Regulação das fintechs e sandboxes regulatórias
Autor(a) principal: | |
---|---|
Data de Publicação: | 2019 |
Tipo de documento: | Dissertação |
Idioma: | por |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | https://hdl.handle.net/10438/27348 |
Resumo: | This paper aims to study the regulatory impacts of the rise and development of fintechs, which can be defined as technology financial companies that have shaken the financial market with disruptive innovations and completely altered the dynamics and functioning of the sector due to the application of computational technologies such as big data analytics, algorithms, artificial intelligence and machine learning. With a special focus on prudential and systemic regulation, the research identifies the problem of systemically relevant regulatory disconnection and seeks to offer a solution within the theoretical framework of dynamic regulation, through an experimental tool: the regulatory sandboxes. Starting from the premise that the speed of the digital technological transformations caused by the fintech phenomenon is capable of generating regulatory difficulties within the normative function exercised by Regulatory Bodies, giving rise to the problem of regulatory disconnection, that is, the rupture between the normative framework and the new reality of the sector, this work is intended to tackle two questions. First, it is investigated whether systemic risks, arising from the new dynamics of fintechs, are neglected, as a result of regulatory disconnection on the financial market, and therefore raising the problem of systemically relevant regulatory disconnection. Secondly, it is sought to investigate whether, in light of its peculiar characteristics, regulatory sandboxes prove to be a useful tool to solve or mitigate such a problem. The hypothesis is that, due to the dawn of the technological-financial innovations deriving from the fintech phenomenon, new sources of systemic risk arise, as a consequence of the application of new computational technologies and the profile of new entrants in the market. This fact then could have the potential of creating an environment able to worsen the systemic regulatory disconnection, especially in light of the current prudential and systemic regulatory rules that, due to the global financial crisis, are mainly concerned with supervising the performance of large financial conglomerates, causing new risks not included in this category to come to be unwillingly neglected. In addition, it is suggested that regulatory sandboxes, as an incentive tool based on structured experimentalism, are able to mitigate the problem of systemically relevant regulatory disconnection by allowing the testing of innovative products and services in a controlled environment under the supervision of the regulator, making it possible to reduce the informational asymmetry between regulator and the market, thus enabling the updating of the normative-regulatory framework in a timely or less outdated manner. In addition, such a mechanism allows the regulator to address the double challenge imposed by the new dynamics of fintechs of fostering innovation and competitiveness in the financial market, while ensuring the financial stability and systemic solidity of the sector. |
id |
FGV_cbc279222965f8f6b719fe069c7b4842 |
---|---|
oai_identifier_str |
oai:repositorio.fgv.br:10438/27348 |
network_acronym_str |
FGV |
network_name_str |
Repositório Institucional do FGV (FGV Repositório Digital) |
repository_id_str |
3974 |
spelling |
Vianna, Eduardo Araujo BruzziEscolas::DIREITO RIOGuerra, Sérgio Antônio SilvaBaptista, PatríciaJordão, Eduardo FerreiraArguelhes, Diego Werneck2019-04-11T19:11:43Z2019-04-11T19:11:43Z2019-01-29https://hdl.handle.net/10438/27348This paper aims to study the regulatory impacts of the rise and development of fintechs, which can be defined as technology financial companies that have shaken the financial market with disruptive innovations and completely altered the dynamics and functioning of the sector due to the application of computational technologies such as big data analytics, algorithms, artificial intelligence and machine learning. With a special focus on prudential and systemic regulation, the research identifies the problem of systemically relevant regulatory disconnection and seeks to offer a solution within the theoretical framework of dynamic regulation, through an experimental tool: the regulatory sandboxes. Starting from the premise that the speed of the digital technological transformations caused by the fintech phenomenon is capable of generating regulatory difficulties within the normative function exercised by Regulatory Bodies, giving rise to the problem of regulatory disconnection, that is, the rupture between the normative framework and the new reality of the sector, this work is intended to tackle two questions. First, it is investigated whether systemic risks, arising from the new dynamics of fintechs, are neglected, as a result of regulatory disconnection on the financial market, and therefore raising the problem of systemically relevant regulatory disconnection. Secondly, it is sought to investigate whether, in light of its peculiar characteristics, regulatory sandboxes prove to be a useful tool to solve or mitigate such a problem. The hypothesis is that, due to the dawn of the technological-financial innovations deriving from the fintech phenomenon, new sources of systemic risk arise, as a consequence of the application of new computational technologies and the profile of new entrants in the market. This fact then could have the potential of creating an environment able to worsen the systemic regulatory disconnection, especially in light of the current prudential and systemic regulatory rules that, due to the global financial crisis, are mainly concerned with supervising the performance of large financial conglomerates, causing new risks not included in this category to come to be unwillingly neglected. In addition, it is suggested that regulatory sandboxes, as an incentive tool based on structured experimentalism, are able to mitigate the problem of systemically relevant regulatory disconnection by allowing the testing of innovative products and services in a controlled environment under the supervision of the regulator, making it possible to reduce the informational asymmetry between regulator and the market, thus enabling the updating of the normative-regulatory framework in a timely or less outdated manner. In addition, such a mechanism allows the regulator to address the double challenge imposed by the new dynamics of fintechs of fostering innovation and competitiveness in the financial market, while ensuring the financial stability and systemic solidity of the sector.O trabalho tem por objetivo estudar os impactos regulatórios decorrentes do surgimento e desenvolvimento das fintechs, empresas de tecnologia-financeira que abalaram o mercado financeiro com inovações disruptivas, alterando por completo a dinâmica e o funcionamento do setor por força da aplicação de tecnologias computacionais como big data analytics, algoritmos, inteligência artificial e machine learning. Com especial enfoque na regulação prudencial e sistêmica, a pesquisa identifica o problema de desconexão regulatória sistemicamente relevante e procura oferecer solução dentro do referencial teórico da regulação dinâmica, por meio de ferramental experimentalista: as sandboxes regulatórias. Partindo da premissa de que a velocidade das transformações tecnológico-digitais causadas pelo fenômeno fintech é capaz de gerar dificuldades no exercício da função normativa pelos órgãos de regulação, dando azo ao problema de desconexão regulatória, isto é, o rompimento entre o arcabouço normativo e a nova realidade do setor, este trabalho tem por escopo tentar responder a duas indagações. Primeiramente, procura-se investigar se o problema de desconexão regulatória, ao incidir sobre o mercado financeiro, é capaz de fazer com que riscos sistêmicos trazidos pela nova dinâmica das fintechs sejam negligenciados, dando origem ao conceito de desconexão regulatória sistemicamente relevante. Em segundo lugar, almeja-se pesquisar se, à luz de suas características peculiares, as sandboxes regulatórias se revelam como instrumento hábil a solucionar ou mitigar esse problema. A hipótese que se apresenta é a de que, por força do advento das inovações tecnológico-financeiras oriundas do fenômeno fintech, surgem novas fontes de risco sistêmico, fruto da aplicação de novas tecnologias computacionais e do perfil de novos entrantes no mercado, capazes de levar à desconexão regulatória sistemicamente relevante, principalmente em vista das normas de regulação prudencial e sistêmica atuais que, por força da crise financeira global, se preocupam precipuamente em supervisionar a atuação de grandes conglomerados financeiros, fazendo com que novos riscos não enquadrados nessa categoria possam vir a ser involuntariamente negligenciados. Ademais, sugere-se que as sandboxes regulatórias, como instrumento de fomento baseado em experimentalismo estruturado, são capazes de mitigar o problema de desconexão regulatória sistemicamente relevante ao permitir o teste de produtos e serviços inovadores em ambiente controlado e mediante supervisão do regulador, possibilitando a redução de assimetria informacional entre este e os agentes de mercado e, com isso, viabilizando a atualização do arcabouço normativo-regulatório de forma tempestiva – ou menos defasada. Além disso, tal mecanismo permite ao regulador fazer frente ao duplo desafio imposto pela nova dinâmica das fintechs, de fomentar a inovação e a competitividade no mercado financeiro, ao mesmo tempo em que garante a estabilidade financeira e a solidez sistêmica do setor.porRegulatory lawFinancial regulationFintechsRegulatory disconnectionSystemic riskRegulatory sandboxesDireito regulatórioRegulação financeiraFintechsDesconexão regulatóriaSandboxes regulatóriasInstituições financeiras - Inovações tecnológicasDireito regulatórioRegulação das fintechs e sandboxes regulatóriasinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisinfo:eu-repo/semantics/openAccessreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVTEXTDISSERTAÇÃO_EDUARDO_BRUZZI.pdf.txtDISSERTAÇÃO_EDUARDO_BRUZZI.pdf.txtExtracted texttext/plain102119https://repositorio.fgv.br/bitstreams/4b301dfe-ee46-4840-8194-8709ac23e5a2/download0468b36fbae71030ef8887c7cc0c2be8MD55PDF.txtPDF.txtExtracted texttext/plain102119https://repositorio.fgv.br/bitstreams/f1b31422-7065-4e9a-a547-7bd94694a5a4/download0468b36fbae71030ef8887c7cc0c2be8MD57ORIGINALPDFPDFapplication/pdf1722640https://repositorio.fgv.br/bitstreams/557c8d2b-b904-4b30-97c7-83feb1b58d47/downloadbd0ab36af64eea460c9fc5b47afc3cccMD51LICENSElicense.txtlicense.txttext/plain; charset=utf-84707https://repositorio.fgv.br/bitstreams/a648a032-4957-4994-ae5a-e042b63d053b/downloaddfb340242cced38a6cca06c627998fa1MD52THUMBNAILDISSERTAÇÃO_EDUARDO_BRUZZI.pdf.jpgDISSERTAÇÃO_EDUARDO_BRUZZI.pdf.jpgGenerated Thumbnailimage/jpeg2741https://repositorio.fgv.br/bitstreams/5a376dd3-7f4f-4d17-9ed2-2da7ddf7784e/download4904049f4a61870bcdf3958570989139MD56PDF.jpgPDF.jpgGenerated Thumbnailimage/jpeg2741https://repositorio.fgv.br/bitstreams/27777db5-5838-4d9f-806c-897b34428066/download4904049f4a61870bcdf3958570989139MD5810438/273482024-07-08 19:02:36.12open.accessoai:repositorio.fgv.br:10438/27348https://repositorio.fgv.brRepositório InstitucionalPRIhttp://bibliotecadigital.fgv.br/dspace-oai/requestopendoar:39742024-07-08T19:02:36Repositório Institucional do FGV (FGV Repositório Digital) - Fundação Getulio Vargas (FGV)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 |
dc.title.por.fl_str_mv |
Regulação das fintechs e sandboxes regulatórias |
title |
Regulação das fintechs e sandboxes regulatórias |
spellingShingle |
Regulação das fintechs e sandboxes regulatórias Vianna, Eduardo Araujo Bruzzi Regulatory law Financial regulation Fintechs Regulatory disconnection Systemic risk Regulatory sandboxes Direito regulatório Regulação financeira Fintechs Desconexão regulatória Sandboxes regulatórias Instituições financeiras - Inovações tecnológicas Direito regulatório |
title_short |
Regulação das fintechs e sandboxes regulatórias |
title_full |
Regulação das fintechs e sandboxes regulatórias |
title_fullStr |
Regulação das fintechs e sandboxes regulatórias |
title_full_unstemmed |
Regulação das fintechs e sandboxes regulatórias |
title_sort |
Regulação das fintechs e sandboxes regulatórias |
author |
Vianna, Eduardo Araujo Bruzzi |
author_facet |
Vianna, Eduardo Araujo Bruzzi |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::DIREITO RIO |
dc.contributor.member.none.fl_str_mv |
Guerra, Sérgio Antônio Silva Baptista, Patrícia Jordão, Eduardo Ferreira |
dc.contributor.author.fl_str_mv |
Vianna, Eduardo Araujo Bruzzi |
dc.contributor.advisor1.fl_str_mv |
Arguelhes, Diego Werneck |
contributor_str_mv |
Arguelhes, Diego Werneck |
dc.subject.eng.fl_str_mv |
Regulatory law Financial regulation Fintechs Regulatory disconnection Systemic risk Regulatory sandboxes |
topic |
Regulatory law Financial regulation Fintechs Regulatory disconnection Systemic risk Regulatory sandboxes Direito regulatório Regulação financeira Fintechs Desconexão regulatória Sandboxes regulatórias Instituições financeiras - Inovações tecnológicas Direito regulatório |
dc.subject.por.fl_str_mv |
Direito regulatório Regulação financeira Fintechs Desconexão regulatória Sandboxes regulatórias |
dc.subject.bibliodata.por.fl_str_mv |
Instituições financeiras - Inovações tecnológicas Direito regulatório |
description |
This paper aims to study the regulatory impacts of the rise and development of fintechs, which can be defined as technology financial companies that have shaken the financial market with disruptive innovations and completely altered the dynamics and functioning of the sector due to the application of computational technologies such as big data analytics, algorithms, artificial intelligence and machine learning. With a special focus on prudential and systemic regulation, the research identifies the problem of systemically relevant regulatory disconnection and seeks to offer a solution within the theoretical framework of dynamic regulation, through an experimental tool: the regulatory sandboxes. Starting from the premise that the speed of the digital technological transformations caused by the fintech phenomenon is capable of generating regulatory difficulties within the normative function exercised by Regulatory Bodies, giving rise to the problem of regulatory disconnection, that is, the rupture between the normative framework and the new reality of the sector, this work is intended to tackle two questions. First, it is investigated whether systemic risks, arising from the new dynamics of fintechs, are neglected, as a result of regulatory disconnection on the financial market, and therefore raising the problem of systemically relevant regulatory disconnection. Secondly, it is sought to investigate whether, in light of its peculiar characteristics, regulatory sandboxes prove to be a useful tool to solve or mitigate such a problem. The hypothesis is that, due to the dawn of the technological-financial innovations deriving from the fintech phenomenon, new sources of systemic risk arise, as a consequence of the application of new computational technologies and the profile of new entrants in the market. This fact then could have the potential of creating an environment able to worsen the systemic regulatory disconnection, especially in light of the current prudential and systemic regulatory rules that, due to the global financial crisis, are mainly concerned with supervising the performance of large financial conglomerates, causing new risks not included in this category to come to be unwillingly neglected. In addition, it is suggested that regulatory sandboxes, as an incentive tool based on structured experimentalism, are able to mitigate the problem of systemically relevant regulatory disconnection by allowing the testing of innovative products and services in a controlled environment under the supervision of the regulator, making it possible to reduce the informational asymmetry between regulator and the market, thus enabling the updating of the normative-regulatory framework in a timely or less outdated manner. In addition, such a mechanism allows the regulator to address the double challenge imposed by the new dynamics of fintechs of fostering innovation and competitiveness in the financial market, while ensuring the financial stability and systemic solidity of the sector. |
publishDate |
2019 |
dc.date.accessioned.fl_str_mv |
2019-04-11T19:11:43Z |
dc.date.available.fl_str_mv |
2019-04-11T19:11:43Z |
dc.date.issued.fl_str_mv |
2019-01-29 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://hdl.handle.net/10438/27348 |
url |
https://hdl.handle.net/10438/27348 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.source.none.fl_str_mv |
reponame:Repositório Institucional do FGV (FGV Repositório Digital) instname:Fundação Getulio Vargas (FGV) instacron:FGV |
instname_str |
Fundação Getulio Vargas (FGV) |
instacron_str |
FGV |
institution |
FGV |
reponame_str |
Repositório Institucional do FGV (FGV Repositório Digital) |
collection |
Repositório Institucional do FGV (FGV Repositório Digital) |
bitstream.url.fl_str_mv |
https://repositorio.fgv.br/bitstreams/4b301dfe-ee46-4840-8194-8709ac23e5a2/download https://repositorio.fgv.br/bitstreams/f1b31422-7065-4e9a-a547-7bd94694a5a4/download https://repositorio.fgv.br/bitstreams/557c8d2b-b904-4b30-97c7-83feb1b58d47/download https://repositorio.fgv.br/bitstreams/a648a032-4957-4994-ae5a-e042b63d053b/download https://repositorio.fgv.br/bitstreams/5a376dd3-7f4f-4d17-9ed2-2da7ddf7784e/download https://repositorio.fgv.br/bitstreams/27777db5-5838-4d9f-806c-897b34428066/download |
bitstream.checksum.fl_str_mv |
0468b36fbae71030ef8887c7cc0c2be8 0468b36fbae71030ef8887c7cc0c2be8 bd0ab36af64eea460c9fc5b47afc3ccc dfb340242cced38a6cca06c627998fa1 4904049f4a61870bcdf3958570989139 4904049f4a61870bcdf3958570989139 |
bitstream.checksumAlgorithm.fl_str_mv |
MD5 MD5 MD5 MD5 MD5 MD5 |
repository.name.fl_str_mv |
Repositório Institucional do FGV (FGV Repositório Digital) - Fundação Getulio Vargas (FGV) |
repository.mail.fl_str_mv |
|
_version_ |
1810023628220137472 |