scholarly journals Fintech and Payments Regulation

2020 ◽  
Vol 20 (75) ◽  
Author(s):  
Tanai Khiaonarong ◽  
Terry Goh
Keyword(s):  
Financial Stability ◽  
Analytical Framework ◽  
International Standards ◽  
Regulatory Requirements ◽  
Regulatory Frameworks ◽  
Structure Changes ◽  
Systemic Risks ◽  
Recent Developments ◽  
Legal Foundations ◽  
Financial Technology

Financial technology (Fintech) has prompted authorities to consider their potential financial stability benefits, risks, and effective regulation. Recent developments suggest that regulatory approaches and their legal foundations need to augment entity-based regulation with increasing focus on activities and risks as market structure changes. This paper draws on recent international experiences in modernizing legal and regulatory frameworks for payment services. An analytical framework based on a four-step process is proposed—(i) identifying payment activities; (ii) licensing entities and designating systems; (iii) analyzing and managing risks, and (iv) promoting legal certainty. As payment activities evolve and potential systemic risks heighten, adherence to international standards and additional regulatory requirements should be warranted.

Banking reform in China: International standards and Chinese specifics

2008 ◽  
Vol 58 (4) ◽  
pp. 403-426
Author(s):  
Z. Kudrna
Keyword(s):  
Best Practices ◽  
Development Policy ◽  
Institutional Reform ◽  
International Standards ◽  
State Control ◽  
Banking Reform ◽  
Reform Strategy ◽  
Regulatory Frameworks ◽  
Bank Governance ◽  
Credit Boom

This paper reviews the progress of banking reforms in China. Since 2002, the reform strategy has relied on publicly-financed bailouts, implementation of international best practices in bank governance and regulation, and listing of major banks in Hong Kong. The three largest banks have been stabilised, but we find little reason to expect this to be sustainable. Prudential indicators are comparable to international averages, but this is an outcome of bailouts and ongoing credit boom. Reforms of bank governance and regulatory frameworks that would alter banker’s incentives are implemented in a selective manner; principles that concentrate key powers in the centre are implemented vigorously, whereas those that require independent boards and regulators are ignored. Selectiveness of institutional reform means that the largest banks remain under state control and can be used as means of development policy for the better or the worse.

scholarly journals Regulatory Requirements for the Quality of Allergen Products for Allergen Immunotherapy of Food Allergy

2021 ◽  
Vol 21 (5) ◽  
Author(s):  
Lisa Englert ◽  
Vera Mahler ◽  
Andreas Bonertz
Keyword(s):  
Allergen Immunotherapy ◽  
Major Allergen ◽  
Food Allergies ◽  
Manufacturing Processes ◽  
Critical Element ◽  
Medicinal Products ◽  
Regulatory Requirements ◽  
Quality Aspects ◽  
Allergenic Activity ◽  
Recent Developments

Abstract Purpose of Review Medicinal products for allergen immunotherapy (AIT) of food allergies have gained enormous momentum in recent years. With this new class of products entering marketing authorization procedures, compliance to regulatory requirements becomes a critical element. Here, an overview is provided on specific requirements and aspects concerning the quality control and manufacturing of these products. Recent Findings Recent developments in the field of AIT for food allergies are divers, including products for oral, epicutaneous, and subcutaneous application, most notably targeting egg, milk, and peanut allergy. As the source materials for food AIT product are typically produced for food consumption and not for medicinal purposes, unique challenges arise in the manufacturing processes and controls of these medicinal products. Individual approaches are needed to assure acceptable quality, including control of relevant quantitative and qualitative characteristics. Major characteristics for quality verification include determination of protein content, total allergenic activity, and major allergen content. The applied manufacturing processes need to be established such that relevant process parameters are kept within justified limits and consistency of produced batches is assured. Summary Allergen products for food AIT present specific challenges with respect to quality aspects that differentiate them from other commonly available AIT products. While established regulation is available and provides clear guidance for most aspects, other issues require consideration of new and individual settings relevant here. Consequently, as experience grows, respective amendments to currently available guidance may be needed.

scholarly journals Financial technology and the future of banking

2021 ◽  
Vol 7 (1) ◽  
Author(s):  
Daniel Broby
Keyword(s):  
Financial Services ◽  
Empirical Investigation ◽  
Analytical Framework ◽  
Shadow Banking ◽  
Customer Acquisition ◽  
Market Participants ◽  
Digital World ◽  
The Future ◽  
Technology Applications ◽  
Financial Technology

AbstractThis paper presents an analytical framework that describes the business model of banks. It draws on the classical theory of banking and the literature on digital transformation. It provides an explanation for existing trends and, by extending the theory of the banking firm, it illustrates how financial intermediation will be impacted by innovative financial technology applications. It further reviews the options that established banks will have to consider in order to mitigate the threat to their profitability. Deposit taking and lending are considered in the context of the challenge made from shadow banking and the all-digital banks. The paper contributes to an understanding of the future of banking, providing a framework for scholarly empirical investigation. In the discussion, four possible strategies are proposed for market participants, (1) customer retention, (2) customer acquisition, (3) banking as a service and (4) social media payment platforms. It is concluded that, in an increasingly digital world, trust will remain at the core of banking. That said, liquidity transformation will still have an important role to play. The nature of banking and financial services, however, will change dramatically.

scholarly journals CASTING THE LIGHT OF THE THEORY OF OPPOSITION ONTO HOHFELD'S FUNDAMENTAL LEGAL CONCEPTS

Legal Theory ◽  
2021 ◽  
pp. 1-34
Author(s):  
João Alberto de Oliveira Lima ◽  
Cristine Griffo ◽  
João Paulo A. Almeida ◽  
Giancarlo Guizzardi ◽  
Marcio Iorio Aranha
Keyword(s):  
Conceptual Framework ◽  
Legal Theory ◽  
Analytical Framework ◽  
The Core ◽  
Recent Developments ◽  
The Law ◽  
Opposition Theory ◽  
Legal Concepts ◽  
Number Of Authors

Abstract At the core of Hohfeld's contribution to legal theory is a conceptual framework for the analysis of the legal positions occupied by agents in intersubjective legal relations. Hohfeld presented a system of eight “fundamental” concepts relying on notions of opposition and correlation. Throughout the years, a number of authors have followed Hohfeld in applying the notion of opposition to analyze legal concepts. Many of these authors have accounted for Hohfeld's theory in direct analogy with the standard deontic hexagon. This paper reviews some of these accounts and extends them employing recent developments from opposition theory. In particular, we are able to extend application of opposition theory to an open conception of the law. We also account for the implications of abandoning the assumption of conflict-freedom and admitting seemingly conflicting legal positions. This enables a fuller analysis of Hohfeld's conceptual analytical framework. We also offer a novel analysis of Hohfeld's power positions.

scholarly journals Glycosaminoglycans: Carriers and Targets for Tailored Anti-Cancer Therapy

Biomolecules ◽  
2021 ◽  
Vol 11 (3) ◽  
pp. 395
Author(s):  
Aikaterini Berdiaki ◽  
Monica Neagu ◽  
Eirini-Maria Giatagana ◽  
Andrey Kuskov ◽  
Aristidis M. Tsatsakis ◽  
...  
Keyword(s):  
Cancer Therapy ◽  
Targeted Delivery ◽  
Academic Research ◽  
Cancer Therapeutics ◽  
Disease Evolution ◽  
Structure Changes ◽  
Recent Developments ◽  
Distribution Composition ◽  
Membrane Components ◽  
Cancer Tissues

The tumor microenvironment (TME) is composed of cancerous, non-cancerous, stromal, and immune cells that are surrounded by the components of the extracellular matrix (ECM). Glycosaminoglycans (GAGs), natural biomacromolecules, essential ECM, and cell membrane components are extensively altered in cancer tissues. During disease progression, the GAG fine structure changes in a manner associated with disease evolution. Thus, changes in the GAG sulfation pattern are immediately correlated to malignant transformation. Their molecular weight, distribution, composition, and fine modifications, including sulfation, exhibit distinct alterations during cancer development. GAGs and GAG-based molecules, due to their unique properties, are suggested as promising effectors for anticancer therapy. Considering their participation in tumorigenesis, their utilization in drug development has been the focus of both industry and academic research efforts. These efforts have been developing in two main directions; (i) utilizing GAGs as targets of therapeutic strategies and (ii) employing GAGs specificity and excellent physicochemical properties for targeted delivery of cancer therapeutics. This review will comprehensively discuss recent developments and the broad potential of GAG utilization for cancer therapy.

Frontiers in Service Science: Fintech Operations—An Overview of Recent Developments and Future Research Directions

2021 ◽  
Vol 13 (1) ◽  
pp. 19-35
Author(s):  
Baile Lu ◽  
Shuai Hao ◽  
Michael Pinedo ◽  
Yuqian Xu
Keyword(s):  
Future Research ◽  
Algorithmic Trading ◽  
Payment Systems ◽  
Research Directions ◽  
Operational Risks ◽  
Technology Industry ◽  
Recent Developments ◽  
Future Research Directions ◽  
Conclusion Section ◽  
Financial Technology

In this paper, we provide a survey of recent developments in the fintech (financial technology) industry, focusing on the operational structures, the technologies involved, and the operational risks associated with the new systems. In particular, we discuss payment systems, algorithmic trading, robo-advisory, crowdfunding, and peer-to-peer lending. In the conclusion section, we discuss various promising research directions.

Blockchain for Governance of Sustainability Transparency in the Global Energy Value Chain: Part 2, Reconciling the Technology/Regulation Mismatch

2021 ◽  
Vol 2 (1) ◽  
pp. 22-50
Author(s):  
Lauren Downes ◽  
Chris Reed
Keyword(s):  
Value Chain ◽  
Regulatory Change ◽  
The European Union ◽  
Regulatory Requirements ◽  
Global Energy ◽  
Energy Value ◽  
Related Information ◽  
Governance Model ◽  
Regulatory Frameworks

In this second part of a two-part article we continue our consideration of how global energy value chains could be managed more sustainably through blockchain by greatly increasing transparency. The aim is to use this transparency to incentivise more sustainable behaviour on the part both of energy producers and suppliers and of consumers. Incentives of this kind are market based, and so we have concentrated on market-based instruments in the energy sector, emphasising those that decrease the CO2 footprint of energy consumption, such as emissions trading schemes and renewable energy certificates. Blockchain can enhance transparency by improving the quality of, and access to, sustainability-related information. However, existing laws and regulatory frameworks that govern market-based instruments may prevent these benefits from becoming fully realised. We review the governance frameworks of market-based instruments in several international jurisdictions (Brazil, India, Kazakhstan, Mexico, South Africa and Ukraine, as well as the European Union with particular reference to the Netherlands and United Kingdom (which was a member of the EU at the time of this writing), to ascertain how laws, rules and regulations may limit transparency of sustainability information. We also consider jurisdictional differences to identify difficulties in the creation of a global framework for managing sustainability information from market-based instruments. Jurisdictional differences mean that a one-size fits all solution may not be possible. To overcome this, we propose a blockchain governance model, using aggregated blockchains and peering agreements. It allows flexibility when disclosing information, through layering of permissions, and this means that it should be possible to construct a transparency system which complies with existing domestic legal and regulatory requirements, rather than requiring major legal and regulatory change.

scholarly journals INTERNATIONAL STANDARDS FOR BANK CAPITAL REGULATION

2021 ◽  
Vol 1 (36) ◽  
pp. 35-45
Author(s):  
V. Kovalenko ◽  
S. Sheludko ◽  
N. Radova ◽  
F. Murshudli ◽  
K. Gonchar
Keyword(s):  
Financial Crisis ◽  
Economic Crisis ◽  
Financial Stability ◽  
International Standards ◽  
Capital Adequacy ◽  
Capital Regulation ◽  
Bank Capital ◽  
Banking Supervision ◽  
New Paradigm ◽  
Bank Capital Regulation

The paper analyzes the evolution of the introduction of international standards for bank capital regulation. The aim of the research is to study international standards for bank capital regulation and their impact on financial stability and sustainability of domestic banking systems. The 2007—2009 Global Financial Crisis was perhaps the greatest banking and financial crisis since bank failures and the financial panic of the Great Depression in early 1930s. According to academics and professionals, there has been much debate over the last decade as to whether the 2007—2009 banking crisis was primarily a solvency crisis or a liquidity crisis. Capital adequacy of banks today is the main indicator of increasing society’s confidence in banking systems. The flexible and balanced implementation of Basel Committee on Banking Supervision (BCBS) recommendations on the assessment of bank capital adequacy is of particular importance in the context of the deepening economic crisis caused by COVID-19 quarantine restrictions. Regulation of bank capital is primarily settles by the ability to execute basic functions inherent in it. A number of shocks in connection with the crisis require the renewal and search for a new paradigm of regulation, which today is focused on achieving financial stability, overcoming pro-cyclicality, especially in the banking sector. One of the latest developments in the field of bank capital regulation has been the implementation of international banking supervision standards recommended by BCBS, which have been transformed from Basel I, Basel II, Basel III, Basel 3.5 to Basel IV. The new ideology suggests that in times of financial and economic crisis or in anticipation of growing uncertainty in the economy, it is necessary to abandon the idea of bank capital management and the creation of financial reserves to maintain liquidity and stability of financial institutions. These measures will not be able to protect the bank from default and bankruptcy. This ideology has become a new paradigm of effective banking regulation, which can be formulated as an accepted set of three vectors: risk; risk management; risk-oriented supervision.

scholarly journals Recent developments in BRIC’s corporate governance with a focus on Russia – Innovation or imitation?

2014 ◽  
Vol 11 (3) ◽  
pp. 369-380 ◽  
Author(s):  
Udo C. Braendle
Keyword(s):  
Corporate Governance ◽  
Stock Market ◽  
International Standards ◽  
Corporate Sector ◽  
Draft Code ◽  
Bric Countries ◽  
The Future ◽  
Recent Developments ◽  
Code Of Corporate Governance

The practice of joint-stock companies in Russia and other BRIC countries suggests that the development of the corporate sector and the stock market requires a corporate governance level of the companies that corresponds to international standards. The Russian Code of Corporate Conduct was implemented in 2002 and has not been revised for many years. The same is true for Codes of other BRIC countries. 2013 the situation has changed. Russia published a Draft Code of Corporate Governance that should reflect the changes in Russian Corporate Governance over the last 10 years. The paper critically analyses this draft code and gives implications about the future of corporate governance in Russia. We are doing so in comparing Russian Corporate Governance Initiatives with those of other BRIC countries.

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