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  • Financial Regulation
02 Dec 2020
2 min to read

Central Bank Money: Liability, Asset, or Equity of the Nation?

Michael Kumhof | Jason Grant Allen | Will Bateman | Rosa María Lastra | Simon Gleeson | Saule Omarova

What exactly is central bank money? A Bank of England £10 note is a promise by the bank of England to pay £10—a promise which can only be discharged by the delivery of another £10 note. Is that a...

OBLB categories

  • Financial Regulation
30 Nov 2020
4 min to read

The Markets in Crypto-Assets Regulation (MiCA) and the EU Digital Finance Strategy

Dirk A. Zetzsche | Filippo Annunziata | Douglas W. Arner | Ross P. Buckley

The European Commission published its new Digital Finance Strategy on 24 September 2020. One of its centrepieces is the draft Regulation on Markets in Crypto-Assets (MiCA), designed to provide a...

OBLB categories

  • Financial Regulation
24 Nov 2020
3 min to read

Fintech and International Financial Regulation

Yesha Yadav

The shock suspension by Chinese regulators of Ant Financial’s $37 billion initial public offering points to a tougher and more complex compliance environment for fintech firms going forward. As Ant...
Featured

OBLB categories

  • Corporate Finance
  • Financial Regulation
19 Nov 2020
6 min to read

The DLT Pilot Regime: An EU Sandbox, at Last!

Wolf-Georg Ringe, Faculty of Law | Christopher Ruof

It has been five years since the UK Financial Conduct Authority pioneered the idea of a regulatory sandbox in the financial sector—a controlled space with relaxed rules, in which businesses can test...

OBLB categories

  • Corporate Finance
  • Corporate Governance
  • Financial Regulation
17 Nov 2020
5 min to read

The Inside Information Regime of the MAR and the Rise of the ESG Era

Peter O. Mülbert | Alexander Sajnovits

In our recent paper, we explore the potential impact of ESG-related information and of the increase in ESG-compliant investments on the prohibition on insider dealing and the obligation to publicly...

OBLB categories

  • Corporate Finance
  • Financial Regulation
11 Nov 2020
3 min to read

Managerial Oversight and NPLs Disclosure: Improving Regulatory Outcomes for Asset Quality

Andreas Kokkinis | Andrea Miglionico

The treatment of defaulting loans has become a major concern for supervisory authorities and bank regulators. During the global financial crisis (GFC), the growth of nonperforming loans (NPLs) was a...
Featured

OBLB categories

  • Corporate Finance
  • Financial Regulation
27 Oct 2020
5 min to read

Building a European market for crypto-assets: Who’s afraid of Libra?

Wolf-Georg Ringe, Faculty of Law

The European Commission has just proposed a new regime for regulating cryptoassets in the EU. The new ‘Digital Finance Package’ includes a number of interesting features. Its centrepiece is the...

OBLB categories

  • Financial Regulation
23 Oct 2020
4 min to read

Adapting India’s Regulatory Framework to Digital-only Banks: A Case for Reform

Shehnaz Ahmed | Krittika Chavaly

Fintech’s reach has been steadily expanding India, with a proliferation of intermediaries, particularly in the payments and lending spheres. While not wholly devoid of activity, the digital banking...

OBLB categories

  • Corporate Governance
  • Financial Regulation
23 Oct 2020
5 min to read

Corporate Governance Challenges in Initial Coin Offerings

Aurelio Gurrea Martínez | Nydia Remolina

In the past years, Initial Coin Offerings (ICOs) have become an important fundraising method for many individuals and firms. While most regulators, academics and policymakers around the world have...

OBLB categories

  • Financial Regulation
22 Oct 2020
6 min to read

The Architecture of Decentralised Finance Platforms in the Post COVID-19 Era — A New Open Finance Paradigm

Emilios Avgouleas | Aggelos Kiayias

During the COVID-19 pandemic a new consensus has emerged which castigates modern finance for its preponderance towards creation of excessive leverage and asset bubbles due to excessive borrowing,...

OBLB categories

  • Corporate Finance
  • Financial Regulation
21 Oct 2020
10 min to read

Big Fish in a Big Pond: Exploring Some Novel and Some Familiar Legal Issues Posed by DeFi and Sushiswap – Part B

Joon Kim

Part A of this post offered a high-level overview of DeFi by focusing on one particular DeFi project, Sushiswap. In this Part B, the post will explore legal and compliance considerations that are...
Featured

OBLB categories

  • Corporate Finance
  • Financial Regulation
20 Oct 2020
9 min to read

Big Fish in a Big Pond: Exploring Some Novel and Some Familiar Legal Issues Posed by DeFi and Sushiswap – Part A

Joon Kim

Decentralized finance (‘DeFi’) has become a major use case for blockchains over the past several months. Users have loaded billions of dollars onto DeFi platforms, causing the secondary market prices...

OBLB categories

  • Corporate Finance
  • Corporate Governance
  • Financial Regulation
19 Oct 2020
3 min to read

The Relevance of Public Law Uncertainty to Private Ordering on Stock Exchanges and Beyond

Jonathan Chan

Could public law uncertainty pose a problem for private ordering in the financial sector, not to mention other contexts? In a recent paper in the Journal of Corporate Law Studies, I examine the...

OBLB categories

  • Financial Regulation
19 Oct 2020
4 min to read

Developing Securities Markets in Sub-Saharan Africa: Does it Matter?

Onoriode Reginald Aziza

In my recently published working paper titled ‘Developing Securities Markets in Sub-Saharan Africa: Does it Matter?’, I revisit the debates on the utility of stock markets in sub-Saharan Africa. I...

OBLB categories

  • Financial Regulation
16 Oct 2020
12 min to read

Taming the Megabanks: Why We Need a New Glass-Steagall Act

Arthur E. Wilmarth Jr.

Banks became major participants in US securities markets twice in the past century—during the 1920s and after the mid-1990s. Both times, banks with ‘universal banking’ powers originated risky loans...

OBLB categories

  • Commercial Law
  • Financial Regulation
15 Oct 2020
4 min to read

EU Bank Insolvency Law Harmonization—What Next?

Michael Schillig

Prior to the COVID-19 crisis, the (further) harmonization of insolvency laws pertaining to credit institutions was firmly in the crosshairs of EU regulators and policy makers. The principal arguments...

OBLB categories

  • Financial Regulation
09 Oct 2020
6 min to read

The Wirecard Scandal: The High-speed Rise and Fall of a FinTech Company and Its Implications for Developed and Developing Economies

Stefan Zeranski | Ibrahim E. Sancak

Founded in Germany in 1999, Wirecard AG (‘AG’ is a public limited company formed in Germany) operated in the digital payment segment of the FinTech sector. The shares of Wirecard were listed in the...

OBLB categories

  • Commercial Law
  • Financial Regulation
08 Oct 2020
4 min to read

New Developments in Cryptoassets: Insights from Industry, Regulatory Concerns, and Responses

Apolline Blandin | Hatim Hussain

In the history of international monetary and payment systems, very few developments have witnessed the same breadth and intensity of change in a short period of time as cryptoassets. Over the past...

OBLB categories

  • Corporate Finance
  • Financial Regulation
06 Oct 2020
2 min to read

How Might Stablecoins or CBDCs Work in Practice?

Simon Gleeson

Payment media, from gold coins to stablecoins, exist to be used, and in practice their use requires payment systems. In our paper ‘Central Bank Digital Currencies And Stablecoins – How Might They...

OBLB categories

  • Financial Regulation
02 Oct 2020
3 min to read

Russia Adopts Law on Digital Financial Assets: A Step Forward or Another Move Towards Further Restrictions?

Mariet Mezokh

A new Russian law ‘On digital financial assets, digital currency and amendments to certain laws of the Russian Federation’ dated July 31, 2020 (‘the Law’) introduces definitions of digital financial...
Featured

OBLB categories

  • COVID-19
  • Financial Regulation
30 Sep 2020
2 min to read

The Government's Economic Response to the COVID Crisis

David Zaring

The COVID crisis has been an economic, as well as a public health, disaster, and the US government has responded to it by trying to loan money to as many institutions as it can, offering corporations...

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