| CODE | ISR5040 | ||||||
| TITLE | Digital Finance Regulation | ||||||
| UM LEVEL | 05 - Postgraduate Modular Diploma or Degree Course | ||||||
| MQF LEVEL | 7 | ||||||
| ECTS CREDITS | 5 | ||||||
| DEPARTMENT | Insurance and Risk Management | ||||||
| DESCRIPTION | The study-unit in Digital Finance Regulation and Compliance is designed to provide students with an in-depth appreciation of the regulatory frameworks, challenges, and opportunities in the rapidly evolving landscape of digital finance. The unit explores the intersection of technology, finance, and law, addressing key issues such as fintech innovation, cryptocurrencies, cross-border transactions, and cybersecurity. The study-unit is intended to provide students with an appreciation of the development and implications of key regulations such as the EU's Markets in Crypto-Assets (MiCA) and the Digital Operational Resilience Act (DORA). It also delves into the local Virtual Financial Assets (VFA) framework, examining its role in shaping the crypto sector. The unit aims to equip participants with a clear appreciation of the complexities of ICT Risk, Cybersecurity, and digital operational resilience in the EU, along with the practical application of these regulations in the dynamic world of digital finance. Study-unit Aims: The aim of the study-unit on Digital Finance Regulation is to explore the regulatory frameworks governing digital financial services, including cryptocurrencies, fintech innovations, and online payment systems, with a focus on understanding the complexities, challenges, and opportunities in regulating digital finance to ensure consumer protection, financial stability, and innovation in the digital economy. Learning Outcomes: 1. Knowledge & Understanding By the end of the study-unit the student will be able to: - Identify and apply MiCA Regulations, Standards, and Guidelines; - Identify and define DORA Reporting Requirements; - Define specific reporting obligations as per the DORA Regulation; - Navigate the complex and dynamic regulatory landscape of digital finance; - Demonstrate a solid understanding of the foundational concepts and technologies that underpin digital finance, including blockchain, artificial intelligence, and data analytics; - Analyze and interpret the regulatory frameworks governing digital finance at both national and international levels, identifying key regulatory bodies and their roles; - Evaluate the regulatory challenges and opportunities associated with cryptocurrencies and digital assets, demonstrating an understanding of the evolving landscape - Assess the regulatory considerations for fintech innovations, demonstrating an ability to balance innovation with consumer protection and financial stability. 2. Skills By the end of the study-unit the student will be able to: - Analyze Crypto Business Models and critically assess crypto business models, identifying risks and mitigation strategies; - Evaluate Regulatory Frameworks for ICT Risk & Cybersecurity: Understand and critically evaluate the historical and current EU frameworks governing ICT Risk, Cybersecurity, and digital operational resilience; - Practically apply the requirements of the DORA Regulation in a proportionate and effective manner; - Evaluate cybersecurity risks in digital finance and propose regulatory measures to safeguard financial systems, demonstrating an understanding of data protection and privacy regulations; - Assess regulatory strategies for promoting financial inclusion through digital finance while ensuring consumer protection, demonstrating an awareness of ethical considerations; -Apply regulatory knowledge to analyze and solve real-world case studies, demonstrating the ability to develop practical compliance strategies; - Effectively communicate regulatory concepts and implications to diverse audiences, both orally and in writing, and collaborate with peers to achieve common goals; - Apply regulatory knowledge to analyze and solve real-world case studies, demonstrating the ability to develop practical compliance strategies. Main Text/s and any supplementary readings: Main - Arner, Douglas W. and Barberis, Janos Nathan and Buckley, Ross P., FinTech, RegTech and the Reconceptualization of Financial Regulation (October 1, 2016). Northwestern Journal of International Law & Business, Forthcoming, University of Hong Kong Faculty of Law Research Paper No. 2016/035, Available at SSRN: https://ssrn.com/abstract=2847806 - Buttigieg, Christopher P. and Cuyle, Samantha, A Comparative Analysis of EU Homegrown Crypto-Asset Regulatory Frameworks (2020). European Law Review, Issue 5 2020, Available at SSRN: https://ssrn.com/abstract=3747938. Supplementary - Buterin, Vitalik and Illum, Jacob and Nadler, Matthias and Schär, Fabian and Soleimani, Ameen, Blockchain Privacy and Regulatory Compliance: Towards a Practical Equilibrium (September 6, 2023). Available at SSRN: https://ssrn.com/abstract=4563364 or http://dx.doi.org/10.2139/ssrn.4563364 - Treleaven, Philip, Financial Regulation of Fintech (November 7, 2015). Journal of Financial Perspectives, Vol. 3, No. 3, 2015, Available at SSRN: https://ssrn.com/abstract=3084015 - Arner, Douglas W. and Barberis, Janos Nathan and Walker, Julia and Buckley, Ross P. and Dahdal, Andrew M. and Zetzsche, Dirk Andreas, Digital Finance & The COVID-19 Crisis (April 16, 2020). University of Hong Kong Faculty of Law Research Paper No. 2020/017, UNSW Law Research, Available at SSRN: https://ssrn.com/abstract=3558889 or http://dx.doi.org/10.2139/ssrn.3558889 - Zetzsche, Dirk Andreas and Arner, Douglas W. and Buckley, Ross P., Decentralized Finance (DeFi) (September 30, 2020). Journal of Financial Regulation, 2020, 6, 172–203, Available at SSRN: https://ssrn.com/abstract=3539194 or http://dx.doi.org/10.2139/ssrn.3539194. |
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| ADDITIONAL NOTES | Pre-Requisite qualifications: Bachelor Degree or as determined by the Board of Studies to be applicable | ||||||
| STUDY-UNIT TYPE | Lecture | ||||||
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The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication.
The availability of optional units may be subject to timetabling constraints. Units not attracting a sufficient number of registrations may be withdrawn without notice. It should be noted that all the information in the description above applies to study-units available during the academic year 2024/5. It may be subject to change in subsequent years. |
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