Regulating FinTech: From Legal Marketing to the Pro-Competitive Paradigm

19 Pages Posted: 22 Apr 2020 Last revised: 27 Aug 2020

See all articles by Giuseppe Colangelo

Giuseppe Colangelo

University of Basilicata, Department of Mathematics, Computer Science and Economics; Stanford Law School; LUISS Guido Carli, Department of Business and Management

Oscar Borgogno

Bank of Italy; University of Turin, Faculty of Law; University of Oxford, Saïd Business School, Faculty of Law

Date Written: August 24, 2020

Abstract

The increasing pace of FinTech development has triggered a worldwide race among policy makers to overhaul their own regulatory landscape in order to be as innovation-friendly as possible. Consequently, a vast array of new tools and regulatory practices have emerged over the last years. The paper provides a critical systematisation of regulatory strategies and toolkits that have emerged so far (such as regulatory sandboxes and innovation hubs), stressing the increasing role played by legal marketing as a by-product of regulatory competition. Furthermore, the article describes and supports the paradigm of pro-competitive regulation underlying Open Banking projects in the EU, UK, Australia and other jurisdictions as the true game-changer approach that can unlock the potential of FinTech innovation.

Keywords: FinTech; BigTech; regulation; sandbox; innovation hub; Open Banking; pro-competitive regulation

JEL Classification: G21; G23, G24, G28; K20; K22

Suggested Citation

Colangelo, Giuseppe and Borgogno, Oscar, Regulating FinTech: From Legal Marketing to the Pro-Competitive Paradigm (August 24, 2020). Available at SSRN: https://ssrn.com/abstract=3563447 or http://dx.doi.org/10.2139/ssrn.3563447

Giuseppe Colangelo (Contact Author)

University of Basilicata, Department of Mathematics, Computer Science and Economics ( email )

Via dell'Ateneo Lucano 10
Potenza
Italy

HOME PAGE: http://sites.google.com/site/giuseppecolangelouni/home

Stanford Law School ( email )

559 Nathan Abbott Way
Stanford, CA 94305-8610
United States

HOME PAGE: http://law.stanford.edu/transatlantic-technology-law-forum/

LUISS Guido Carli, Department of Business and Management ( email )

Viale Romania 32
Rome, Roma 00197
Italy

Oscar Borgogno

Bank of Italy ( email )

Via Nazionale 91
00184 Roma
Italy

University of Turin, Faculty of Law ( email )

Torino
Italy

HOME PAGE: http://www.dg.unito.it/do/docenti.pl/Show?_id=oborgogn#profilo

University of Oxford, Saïd Business School, Faculty of Law

St Cross Building
St Cross Rd
Oxford
United Kingdom

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