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4 - RegTech and the Reconceptualisation of Financial Regulation

from Part I - Digital Transformation of Finance and Regulation

Published online by Cambridge University Press:  09 November 2023

Ross P. Buckley
Affiliation:
University of New South Wales, Sydney
Douglas W. Arner
Affiliation:
The University of Hong Kong
Dirk A. Zetzsche
Affiliation:
Université du Luxembourg
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Summary

RegTech is the use of technology, particularly information technology, in monitoring, compliance and regulatory reporting by industry, and in supervision and enforcement by regulators. For industry, regulators and policymakers, the pace of transformation in digital financial products and systems requires ever greater use of RegTech. In this sense, FinTech demands RegTech. While the principal regulatory objectives of financial stability, prudential safety, consumer protection, and promoting competition remain, their attainment increasingly requires the deployment of sophisticated technology by both reporting entities and regulators. The increasing use of RegTech prompts a paradigm shift necessitating the reconceptualisation of financial regulation.

Type
Chapter
Information
FinTech
Finance, Technology and Regulation
, pp. 43 - 57
Publisher: Cambridge University Press
Print publication year: 2023

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