Suchergebnisse

New frontiers and objectives of financial regulation -- Microcredit and microfinance : general characteristics -- Dimension I : microfinance as multi-facets creature : the legal enigma and different levels of regulation -- Dimension II : the social objective within the business structure and social effectiveness -- Dimension III : economic sustainability/effectiveness -- Dimension IV : microfinance as an alternative to traditional banking with "peculiar" instruments. the fundamental problem of regulating microfinance -- Dimension V : microfinance as an innovative chameleon : the ability to take advantage of new technologies -- Dimension VI : microfinance as a responsible activity: client protection without curtailing access -- Final conclusions

The relationship between financial innovators and regulators has been historically tense, with financial innovators taking advantage of loopholes and regulators desperately trying to keep pace with innovations while dealing with limited resources and long bureaucratic processes. Nonetheless, in recent years, FinTechs – un-regulated start-ups applying technology to finance – have exponentially accelerated such race, making innovative regulatory approaches and new perspectives necessary. The present paper discusses relevant issues pertaining to the regulation of FinTech, using financial-return crowdfunding (FR-crowdfunding) as case study and model, deriving from its FinTech, shadow banking and collaborative economy natures, important indications for regulators. Current trends in regulating FR-crowdfunding in Member States are also analysed, together with related shortcomings and benefits, with the view to proposing a more harmonised regime for the sector, tailored to its risks and features and advancing Capital Markets Union objectives.

The Digital Finance/Fintech Action Plan and the Sustainable Finance Strategy both represent important pillars of the current EU policy agenda. Nonetheless, the two areas have been treated as separate for a long time, while they present certain common features and great potential when combined. In particular, Fintech appears able to respond to some shortcomings in the current sustainable finance framework (e. g. access to retail financing, ESG disclosure, verification and ratings, etc.). The relevance of the link between sustainability, finance and technology has also been evidenced by the COVID-19 pandemic crisis, which has urged all countries to re-think the models traditionally deployed and rely more on technology and sustainability. However, Fintech/digital finance still raises per se relevant technical and legal issues that need to be addressed to fulfil its promises and potential in the sustainable finance sector. The present paper aims at starting a debate about "Green Fintech" in order to effectively connect the two worlds and spur the research in such a new and promising area. Special attention will be also reserved to the recent proposal for a European Single Access Point for corporate financial and non-financial disclosure.