Regulating (Fin)tech Markets 2600-IBP-RFTM
The seminar covers the following topics:
1. Basic concepts of digital finance law and an outline of legal regulations
− placement in the legal system
− cash, accounting money, electronic money, digital currencies
− payment systems
− general outline of legal regulations - PSD3, PSR, FIDA, AMLR, IPR, MICA, DORA, ECSP, FATF
− recommendations and recommendations of supervisory authorities - EBA, KNF, GIIF
2. Payment services law - public law issues
− types of payment service providers
− licensing of payment service providers
− passporting of services by payment service providers - the principle of a single license
− supervision by EBA, KNF, GIIF, NBP
3. Payment services law - private law issues
− types of payment services - transfer, money order, direct debit, payment by card, issuing and acquiring, payment initiation services and access to account information
− the concept of a payment account and its legal implications
− Payment Services Agreement - Regulations and Types
− Liability for executing payment transactions
− Liability for unauthorized transactions, ECJ case law
4. Anti-money laundering and terrorism financing law
− Basic legal regulations: FATF, Wolfsberg, AMLD, AMLR, Polish Anti-Money Laundering Act
− Obligated institution - legal implications
− Applying financial security measures and reporting suspicious transactions
− Outsourcing and entrusting the implementation of financial security measures
− GIIF supervision and sanctions
5. DORA and financial services outsourcing
− Principles of applying outsourcing of financial services
− Obligations of the outsourcer and insourcer
− Outsourcing Agreement Requirements
6. Regulation of Cryptoassets (MICA) and Crowdfunding - ECSP
− Types of cryptoassets
− Supervision of entities operating in the field of cryptoassets
− crowdfunding rules
7. Banking as a Service (BaaS)
− The concept of BaaS, embedded finance, basic legal regulations
− requirements for entities providing BaaS services
− BaaS types: Model 1: payment services, savings accounts, investment services; Model 2: access to payment systems, "safeguarded" accounts, virtual IBAN; Model 3: credit services - "fronting"; Model 4: receivables financing
− opportunities and risks associated with BaaS
Course coordinators
Type of course
Learning outcomes
Student after completing the course:
In terms of knowledge:
● Knows and understands at an advanced level the terminology related to the legal aspects of digital finance within the disciplinelegal sciences, economics and finance, and management and quality sciences. (K_W01)
● Has an advanced knowledge and understanding of the legal structures related to digital finance. (K_W02)
● Demonstrates advanced knowledge and understanding of the theories and legal models related to digital finance. (K_W03)
● Knows and understands at an advanced level the legal regulations relating to digital finance. (K_W04)
● Knows and understands technological processes and phenomena to an advanced degree,social, political, legal and economic and their impact on the legal regulations of digital finance. (K_W05)
In terms of skills:
● Can use the theory of discipline, legal sciences, economics and finance, management and quality sciences to recognize, diagnose and solve problems related to the application of digital finance law, using appropriate selection of sources and adapting existing methods. (K_U01)
● Is able to correctly interpret technological, social, political, legal, economic and ecological processes and phenomena and their impact on digital finance law, using the appropriate selection of sources.(K_U02)
● Is able to independently and collaboratively prepare analyses and diagnoses on digital finance law and present them communicatively in English (K_U03)
● Is able to plan and organize his/her own and team work.(K_U04)
● Has the ability to self-educate and improve acquired qualifications. (K_U05)
In terms of social competences:
● Is ready to evaluate and critically approach situations and phenomena related to the creation and application of digital finance law. (K_K01)
● Is willing to adhere to professional ethical standards regarding the creation and application of law in the field of digital finance.(K_K02)
Assessment criteria
Attendance - 4 points - (two absences are allowed; in case of more, credit must be obtained during office hours)
Active participation in classes max 3 points - (there will be sessions where students will work in groups on issues in the form of case studies)
Written test max 3 points - (multiple-choice questions)
Pass with a grade.
Attendance (two absences are allowed; in case of more, credit must be obtained during office hours)
Active participation in classes (there will be sessions where students will work in groups on issues in the form of case studies)
Written test (single-choice questions)
Bibliography
Required:
● Hallak, I. (2024). Digital finance legislation: Overview and state of play. European Parliamentary Research Service (EPRS), Briefing. https://www.europarl.europa.eu/RegData/etudes/BRIE/2024/762308/EPRS_BRI(2024)762308_EN.pdf
● Górka, J. (2025). The rise of instant payments: A cross-country comparison. Central European Management Journal. https://doi.org/10.1108/CEMJ-10-2024-0297
● Grabowski, M. (2021). Legal aspects of “white-label” banking in the European, Polish and German law. Journal of Risk and Financial Management, 14(6), 280. https://doi.org/10.3390/jrfm14060280
Optional:
● Grabowski, M. (2022). Virtual IBAN as a service in the law of the European Union and Poland. Journal of Risk and Financial Management, 15(12), 566. https://doi.org/10.3390/jrfm15120566
● Grabowski, M. (2024). Account information and payment initiation services and the related AML obligations in the law of the European Union. FinTech, 3(1), 173–183. https://doi.org/10.3390/fintech3010011
● Górka, J. (Ed.). (2016). Transforming payment systems in Europe. Palgrave Macmillan.