Marketplace Lending as a New Means of Raising Capital in the Internal Market: True Disintermediation or Reintermediation?

Marketplace lending,enabled by technological innovation, represents a new opportunity for raising capital.It is regarded by the EU as having the potential to expand the financing options of SMEs and improve the integration of the Internal Capital Market. However,applying traditional legal categories and existing laws to marketplace lending and to other examples of the new \u201cplatform economy\u201d is not simple. Member States have adopted very different regulatory responses towards marketplace lending, with negative effects on the internal market.The essence of the regulatory dilemma consists in determining whether marketplace lending represents \u2013as it has been depicted by platforms themselves, particularly in contractual agreements through disclaimers \u2013 a true disintermediated method of raising capital, an innovative form of intermediation, or a traditional kind of intermediation disguised in new and fashionable clothing.The answer to this question has relevant consequences for the regulatory treatment of marketplace lending and it requires a uniform response in the EU, at least with respect to the largest cross-border platforms. After briefly describing marketplace lending in Europe and the various current trends in regulating it, the paper discusses the main regulatory issues from the perspective of the above-mentioned issues.It analyzes the recently adopted Regulation on European Crowdfunding Services Providers in order to verify whether the regulatory choices that it has made are effective,both for the further development of marketplace lending and for addressing the associated risks

Mercati regolati e nuove filiere di valore

Atti del Convegno ADDE Mercati regolati e nuove filiere di valor

Sistema produttivo e finanziario post COVID-19: dall’efficienza alla sostenibilità. Voci dal diritto dell’economia

Sistema produttivo e finanziario post COVID-19: dall’efficienza alla sostenibilità. Voci dal diritto dell’economi

IL NUOVO DIRITTO DELLE SOCIETA' DI CAPITALI E DELLE SOCIETA' COOPERTIVE

IL NUOVO DIRITTO DELLE SOCIETA' DI CAPITALI E DELLE SOCIETA' COOPERTIV

La moneta ai tempi di Internet, Analisi Giuridica dell'Economia

analisi di problematiche legate all'utilizzo di nuove tecnologie nel settore dei pagament

The European AI Act’s Impact on Financial Markets: From Governance to Co-Regulation

The study explores the general regulatory challenges arising from the need to mediate between a horizontal approach to AI regulation and the sector-specific dimensions of financial markets, with regards to the sectoral regulations that may already regulate some AI tools in the financial sector, the structural features of AI-driven financial services, as well as the traditional objectives of financial regulation. In this vein, this paper intends to identify the gaps left open by the AI Act’s requirements for a full control over financial AI-related risks. In second stance, it aims at providing first guidelines for the implementation of the AI Act’s horizontal requirements in the financial sector. To these ends, the analysis demonstrates the relevance of the governance strategies regarding ICT risks that financial institutions – and their boards of directors – will have to develop under the DORA, as an effective venue for addressing detected regulatory gaps in the field of financial AI. Outside the scope of single financial institutions’ compliance, and shifting to a market-wide perspective, the acknowledgment of the shortcomings related to the tools of supervised co-regulation (as regulatory sandboxes) proposed by the AI Act, confirms the importance of the enactment of sound supervisory policies by financial authorities. In this respect, it is shown how the AI Act’s provisions on AI supervision, matched with the rules under the DORA, pose fruitful legal grounds for the consolidation of financial AI supervisory schemes, based on the collaboration between different financial authorities, and between financial and other technology-relevant authorities, as the European Artificial Intelligence Board