a DLT Environment
50(1)
[ D] Legal Limits to Decentralisation
51(2)
§2.05 Closing Remarks
53(2)
Chapter 3 Cash and Cash Alternatives as Retail Payment Media: State of Play and Scope for Digital Innovation-Driven Alternatives
55(20)
§3.01 Traditional Payment Media and Rails: Strengths and Weaknesses
56(11)
[ A] Cash
56(4)
[ B] Account-Linked Credit and Debit Cards
60(1)
[ C] Electronic Fund Transfers (Credit Transfers and Direct Debits)
61(1)
[ D] E-Money
62(3)
[ E] Online Payment Platforms
65(2)
§3.02 Alternative Payment Providers: Overview of Services, Regulatory Status and Legal Issues
67(5)
[ A] Apple Pay, Google Wallet and Venmo: Overview of Main Features
68(1)
[ B] APPs and Headline Legal Issues
69(3)
§3.03 Concluding Remarks: What Scope for Innovation in Payments?
72(3)
Chapter 4 Virtual Currencies as Retail Payment Media: Core Legal Issues
75(40)
§4.01 Definitions and Introductory Remarks
76(6)
[ A] On Bitcoin and the Bitcoin Network
78(2)
[ B] How Payments Are Made in Bitcoin
80(1)
[ C] Virtual Currency Networks and Validation/Consensus Protocols
81(1)
§4.02 Virtual Currencies and Underlying Technologies: An Overview of User Benefits and Risks
82(2)
§4.03 Virtual Currency Regulation in the EU and the US: General Overview
84(8)
[ A] Virtual Currencies under EU Law
84(1)
[ 1] Virtual Currencies and PSD2
85(1)
[ 2] Virtual Currencies under EMD2, AMLD4, CSDR and MiFID
86(2)
[ 3] Interim Conclusions
88(1)
[ B] US Federal Legal Framework: Highlights
89(3)
§4.04 Virtual Currencies: Core Legal and Regulatory Issues
92(18)
[ A] Virtual Currencies: Fundamental Legal Nature and Characterisation
92(1)
[ 1] Virtual Currencies as `Money' or `Currency': Bitcoin and Beyond
93(5)
[ 2] Virtual Currencies as Property Rights
98(3)
[ 3] Virtual Currencies as Mere Contractual Rights or Securities
101(2)
[ 4] Virtual Currency Networks and Exchanges as FMIs
103(4)
[ B] Virtual Currency Networks: Regulatory Competence, Regulatory Compliance and Substantive Law Issues
107(3)
§4.05 Concluding Remarks on Virtual Currencies, and the Prospect of Their Use as Payment Media
110(5)
Chapter 5 Use Cases of Digital Innovation in the Financial Services Field: DLT-Enabled Smart Contracts, Instant Payments and Their Legal Aspects
115(34)
§5.01 `Smart Contracts': Working Definition, Link to DLTs and Practical Examples
117(4)
[ A] Smart Contracts: Working Definition
117(1)
[ B] Modus Operandi and Financial Sector-Specific Use Cases of Smart Contracts
118(3)
§5.02 Benefits of DLT-Enabled Smart Contracts
121(1)
§5.03 Legal Nature of Smart Contracts
122(13)
[ A] Introductory Remarks
123(1)
[ B] Smart Contracts and the `Code Is Law' Doctrine
124(4)
[ C] Substantive Law Considerations
128(1)
[ 1] Intention to Create Legal Relations
128(2)
[ 2] Certainty of Contractual Terms
130(1)
[ 3] External Enforceability
131(1)
[ 4] Impact of the Electronic Creation of Smart Contracts on Their Validity
132(2)
[ 5] Interim Concluding Remarks
134(1)
§5.04 Smart Contracts: Legal Challenges, Practical Questions and Possible Solutions
135(3)
§5.05 Concluding Remarks on Smart Contracts
138(1)
§5.06 Legal Issues Specific to Instant (or Faster) Retail Cashless Payments and Link to FinTech
139(10)
[ A] Introductory Remarks
139(3)
[ B] Advantages and Legal Challenges of Instant Payments
142(4)
[ C] Closing Remarks on Instant Payments
146(3)
Chapter 6 DLTs and Their Application in Securities Issuance, Clearing and Settlement: Risks, Benefits and Legal Challenges
149(32)
§6.01 Life Cycle of a Typical Securities Trade and Features of the Contemporary Securities Markets' `Consensus Through Reconciliation' Model
151(4)
[ A] Introductory Remarks
151(3)
[ B] What Possible Applications for DLTs?
154(1)
§6.02 DLTs and Their Use in the Initial Issuance of Public Securities
155(7)
[ A] Issuance of Securities and the Pivotal Role of Securities Accounts
156(2)
[ B] Main Areas of Concern with the Use of DLT for the Issuance of Securities
158(3)
[ C] Concluding Remarks
161(1)
§6.03 DLTs and Their Use in the Trading of Public Securities
162(1)
§6.04 DLTs and Their Use in the Clearing and Settlement of Transactions over Public Securities
163(9)
[ A] Prefatory Remarks
163(2)
[ B] Intermediaries Active in the Clearing Stage of Securities Transactions and Their Future in a DLT Environment; Netting and Its Relevance to Various Asset Classes
165(2)
[ C] Shortening of the Settlement Cycle: Opportunities and Undesirable Consequences
167(2)
[ D] DLTs, DvP Settlement and Access to Central Bank Money
169(1)
[ E] DLTs and Settlement Finality
170(2)
§6.05 Other Uses of DLTs in the Public Securities Markets: Challenges, Opportunities and Deployment Prerequisites
172(5)
[ A] DLTs and Regulatory Reporting
172(2)
[ B] DLTs, Shareholder Transparency and Asset Servicing
174(1)
[ C] DLTs and Their Use in Collateral Management Purposes
175(1)
[ D] DLTs, Data Privacy, Cyber-Security and AML/CTF
176(1)
§6.06 Concluding Remarks and Regulatory Considerations
177(4)
Chapter 7 Digital Innovation, Central Banks and Monetary Policy: The Case of Central Bank-Issued Digital Currencies
181(34)
§7.01 Why Would Central Banks Consider Issuing CBDCs?
184(10)
[ A] CBDCs: Distinguishing Features and Types
185(3)
[ B] What Rationales for the Issuance of CBDCs? An Overview
188(5)
[ C] Interim Conclusions
193(1)
§7.02 CBDCs: Features and Means of Distribution and Holding
194(9)
[ A] CBDC Features: A Non-exhaustive Overview
195(2)
[ B] Means of Distribution and Holding of CBDCs
197(2)
[ C] CBDC: What Use for DLTs?
199(1)
[ 1] Rationale for the Use of DLTs for the Issuance of CBDCs and Processing of Transactions over Them
199(2)
[ 2] What Type of Distributed Ledger for the Issuance and Distribution of CBDCs, and for the Validation and Processing of Transactions over Them?
201(2)
§7.03 Core Legal Issues Relative to the Issuance of CBDC
203(7)
[ A] Requirements to Be Fulfilled for CBDCs to Qualify as General Legal Tender
203(1)
[ 1] General Remarks
203(1)
[ 2] Euroarea-Specific Remarks
204(2)
[ B] Legal Finality of CBDC Transfers
206(1)
[ C] Legal Issues Specific to Particular Types of CBDC
207(3)
[ D] Other Regulatory Issues
210(1)
§7.04 Possible Role of Central Banks in Facilitating Access of DLT Platforms to Central Bank Money for Settlement Purposes
210(5)
[ A] Access to Central Bank Money for Private DLT Payment Platforms
211(1)
[ B] Access to Central Bank Money for DLT Securities Platforms
212(3)
Chapter 8 Epilogue: Financial Services in the Twenty-First Century -- What Future for DLTs, Blockchain and Virtual Currencies?
215(10)
Glossary of Key Terms 225(6)
Bibliography 231
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