Jusletter IT

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26 September 2019

Dear readers

This issue highlights different perspectives on the digitization of the financial sector and the associated regulatory security measures. Thomas Hrdinka analyzes the security risks and limitations of blockchain-based currencies using Bitcoin as an example and concludes that it is only a matter of time before crypto currencies are legally regulated. The key is to determine which measures are necessary and sensible without restricting anonymous payment transactions. As part of his research, Maximilan Schwarzenberger stresses the need for regulatory measures to promote FinTechs in general. The article shows previous approaches in Switzerland and proposes specific targeted measures to promote innovation in an international comparison. In Manuel Stutz's view, Switzerland's good positioning in the regulation of FinTechs is not enough. Rather, he proposes an overall adaptation of the legal framework and as transition he suggests self-regulation of the FinTech market. Does Facebook's new Libra coin herald a new era in digital currencies? Lee Bacon and George Bazinas address the potential of digital currencies facilitating cheaper and faster cross-border money transfers and transforming the traditional financial services and payments industry.

In the Austrian project «Blockchain Grid» renewable energy communities (RECs) are realized based on a blockchain. In connection with this project Stephan Cejka et al. are concerned with the challenges of data protection.

The focus of the lecture on LegalTech at the University of St. Gallen in autumn 2018 was on automated support for lawyers. In this context, Benjamin Camavdic deals with the term «predictive policing» and its areas of application. David Koelliker presents a software solution for automated legal advice.

In the context of «ICAIL 2019 MWAIL Multilingual Workshop on AI & Law / JURIX 2018 Workshop on Legal Data Analysis» Aline Macohin and Cesar Antonio Serbena model and simulate the decision-making and voting behavior of judges in proceedings before collegial courts. Enrico Francesconi introduces a framework for the representation and reasoning on legal provisions, norms and facts in OWL 2, a language for the Semantic Web.

We hope you enjoy reading this issue!

Editor, ao. Univ.-Professor Vienna, AT
 Franz Kummer
Editor, Co-owner Weblaw AG Bern, CH

    FinTech and RegTech

    • Thomas Hrdinka

      Regulierung von Kryptowährungen

      Crypto currencies carry various risks which cause governments to regulate or even ban them. Building on exemplary weaknesses of Bitcoin, this article aims to highlight various aspects of the need for such regulation in terms of civil and criminal law. (kg) read on
      • Category: Articles
      • Region: Austria
      • Field of law: FinTech and RegTech, Blockchain, Civil Law, Criminal Law
    • Maximilian Schwarzenberger

      Regulatorische Massnahmen zur Förderung von FinTechs

      The financial sector is not immune to digitization and new technologies. Rather, innovative FinTechs put more and more pressure on traditional financial service providers. Regulatory measures were (and still are) necessary to enable FinTechs to enter the market. Following a basic section on banking law, the article shows what Switzerland has done from a legislative point of view to promote FinTechs and proposes further targeted measures. This is further illustrated by crowdfunding. Finally, a legal comparison puts the findings in an international context. (kg) read on
      • Category: Scientific Articles
      • Region: Switzerland
      • Field of law: FinTech and RegTech, Blockchain
    • Manuel Stutz

      Die Regulierung von FinTechs aus Sicht des Anlegers

      This article shows that the applicable regulatory principles in the financial market are generally suitable for the «digital» financial market. Furthermore, the regulatory challenges will be presented. The focus is on the international competition which shows that Switzerland is well positioned. Nevertheless, the author believes that the actually pursued «quick fix policy» is unsatisfactory. Instead, a comprehensive regulation must be developed. Since this takes more time, (at least) as an interim solution, a self-regulation of the FinTech market is proposed. read on
      • Category: Articles
      • Region: Switzerland
      • Field of law: FinTech and RegTech, Blockchain, Competition law
    • Lee Bacon / George Bazinas

      Facebook’s Libra: Watershed Moment for Digital Currencies?

      Facebook’s Libra, a new global digital currency built on an open-source blockchain, with a payment system embedded into its messaging services, may have wide-reaching implications for finance, in particular cross-border payments. This article addresses the benefits of decentralisation in financial services through blockchain technology. It concludes that, the challenges of regulation and adoption to scale aside, digital currencies have the potential to become the predominate medium of exchange, which could transform not only the financial services industry but also alter the way companies and individuals interact and do business. read on
      • Category: Essay
      • Region: England
      • Field of law: FinTech and RegTech, Blockchain

    • Data Protection

    • Stephan Cejka / Franz Zeilinger / Peter Stern / Mark Stefan / Ksenia Poplavskaya / Gregor Taljan / Julia Petek

      Datenschutz in Blockchain-basierten Erneuerbaren-Energie-Gemeinschaften

      Darstellung anhand des Ansatzes im Projekt «Blockchain Grid»

      The revised Renewable Energy Directive (RED II) introduces «Reneweable Energy Communities» (RECs) aiming to improve renewable energy's utilization by exchanging locally – within the community – generated energy. The Austrian project «Blockchain Grid» realizes a blockchain-based REC and validates it in a field test. In this article, the authors take a view on the challenges of RECs' operation regarding privacy and present a privacy-friendly implementation of such a blockchain application. read on
      • Category: Scientific Articles
      • Region: Austria
      • Field of law: Blockchain, Data Protection

    • LegalTech

    • Benjamin Camavdic

      Predictive Policing in der Schweiz

      Die Vereinbarkeit des Predictive Policing mit der schweizerischen Rechtsordnung

      As part of the first LegalTech course in Switzerland, which was held in autumn 2018 by Franz Kummer at the University of St.Gallen (HSG), this paper answers questions on what is actually meant by «predictive policing» and in which areas it is already used today. After a brief look beyond the country's borders, predictive policing is discussed in Swiss law, taking into account the presumption of innocence and the suspicion of the offence. read on
      • Category: Articles
      • Region: Switzerland
      • Field of law: LegalTech, Advanced Legal Informatics Systems and Applications, Big Data, Open Data & Open Government
    • David Koelliker

      Automatisierte Rechtsberatung: Urheberrechtsprüfung als Beispiel

      Anspruchsprüfung aus möglicher Urheberrechtsverletzung als beispielhaftes Einsatzgebiet der automatisierten Rechtsberatung

      The merging of law and technology, LegalTech for short, will disruptively change jurisprudence. This work shows that legal service providers can gain a strong position in the technology-driven legal market of tomorrow by using software solutions that are already available today. Specifically, BRYTER, a software for automation based on decision trees, is used as an example to illustrate how the claim verification for possible copyright infringement can be automated. (kg) read on
      • Category: Articles
      • Region: Switzerland
      • Field of law: LegalTech, Advanced Legal Informatics Systems and Applications, IP Law

    • Legal Informatics

    News

    • Jurius

      Working Paper crypto-currencies

      The Swiss Federal Tax Administration sets out its current practice with regard to crypto currencies in a working paper. (ph) read on
      • Region: Switzerland
      • Field of law: Blockchain
    • Jurius

      Examination of use of algorithms

      Against the background of possible effects of algorithm-based decisions on the democratic decision-making process, the Federal Government is examining which measures are necessary at national and European level. (ph) read on
      • Region: Germany
      • Field of law: Artificial Intelligence & Law
    • Jurius

      Responsible handling of Artificial Intelligence

      In autumn 2018, the German government appointed a Data Ethics Commission (DEK) to develop ethical standards within one year and to propose concrete regulatory options in the areas of data handling, algorithm-based decisions and artificial intelligence (AI). (ph) read on
      • Region: Germany
      • Field of law: Artificial Intelligence & Law
    • Jurius

      Online procedures in civil cases

      The FDP parliamentary group would like to know how the Federal Government assesses the results of the «Legal Tech» working group of the federal states on the mandate of the Conference of Ministers of Justice to review the possible introduction of an «accelerated online procedure» in civil procedural law. (ph) read on
      • Region: Germany
      • Field of law: E-Justice
    • Jurius

      Operator of a website with «Like» button can be a controller jointly with Facebook regarding collection and transmission of personal data

      ECJ – The operator of a website that features a Facebook «Like» button can be a controller jointly with Facebook in respect of the collection and transmission to Facebook of the personal data of visitors to its website. By contrast, that operator is not, in principle, a controller in respect of the subsequent processing of those data carried out by Facebook alone. (Case C-40/17) read on
      • Region: EU
      • Field of law: Data Protection
    • Jurius

      German provision regarding newspaper snippets must be disregarded

      ECJ – A German provision prohibiting internet search engines from using newspaper or magazine snippets without the publisher’s authorisation must be disregarded in the absence of its prior notification to the Commission. That provision constitutes a rule on information society services and, therefore, a «technical regulation» the draft of which is subject to prior notification to the Commission. (Case C-299/17) read on
      • Region: EU
      • Field of law: Trademark Law
    • Jurius

      E-commerce platforms not obliged to provide phone number to consumers before conclusion of a contract

      An e-commerce platform such as Amazon is not obliged in all cases to make a telephone number available to consumers before the conclusion of a contract. It is however obliged to provide those consumers with a means of communication allowing them to contact it quickly and to communicate with it efficiently. read on
      • Region: EU
      • Field of law: E-Commerce
    • Jurius

      Security of 5G networks: EU Member States complete national risk assessments

      Following the Commission Recommendation for a common European approach to the security of 5G networks, 24 EU Member States have now completed the first step and submitted national risk assessments. read on
      • Region: EU
      • Field of law: Telecommunications law
    • Jurius

      EU negotiation mandate for access to electronic evidence in criminal investigations

      EU Member States agreed to give two mandates to the Commission to engage in international negotiations to improve cross-border access to electronic evidence in criminal investigations. read on
      • Region: EU
      • Field of law: E-Justice

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