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This subject deals with the law governing financial transactions and payments. As a result of ongoing technological innovation, particularly in areas such as digital payments and distributed ledger technology, the way in which financial transactions are classified for legal and regulatory purposes is being radically transformed. This has created challenges for law and regulation and has led to innovative ways of designing and executing financial transactions. It has also led to new players in the form of financial technology ‘Fintech’ companies.
This subject is designed to provide students with advanced knowledge of the legal and regulatory issues concerning the execution of financial transactions, including payment methods, and the challenges brought about by technological innovation.
Principal topics will include:
- The financial regulatory system in Australia, including the agencies that are responsible for regulating financial transactions and the payments system
- The law governing financial transactions, including execution, clearing and settlement
- Payment methods and devices, including traditional methods such as bills of exchange and modern devices such as electronic payments
- Digital assets, including cryptocurrencies
- Anti-money laundering (AML) regulation and transaction reporting
- Cybersecurity issues applying to financial transactions
- The impact of innovation and financial technology
Intended learning outcomes
On completion of this subject, students should be able to:
- Examine and explain the regulation of financial transactions, including payment systems, in Australia and overseas
- Critically analyse, interpret and assess the legal and regulatory rules applicable to financial transactions
- Discuss legal concepts, debate current issues in law and respond clearly, persuasively and appropriately to emerging and contemporary issues in the field, including digital payments and Fintech, digital assets and cybersecurity, and the ongoing challenges facing Australia and other jurisdictions
- Generate critical and creative ideas relating to financial transactions and their operation and regulation in modern financial markets
- Clearly and persuasively articulate and convey complex information regarding financial transactions and technological innovation in this area.
- Mastery of principal areas of law and regulation as they relate to financial transactions and the way in which financial transactions are executed;
- Expert, specialised cognitive and technical skills for critical and independent thought and reflection in the context of financial transactions;
- Problem-solving skills, applied to the critical evaluation of new applications and research relevant to technologies affecting financial transactions; and
- The ability to expertly communicate specialised and complex information, ideas, concepts and theories relevant to financial transactions and technological innovation from a global perspective.
Last updated: 31 January 2024