FinTech Between Regulatory Uncertainty and Market Fragmentation: What Are the Prospects for the Technological Single Market of Financial Services?

• Autorzy: Maria-Teresa Paracampo

Warianty tytułu

FinTech - między niepewnością regulacyjną i fragmentacją rynkową: Jakie są perspektywy na jednolity rynek usług finansowych?

• Języki publikacji: EN

Abstrakty

EN

The sector of financial services is in the middle of a unique upheaval, known as FinTech, deriving from the application of emerging technologies to finance. FinTech is a large and heterogeneous ecosystem, variously articulated, that is boosting the digital transformation of the financial sector through a process of change and challenge for all stakeholders. Faced with benefits and risks, different regulatory approaches have been adopted by the Member States so much to affect negatively the main purpose that is the creation of a technological single market of financial services. Different obstacles hinder the achievement of this purpose, among which regulatory gap and legislative uncertainty that fragment the market and encourage regulatory arbitrage. The scheme of the regulatory sandbox could bring down barriers, only if it moves from a national market to a European single one.(original abstract)

Sektor usług finansowych obecnie wszedł w erę wyjątkowego zawirowania, określanego mianem Finch. Jego przyczyna wynika z zastosowania nowoczesnych technologii finansowania. FinTech to duży i różnorodny ekosystem, przybierający różne formy. Pobudzają one cyfrową transformację sektora finansowego, co stanowi wyzwanie dla wszystkich uczestniczących w nim podmiotów. Biorąc pod uwagę zarówno korzyści, jak i zagrożenia wynikające ze zmian w sektorze finansowym, państwa członkowskie przyjęły różne mechanizmy prawne wywierające negatywny wpływ na stworzenie jednolitego rynku usług finansowych. Różne przeszkody, w tym luki prawne i niepewność co do prawa, utrudniają realizację tego celu, co z kolei skutkuje rozdrobnieniem rynku i zachęca do arbitrażu regulacyjnego. Schemat piaskownicy regulacyjnej może zmniejszyć bariery tylko wtedy, gdy przeniesie się z rynku krajowego na europejski. (abstrakt oryginalny)

Słowa kluczowe

EN

FinTech; Financial services market; Development barriers; Legal regulations; Single financial market

PL

Technologie finansowe; Rynek usług finansowych; Bariery rozwojowe; Regulacje prawne; Jednolity rynek finansowy

• Czasopismo: Studia Prawno-Ekonomiczne
• Rocznik: 2019
• Tom: 110
• Strony: 115--130

Twórcy

autor

Maria-Teresa Paracampo

• University of Bari-Italy

Bibliografia

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Identyfikatory

DOI

10.26485/SPE/2019/110/7