Resurrecting the Office of Financial Research

By Hilary J. Allen November 30, 2020 by renholding

The Office of Financial Research (“OFR”) was created by the Dodd-Frank Act to help address the gaps in data availability and analysis that had hampered governmental authorities in their response to the financial crisis of 2008. It was hoped that …

Debunking Fintech Inside and Outside the Blockchain

By Fatjon Kaja, Edoardo Martino and Alessio M. Pacces November 27, 2020 by renholding

The hype over technology-enabled disintermediation of financial services, commonly known as fintech, seems at a peak. Though fintech firms promise to increase competition in the financial industry, it is unclear how much the various forms of fintech, including those working …

Fintech and International Financial Regulation

By Yesha Yadav November 19, 2020 by renholding

In the weeks leading up to Ant Financial’s ill-fated IPO, Jack Ma criticized the system of international banking regulation in remarks at the Bund Summit in Shanghai. The Alibaba co-founder contended that the current framework was a poor match for …

ResTech: Innovative Technologies for Crisis Resolution

By Giuseppe Loiacono, Alessandro Mazzullo and Edoardo Rulli July 30, 2020 by renholding

The increasing use of financial technologies (FinTech) by market participants has fostered a discussion among public authorities on the use of similar technologies for regulatory (RegTech) and supervisory (SupTech) purposes. Innovative technologies could also be applied to crisis resolution: the …

Bank-Fintech Partnerships, Outsourcing Arrangements, and the Case for a Mentorship Regime

By Luca Enriques and Wolf-Georg Ringe July 22, 2020 by renholding

Fintech firms, once perceived as disruptors of the traditional banking industry, are now increasingly seen as attractive partners for established financial institutions. Partnership arrangements between banks and new financial technology startups have therefore mushroomed over the last several years. Such …

Will FinTech Disruption in the ‘20s Be Roaring?

By Troy A. Paredes and Lee A. Schneider April 3, 2020 by renholding

In recent podcasts, we addressed three themes, among other topics: how artificial intelligence and machine learning (AI/ML) can change how decisions get made; how blockchain can transform how we transact and how we record and communicate things; and how technology …

Operating Systems: How Tech Is Changing Asset Management

By Dirk A. Zetzsche, William A. Birdthistle, Douglas W. Arner and Ross P. Buckley March 20, 2020 by renholding

The impact of technology on finance (FinTech) is one of the hottest topics in business, law, and regulation, with academics and practitioners considering a host of issues that include cryptocurrencies, robo-advice, initial coin offerings, and algorithmic analyses of big data. …

Man versus Machine: A Comparison of Robo-Analyst and Traditional Research Analyst Investment Recommendations

By Braiden Coleman, Kenneth Merkley and Joseph Pacelli January 31, 2020 by renholding

Advancements in financial technology (FinTech) are revolutionizing product offerings across the financial services industry. As of 2018, more than $50 billion had been invested in 2,500 companies that are redefining the way in which individuals participate in financial markets (Accenture, …

Welcome to Vilnius: Regulatory Competition in the EU Market for E-Money

By Luca Enriques November 4, 2019 by renholding

If you google “Lithuania e-money,” the auto-fill function will suggest that you search for ”Lithuania e-money license.” If you accept the tip, the first result will be Ecovis, which describes itself as “the most experienced finance institution and FinTech licensing …

Fintech and Banking

By Anjan V. Thakor August 14, 2019 by renholding

In a recent paper, I review the literature on fintech and its interaction with banking. Included in fintech are innovations in payment systems (including cryptocurrencies), credit markets (including peer-to-peer or “P2P” lending), and insurance, with blockchain-assisted smart contracts playing a …

Regulating the Development of Driverless Finance

By Hilary J. Allen May 13, 2019 by renholding

Before permitting driverless cars to operate on the open road without a licensed driver, lawmakers and innovators are working to ensure the safety not only of the passengers in those cars, but also of third parties – particularly other drivers …

Debevoise Discusses Federal Reserve Proposal to Clarify and Revise Control Framework

By Satish M. Kini, Gregory J. Lyons, David L. Portilla, Will C. Giles, Alison M. Hashmall and David G. Sewell April 29, 2019 by renholding

On April 23, the Federal Reserve Board (the “FRB”) proposed a new, comprehensive framework for determining “control” under the Bank Holding Company Act (“BHC Act”) and Home Owners’ Loan Act (“HOLA”). We provide a high-level overview of the proposal below. …

Debevoise Discusses Possible EU Approach to ICOs and Crypto-Assets

By Klaudius Heda, Clarisse Hannotin, Dr. Oliver Krauß and Dr. Friedrich Popp January 30, 2019 by abirvarma

In the first week of 2019, both the European Securities and Markets Authority (“ESMA”) and the European Banking Authority (“EBA”) issued reports advising EU legislators on the regulation of “crypto-assets” and initial coin offerings (“ICOs”). The European Supervisory Authorities (“ESAs”), …

The Identity Challenge in Finance

By Douglas W. Arner, Dirk A. Zetzsche, Ross P. Buckley and Janos N. Barberis November 12, 2018 by renholding

Identity is fundamental in finance. At a time when huge TechFins like Amazon are making inroads into the financial services industry, major questions are arising as to the most effective methods of customer identification and meeting Know Your Customer obligations …

Debevoise Discusses OCC Efforts to Modernize Community Reinvestment Act Regulations

By Courtney M. Dankworth, Lauren M. Dolecki, Gregory J. Lyons, Ming Yang, David G. Sewell and Naeha Prakash October 1, 2018 by pss2150

On August 28, 2018, the Office of the Comptroller of the Currency (“OCC”) published an advance notice of proposed rulemaking (“ANPR”) inviting public comment on ideas for modernizing the regulatory framework for the Community Reinvestment Act of 1977 (“CRA”).[1]…

The Deregulation Debate: The Challenge of Using Static Rules to Govern a Dynamic System

By Kathryn Judge September 18, 2018 by renholding

In their lively disagreement about the role of deregulation in contributing to the 2007-2009 financial crisis, professors Arthur Wilmarth and Paul Mahoney inadvertently illuminate why the processes through which finance is regulated are so ill-suited to that purpose. Finance is …

Debevoise & Plimpton Discusses a Turning Point for FinTech

By Gregory J. Lyons, David L. Portilla, David G. Sewell, Norma Angelica Freeland and Naeha Prakash August 20, 2018 by renholding

On July 31, 2018 the Office of the Comptroller of the Currency (“OCC”) announced it will begin accepting applications from non-depository FinTech companies for a special purpose national bank charter. [1] This announcement caps a years-long and much anticipated initiative …

SEC Commissioner Talks Old Law and New Frontiers at RegTech Summit

By Michael S. Piwowar March 9, 2018 by renholding

Questions of FinTech and RegTech have been paramount in my mind and, I think it is safe to say, the minds of my fellow Commissioners in recent months.[1]

Old Fields and New Corn

On the paneled walls of the

…

Cross-Border Cooperation in Financial Regulation: Crossing the Fintech Bridge

By Lev Bromberg, Andrew Godwin and Ian Ramsay February 13, 2018 by renholding

The growth of Fintech, the use of technology in providing financial services, has accelerated rapidly since the 2008 global financial crisis (GFC). While Fintech provides both economic benefits and increasing levels of financial inclusion, it also comes with risks. These …

PwC Discusses SEC’s Increased Scrutiny of Robo-Advisers

By Dan Ryan, Julien Courbe, Adam Gilbert, Mike Alix and Roberto Rodriguez November 8, 2017 by renholding

Earlier this year, the Securities and Exchange Commission (SEC) issued guidance regarding “robo-advisers,” automated investment advice tools accessed via web-based or mobile platforms with minimal human interaction.¹ The guidance is an important reminder to the industry that robo-advisers are …

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