The Fintech Entrepreneur's Guide to Regulation and Regulatory Strategy
Fintech has been growing dramatically over the last few years, and it is now an important sector in its own right. This means that Fintech companies, who could so far often rely on a comparatively lenient regulatory regime, will now have to give serious thoughts on compliance with applicable regulatory rules.
Operating in a highly regulated environment is tedious, but not all bad--companies that can play the regulatory game well have a strategic advantage, especially with regard to time-to-market and scaling. Nothing spells missed opportunity like a competitor building market share with a copycat product whilst you are still waiting for your license!
Written for professionals, this book helps anyone whose job has to do with formulating or executing a Fintech startup strategy or whose job touches financial services regulation, or anyone who simply wants an easy- to-read introduction to financial services and their regulation.
* Describes the purpose of and principle behind modern financial services regulation
* Explains how to include regulation into a startup's strategic planning to optimize time-to-market and scaling
* Gives an overview of the entire financial services space, and which regulations apply where
* Gives detailed references to 20 key regulations in the EU regulatory system, including PSD, GDPR, CRD, AMLD, MiFID, UCITSD, AIFMD
The first part introduces financial services regulation, its purpose, how it is created (especially in the EU and in the US), and it develops a framework for including regulations into the strategic planning of a company. It also gives a rundown of the current financial services space--players and products--and its key regulations. The second part describes a regulatory system in more detail. The system chosen is the EU because it is more consistent and unified than the US system where a lot of the regulation still is created at the state-level. However, as most financial regulation nowadays is determined at the global level, the principles found in EU regulation will be by and large also be found the US and other systems.
Auflage
Sprache
Dateigröße
ISBN-13
978-1-119-43672-0 (9781119436720)
Schweitzer Klassifikation
1 - Cover [Seite 1]
2 - Title Page [Seite 5]
3 - Copyright [Seite 6]
4 - Contents [Seite 9]
5 - About the Book [Seite 11]
6 - Acknowledgments [Seite 13]
7 - About the Author [Seite 15]
8 - Part I: Fintech Regulation and Strategy [Seite 17]
8.1 - Chapter 1: Regulatory Strategy for Fintech Companies [Seite 19]
8.1.1 - 1.1 Regulation [Seite 21]
8.1.2 - 1.2 A Regulatory Strategy Framework [Seite 23]
8.2 - Chapter 2: Overview of Financial Services Regulation [Seite 33]
8.2.1 - 2.1 Types of Regulation [Seite 33]
8.2.2 - 2.2 Strands of Regulation [Seite 41]
8.3 - Chapter 3: Regulation in Practice [Seite 51]
8.3.1 - 3.1 Sources of Regulation [Seite 52]
8.3.2 - 3.2 Regulatory Models [Seite 64]
8.3.3 - 3.3 Fintech Regulation [Seite 70]
8.4 - Chapter 4: The Financial Services Industry [Seite 81]
8.4.1 - 4.1 Classic and Corporate Banking [Seite 81]
8.4.2 - 4.2 Specialised Lending [Seite 83]
8.4.3 - 4.3 Investment Banking and Advisory [Seite 85]
8.4.4 - 4.4 Payments [Seite 86]
8.4.5 - 4.5 Asset Management [Seite 87]
8.4.6 - 4.6 Brokerage and Transaction Services [Seite 88]
8.4.7 - 4.7 Insurance [Seite 90]
8.4.8 - 4.8 Others [Seite 91]
8.5 - Chapter 5: Retail Financial Services Products [Seite 93]
8.5.1 - 5.1 Payments and Deposits [Seite 94]
8.5.2 - 5.2 Retail and SME/Mid-market Lending and Credit [Seite 97]
8.5.3 - 5.3 Retail Investments [Seite 105]
8.5.4 - 5.4 Other Products [Seite 108]
8.5.5 - 5.5 Insurance [Seite 109]
8.5.6 - 5.6 Financial Advisory [Seite 112]
8.6 - Chapter 6: Wholesale Financial Services Products [Seite 115]
8.6.1 - 6.1 Wholesale Credit [Seite 115]
8.6.2 - 6.2 Wholesale and Specialist Asset Management [Seite 118]
8.6.3 - 6.3 Primary Markets and Origination [Seite 119]
8.6.4 - 6.4 Sales, Trading, Brokerage, and Exchanges [Seite 122]
8.6.5 - 6.5 Settlement, Custody, and Ancillary Services [Seite 129]
8.6.6 - 6.6 Advisory and Research [Seite 134]
9 - Part II: Selected Regulations in Detail [Seite 137]
9.1 - Sheet 1: Alternative Investment Fund Manager Directive [Seite 139]
9.1.1 - 1.1 General [Seite 140]
9.1.2 - 1.2 Authorisation to Market [Seite 143]
9.1.3 - 1.3 Interaction with Regulators [Seite 146]
9.2 - Sheet 2: Anti Money Laundering Directive [Seite 147]
9.2.1 - 2.1 Definition and Scope [Seite 148]
9.2.2 - 2.2 Implementation [Seite 150]
9.2.3 - 2.3 Obligations of All Companies [Seite 152]
9.2.4 - 2.4 Financial Intelligence Units and Cooperation [Seite 153]
9.2.5 - 2.5 Information Requirements on Transfers of Funds [Seite 153]
9.3 - Sheet 3: Bank Recovery and Resolution Directive [Seite 155]
9.3.1 - 3.1 Definition and Scope [Seite 156]
9.3.2 - 3.2 Preparation [Seite 156]
9.3.3 - 3.3 Execution [Seite 158]
9.3.4 - 3.4 Ancillary Regulations [Seite 160]
9.4 - Sheet 4: Cross-Border Payments Regulation [Seite 163]
9.4.1 - 4.1 Definition and Scope [Seite 164]
9.5 - Sheet 5: Consumer Contracts Directive [Seite 165]
9.5.1 - 5.1 Definition and Scope [Seite 165]
9.6 - Sheet 6: Consumer Credit Directive [Seite 167]
9.6.1 - 6.1 Definition and Scope [Seite 168]
9.6.2 - 6.2 Information to Be Provided Before Concluding an Agreement [Seite 168]
9.6.3 - 6.3 Credit Assessment and Credit Databases [Seite 169]
9.6.4 - 6.4 Information to Be Provided with Agreements [Seite 169]
9.6.5 - 6.5 Consumer Rights Under Credit Agreements [Seite 170]
9.6.6 - 6.6 Annual Percentage Rate of Charge (APR) [Seite 170]
9.7 - Sheet 7: Capital Requirements Directives [Seite 171]
9.7.1 - 7.1 General Background on Basel and CRD [Seite 173]
9.7.2 - 7.3 Capital Requirements Overview [Seite 176]
9.7.3 - 7.4 Capital Requirements for Credit Risk [Seite 177]
9.7.4 - 7.5 Capital Requirements for Non-credit Risk [Seite 179]
9.7.5 - 7.6 Leverage Ratio [Seite 181]
9.7.6 - 7.7 Liquidity Risk [Seite 181]
9.7.7 - 7.8 Pillar 3 Disclosure [Seite 183]
9.7.8 - 7.9 Other [Seite 184]
9.8 - Sheet 8: Deposit Guarantee Scheme Directive [Seite 185]
9.8.1 - 8.1 Definition and Scope [Seite 186]
9.9 - Sheet 9: Distance Marketing in Financial Services Directive [Seite 189]
9.9.1 - 9.1 Definition and Scope [Seite 190]
9.9.2 - 9.2 Information Requirements [Seite 190]
9.9.3 - 9.3 Withdrawal and Renewal [Seite 190]
9.9.4 - 9.4 Other [Seite 191]
9.10 - Sheet 10: European Market Infrastructure Regulation [Seite 193]
9.10.1 - 10.1 Definition and Scope [Seite 194]
9.10.2 - 10.2 Central Counterparties [Seite 194]
9.10.3 - 10.3 Trade Repositories [Seite 197]
9.11 - Sheet 11: Electronic Money Directive [Seite 199]
9.11.1 - 11.1 Definition and Scope [Seite 200]
9.12 - Sheet 12: General Data Protection Regulation [Seite 203]
9.12.1 - 12.1 Definition and Scope [Seite 204]
9.12.2 - 12.2 Definition of Data [Seite 204]
9.12.3 - 12.3 Pre-requisites of Data Collection-Purpose and Consent [Seite 205]
9.12.4 - 12.4 Information Requirements [Seite 207]
9.12.5 - 12.5 Rights of the Data Subject [Seite 207]
9.12.6 - 12.6 Data Controller Requirements [Seite 208]
9.12.7 - 12.7 Transfer to Third Countries [Seite 209]
9.12.8 - 12.8 Role of Supervisors [Seite 209]
9.12.9 - 12.9 Liability [Seite 210]
9.12.10 - 12.10 Specific Situations [Seite 210]
9.13 - Sheet 13: Market Abuse Regulation [Seite 211]
9.13.1 - 13.1 Definition and Scope [Seite 212]
9.13.2 - 13.2 Inside Information [Seite 213]
9.13.3 - 13.3 Insider Dealing [Seite 213]
9.13.4 - 13.4 Unlawful Disclosure [Seite 214]
9.13.5 - 13.5 Market Manipulation [Seite 214]
9.13.6 - 13.6 Requirements, Prohibitions, and Fines [Seite 215]
9.13.7 - 13.7 Regulators [Seite 216]
9.14 - Sheet 14: Mortgage Credit Directive [Seite 217]
9.14.1 - 14.1 Definition and Scope [Seite 218]
9.14.2 - 14.2 General Requirements [Seite 218]
9.14.3 - 14.3 Credit Intermediaries and Appointed Representatives [Seite 219]
9.14.4 - 14.4 Pre-contractual Requirements [Seite 220]
9.14.5 - 14.5 Credit Assessment and Credit Databases [Seite 221]
9.14.6 - 14.6 Foreign Currency and Variable Rate Loans [Seite 222]
9.14.7 - 14.7 Arrears and Foreclosure [Seite 222]
9.14.8 - 14.8 Other [Seite 223]
9.15 - Sheet 15: Markets in Financial Instruments Directive [Seite 225]
9.15.1 - 15.1 Definition and Scope [Seite 227]
9.15.2 - 15.2 Authorisation and General Requirements [Seite 229]
9.15.3 - 15.3 Investor Protection [Seite 231]
9.15.4 - 15.4 Trading Venues [Seite 235]
9.15.5 - 15.5 Data Reporting [Seite 239]
9.16 - Sheet 16: Packaged Retail and Insurance-based Investment Products Regulation [Seite 241]
9.16.1 - 16.1 Definition and Scope [Seite 242]
9.16.2 - 16.2 Form and Content [Seite 243]
9.16.3 - 16.3 Provision [Seite 244]
9.16.4 - 16.4 Monitoring, Invervention, Complaints, and Fines [Seite 244]
9.16.5 - 16.5 Technical Provisions [Seite 244]
9.17 - Sheet 17: Payments Services Directive [Seite 245]
9.17.1 - 17.1 Definition and Scope [Seite 247]
9.17.2 - 17.2 Players in the Payment System [Seite 247]
9.17.3 - 17.3 Authorisation and Regulatory Requirements [Seite 248]
9.17.4 - 17.4 Operational Requirements [Seite 249]
9.17.5 - 17.5 Third-party Access [Seite 251]
9.17.6 - 17.6 Liability and Refunds [Seite 252]
9.18 - Sheet 18: Rating Agencies Regulation [Seite 255]
9.18.1 - 18.1 Definition [Seite 256]
9.18.2 - 18.2 Scope [Seite 256]
9.18.3 - 18.3 Registration and Equivalence [Seite 257]
9.18.4 - 18.4 General Operational Requirements [Seite 257]
9.18.5 - 18.5 Structured Finance Ratings [Seite 257]
9.18.6 - 18.6 Unsolicited Ratings [Seite 258]
9.18.7 - 18.7 Disclosure and Transparency [Seite 258]
9.18.8 - 18.8 Role of EBA [Seite 258]
9.19 - Sheet 19: Undertakings for Collective Investment in Transferable Securities Directive [Seite 259]
9.19.1 - 19.1 Key Elements [Seite 260]
9.19.2 - 19.2 Management Companies [Seite 261]
9.19.3 - 19.3 Depositaries [Seite 263]
9.19.4 - 19.4 Investment Policies [Seite 264]
9.19.5 - 19.5 Investor Information [Seite 265]
9.19.6 - 19.6 General Obligations of UCITS' [Seite 266]
9.19.7 - 19.7 Cross-border Distribution and Passporting of Funds [Seite 267]
9.19.8 - 19.8 Regulators and Regulatory Powers [Seite 268]
9.19.9 - 19.9 Other [Seite 268]
9.20 - Sheet 20: Unfair Commercial Practices Directive [Seite 269]
9.20.1 - 20.1 Definition and Scope [Seite 269]
9.20.2 - 20.2 Misleading Practices [Seite 270]
9.20.3 - 20.3 Aggressive Practices [Seite 270]
9.20.4 - 20.4 Enforcement [Seite 271]
10 - Appendix A: Important Definitions from European Legal Texts [Seite 273]
11 - Appendix B: Abbreviations Used for Legal References [Seite 293]
12 - Index [Seite 295]
13 - EULA [Seite 307]
