Policy Resource Center

Fintechpolicy.org Resource Center

Flash Courses on Critical Issues

AI and Ethics for Fintechs: Legislated Ethics (Pt. 2)

AI and Ethics for Fintechs:  Legislated Ethics (Pt. 1) Mayer Brown’s Alex Lakatos provides for fintechpolicy.org viewers an overview of some of the legal rules and frameworks concerning AI   . https://youtu.be/wVs9AIr7Rd4

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AI and Ethics for Fintechs: Legislated Ethics (Pt. 1)

AI and Ethics for Fintechs:  Legislated Ethics (Pt. 1) Mayer Brown’s Alex Lakatos provides for fintechpolicy.org viewers an overview of some of the legal rules and frameworks concerning AI   . https://youtu.be/PiE3BVgrfNE

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AI principles versus (Existing) Fintech Principles

AI Principles versus (Existing) Fintech Principles Following his discussion of ethical issues unique to AI, Mayer Brown’s Alex Lakatos compares AI principles to existing fintech principles and industry frameworks. https://www.youtube.com/watch?v=74QD4IOhNuw&feature=youtu.be

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Ethical Issues Unique to Artificial Intelligence

Ethical Issues Unique to Artificial Intelligence  Mayer Brown’s Alex Lakatos explains to fintechpolicy.org viewers the unique ethics issues relevant to Artificial Intelligence. https://www.youtube.com/watch?v=74QD4IOhNuw&feature=youtu.be

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Can a Security Become a Commodity?

Can a Security Become a Commodity? WilmerHale’s Petal Walker tackles one of the thorniest issues in fintech law and explains to fintechpolicy.org viewers whether, and under what conditions, a security can become a commodity. https://youtu.be/cy3VDQo0kpU

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Ethical Principles Relevant to AI

Ethical Principles Relevant to AI Mayer Brown Partner Alex Lakatos outlines what basic principles increasingly apply to AI–regardless of the specific context in which a robot or machine may operate.

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How are Ethical Codes of Conduct Enforced in AI? (Pt. 2)

How are Ethical Codes of Conduct Enforced in AI? (Pt. 2) In Part 2 of his analysis on ethical codes of conduct, Mayer Brown’s Alex Lakatos outlines possible methods for enforcing ethical codes of conduct in AI, and the three principal challenges hampering the development of such codes in the sector.   https://www.youtube.com/watch?v=8JmmIwN3GDw&t=5s

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How are Ethical Codes of Conduct Traditionally Enforced? (Pt. 1)

How are Ethical Codes of Conduct Traditionally Enforced? (Pt. 1) Mayer Brown’s Alex Lakatos provides an overview as to how ethical codes of conduct are generally enforced over regulatory, legislative, market and trade associations and guilds and cultural expectations.   https://www.youtube.com/watch?v=GkiRLRkUDKo

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Roboethics vs. Machine Ethics

Roboethics vs. Machine Ethics Mayer Brown partner Alex Lakatos provides an overview and definition of the two major branches of ethics in the field of artificial intelligence: Roboethics and Machine Ethics.

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AI and ethics for Fintechs (ep. 1): Introduction

AI and ethics for Fintechs (ep. 1): Introduction Mayer Brown partner Alex Lakatos begins an explanation of how fintech’s deployment of artificial intelligence challenges traditional legal ethics–posing new conundrums for practitioners, regulators and in-house counsel alike.

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Written Features from the Experts

Cyberspace and Fintech Borders

By Dr. Rosa Lastra and Dr. Jason Grant Allen Since the 1990s, the Internet has become the communications channel used for an increasing number of commercial and financial transactions, not least because it makes transacting across geographical distances quicker, easier, safer, and more affordable. Already in the 1990s, it became clear that the Internet was … Read more

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Contextualizing Regulatory Sandboxes in Latin America

Nydia Remolina is the Legal Advisor for Innovation, Grupo Bancolombia Intense competition for technological innovation is informing not only business strategies for participants in financial markets, but also regulatory policy in forward-looking jurisdictions seeking to raise their profile as fintech hubs.  Importantly, this is not just a phenomenon impacting US and EU markets, but also … Read more

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Open Banking, Cybersecurity, and the Cyclicality of Fintech Regulation

Sam Taussig is the Head of Global Policy, Kabbage, Inc. Two clear trends are transforming banking—and driving the next generation of regulatory policy.  First, the adoption of data-intensive technologies have ushered in a wave of conveniences and services that have revolutionized personal finance, especially for millennials. Consumers under 40 expect friction-less service, mobile-native services, from mortgage applications to … Read more

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Not Just a Sandbox: The CFPB’s Proposed Innovation Agenda

Eric Goldberg is a Partner at Akerman LLP and former Managing Counsel for Regulations at the CFPB On December 13th, the CFPB took a substantial step towards improving the regulatory climate for fintech innovation when it released a long-awaited proposal that would (1) revise the Bureau’s no-action letter policy and (2) establish a regulatory sandbox. … Read more

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Securities Tokens: Regulatory Challenges Beyond Howey

Priya Aiyar is a partner at Willkie Farr & Gallagher LLP One of the most significant regulatory developments of 2018 in the blockchain and virtual currency space is the SEC’s stepped-up scrutiny of digital token sales through “initial coin offerings.”  Many of these ICOs involve what issuers and promoters regard as “utility tokens,” to be … Read more

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Financial Inclusion through Strategic Digital Infrastructures: Four Pillars

Professors Douglas W. Arner, Ross P. Buckley and Dirk A. Zetzsche Commentators invariably observe that the World Bank’s 2018 Global Findex reveals that, as of 2017, 1.7 billion people lacked access to an account with a financial institution or mobile money provider, representing some 31 percent of the world’s total population of 7.6 billion. However, what is … Read more

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What Should Be Disclosed in an Initial Coin Offering?

Jai Massari and Trevor Kiviat are attorneys with Davis Polk.  Chris Brummer is a Georgetown law professor Any time spates of fraud and abuse disproportionately involve any particular kind of financial product, advocates for the investing public naturally assume that more regulation is necessary—especially when it comes to disclosure—in order to restore market integrity.  Whether following … Read more

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What’s a Cryptocurrency Exchange to do after the SEC’s EtherDelta Settlement (and More)?

Patrick McCarty is a former regulator and CEO of McCarty Financial LLC On November 8, 2018 the SEC fired what might be characterized as “the shot heard round the Cryptocurrency Exchange world” in publishing the EtherDelta Settlement.   This Settlement Order, which fined Zachary Coburn – the founder of EtherDelta, a small cryptocurrency trading platform … Read more

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Regulating crowdfunding platforms: A Perspective from the EBRD

Jelena Madir is Chief Counsel, European Bank for Reconstruction and Development Crowdfunding is routinely hailed as part of the Fintech “revolution” – the disintermediation of finance by ever-greater use of technology, and as a way to, at last, provide enough financing for SMEs and early-stage businesses in the economy. Indeed, the European Commission itself has … Read more

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Crypto (Un)Certainty and Unfolding Regulatory Policy

Summary: Regulatory Action in Crypto is Fragmented–and Facing Increasing Legislative Interest J.C. Boggs, Jennifer DePalma, Matt Hanson and Ana Buling are attorneys in King & Spalding’s FinTech, Blockchain and Cryptocurrency practice In its latest effort to provide clarity for digital asset markets, the Securities and Exchange Commission announced plans earlier this month to release a … Read more

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Enforcement and Surveillance

ICOs, Token Sales, Crowdsales Tracker: a curated list of ongoing and upcoming token sales, sometimes referred to as ICOs (initial coin offerings) and crowdsales.

In the Matter of BTC Trading, Corp and Ethan Burnside, (June 2014), Securities Act of 1933 (Release No. 9685) (Dec. 8, 2014), Securities and Exchange Act of 1934 (Release No. 73783) (Dec. 8, 2014), Admin Proceeding File No. 3-16307.  (Unregistered Securities Offering, Operating an Unregistered Securities Exchange and Unregistered Broker Dealer)

Securities and Exchange Commission v. Jon T. Montroll and BitFunder, Inc. (US District Court for Southern District of New York) (February 2018)  (Sale of unregistered securities, operating an unregistered securities exchange, misappropriating customer bitcoin and failing to inform investors of cyber attacks.)

Securities and Exchange Commission v. Trendon T. Shavers and Bitcoin Savings & Trust (US District Court Eastern District of Texas) (July 23, 2013)  (Ponzi Scheme – Bitcoin Based Investments offered and old investors paid with new investor bitcoin)

In the Matter of Munchee, Inc. (Dec. 11, 2107), 1933 Act Release No. 10445, Admin. Proceeding File No. 3-18304  (Offering unregistered securities to the public – Munchee Phone App for Restaurants – MUN coin).

Regulators

Consumer Protection Bureau’s Project Catalyst: Portal designed for entrepreneurs to pitch ideas for consumer-friendly innovation.

European Commission’s Fintech Portal: On this site, the EU defines Fintech, and lays out its action plan.

InvestHK: Hong Kong SAR’s website showcasing financial innovations and startups in the region.

LabCFTC: the focal point for the CFTC’s efforts to promote responsible financial technology (FinTech) innovation and fair competition for the benefit of the American public. LabCFTC is designed to be the hub for the agency’s engagement with the FinTech innovation community.

MAS Regulatory Sandbox: Read updates on Singapore’s regulatory sandbox, widely considered one of the most ambitious in the world.

OCC Responsible Innovation: go here to see the latest updates from the OCC on their mission to support responsible innovation of new or improved financial products, services and processes.

U.K. Financial Conduct Authorities Project Innovate: Explore the various initiatives
ongoing in the U.K. to support financial services innovation, including information on the
FCA’s regulatory sandbox.

Multilateral Standard Setters and Rulemakers

Basel Committee Report on Sound Practices: implications of fintech developments for banks and bank supervisors.

Basel Committee Report on Regulating cryptocurrencies: assessing market reactions. Financial Stability Board report on Monitoring of FinTech: a compendium of documents produced by body related to fintech.

IOSCO Research Report on Financial Technologies (Fintech): An overview of the organization’s insights as to the risks, benefits and dimensions of fintech.

Podcasts

The American Banker Podcast: Informed discussions from the magazine about ideas and developments in banking and financial services.How High Frequency Trading Works, Trading Speed, and the Flash Crash

Breaking Banks: One of the top international podcasts covering a wide range of fintech

Fintech Insider:  a tri-weekly podcast dedicated to all things fintech, banking and financial services.

Lend Academy’s Lending and Fintech Podcast: Interviews with fintech leaders about what is happening in online banking and peer to peer (p2p) lending firms.

Unchained: Conversations with industry pioneers across tech, financial services, health care, government and other sectors about how the blockchain and cryptocurrency will open up new opportunities for incumbents, startups and everyday people to interact more efficiently, directly and globally.