Supervising and Regulating Science and Technology: Supervisory Challenges and Dimensional Construction of Financial Technology

Seminar/Forum

Supervising and Regulating Science and Technology: Supervisory Challenges and Dimensional Construction of Financial Technology

Room 608, Level 6
Melbourne Law School

Map

More information

law-alc@unimelb.edu.au

The technological and operational risks in technology-driven financial innovations, and even the possibility of induced systemic risk force regulators to make effective responses. However, due to the absence of regulatory technology, the lag in regulatory laws and out-of-date regulatory concepts, traditional regulatory systems and laws focused on prudential, functional and behavioral supervision cannot effectively respond to the present state of disintermediation and decentralized financial transactions. Therefore, to the traditional prudential and behavioral dimensions of financial supervision must be added the technological dimension, forming a two-dimension regulatory system that is better able to cope with the inherent risks in financial science and technology and the consequent regulatory challenges. We should be committed to relying on technologies such as big data, cloud computing, artificial intelligence and blockchain to build a technology-driven regulatory system. With data driven regulation at its heart, this system should build a financial monitoring system centered on distributed equal supervision, intelligent real-time supervision and a pilot regulatory sandbox, breaking through the inherent predicament of traditional financial supervision and innovating regulatory models to protect financial consumers and maintain financial stability.

This seminar is hosted jointly by the Asian Law Centre and the Centre for Corporate Law.

Presenter

  • Professor Dong Yang
    Professor Dong Yang, Renmin University of China