Changes In Regulatory Environment Research Articles

REGULATION OF FINTECH INNOVATIONS THROUGH POLICY FRAMEWORKS: ENSURING CONSUMER PROTECTION WHILST PROMOTING INNOVATION

The emergence of FinTech technologies has prompted the creation of extensive regulatory frameworks that safeguard consumer interests while promoting an atmosphere that is supportive of technical progress. This study explores the complex regulatory environments that shape FinTech advances, primarily emphasizing the need to find a careful balance between protecting consumer interests and promoting innovation. This paper investigates crucial steps intended to strengthen consumer protection by undertaking a thorough review of worldwide regulatory procedures, including variances among countries and the crucial roles of governmental agencies. These controls cover a wide range of tactics, from the application of know-your-customer (KYC) and anti-money laundering (AML) procedures to strict transparency requirements and strong privacy protections. The report also looks at the procedures in place in the FinTech industry for handling customer complaints and guaranteeing accountability. In addition, the study explores different approaches to innovation in the regulatory environment, including the creation of regulatory sandboxes and the encouragement of joint ventures between industry players and regulatory bodies. This paper illustrates both effective regulatory interventions and difficulties found in regulating FinTech developments through the analysis of relevant case studies. These observations are combined to provide a set of practical suggestions that legislators can use to successfully navigate the changing regulatory environment around fintech. The report also provides predictions for future developments in FinTech legislation, giving decision-makers the insight they need to adjust to the ever-changing FinTech landscape.

Misfiring and still succeeding: Seeking success in megaprojects amidst changing regulatory environments

This paper analyses the complexities involved in planning and managing infrastructural megaprojects under changing regulatory environments. Through the case of the megaprojects by Autostrade, a motorway construction company, the paper illustrates that the notion of success is problematic and not easily defined when changes in regulations by regulatory bodies become sources of overflows, inducing changes in plans that had been previously agreed upon.Since regulations are dynamic, there may be a limit to which the initial planning parameters are legitimate benchmarks for the actualized megaproject's cost, time, and quality. It follows that a megaproject's success can result in orchestrating actions and reactions that involve both the capability of envisioning boundaries and demolishing them. This has severe implications for the notion of success itself, which does not easily fall into the traditional perspective of goal fulfillment but rather is linked to the inability to perceive the project's incompleteness.

Trustworthy E-KYC Systems Using Blockchain

In today’s world, Leveraging technological advancements, such as digital identity verification and biometric authentication, has streamlined and modernized KYC processes. These innovations not only enhance efficiency but also contribute to a more user-friendly experience for customers. In this contemporary landscape, staying informed about evolving regulations and industry-specific practices is indispensable for effective KYC implementation. Financial institutions must continuously adapt to the changing regulatory environment and leverage technological solutions to maintain the integrity of their KYC processes. This proactive approach is crucial not only for compliance but also for building trust between customers and stakeholders in an era where financial security and transparency are paramount. KYC procedures have been simplified and brought up to date by utilizing technology innovations like biometric authentication and digital identity verification. These advancements contribute to a more user-friendly experience for customers in addition to increasing efficiency. Keeping up with changing laws and sector-specific procedures is essential for implementing KYC successfully in the modern world. It is imperative for financial institutions to consistently adjust to the dynamic regulatory landscape and utilize technological advancements to uphold the integrity of their KYC procedures. This proactive strategy is essential for both compliance and fostering stakeholder and customer trust in a time when financial stability and openness are critical. Index Terms – KYC - know your customer, AML - anti-money laundering, CTF - counter-terrorism financing Keywords – KYC, blockchain, etherium, encryption, compression

Impact of Financial Regulations on Market Liquidity in Germany

Purpose: The aim of the study was to investigate the impact of financial regulations on market liquidity in Germany. Methodology: This study adopted a desk methodology. A desk study research design is commonly known as secondary data collection. This is basically collecting data from existing resources preferably because of its low cost advantage as compared to a field research. Our current study looked into already published studies and reports as the data was easily accessed through online journals and libraries. Findings: Financial regulations in Germany impact market liquidity through a complex interplay of factors. While they enhance stability and investor protection, compliance costs and altered trading dynamics may initially hinder liquidity. However, regulatory initiatives driving innovation and global harmonization can ultimately foster a more efficient market environment, benefiting both domestic and international Unique Contribution to Theory, Practice and Policy: Market microstructure theory, information-based theory of liquidity & agency theory may be used to anchor future studies on the impact of financial regulations on market liquidity in Germany. Financial institutions should proactively adapt their trading strategies and liquidity management practices in response to changing regulatory environments. Regulators should adopt a balanced approach to financial regulation, considering both the benefits of market liquidity and the need for stability and investor protection.

Challenges and Opportunities of Fintech Innovation for Traditional Financial Institutions

The rapid rise of fintech innovation has ushered in an era of change in the global financial services industry, presenting traditional financial institutions with a complex mix of challenges and opportunities. The dynamic interaction between fintech advances and the traditional banking system marks a pivotal moment in the financial industry, where the convergence of digital technologies with the financial services structure is reshaping the traditional banking business model. FinTech innovations, characterised by their flexibility, innovation and customer-centric solutions, are challenging the established models of traditional banks, forcing them to rethink their strategies, operations and services. These challenges are multifaceted, including the need for digital transformation, increasing competitive pressures from fintech startups, evolving consumer expectations for instant and seamless financial services, and the need to find a balance between innovation and financial stability and consumer protection in a changing regulatory environment. At the same time, fintech innovations offer unprecedented opportunities for traditional financial institutions to redefine their roles in the financial ecosystem, improve operational efficiency, and expand the scope of their services. By adopting blockchain technology to enable secure transactions, artificial intelligence technology to provide personalised customer service, and data analytics to improve risk management, traditional banks can open up new avenues for growth and innovation. In addition, fintech can enable traditional banks to offer convenient and affordable financial products to underserved or unbanked populations, thereby promoting financial inclusion. The intricate relationship between fintech innovation and traditional financial institutions embodies a dual narrative of disruption and convergence, highlighting the need for traditional banks to take a strategic and adaptive approach to navigating the fintech revolution. As traditional financial institutions endeavour to address the challenges posed by fintech and embrace the opportunities it presents, they will play a crucial role in shaping a more inclusive, efficient and resilient financial system of the future. The need for a nuanced understanding of technological, regulatory and market dynamics in the evolution of fintech underscores the importance of innovation, collaboration and customer-centricity in the development of the financial services industry.

More than malware: unmasking the hidden risk of cybersecurity regulations

Cybersecurity investments are made within a complex and ever-evolving environment, where regulatory changes represent a significant risk factor. While cybersecurity regulations aim to minimize cyber risks and enhance protection, the uncertainty arising from frequent changes or new regulations can significantly impact organizational response strategies. This paper explores the determinants and implications of regulatory risks associated with cybersecurity, aiming to provide a deeper understanding of how these risks influence strategic decision-making. The study delves into the suggestion of preventive and mitigative controls that enable businesses to adapt to and mitigate potential disruptions caused by regulatory changes, thereby preserving their established cybersecurity practices. Another key contribution of this study is the introduction of a stochastic econometric model that illustrates how regulatory risks and uncertainties can affect investment behaviors, often prompting a “wait-and-see” stance. This model synthesizes the complex relationship among investment choices, regulatory changes, and cybersecurity risks, providing insights into the dynamic nature of cybersecurity investment strategies. The research findings offer valuable guidance for risk management and strategic planning in cybersecurity investments. By comprehensively understanding the drivers and impacts of regulatory risks, businesses and policymakers can develop more effective risk evaluation and management approaches. This is essential for sustaining a strong cybersecurity posture while navigating the changing regulatory environment.

Trustworthy E-KYC Systems Using Blockchain

In today’s world, Leveraging technological advancements, such as digital identity verification and biometric authentication, has streamlined and modernized KYC processes. These innovations not only enhance efficiency but also contribute to a more user-friendly experience for customers. In this contemporary landscape, staying informed about evolving regulations and industry-specific practices is indispensable for effective KYC implementation. Financial institutions must continuously adapt to the changing regulatory environment and leverage technological solutions to maintain the integrity of their KYC processes. This proactive approach is crucial not only for compliance but also for building trust between customers and stakeholders in an era where financial security and transparency are paramount. KYC procedures have been simplified and brought up to date by utilizing technology innovations like biometric authentication and digital identity verification. These advancements contribute to a more user-friendly experience for customers in addition to increasing efficiency. Keeping up with changing laws and sector-specific procedures is essential for implementing KYC successfully in the modern world. It is imperative for financial institutions to consistently adjust to the dynamic regulatory landscape and utilize technological advancements to uphold the integrity of their KYC procedures. This proactive strategy is essential for both compliance and fostering stakeholder and customer trust in a time when financial stability and openness are critical.

Diversification and bank stability: Role of political instability and climate risk

Amid the changing regulatory environment, economic volatility, and environmental complexities, the banking industry has experienced significant transformation. In this scenario, diversification has arisen as a critical risk management approach. This research investigates the intricate dynamics between bank diversification strategy and stability, particularly concentrating on the influences exerted by political uncertainty and climate-related risks. Our study examines the effect of bank diversification strategies on bank stability by using a sample of 271 banks operating in the MENA countries during the period 2009–2020. We also analyze how political instability and climate risk impact the nexus between diversification and bank stability. Our results show that the impact of enhancing banking diversification on stability is mixed. The bank's income and assets diversification improve the bank's stability. In contrast, diversification benefits appear to be deteriorating with the increase in non-interest activities-the so-called 'dark side of diversification.' While political instability and climate risk significantly affect the bank's stability and reduce the benefits of the bank's diversification strategy. Furthermore, the impact of diversification on bank stability varies across banks due to differing size and market power levels. Notably, the adverse impact of bank diversification on stability is more pronounced in conventional and GCC countries than in Islamic and non-GCC countries. The study offers significant policy implications for bank regulators to identify measures needed to address the risks of climate change in the banking sector and improve the stability of banks.

Telehealth policy guide for nurse practitioners: A compliance checklist.

Telehealth expanded health care delivery since the start of the COVID-19 public health emergency (PHE). In early 2020, emergency declarations and subsequent policy changes resulted in telehealth flexibilities to support health care providers limit the spread of disease and maintain access to health services. Pandemic policies affected provider licensing requirements, cross-state practice, telemedicine modality, prescribing rules, privacy and security discretions, and reimbursement. On January 30, 2023, the Biden Administration announced it would end the PHE on May 11, 2023, which means some telehealth flexibilities in effect since 2020 will expire at various times through December 31, 2024, in the absence of permanent legislation. It can be challenging for nurse practitioners (NPs) to remain up to date on telehealth rules and regulations in a changing regulatory environment. The purpose of this article is to discuss telehealth policy and propose a checklist, developed specifically for NPs, to guide compliance with federal and state laws. Nurse practitioners using telehealth must work within their scope of practice and follow discipline-specific guidance to avoid potential malpractice.

Awareness and beliefs about FDA e-cigarette regulation in the premarket application review era

IntroductionIn March 2022, FDA granted its first marketing orders for e-cigarettes. Few studies have assessed awareness of FDA e-cigarette regulation and authorization in the era of premarket review. This study describes prevalence of awareness as well as beliefs about regulation among adults who smoke and youth. MethodsWe conducted a cross-sectional, nationally representative online survey of 866 adults who currently smoke cigarettes and 859 youth (ages 15–20) in June 2022 using Ipsos KnowledgePanel. Population prevalence of regulatory awareness and beliefs are reported. Pearson χ2 and multivariable logistic regressions were conducted to assess dependent and independent associations with demographic and tobacco use characteristics. ResultsAwareness that FDA regulates e-cigarettes was low among adults who smoke (25.4 %) and youth (18.5 %). Awareness that FDA authorizes e-cigarettes was also low among adults who smoke (10.8 %) and youth (12.7 %). Agreement with both positive and negative beliefs regarding FDA e-cigarette regulation was below 50 %. Current e-cigarette use was significantly associated with agreeing that regulation: makes e-cigarettes safer (adult aOR: 2.90, youth aOR: 2.51), helps prevent youth initiation (adult aOR 1.92), takes away freedom to choose to use e-cigarettes (adult aOR: 3.02, youth aOR: 2.58), and limits types of e-cigarettes available (adult aOR: 2.22, youth aOR: 2.49). DiscussionThere is low awareness of FDA e-cigarette regulation and authorization and relatively low agreement with positive beliefs about e-cigarette regulation. Further study is needed to assess how the changing regulatory environment impacts product perceptions, intentions, and behaviors.

Investigation into the relationship between diversity and compliance in Irish organisations

The aim of this research was to investigate the perceptions of senior compliance professionals in Irish organisations regarding potential connections between the area of diversity and compliance. The research followed a qualitative design to address the research questions and to gather and summarise the data. Semi-structured interviews were used to gather primary data from senior compliance professionals based in five organisations spanning the public sector and the financial services sector. The Central Bank of Ireland (‘Central Bank’) report Behaviour and Culture of the Irish Retail Banks (2018a) was reviewed alongside Irish and UK Corporate Governance Codes and Corporate Governance Reviews in the UK. The Central Bank in their reviews of retail banking following the financial crises of 2007 - 2008, have suggested that increasing diversity on boards is related to an improvement in culture and behaviours. The variables in the research are diversity in the form of gender and compliance in public sector organisations as opposed to private financial services companies. The following themes emerged from the results found. Diversity is not a topic in Compliance Programmes and companies are largely not making the link with improvements in diversity having a positive effect on compliance. However, in assessing future risks, financial services companies are aware of the changing regulatory environment and are taking account of diversity in the Compliance Programmes. Analysis of the interviews suggested that a collaborative type of leadership model is viewed as conducive to an inclusive culture where diversity can be embedded. The future focus now needs to move from not alone having diversity in the workplace but to the proactive inclusion of those diverse people in the organisation.

Between collaboration and competition: co‐located clusters of different industries in one region—the context of Tuttlingen’s medical engineering and metal processing industries

AbstractThis study examines the phenomenon of co‐located industrial clusters with different industry cores in one region. A multi‐method research design, including semi‐structured qualitative interviews and a standardized survey, was chosen. The empirical results show different patterns of collaboration and competition: on the one hand, the hiring of employees, especially in the segment of (highly) skilled labor, is an important concern for firms facing a tight labor market of co‐located clusters. Consequently, filling vacant positions is challenging for firms of both industrial clusters, which results in a competitive environment, including labor poaching. On the other hand, the linkages between firms are influenced by the institutional setting, such as changing regulatory environment, leading to more collaboration, even though an intense rivalry between participating firms has existed for decades.

An Australian Case Study of Mandatory Education for the Bus and Coach Industry

The changing regulatory environment in which public transportation is provided has generated a need for different forms of bus operations and management. This article discusses the introduction and development of a compulsory education program for bus and coach operators in Victoria, Australia. The Victorian government introduced a new system of operator (manager or owner in U.S. terminology) accreditation through the Public Transport Competition Regulations (1999). The accreditation process requires individual managers and owners to successfully complete the transport management course in bus and coach operations.The development and introduction of the course is a significant change for the industry and exists in a challenging sociopolitical environment. The course is designed to help people make the best use of new opportunities, such as open entry and competition promoted by the legislation. The majority of operators who have already completed the course found it extremely helpful, useful, and enjoyable. On the other hand, a “fear of the unknown” for some operators has resulted in resentment and aggression in a few cases. The article describes the challenges of working with operators as they move away from a protected environment toward accreditation.

The International Thoracic Organ Transplant Registry of the International Society for Heart and Lung Transplantation: Twenty-fifth pediatric lung transplantation report - 2022; focus on pulmonary vascular diseases.

The annual Reports of the International Society for Heart and Lung Transplantation (ISHLT) International Thoracic Organ Transplant Registry traditionally detail analyses using a common theme across all thoracic organ transplants, using the most current data reported to the Registry. Due to a changing regulatory environment, with the Registry undergoing an update in data acquisition, the 2020 and 2021 Registry Reports were derived using the data examined in the 2019 annual Reports.1-4 The 2020 and 2021 Reports on pediatric lung transplantation presented trends in the characteristics of donors and recipients, and associated post-transplant outcomes, respectively.

Leveraging Machine Learning for Enhanced Climate Risk Compliance in Financial Institutions

The present study investigates the incorporation of machine learning (ML) technologies in financial institutions to tackle the increasing requirements of climate risk regulatory compliance. With the rising scrutiny from regulatory bodies regarding financial institutions’ climate risk management practices, there is a growing need for sophisticated analytical capabilities to evaluate, forecast, and track climate-related risks effectively. This paper outlines the function of machine learning (ML) in improving the accuracy of climate risk scenario analysis, stress testing, and compliance monitoring. As a result, it enables more knowledgeable decision-making and strategic planning. Combining technical analysis and industry-specific knowledge demonstrates how machine learning applications can go beyond conventional analytical limits. This gives financial institutions a solid framework to navigate the challenges of the changing regulatory environment related to climate risks. The results highlight machine learning (ML) ‘s capacity to optimize compliance procedures and facilitate proactive risk management approaches that align with worldwide sustainability goals.

Lessening Effects of SOX on the Relationship between Executive Compensation Components and Cost of Equity Capital

The Sarbanes–Oxley Act of 2002 (SOX) imposed stringent requirements on corporate executives to hold them more accountable for their management decisions. This act has ramifications for executive pay as well. This study investigates the lessening effects of SOX on the association between executive compensation and cost of equity capital. The regression analyses are based on 11,649 firm-year observations of publicly listed companies in the United States from 1998 to 2014. The results show that bonuses and shareholdings are associated with a lower cost of equity capital, while the stock options are not related to the cost of equity capital. In addition, the findings indicate that SOX weakens the association between the cost of equity capital and executive bonuses, stock options for all top five executives. However, SOX lessens the association between the cost of equity capital and shareholdings, only for the three non-CEO and non-CFO executives. This is the first study to investigate how the change in regulatory environment invoked by SOX impacts the association between executive compensation and cost of equity capital. Moreover, this study examines the impacts on all top five highly paid executives and focuses on the three components of executive compensation that are involved with SOX.

3rd International Conference on Business, Economics and Finance (ICBEF) Proceedings

NEW BUSINESS PARADIGM DURING ECONOMIC UNCERTAINTIES After two successful conferences (2017 and 2019) UBDSBE hosted the 3rd International Conference on Business, Economics and Finance (3rd ICBEF) from 1st to 3rd November 2021. This year’s conference was held virtually in view of the current COVID-19 pandemic. The theme of the conference was ‘New Business Paradigm During Economic Uncertainties’. The main objective of the 3rd ICBEF was to provide a forum for all researchers and practitioners to discuss the challenges faced during economic uncertainties, share experiences, and suggest possible solutions. Business cycles are a known phenomenon of free market economies where businesses experience booms and bust. However, the causes of these business cycles are attributed to a number of factors including rapid pace of innovations, changes in consumer and investor sentiments, changes in regulatory environment and natural disasters, such as the recent COVID-19 pandemic. Some observers consider economic crisis as a period of ‘creative destruction’, which brings new ideas, technologies, products and services that could lead to economic growth. Economic uncertainties that disrupt the existing way of doing businesses motivate governments and businesses to explore opportunities to reconstruct conditions for profitable and sustainable business through redesigning institutional and cultural framework within which firms operate. The recent uncertainties created by COVID-19 pandemic leave a much deeper impact on businesses, especially SMEs.

Three decades of organic wheat improvement: Assessing the impact and returns on investment

Abstract A changing regulatory environment and growing awareness are driving the need for crop improvement in organic agriculture. Contrary to conventional breeding, evidence on the economic effects of research and development in organic breeding is lacking. This study assesses adoption, economic impact, and rates of return to organic crop improvement research. The economic surplus method is used to quantify the impact of the Wiwa winter wheat variety. The standard model is enhanced by considering the economic benefits of improvements in crop nutrient and processing quality as well as resilience gains. Results show substantial economic returns of 18.6 per cent for the period from 1988 to 2019. The reduced downside risk of the organic cultivar is a key distinguishing factor in the analysis as organic breeding aims at providing farmers with resilient cultivars. Further investment in organic breeding appears as a promising element in the strategy for resilient and sustainable food systems.

AgYields - a national database for collation of past, present and future pasture and crop yield data

The New Zealand agricultural sector has a rich heritage of measuring yield and growth rates for pastures and crops. Historically these datasets were collected by Government departments, Crown research institutes, Universities and more latterly seed companies and private research providers as well as on-farm. These data are expensive to collect, spatially and temporally patchy, and stored in a range of electronic and physical platforms. Meanwhile the potential value of such data is increasing with the ability to create meta-analyses and simulation modelling to create resilience in crop and pasture systems to meet the needs of the changing regulatory and climate environment. A challenge of data collection is the different priorities and skill sets of those undertaking the task. Thus, there is a need to provide guidelines for the collection, collation and publication of such data to standardize best practice and maximize the value gained from increasingly scarce resources available for pasture and crop research to support the primary industries. In addition, declining funding for field research, means there is an urgent need to draw together existing and future data into a publicly accessible industry good resource. This paper outlines the development of the AgYields web-based repository for pasture and crop growth rate and yield data. It describes the rationale for the database and the need for standardization of data collection to maximize the value of stored data in common formats. The intent is to provide a resource to enhance livestock and crop production systems throughout New Zealand and provide guidelines for future data collection.

Marketisation and Regulatory Labour in Frontline Disability Work

In many liberal welfare states, market-based reforms aimed at enhancing competition and choice in disability services have necessitated extensive regulatory reforms to ensure quality service provision. This article explores how the changing regulatory environment surrounding an individualised funding scheme is transforming frontline disability work. Drawing on data from a survey of 2341 Australian disability support workers, the article contributes to sociological understandings of market regulation by foregrounding the importance of frontline workers’ labour to the regulation of social service markets. Various regulation-related tasks and duties are identified which, while practically embedded among the client-focused components of care work previously documented, are analytically distinct from them. This category of undertheorised, unrecognised, often unpaid work is referred to as ‘regulatory labour’. The article illuminates the mechanisms through which workers enact and resist regulatory processes and help absorb market risks and failures in ways previously underexplored in theories of marketised social care.