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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.

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