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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) Supervisory approaches to the regulation of financial innovation 2) Regtech/Suptech 3) AML and anti-money laundering
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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: supervision of the financial system The compulsory elective course Financial and Tax Law and Digital Technologies 3 is defined by the topic Supervision of the Financial System. Within this topic, the emphasis is therefore on the impact of digital innovations on the stability of the financial system and the related supervision to ensure it. The course is divided into 3 strands, each of which will be the subject of 2 seminars. These areas are: 1) Supervisory approaches to the regulation of financial innovation 2) Regtech/Suptech 3) AML and anti-money laundering By completing the course, students will gain an overview of the regulatory approaches to financial innovation taken by different supervisory authorities with a focus on the European Union area. Students are also introduced to the principle of neutrality that underpins supervisory authorities' policies on the supervision of the financial sector and the regulatory approach to financial innovation. This introductory topic is followed by a series of two lectures focusing on digital technologies used in the regulation of the financial sector and in the exercise of supervisory authority. Students are introduced to the different technologies, issues related to their implementation by a supervisory authority or a financial institution, as well as their implementation in practice. For example, technologies aimed at collecting and transmitting data between supervised entities and the supervisory authority, machine processing, systems monitoring and evaluating regulatory compliance or risk management systems will be discussed in the course. The regulation of anti-money laundering and counter-terrorist financing measures is also a main topic of the course itself. Within this sub-topic, students are introduced to the principles of AML regulation and the regulatory requirements imposed on so-called obliged persons. Discussed will be the need to take into account the implementation of digital technology in the internal policy system, the use of technology in the processing of valuation reports, client identification and control, as well as some of the regulatory requirements addressed to obliged persons dealing with specific innovations (e.g. crypto-assets). By completing Financial Law and Digital Technologies 3, the student should develop an understanding of how innovation can be used by supervised entities to achieve regulatory compliance and also by supervisors to make supervision of the financial sector more effective. At the same time, the student should know how financial innovation can be approached politically by supervisors and what the impact of this approach may be on the development of the financial sector in a given territory. In the course of 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 3 course, the student will gain knowledge of how innovation can be used by supervised entities to achieve regulatory compliance and also by supervisors to make supervision of the financial sector more effective. At the same time, the student should know how financial innovation can be approached politically by a supervisor and what the impact of this approach may be on the development of the financial sector in a given territory.
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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 a 2
MEP/TLTT1 and MEP/TLTT2 and MEP/TIT1 and MEP/TIT2 and VPK/TFDT1 and VPK/TFDT2
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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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BROEDERS, D., PRENIO, J. (2018). Innovative technology in financial supervision (suptech) - the experience of early users. FSI Insights, 2018, no. 9..
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BUCKLEY, R., P., ARNER, D., VEIDT, R., ZETZSCHE, D. (2016). FinTech, RegTech and the Reconceptualization of Financial Regulation. University of Hong Kong Faculty of Law, 2016, Research Paper no. 2016/035.. University of Hong Kong Faculty of Law.
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COEN, B., MAURICE, R., D. (eds). (2021). Regtech, Suptech and Beyond: Innovation in Financial Services. Risk Books. Risk Books.
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GUPTA, A., DWIVEDI, N., D., SHAH J. (2023). Artificial Intelligence Applications in Banking and Financial Services; Anti Money Laundering and Compliance. Springer Nature.
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CHAU, D., NEMCSIK VAN DIJCK, M. (2020). Anti-Money Laundering Transaction Monitoring Systems Implementation: Finding Anomalies. Wiley.
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SEJKORA, T. (2023). Moderní nástroje aktivní politiky finančních inovací a jejich místo v právním rámci finančních služeb v Evropské unii.. Wolters Kluwer.
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The World Bank. (2021). The Next Wave of Suptech Innovation Suptech Solutions for Market Conduct Supervision. Washington: International Bank for Reconstruction and Development.
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VERHAGE, A. (2011). The Anti Money Laundering Complex and the Compliance Industry. Taylor & Francis.
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ZETZSCHE, A., D., BUCKLEY, P., R., BARBERIS, N., J., ARNER, W., D. Regulating a Revolution: From Regulatory Sandboxes to Smart Regulation. Fordham Journal of Corporate and Financial Law, 2017, no. 23(1).
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