Autumn School on Fintech
Fully booked – Registrations closedTo request inclusion in the waiting list, contact firstname.lastname@example.org.
The term ‘FinTech’ denotes technologically-enabled financial services and products. Established technology (such as, in particular, the Internet) in combination with more recent ones (such as DLT or Big Data), allow market participants to change traditional value chains in the financial market. Regulators and policy makers face the challenge of identifying and addressing relevant risks, while allowing the market to innovate further.
Risks at a micro level belong to the typical four categories of risk inherent in the financial market, ie custody risk, agent risk, illegality risk and operational risk. These risks are coupled with the availability of new products and potentially a broader choice for consumers and businesses. From the macro perspective, the competitiveness of the EU financial market is at stake if FinTech remains underdeveloped, leading to less liquidity, as compared to other big markets. At the same time, there may be a contribution to systemic risk, ie the potential spill-over of crises to the real economy. Beyond that, FinTech poses questions of societal dimension, such as adequate consumer protection, financial inclusion/exclusion, privacy and civil rights in general. Hence, policy makers face a stark choices they will have to make on the basis of a plethora of rationales when shaping the framework for future financial services. These rationales are difficult to consolidate, and the relevant debate is only just about to begin.
The course aspires to provide the relevant conceptual basis for this policy debate. It will familiarise participants with the relevant characteristics of the underlying technologies (AI, Big Data, Cloud, Blockchain) and novel traits of relevant financial activities (FinTech-enabled payment, settlement, robo-advice, currency, platforms, insurance, etc). Further, instructors will share their analysis of the economic implications (caused, in particular by ‘disruptive’ business models) for financial markets in the EU and globally. Further, participants will understand how to situate Fintech within the existing regulatory perimeter of the relevant EU rules and will discuss the extent to which these rules need adaptation, modification or expansion.
- FinTech-induced risks and opportunities for economy and society
- Competitiveness of the EU financial market
- Technologies (AI, Big Data, Cloud, Blockchain)
- New financial activities and business models
- Regulatory arbitrage and competition
- Future EU regulation of FinTech
- Digital money and digital assets
- Robo advice and AI enabled trading
- Integrated platforms
- Financial inclusion/exclusion
What you will learn
- Understand the broad use of the term FinTech, be able to provide various examples of the use of the term;
- Understand the economic implications of various FinTech activities, in particular, the disruption of typical financial service value chains;
- Understand the challenges posed FinTech activities for the protection of consumers and MSMEs and for financial stability;
- Identify the regulatory framework in the EU relating to FinTech (data protection rules, prudential regulation, AML, PSD2, consumer protection, etc.)
- Identify the potential for EU regulation to create a legal framework that supports FinTech while at the same time addressing relevant risks.
How the course will work
Total course length: 15 hours.
The format of the course will involve both plenary lectures and break-out sessions.
A certificate of attendance will be provided to all participants after the course.
Meet the instructors
Philipp Paech is an Associate Professor of Financial Law and Regulation at LSE. He joined LSE in 2010 and is now the Director of LSE’s Law and Financial Markets Project. Since 2007, he has been a Fellow at the Institute for Law and Finance at the University of Frankfurt, becoming a Visiting Professor in 2015. Before joining the LSE, he spent many years at the heart of international legal and regulatory reform of the financial sector, working from 2007-2010 for the European Commission DG FISMA, and from 2002-2006 for UNIDROIT in Rome. Philipp holds a doctorate from the University of Bonn and obtained the Diploma of EU Studies from the University of Toulouse. He is a qualified lawyer admitted to the Bar of Frankfurt and a CEDR-accredited mediator in the UK. He has been awarded LSE’s Excellence in Education Award 2017-18. Philipp is currently the Chairman of the EU Commission’s Expert Group on Regulatory Obstacles to Financial Innovation (ROFI-Group).
Klaus Martin Löber is Head of the Oversight Division of the European Central Bank, in charge of the oversight of financial markets infrastructures and payments instruments. His areas or responsibility also encompass the ECB’s global regulatory policy activities with a focus on payments and market infrastructures. Furthermore, Mr Löber is contributing to the global fintech and digital innovations agenda, chairing the CPMI working group on digital currencies and co-chairing the CPMI-IOSCO working group on digital innovations looking into relevant developments. Prior to his current position, from 2012 to 2016, Mr Löber was Head of the Secretariat of the Committee on Payments and Market Infrastructures (CPMI) hosted by the Bank for International Settlements in Basel, Switzerland, a global regulatory standard setting body in the areas of payments, clearing and settlement. Earlier positions include the European Central Bank, the European Commission, Deutsche Bundesbank and private practice. Mr Löber regularly publishes on financial markets legal, regulatory and infrastructure issues.
Elisabeth Noble is a Senior Policy Expert at the European Banking Authority. Elisabeth represents the EBA in EU and international policy work streams relating to FinTech, market-based finance, financial system interconnectedness and the regulatory perimeter. She leads the EBA’s work on crypto-assets and innovation facilitators. Prior to joining the EBA, Elisabeth spent 7 years at HM Treasury advising primarily on the UK government’s response to the financial crisis, and the post-crisis domestic and EU financial services regulatory reforms, including the changes to the regulatory architecture in the EU (Banking Union). Elisabeth has also spent some time in the private sector. Elisabeth is a member of the EU Commission’s Expert Group on Regulatory Obstacles to Financial Innovation (ROFI-Group).
Peter Kerstens is Advisor on Technological Innovation and Cybersecurity at the European Commission’s Directorate-General for Financial Stability, Financial Services and Capital Markets Union. He has led work on the European Commission’s Fintech Action Plan. He has extensive experience in EU policy and legislation covering financial services and single market policy and regulation, electronic commerce and payments, health and consumer protection. Prior to his current position Peter covered international financial regulation questions and was Finance Counsellor at the EU Embassy in Washington DC. He has also been a Member of the Private Offices of Commissioners Charlie McCreevy and David Byrne. Before joining the European Commission in 1996, Peter advised major financial services companies on EU regulatory affairs. He is a Dutch national and holds a master degree in European affairs from the College of Europe in Bruges and a master degree in political science from the University of Leuven, Belgium.
Andres Lehtmets is working for the European Insurance and Occupational Pensions Authority (EIOPA) as rapporteur for an InsurTech Task Force, which leads EIOPA’s work on digitalisation. In particular he is focusing on topics such as Artificial Intelligence, automated advice, new business models, platform economy, licensing requirements, principle of proportionality as well as digital distribution and disclosures. He is also representing EIOPA in the International Association of Insurance Supervisors (IAIS) FinTech Forum. Prior to joining the EIOPA, Andres spent several years at the Insurance Policy Department in the Ministry of Finance of the Republic of Estonia where he was developing policies on insurance and pension funds, focusing on data protection, administrative and criminal sanctions and financial innovation. He was also taking part in the EU decision making process as well as the transposition of EU law into domestic law (e.g. Solvency II, IDD, GDPR). Under the Estonian Presidency of the Council of the EU in 2017 he was member of the Working Party on Insurance (PEPP).
The course requires prior general knowledge of the financial market and of financial regulation.
1900€ – Private Sector
1750€ – Public Authorities (e.g. National Competent Authorities, Central Banks) and European Institutions
950€ – Academics (Full-time Professors, full-time PhD Students and full-time Research Associates)
The course fee covers coffee and lunch breaks. Travel and hotel costs are not included.
EARLY BIRD DISCOUNT
Participants who register before 30 October 2019 will benefit from a 10% reduction of the course fees.
The early bird discount cannot be combined with group deals.
GROUP DEALS FOR PUBLIC AUTHORITIES AND PRIVATE SECTORIn case of registration of 3 participants from the same organisation, the course fees for each participant are the following:
- Private Sector: € 1270
- Public Authorities: € 1170
To benefit from the deal, the names of the 3 participants have to be communicated to email@example.com before registering. We cannot communicate the names of other registered people from the same institution (it is upon your responsibility to get in touch with your HR division). FBF secretariat will provide the 3 participants with a code to use to register and benefit from the group deal.
Special deals apply for larger groups.
- In case a course is cancelled, registered participants will receive the full refund.
- In case a course is moved to another date, registered participants may request a voucher to attend another FBF course.
- Registered participants who cancel their participation will receive a voucher to attend another FBF course.
For more details, please contact firstname.lastname@example.org
Please notice that the course dinner, and most of the social activities, will take place downtown.
Recommended hotels nearby the EUI:
Recommended hotels in downtown Florence:
Suggested restaurants in Florence city centre
- Restaurant Accademia – Ph. +39 055 217343
- Restaurant Cucina Torcicoda – Ph. +39 055 265 4329
- Finisterrae – Ph. +39 0552638675
- Il Vezzo – Ph. +39 055 281096
- Osteria di Giovanni – Ph. + 39 055 284897
On arrival, participants will be provided with temporary wi-fi access for the whole duration of the course.
General information on local transport
From Florence airport:
Florence airport is located 8 km from the city centre, approximately 30 minutes by taxi or bus. Taxis can be found outside the arrivals terminal; no reservation is needed. A taxi ride from the airport costs about €20 and takes approximately 25/30 minutes.
A tramway (line T2) connects the airport to the city centre. Trains leave from the airport terminal and take 20 minutes to the main railway station. One-way tickets can be bought from vending machines for €1.50.
The airport is also connected to the main railway station in Florence by a shuttle bus (‘Vola in bus’) that leaves every 30 minutes (on the hour and on the half-hour) and takes 25 minutes. Tickets are available on board for €6.00.
From the central railway station:
Bus tickets are sold outside the railway station, at ATAF ticket kiosks and vending machines, tobacconists (tabacchi), newspaper kiosks (edicole), and most cafes (bar). They must be bought before boarding and stamped using the machine on the bus. A ticket costs €1.50 and it is valid for 90 minutes. Bus tickets can be purchased also on board (€ 2.50), but the driver is not obliged to give change.
From the A1 Milano-Napoli (Autostrada del Sole), take the Firenze Sud exit and follow directions to the city centre/Stadio. Follow the directions to the stadium (Stadio), then for Fiesole. San Domenico is on the main road to Fiesole.
The EUI has several free parking areas available all over the Campus.
Registered participants can access the course material using the password provided by the FBF secretariat.