Suchergebnisse für Künstliche Intelligenz

Echtzeitbankenaufsicht – la panacée?

In recent years, the concept of data-based banking supervision has evolved to influence the dynamics between supervisors and supervised institutions. This de­ve­lopment, if accompanied by adequate implementation, undoubtedly improves the quality of banking supervision. However, data-based supervision does not automatically lead to real-time supervision. While it tends to reduce the time lag…

Insider Trading im digitalen Zeitalter: Neue Herausforderungen und Risiken

Insider trading has existed since the launch of the very first organized trading venues and is now prohibited in most jurisdictions. The growing digitalization of the financial industry is adding several layers of complexity to the topic and creating both new risks and opportunities for market participants. First, digitalization brings about a higher interconnectivity between the global financial…

Regulierung von künstlicher Intelligenz für FinTech-Anwendungen

New methods of artificial intelligence represent one of the greatest promises and most prospective developments of digitalisation. Artificial intelligence has already enabled numerous innovative applications in the areas of image recognition, medicine, language and mobility, and it is also increasingly being used in the financial market, on which this article focuses. In addition to great…

Good Corporate Governance: Von der Zielsetzung zur Unternehmens­organisation – am Beispiel des neuen Aktienrechts

The authors start out by noting that the term and discussion around corporate governance developed from a technical designation without content to a concept of «good» corporate governance that increasingly prescribes the ways, not the goals of corporate governance. Likewise, the question whether a corporate governance system is good or bad is not measured in light of its efficiency in achieving…

Bestimmung von Vertragskonditionen im Rahmen automatisierter Entscheidungen

Automated decision making has become increasingly popular in the context of contracting. Essential contractual conditions, in particular the price, are automatically determined based on a number of factors, a wealth of data and by the use of algorithms. Automated decision making for contractual terms raises a number of legal issues and questions, in particularly related to data protection, fair…

Credit Scoring, AML Software & Risk Profiling: Automatisierte Entscheidungen im Rahmen von Finanzdienstleistungen

Techniques of automated decision making, including profiling are, no doubt, also of interest to financial service providers. This essay describes three such applications (credit scoring, transaction monitoring for AML purposes, risk profiling for investors) and discusses their possible compliance with the requirements under the EU’s General Data Protection Regulation, as well as the proposed new…

Der Kundenschutz und die FINMA – heute und morgen

To effectively protect financial market clients, an integrated approach combining prudential and conduct supervision is most conducive to achieving the desired results. It has already been applied in principles-based Swiss financial market regulation and supervision and is practised in a risk-oriented manner. Besides public financial market law, further aspects such as civil law and criminal law…

Auf dem Weg zu einer digitalen Wettbewerbsordnung – Reaktionen des deutschen Gesetzgebers

Germany changed the Act against Restraints of Competition in 2017, partly in order to give a regulatory answer to the changes of the digital economy. The legislator answered to multi-sided markets with network effects, data-driven business models and the rise of «super platforms». Reforms related to the definition of market and the criteria for market power. A new merger threshold was introduced…

Algorithmen als Anlass für einen neuen Absprachebegriff?

Traditionally, cartels are concluded between natural persons whose behaviour then is imputed to the firms they are acting for. How shall we assess restrictions of competition emanating not from humans, but from algorithms? Long-established definitions of agreements as «concurrence of wills» or «meeting of the minds» do not fit well to the output of machines. Therefore, competition law is…

Digitalisierung wettbewerbsrechtlicher Verfahren?

Competition Law proceedings regularly last very long and only limitedly take into account new possibilities for the use of information technology. On the other hand, online procedures have already become more widespread in private dispute resolution and RegTech is being promoted as a new instrument for the exchange of information in the financial market sector. Although it is not possible to…