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  • Video

  • Course description

    This 2-week online course will provide practitioners and academics with a broad understanding of the impact FinTech has on the future shape of financial regulation.

    The course is designed to include both theory and hands-on practice through a balanced mix between live online activities and self-paced progression through the curriculum.

    The course content will be delivered using a mix of live and pre-recorded lectures and expert interviews, as well as instructor-led case studies.

    In-depth learning will be facilitated by a team of teaching assistants supporting participants individually and during group work.

    Collaborative tools will be available to ensure an interactive training experience close to the physical classroom.

  • Topics covered

    • FinTech and the Principles of Regulating Financial Markets
    • The Financial Market Today and Tomorrow – Technological trends
    • Regulating Technology-enabled Structural Change in Financial Markets
    • AI-based financial services
    • Crypto-Assets
    • RegTech and SupTech, Standardisation
    • Financial Regulation and Data Regulation
    • Set up of supervision

  • What you will learn

    • Explain the panorama of financial regulation, with respect to FinTech.
    • Outline the general role of technology for the provision of financial services.
    • Illustrate recent examples of FinTech innovations in the financial services sector
    • Define current technology-induced market trends.
    • Formulate the steps necessary for innovation (as an aspect of market efficiency) in appropriate balance with the regulatory rationales.
    • Provide examples of use cases of AI-based financial services, for both customers and markets.
    • Compare the opportunities and risks of crypto-assets.
    • Predict the evolution in the regulation of artificial intelligence and crypto-assets.
    • Analyse the compatibility of technology-enabled financial practices with data regulation.
    • Summarise the possible future evolution of RegTech and SupTech.
    • Discuss the future evolution European and international supervisory structures for the financial market.

  • Format and Schedule

    This format will bring to your own devices the course material and interactions with instructors, teaching assistants and other participants.

    The course format consists in a balanced mix between live online activities and self-paced progression in the course material, including lessons and interviews.

    Live activities will consist of interactive online lectures, delivered by the course instructors, as well as case studies and scenario-based exercises, where you will be working in small groups alongside other course participants.

    The course format will give ample room to Q&A and collaboration. You will benefit from close guidance and supervision throughout the whole course, with multiple occasions for individual feedback and interactions with the instructor and teaching assistants.

    The course will require 16 hours to be completed.

    Schedule
    2 September: Opening of the course, Kick off live session*

    2-18 September: participants are expected to devote 8 hours for progressing in self-paced course content, and 8 for attending live sessions* (mandatory participation).

    Live sessions* (all held 12:00 PM – 2:00 PM (CET)

    • 7 September (Modules 1-2)
    • 11 September (Modules 3-4)
    • 15 September (Module 5)
    • 18 September (Module 9, including live parts from 6,7,8)
    18 September: Closing of the course

    * Participation in live sessions is a mandatory course requirement

  • Modules

    Module 1

    FinTech and the Principles of Regulating Financial Markets

    (55’ self-paced, 60’ live class)
    You will learn to explain the general logic of why and how markets, including the financial market, are regulated and how the relevant regulatory rationales and tools extend to FinTech.


    Module 2

    The Role of Technology in Providing Financial Services

    (75’ self-paced, 60’ live class)
    You will learn to assess the impact that technology had and is having on the financial market, including on the way financial services are delivered.


    Module 3

    Regulating Technology-enabled Structural Change in Financial Markets

    (80’ self-paced, 60’ live class)
    You will learn to interpret current, technology-induced market trends. You will be able to identify the changes these trends are bringing to the existing regulatory logic, describing the steps necessary to innovation (as an aspect of market efficiency) in an appropriate balance with other regulatory rationales, notably consumer protection and systemic stability.


    Module 4

    AI-based financial services

    (60’ self-paced, 60’ live class)
    You will learn to define what Artificial Intelligence is and how it is changing the landscape of financial services for both users and markets. Furthermore, after having taken this module you will be able to outline the impact of AI on regulation and to theorize the possible risks that could arise due to the new tools and practices.


    Module 5

    Crypto-Assets

    (60’ self-paced, 120’ live class)
    You will learn to describe the landscape of crypto assets, highlighting the opportunities and risks that may arise and their regulatory implications. Also, you will debate the future nature of ‘money’ and different types of financial instruments.


    Module 6

    Financial Regulation and Data Regulation

    (60’ self-paced)
    You will learn to identify the connections between the regulation of technology-enabled finance and the rules on personal and non-personal data, as well as to formulate policy ideas for future EU regulatory initiatives.


    Module 7

    RegTech and SupTech, Standardisation

    (70’ self-paced)
    You will assess how technology can be applied in the regulatory and supervisory context (RegTech and SupTech) and will debate the potential impact on compliance cost and effectiveness.


    Module 8

    Set up of supervision

    (50’ self-paced)
    You will learn to consider the necessary evolution ofsupervisory structures, both national and international. In addition, you will be able to identify trends as to how innovation in financial markets can be facilitated through sandboxes, hubs and other types of innovation facilitators.


    Module 9

    Establishing priorities in FinTech regulation

    (120’ live class)
    In this module, you will learn to outline a possible blueprint for efficient regulation of technology-enabled financial services in the EU and beyond, taking into account the concepts and practices you will have learned in the earlier modules.

  • Course Director

    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.

    His research spans the whole spectrum of financial law and regulation, including technology-enabled innovation. Philipp is the Chairman of the EU Commission’s Expert Group on Regulatory Obstacles to Financial Innovation (ROFI-Group) and the lead author of ’30 Recommendations on Regulation, Innovation and Finance’, published by the EU Commission in December 2019.

  • Instructors

    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.

    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. She represents the EBA in EU and international standard-setter policy work streams relating to FinTech, market-based finance, financial system interconnectedness, market access and the regulatory perimeter. She leads the EBA’s work on crypto-assets and innovation facilitators and coordinates the European Forum for Innovation Facilitators. She is contributing to the development of the new EU Digital Finance Strategy and was a member of the European Commission’s Expert Group on Regulatory Obstacles to Financial Innovation (now disbanded). 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 regulatory reforms (2008-14), including the reforms to the regulatory architecture in the EU (Banking Union). Elisabeth has also spent some time in the private sector.

    Senior experts and interviewees from the public and private sector tba

  • Teaching Associates

    Nikita Divissenko is a 3rd year Ph.D. researcher at the Law Department of the European University Institute (EUI). He is also a coordinator of the Finance, Innovation and Regulation Working Group. He holds LL.M degrees in European, International and Comparative Law from the EUI and from Leiden University (cum laude). Nikita is a qualified lawyer admitted to the Estonian Bar (since 2014) and has been a practicing lawyer in Tallinn (Estonia) specialising in banking and financial law prior to joining the institute. His Ph.D. project deals with the legal challenges arising from regulating technological innovation, and his research interests include economic regulation (incl. financial regulation), innovation and regulatory theory, AML and payments law.

    Anna Maria Nowak is a 4th year Ph.D. researcher at the Law Department of the European University Institute, studying Fintech regulation. She holds an M.A. in Law from Nicolaus Copernicus University in Torun, Poland, where she wrote her master thesis on the regulation of crowdfunding. In her doctoral research Anna focuses on corporate governance and corporate sustainability in Fintech, showing how both can be incorporated into organizational structures and business models of Fintech corporations. The arguments of her thesis are built upon an ethnographic study conducted within the Fintech industry in the years 2016-2019. Prior commencing her Ph.D., Anna worked at international law firms in Warsaw, and at one of the largest banks in Poland. More recently, she also worked at a Fintech company, in a Legal and Regulatory department.

    Christy Ann Petit is a Research Associate at the Florence School of Banking and Finance, part of the Robert Schuman Centre at the European University Institute (EUI). Christy recently defended her Ph.D. thesis at the EUI Law Department on ‘An integrated system for banking supervision in the Banking Union’, and previously graduated from the Ecole normale supérieure in law, economics, and management in France (2014), and, in European Law from the College of Europe (2015). During her postgraduate studies, she was an intern at the European Central Bank (Single Supervisory Mechanism) and at the Court of Justice of the European Union (General Court). Her research interests cover European prudential supervision and regulation, monetary policy and central banking in comparative perspectives, and the law of the Economic and Monetary Union. Her latest publications analyse ECB’s accountability and independence (Maastricht Journal of Comparative and European Law, 2019) and the SSM and ECB decision-making governance (Edward Elgar, 2019).

  • Prerequisites

    Degree required to be able to follow the course
    Graduate degree in Law or Economics, or equivalent.

    Prior knowledge required to be able to follow the course
    Prior professional exposure to financial regulation.

    Technical equipment required
    A good internet connection, headphones with a microphone and a webcam.

  • Fees

    850€ – Public Authorities (e.g. National Competent Authorities, Central Banks and European Institutions).

    950€ – Private Sector.

    650€ – Academics (Full-time Professors, full-time PhD Students and full-time Research Associates). Please submit a certificate attesting your status of Professor, PhD Student or Research Associate to fbf@eui.eu before registering. FBF secretariat will provide you with a code to register. *Seats for academics are limited.

    Please note that the payment must be settled one week before the start of the course.

    A certificate of attendance will be provided to all participants after the course.


    FEE WAIVERS

    A limited number of fee waivers are available for outstanding candidates from low and lower-middle income countries (as defined by the World Bank).

    Candidates requesting fee waivers should send an updated CV and a motivation letter to fbf@eui.eu.


    CANCELLATION POLICY

    • In case a course is cancelled, registered participants will receive the full refund.
    • In case a course is moved to another date, registered participants have the following three options: request a voucher to attend another FBF course, transfer their registration to a colleague or request a refund.
    • Registered participants who have not yet paid the registration fee can cancel their participation until two weeks before the start of the course.

    For more details, please contact fbf@eui.eu