Regulation of FinTech (LAWS90110)
Graduate courseworkPoints: 12.5On Campus (Parkville)
About this subject
Contact information
August
Lecturer
Email: law-masters@unimelb.edu.au
Phone: +61 3 8344 6190
Website: law.unimelb.edu.au
Overview
| Availability(Quotas apply) | August |
|---|---|
| Fees | Look up fees |
In recent decades, the rate of technological innovation in financial services has accelerated, posing new challenges for regulators and regulated financial services firms around the world. This course will provide a brief introduction to the existing technologies and business models used by established financial services firms and the regulatory framework that applies to them, before examining how new technologies and new business models are transforming financial services around the world. Different law reform strategies adopted by regulators in different countries will be assessed, as will business strategies of regulated firms to accelerate their rate of innovation. As national regulators confront the challenge of protecting local consumers in global markets, they may respond by collaborating with other national regulators, with extraterritorial enforcement of their laws, collaboration with private regulators, or ceding the terrain to private regulators. Although cryptocurrencies, blockchain and distributed ledger technologies may receive the most media coverage, many other case studies of disruptive 'FinTech' innovation and its regulation in both advanced and emerging economies will be examined.
Principal topics include:
- Commercial banks and bank regulators
- Global harmonization of bank regulation
- Payment systems and payment law
- Legacy technologies and internal controls
- Economics of networks and platforms
- Economic drivers of innovation
- Better regulation and new governance
- The rise of smart machines
- Evidence-based problem solving
- 'RegTech' is the new FinTech
- Faster payments/immediate payments
- Bitcoin, blockchain, distributed ledger
- FinTech regulation in the United States; United Kingdom and European Union; China; and India.
Intended learning outcomes
A student who has successfully completed this subject will:
- Have a sophisticated understanding of the strengths and weaknesses of the modern business of banking, the conventional approach to banking regulation, and role of commercial banks in modern economies
- Have an advanced and integrated understanding the most important forms of technological innovations that are disrupting modern financial markets by making it feasible for start-up companies to compete with banks
- Be able to assess in a critical and sophisticated manner the functions of global governance institutions including how to distinguish them from conventional modern national regulation and multilateral coordination among national regulators
- Develop a specialised understanding of how the customers and consumers of conventional financial services are being converted into users and stakeholders by new service delivery models and channels
- Have a detailed understanding of how risks and rewards are allocated among the different participants in conventional and disruptive financial services under conventional regulatory frameworks, new governance frameworks, and private agreements
- Be able to assess in an advanced and integrated manner the strengths and weaknesses of public, private, global and local systems of regulating financial services
- Have a sophisticated appreciation of the major themes of the course and their relevance to the different topics in the syllabus.
Last updated: 3 November 2022
Eligibility and requirements
Prerequisites
None
Corequisites
None
Non-allowed subjects
None
Recommended background knowledge
Some knowledge of commercial law is recommended.
Applicants without legal qualifications should note that subjects are offered in the discipline of law at an advanced graduate level. While every effort will be made to meet the needs of students trained in other fields, concessions will not be made in the general level of instruction or assessment. Most subjects assume the knowledge usually acquired in a degree in law (LLB, JD or equivalent). Applicants should note that admission to some subjects in the Melbourne Law Masters will be dependent upon the individual applicant’s educational background and professional experience.
Inherent requirements (core participation requirements)
The University of Melbourne is committed to providing students with reasonable adjustments to assessment and participation under the Disability Standards for Education (2005), and the Assessment and Results Policy (MPF1326). Students are expected to meet the core participation requirements for their course. These can be viewed under Entry and Participation Requirements for the course outlines in the Handbook.
Further details on how to seek academic adjustments can be found on the Student Equity and Disability Support website: http://services.unimelb.edu.au/student-equity/home
Last updated: 3 November 2022
Assessment
Additional details
- Class participation (10%)
- Take-home examination (5,000 to 6,000 words) (90%) (12 - 15 October)
or - 7,500-9,000 word research paper (90%) (7 November) on topic approved by the subject coordinator
A minimum of 75% attendance is a hurdle requirement.
Last updated: 3 November 2022
Quotas apply to this subject
Dates & times
- August
Mode of delivery On Campus (Parkville) Contact hours 24-34 hours Total time commitment 150 hours Pre teaching start date 23 July 2018 Pre teaching requirements The pre-teaching period commences four weeks before the subject commencement date. From this time, students are expected to access and review the Reading Guide that will be available from the LMS subject page and the subject materials provided by the subject coordinator, which will be available from Melbourne Law School. Refer to the Reading Guide for confirmation of which resources need to be read and what other preparation is required before the teaching period commences. Teaching period 20 August 2018 to 24 August 2018 Last self-enrol date 10 December 2017 Census date 20 August 2018 Last date to withdraw without fail 5 October 2018 Assessment period ends 7 November 2018 August contact information
Lecturer
Email: law-masters@unimelb.edu.au
Phone: +61 3 8344 6190
Website: law.unimelb.edu.au
Additional delivery details
This subject has a quota of 30 students.
Enrolment is on a first come, first served basis. Waitlists are maintained for subjects that are fully subscribed.
Students should note priority of places in subjects will be given as follows:
- To currently enrolled Graduate Diploma and Masters students with a satisfactory record in their degree
- To other students enrolling on a single subject basis, eg Community Access Program (CAP) students, cross-institutional study and cross-faculty study.
Please refer to the Melbourne Law Masters website for further information about the management of subject quotas and waitlists.
Last updated: 3 November 2022
Further information
- Texts
- Links to additional information
- Available through the Community Access Program
About the Community Access Program (CAP)
This subject is available through the Community Access Program (also called Single Subject Studies) which allows you to enrol in single subjects offered by the University of Melbourne, without the commitment required to complete a whole degree.
Please note Single Subject Studies via Community Access Program is not available to student visa holders or applicants
Entry requirements including prerequisites may apply. Please refer to the CAP applications page for further information.
Last updated: 3 November 2022