Keeping Pace with Change: Fintech and the Evolution of Commercial Law
FinTech Notes, January 27, 2022
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Bibliographic details
- Authors: Jose M Garrido, Yan Liu
- Published: January 27, 2022
- Series: FinTech Notes
- DOI: https://doi.org/10.5089/9781616358754.063
Overview
- Authors: Jose M Garrido, Yan Liu
- Publication date: January 27, 2022
- Series: FinTech Notes No 2022/001
- Issue: 001
- Pages: 30
- DOI: https://doi.org/10.5089/9781616358754.063
- ISBN: 9781616358754
- ISSN: 2664-5912
- Summary of purpose: Explores interactions between new technologies and key areas of commercial law, and potential legal changes to respond to developments in technology and businesses. Inspired by the Bali Fintech Agenda.
Structure of the note
- Section II: Describes the relations between technology, business, and law.
- Section III: Discusses the nature and functions of commercial law.
- Section IV: Provides a brief overview of developments in fintech.
- Section V: Examines the interaction between technology and commercial law.
- Section VI: Concludes with a preliminary agenda for legal reform to accommodate the use of new technologies.
Key findings and analysis
- New technologies interact with multiple areas of commercial law and may outpace existing legal frameworks.
- Country authorities need to closely examine the adequacy of their legal frameworks to accommodate the use of new technologies.
- Implementing necessary legal reform can help reap the benefits of fintech while mitigating risks.
- Given the cross-border nature of new technologies, international cooperation among all relevant stakeholders is critical.
- The note frames its analysis around established commercial law domains, including:
- contract law and automated contracting (including smart contracts),
- company law,
- secured transactions and registries,
- insolvency,
- securities and negotiable instruments,
- registries and tokens,
- interactions with emerging technologies such as Blockchain and DLT, artificial intelligence, and the Internet of Things.
Policy recommendations and preliminary legal reform agenda
- Authorities should undertake close examinations of existing commercial law frameworks to determine adequacy for new technologies.
- Implement legal reforms targeted at accommodating the use of new technologies in areas such as:
- contract law (including treatment of automated contracting and smart contracts),
- company law,
- secured transactions and registries,
- insolvency frameworks,
- securities and negotiable instruments.
- Promote international cooperation among relevant stakeholders to address cross-border legal issues arising from fintech and distributed technologies.
Subject areas and keywords covered
- Subjects: Blockchain and DLT, Central banks, Economic sectors, Economic theory, Emerging technologies, Financial institutions, Securities, Smart contracts, Technological innovation, Technology
- Keywords (selected): artificial intelligence, automated conrtracting, B. contract law, Blockchain and DLT, commercial law, company law, contract law, digital technology, distributed ledger technology, DLT network, Emerging technologies, evolution of commercial law, fintech, FINTECH note, insolvency, Internet of Things, registries, secured transactions, Securities, securities and negotiable instruments, smart contracts, tokens
Source: Keeping Pace with Change: Fintech and the Evolution of Commercial Law, Jose M Garrido and Yan Liu, FinTech Notes 2022, 001 (2022), IMF, January 27, 2022.
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- Keeping Pace with Change: Fintech and the Evolution of Commercial Law