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Lecturer(s)
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Kohajda Michael, doc. JUDr. Ph.D.
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Kozieł Michal, Dr. Mgr. Ph.D.
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Melotíková Petra, Mgr. Ph.D.
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Course content
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1) The role of innovation in the economy 2) Current legislation and forthcoming changes 3) The use of DLT in financial law
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Learning activities and teaching methods
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Monologic Lecture(Interpretation, Training), Dialogic Lecture (Discussion, Dialog, Brainstorming)
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Learning outcomes
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Semester theme: digital innovation in finance The compulsory elective course Financial tax Law and Digital Technologies 1 is defined by the supporting theme of Digital Innovation in Finance and therefore represents the general and initial subject of the module Financial and Tax Law and Digital Technologies. The course focuses on the embedding of digital technologies in the economy and the regulatory implications of their implementation. The course is divided into 3 strands, with 2 seminars devoted to each strand. These strands are: 1) The role of innovation in the economy 2) Current legislation and its forthcoming changes 3) The use of DLT in financial law areas By completing the course, students will gain a basic economic and financial law overview of how digital technology operates in the economy and national economy, what the current regulatory challenges are, while being introduced in detail to a specific DLT technology and its use. Interpretation focuses not only on established innovations, but also on disruptive technologies with the potential for dramatic economic impact. It introduces students to how innovation contributes to economic growth, how innovation can be supported in the economy, and the place of innovation in basic economic concepts. In the case of current legislation and upcoming changes, students will focus on selected legislation and planned amendments. The aim of the second topic is to learn about the nature of regulated innovation, to orientate oneself in existing or proposed regulation and to critically evaluate it. Given the emphasis on the timeliness of regulation, it is expected that the topic of Current Legislation and Pending Amendments will be updated annually. Recent years have seen the popularisation of DLT, as evidenced by the interest existing among students, e.g. in individual thesis topics. At the same time, this technology opens up new opportunities in the traditionally conservatively regulated financial and public finance sector. Thus, the use of DLT in accounting, tax law (VAT) or even in the provision of investment services is currently being discussed, where DLT technologies can bring new business models in the field of recording investment instruments and settlement of investment trades. By taking Financial and Tax Law and Digital Technologies 1, the student should acquire an understanding of how digital innovation can manifest itself in the economy, while also being familiar with the various basic economic concepts, as these deal with innovation differently. In addition, the student should become familiar with current legislative trends in the field of digital innovation and thus gain an orientation of where the development of any legislation needs to be followed. The broad implications of the possible implementation of digital technology are then demonstrated on the DLT. From this example, the student should take away an overview of the multidisciplinary implications of the implementation of a single technology in the financial sector, bearing in mind that the regulation of different uses of an identical technology can vary considerably. In the course of the course, students work with the text of the legislation and learn to search for relevant information in relation to specific digital innovations. Students also study case law and administrative decisions of supervisory authorities, which are discussed in the course. Students also present the use of DLT technology in the financial sector, which is followed by subsequent explanations.
By completing the course, students will gain a basic economic and financial overview of how digital technologies operate in the economy and national economy, what the current regulatory challenges are, while being introduced in detail to a specific DLT technology and its use. The student should also become familiar with current legislative trends in the field of digital innovation and thus get an orientation of where the development of possible legislation needs to be followed.
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Prerequisites
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Completion of this course is contingent upon completion of the course Legal Theory of Information Technologies 1 and 2 Information Technologies for Law and Legal Science 1 and 2
MEP/TLTT1 and MEP/TLTT2 and MEP/TIT1 and MEP/TIT2
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Assessment methods and criteria
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Student performance
Active participation of the student in seminars, preparation of a semester project and its oral defence are required. Full-time students must attend at least 80% of the seminars, while combined students must attend 50% of the seminars and one individual consultation.
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Recommended literature
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ATHANASSIOU, L., P. Digital Innovation in Financial Services: Legal Challenges and Regulatory Policy Issues. Alphen aan den Rijn, Kluwer Law International. 2016.
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JOHNSON, K., N., D., JOSEPH, K., J., LAKHWINDER, S. (2015). Technology, Innovations and Economic Development. SAGE Publications.
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POMPELLA, M., MATOUSEK, R. (2021). The Palgrave Handbook of FinTech and Blockchain. Springer.
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SWANN, G., M., P. (2014). The Economics of Innovation: An Introduction. Edward Elgar Publishing.
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TOWSEND, M., R. (2020). Distributed Ledgers: Design and Regulation of Financial Infrastructure and Payment Systems. MIT Press.
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VERNARDAKIS, N. (2016). Innovation and Technology: Business and Economics Approaches. Taylor & Francis.
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