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23 Fordham J. Corp. & Fin. L. 31 (2017-2018)
Regulating a Revolution: From Regulatory Sandboxes to Smart Regulation

handle is hein.journals/fjcf23 and id is 37 raw text is: REGULATING A REVOLUTION: FROM REGULATORY SANDBOXES TO SMART REGULATION Dirk A. Zetzsche*, Ross P. Buckley, Janos N. Barberis', and Douglas W. Arner*'* ABSTRACT Prior to the global financial crisis, financial innovation was viewed very positively, resulting in a laissez-faire, deregulatory approach to financial regulation. Since the crisis the regulatory pendulum has swung to the other extreme. Post-crisis regulation, plus rapid technological change, have spurred the development of financial technology (FinTech). FinTech firms and data-driven financial service providers profoundly challenge the current regulatory paradigm. Financial regulators increasingly seek to balance the traditional regulatory objectives of financial stability and consumer protection with promoting growth and innovation. The resulting regulatory innovations include RegTech, regulatory sandboxes, and * Professor of Law, ADA Chair in Financial Law (Inclusive Finance), Faculty of Law, Economics and Finance, University of Luxembourg, and Director, Center for Business and Corporate Law, Heinrich-Heine-University, Duesseldorf, Germany. ** King & Wood Mallesons Chair of International Finance Law, Scientia Professor, and Member, Centre for Law, Markets and Regulation, UNSW Sydney. *** Senior Research Fellow, Asian Institute of International Financial Law, Faculty of Law, University of Hong Kong; Founder, SuperCharger FinTech Accelerator and FinTech HK; and Co-editor, The FINTECHBook. **** Kerry Holdings Professor in Law, University of Hong Kong. The authors are grateful for comments provided by Mark Adams, Jonathan Bonnitcha, Fleur Johns, Jon Frost, Dimity Kingsford-Smith, Ulf Klebeck, Nadia Manzarri, Louise Malady, Jean-Louis Schiltz, Cheng-Yun Tsang, and participants at presentations at UNSW Sydney, University of Luxembourg, and the Australian Securities and Investment Commission (ASIC). Philip Cannel, Jessica Chapman, and Tsany Dewi provided careful research assistance. Responsibility is the authors'. This project was supported by the Luxembourg National Research Fund project A New Law for Fintechs: The Regulatory Sandbox - SMART, INTER/MOBILITY/16/11406511; the Australian Research Council project Regulating a Revolution: A New Regulatory Model for Digital Finance; and the Hong Kong Research Grants Council Theme-based Research Scheme project Enhancing Hong Kong's Future as a Leading International Financial Centre, for all of which support we are very grateful. 31

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