The DLT Sandbox under the Pilot-Regulation

in Capital Markets Law Journal (in press)

Sustainability, FinTech and Financial Inclusion

in European Business Organization Law Review (in press)

Building FinTech Ecosystems: Regulatory Sandboxes, Innovation Hubs and Beyond

in Washington University Journal of Law and Policy (in press), 61

Around the world, regulators and policymakers are working to support the development of financial technology (FinTech) ecosystems. As one example, over 50 jurisdictions have now established or announced ... [more ▼]

Around the world, regulators and policymakers are working to support the development of financial technology (FinTech) ecosystems. As one example, over 50 jurisdictions have now established or announced “financial regulatory sandboxes”. Others have announced or established “innovation hubs”, sometimes incorporating a regulatory sandbox as one element. This article argues that innovation hubs provide all the benefits that the policy discussion associates with regulatory sandboxes, while avoiding most downsides of regulatory sandboxes, and that many benefits typically attributed to sandboxes are the result of inconsistent terminology, and actually accrue from the work of innovation hubs. The paper presents, as the first contribution of its kind, data on regulatory sandboxes and innovation hubs and argues that the data so far available on sandboxes does not justify the statement that regulatory sandboxes are the most effective approach to building FinTech ecosystems. Given that regulatory sandboxes require significant financial contributions, sometimes new legislation, and intense regulatory risk management, and that sandboxes do not work as well on a stand-alone basis (i.e. without an innovation hub), while innovation hubs alone can provide more significant benefits in supporting the development of a FinTech ecosystem, regulators should focus their resources on developing effective innovation hubs, including in appropriate cases a sandbox as one possible element. [less ▲]

§§ 54 bis 57 WpHG betreffend Positionslimits und Positionsmanagementkontrollen bei Warenderivaten und Positionsmeldungen

in Kapitalmarktrechtskommentar (in press)

Europäisches Kapitalmarktrecht: Intermediärsrecht (§ 13)

in Enzyklopädie des Europarechts, Europäisches Privat- und Unternehmensrecht, Band 6 (in press)

Regulating Libra

in Oxford Journal of Legal Studies (in press)

§§ 53a bis 56 AktG zur Gleichbehandlung der Aktionäre und Nebenabreden mit Aktionären

in Zetzsche, Dirk Andreas; Noack, Ulrich (Eds.) Kölner Kommentar zum Aktiengesetz (in press)

Building Regional Payment Areas: The Single Rule Book Approach

E-print/Working paper (2022)

TechRisk

in Singapore Journal of Legal Studies (2021)

Taxing Data-driven Business: Towards Datapoint Pricing

in World Tax Journal 13 (Vol 2, May 2021), 217-251 (2021)