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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) Digitalisation in the provision of investment services 2) AI in payment and banking services 3) Open finance in financial services
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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 topic: financial services The compulsory elective course Financial and Tax Law and Digital Technologies 2 is defined by the supporting theme Financial Services. Within this topic, the emphasis is therefore on digital innovation, especially in the provision of investment services, banking services and payment services. The course is divided into 3 strands, each of which will be the subject of 2 seminars. These areas are: 1) Digitalisation in the provision of investment services 2) AI in payment and banking services 3) Open finance in financial services By completing the course, students will gain an overview of how digitisation is taking place in the provision of financial services, what actors are involved in this sector and how they are involved in digitisation. Students will also learn about the different innovations that are being implemented in the financial sector. The first, introductory and general topic of Digitisation in the provision of investment services also includes space to discuss other current innovations used in the provision of investment services, other than AI and technologies used in the development of open finance. The following presentation focuses on two big themes, namely the use of AI and machine learning in the provision of payment and banking services and the technologies used for open finance. Students are introduced to what AI-related technologies are being used in the current payments sector and how regulation is approaching this use. Key areas covered are the collection and evaluation of client data, the use of AI for authentication of payment transactions (behavioural biometrics) and robo-advisory. As part of the explanation on open finance, students are introduced to the concept of open finance and how client financial data can be made available to third parties. For example, Screen Scoring, Credential Sharing, lists of specific IP addresses or disclosure of client data through APIs. The topic will therefore focus on the protection of client financial data and business models. By completing the Financial and Tax Law and Digital Technologies 2 course, the student should acquire knowledge of the specific application of innovation in the provision of financial services. The student should also become familiar with the current legislative framework for innovation in financial services regulation. During the course, students work with the text of legislation and learn to search for relevant information in relation to specific digital innovations. In addition, students study case law and administrative decisions of supervisory authorities, which are discussed in the course.
By completing the Financial and Tax Law and Digital Technologies 2 course, the student will acquire knowledge of the specific application of innovation in the provision of financial services. The student is also introduced to the current legislative framework for innovation in the regulation of financial services.
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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 Financial and Tax Law and Digital Technologies 1
MEP/TLTT1 and MEP/TLTT2 and MEP/TIT1 and MEP/TIT2 and VPK/TFDT1
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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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BRAMBERGER, M. (2022). Open Banking. Repositioning of European Financial Institutions. Springer Fachmedien Wiesbaden.
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FERRELL, S. (2023). Banking on Data: Evaluating Open Banking and Data Rights in Banking Law. Alphen aan den Rijn: Kluwer Law International.
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CHISHTI, S. (2020). The AI Book: The Artificial Intelligence Handbook for Investors, Entrepreneurs and FinTech Visionaries. Wiley.
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JENG, L. (2022). Open Banking. Oxford University Press.
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KYRIAZIS D., SOLDATOS, J. (2022). Big Data and Artificial Intelligence in Digital Finance: Increasing Personalization and Trust in Digital Finance Using Big Data and AI. Springer.
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MARSZK, A., LECHMAN, E. (2021). The Digital Disruption of Financial Services: International Perspectives. Taylor & Francis.
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SCARDOVI, C. (2017). Digital Transformation in Financial Services. Springer.
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