Fintech and the Limits of Financial Regulation: A Systemic Perspective

ORCID

https://orcid.org/0000-0001-8979-6903

Document Type

Book Chapter

Publication Date

4-29-2021

Abstract

This chapter explores the analytical lens beyond the common preoccupation with the piecemeal revision of specific legal rules that do not map neatly onto fintech developments. It argues that fintech is a fundamentally systemic regulatory challenge, a macro-level force disrupting the currently dominant technocratic paradigm of modern financial regulation. The chapter discusses the inherent inability of the existing technocratic regulatory model to accommodate these systemic changes and outlines the core changes in the underlying philosophy of financial regulation necessary in order to meet the fintech challenge. A sustained inquiry into the systemic meaning and impact of fintech as a regulatory phenomenon must start with an analysis of the defining features of the current system of financial regulation. Fintech is fundamentally changing the way financial services are delivered and transactions are conducted. Fintech innovations are also broadening the menu of financial services and products.

Publication Title

Routledge Handbook on Financial Technology and Law

DOI

https://doi.org/10.4324/9780429325670-3

Link to Full Text

Available at Biddle Library

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