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Utilization of Information Technology in Financial Regulation and Compliance
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Utilization of Information Technology in Financial Regulation and Compliance

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Financial Technology and Innovation".

Deadline for manuscript submissions: closed (30 June 2023) | Viewed by 9033

Special Issue Editors

Dr. Alison Lui

E-Mail Website
Guest Editor
School of Law, Faculty of Business and Law, Liverpool John Moores University, Liverpool L3 5UG, UK
Interests: corporate and financial law; intellectual property; FinTech; financial regulation
Dr. Nobert Osemeke

E-Mail Website
Guest Editor
Liverpool Business School, Faculty of Business and Law, Liverpool John Moores University, Liverpool L3 5UG, UK
Interests: business mathematics; strategic financial management; forensic accounting; financial accounting and corporate governance
Dr. Fan Zhang

E-Mail Website
Guest Editor
Liverpool Business School, Faculty of Business and Law, Liverpool John Moores University, Liverpool L3 5UG, UK
Interests: investment; strategic asset allocation; monetary policy

Special Issue Information

Dear Colleagues,

This Special Issue focuses on the utilisation of information technology in financial regulation and compliance. In particular, we highlight the use of artificial intelligence in financial regulation and compliance. According to the 2022 AI Index Report, the number of legislative bills containing the words “artificial intelligence” has increased from 1 in 2016 to 18 in 2021. Spain, the United Kingdom, and the United States passed the highest number of AI-related bills in 2021. Regulation and governance of AI are crucial to promote trust in financial technology.

We invite papers that explore the multitude of ways in promoting trust in FinTech from both qualitative and quantitative perspectives. Topics are particularly welcomed from the following:

  • AI and auditing;
  • AI governance;
  • Data governance;
  • AI legislation and regulation;
  • AI marketing compliance;
  • Corporate governance and AI;
  • Cryptocurrency regulation;
  • Ethics and AI;
  • Machine learning regulatory compliance;
  • Metaverse and banking;
  • Non-fungible tokens and AI.

The above list is non-exhaustive and we are open to good quality submissions in any broad theme of promoting trust in financial technology.

We look forward to reading your submissions.

Dr. Alison Lui
Dr. Nobert Osemeke
Dr. Fan Zhang
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Published Papers (3 papers)

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Research

19 pages, 1739 KiB  
Article
Fintech Data Infrastructure for ESG Disclosure Compliance
by Randall E. Duran and Peter Tierney
J. Risk Financial Manag. 2023, 16(8), 378; https://doi.org/10.3390/jrfm16080378 - 19 Aug 2023
Viewed by 1881
Abstract
Regulations related to the disclosure of environmental, governance, and social (ESG) factors are evolving rapidly and are a major concern for financial compliance worldwide. Information technology has the potential to reduce the effort and cost of ESG disclosure compliance. However, comprehensive and accurate [...] Read more.
Regulations related to the disclosure of environmental, governance, and social (ESG) factors are evolving rapidly and are a major concern for financial compliance worldwide. Information technology has the potential to reduce the effort and cost of ESG disclosure compliance. However, comprehensive and accurate ESG data are necessary for disclosures. Currently, the availability and quality of underlying data for ESG disclosures vary widely and are often deficient. The process involved with obtaining ESG data is also often inefficient and prone to error. This paper compares the models used and the evolution of Fintech data infrastructure developed to support financial services with the requirements and trajectory of ESG disclosure compliance. Based on existing Fintech models, it presents a sustainability data infrastructure framework that aims to address current ESG data challenges, including data governance concerns, on a large scale. In conclusion, it highlights key considerations and recommendations for policymakers. Full article
(This article belongs to the Special Issue Utilization of Information Technology in Financial Regulation and Compliance)
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17 pages, 357 KiB  
Article
Model Framework for Consumer Protection and Crypto-Exchanges Regulation
by Aleksandr P. Alekseenko
J. Risk Financial Manag. 2023, 16(7), 305; https://doi.org/10.3390/jrfm16070305 - 23 Jun 2023
Cited by 3 | Viewed by 3818
Abstract
Cross-border insolvency of crypto-exchanges, cyber-risks, transnational character of activities with cryptocurrencies, and financial frauds on the Internet are among the key threats for individuals who use Bitcoin as an investment. Moreover, crypto-exchanges impose consumer agreements containing provisions limiting their liability for hacker attacks [...] Read more.
Cross-border insolvency of crypto-exchanges, cyber-risks, transnational character of activities with cryptocurrencies, and financial frauds on the Internet are among the key threats for individuals who use Bitcoin as an investment. Moreover, crypto-exchanges impose consumer agreements containing provisions limiting their liability for hacker attacks and other clauses promoting inequality in relations with investors. All the named obstacles highlight the vulnerability of unsophisticated individuals investing in digital assets and have pointed out the necessity to adopt an internationally recognized model of rules for crypto-exchanges, otherwise, it will be impossible to effectively protect the rights of investors engaged in the activities of intermediaries exchanging and keeping decentralized cryptocurrencies. The purpose of the study is to elaborate on the fundamentals for constructing an international legal framework protecting consumers from risks arising from the activities of crypto-exchanges dealing with decentralized cryptocurrencies. Based on the methodology of comparative legal study, this paper examines the judicial practice of various countries and the legislation of jurisdictions popular among crypto-exchanges. The research explores the nature of Bitcoin, describes the types of crypto-exchanges and discusses the main approaches to crypto-exchanges regulation. It argues that an international framework on crypto-exchanges should be based on understanding Bitcoin as a commodity which is situated in the place of crypto-exchange incorporation, licensing of crypto-exchanges, and self-regulation. Full article
(This article belongs to the Special Issue Utilization of Information Technology in Financial Regulation and Compliance)
13 pages, 1179 KiB  
Article
GameStop or Game Just Started? Leveling the Playing Field for Social Media Meme Investors to Rebuild the Public’s Trust
by Zi Yang
J. Risk Financial Manag. 2023, 16(1), 13; https://doi.org/10.3390/jrfm16010013 - 27 Dec 2022
Cited by 2 | Viewed by 2842
Abstract
Against the GameStop frenzy in 2021, this article defines meme investors as a new group of investors in financial markets while demonstrating meme investors’ regulatory and social implications. By comparing meme investors with traditional investors under the MiFID II regime, this article finds [...] Read more.
Against the GameStop frenzy in 2021, this article defines meme investors as a new group of investors in financial markets while demonstrating meme investors’ regulatory and social implications. By comparing meme investors with traditional investors under the MiFID II regime, this article finds that meme investors are significantly less wealthy than traditional investors, trade via digital trading platforms, and rely on social media information for investment decision making. This article argues that the emergence of meme investors is an expression of the public’s desire for financial inclusion and their frustration with traditional financial institutions. Therefore, properly engaging with meme investors is crucial for rebuilding the public’s trust towards regulators. After illustrating meme investors’ exposure to default risks, legal uncertainty, and online misinformation, this article calls for regulators to engage with social media meme investors and improve financial literacy among the public. Full article
(This article belongs to the Special Issue Utilization of Information Technology in Financial Regulation and Compliance)
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