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3.1. Law and FinTech: Blockchain, Artificial Intelligence, Regulatory Sandboxes

Wednesday, 16 May
10:00 - 11:30

Hall #7, General Staff Building (6-8, Dvortsovaya sq.)

Organizer of the discussion session – International and Comparative Law Research Center.

In order to unleash the potential of technologies the key elements of legal framework, which hinder the development of innovative finance, shall be worked out as well as domains, in which financial technologies can be efficiently applied. In that way, advantages of distributed ledger technologies (blockchain) are widely applied and broadcasted in the numerous spheres of economic and government control. Distributed ledger technologies can be efficiently applied to activity registers, cloud computing, financial markets and trading, digitalization of data, collective investment schemes (crowdfunding, crowdinvesting) and settlement of accounts. Nevertheless, up-to-date use of financial technologies might increase costs for business and instigate vulnerability of consumers. Creation of task-designed infrastructure with the aim of implementation of financial technologies is deemed to be the strategic solution. Namely, regulatory sandboxes with self-contained legal regimes can be established providing incentives for cutting edge businesses along with reasonable adjustments, checks and balances for the consumers’ protection.

In particular, legal frameworks worldwide provide diversified adaption of innovative technologies, that worth of being reviewed for the high-quality breakthrough.

Moderator

Maksim Bashkatov

Expert of the International and Comparative Law Research Center, Lecturer at the Civil Law Depatment of the Moscow State Lomonosov University

Speakers

Michele Finck

Senior Research Fellow and Lecturer, University of Oxford

Biography

Michèle Finck works at the intersection of technological innovation and regulation. She is a Senior Research Fellow at the Max Planck Institute for Innovation and Competition and a Lecturer in EU law at Keble College, University of Oxford. She previously worked at the London School of Economics.

Michèle's research focuses on the digital economy, in particular (big) data, digital platforms (she is an editor of the Cambridge Handbook on the Law of the Sharing Economy) and blockchains. Her current book project, 'Blockchain Regulation and Governance in Europe' (Cambridge University Press 2018) examines the legal and regulatory implications of blockchains and blockchain-based applications.

Helena Haapio

Associate Professor, University of Vaasa

Biography

After completing legal studies at the University of Turku, Finland, and Cambridge University, England, she served as in-house Legal Counsel. Her articles have appeared in several business and professional publications (see SSRN). Her books include A Short Guide to Contract Risk (2013) and Proactive Law for Managers: A Hidden Source of Competitive Advantage (2011). Since her doctoral dissertation Next Generation Contracts: A Paradigm Shift (2013) her multi-disciplinary research focuses on ways to enhance the quality – especially functionality and usability – of contracts.

Helena is a Member of the Advisory Council of the International Association for Contract and Commercial Management (IACCM) and the Coordinator of IACCM Finland. She is actively involved in the development of the Nordic School of Proactive Law and of the ProActiveThinkTank. She acted as Expert to the European Economic and Social Committee in preparing its Opinion on The proactive law approach published in the Official Journal of the EU in 2009.

Helena has been nominated Export Educator of the Year by the Finnish Institute of Export. She has designed and conducted training on Legal Design, Proactive Contracting, Contractual Risk Management, and related topics around the world. She also acts as arbitrator. Through merging Proactive Law with Legal Design and technology she seeks to fundamentally change the way contracts are designed, communicated, perceived, and taught. Her vision is wise contracts: smart contracts that work for people and machines.

Alevtina Kamelkova

Partner, Ivanyan & Partners

Biography

Alevtina Kamelkova has experience – exceptional for the Russian market – advising on highly complex hi-tech and blockchain projects implemented in Asia, Europe, and Russia. Her portfolio includes innovative solutions for digitising fiat assets of major Russian corporations and large-scale IT-infrastructure projects.

Alevtina leads the FinTech working group formed under the Russian Government program Digital Economy and is a member of the Expert Council on Legislative Support for the Development of Financial Technologies of the State Duma Committee on Financial Markets.

Prior to joining Ivanyan & Partners, Alevtina was Of-counsel in the Moscow office of Baker McKenzie and for more than 10 years headed the legal departments of technology corporations Alcatel-Lucent and then Nokia, where she was in charge of the Eastern Europe and CIS region.

Alevtina’s experience includes advice on the following FinTech projects:

To an international leader in the blockchain industry on the set-up and launch of a platform for arranging and conducting cryptofinancing in an Asian jurisdiction, including a review of the company's activities and preparation of a submission to regulatory authorities, as well as successful representation in negotiations with authorities.

To a large international banking group on the development and-set up in Switzerland of a banking product involving the issuance of credit cards backed up by crypto currency.

To a transnational energy corporation on legal issues surrounding building a digital management system on distributed ledger technology.

On a cross-jurisdictional blockchain project in the area of "tokenising" of fiat assets on the legal issues of organising cryptofinancing, corporate structuring, and regulatory aspects in a number of European jurisdictions, including the necessary licensing and participation in specialised self-regulatory organisations.

To an international online games developer on corporate structuring for a group of companies, the legal aspects of utilising funds attracted through cryptofinancing, their taxation, and subsequent accounting.

Work experience

2018 – present

Ivanyan & Partners

Partner

2016 – 2018

Baker McKenzie, Moscow

Of-counsel

2006 – 2016

Alcatel-Lucent / Nokia, Moscow

In-house Counsel, General Counsel Russia & CIS, Head of Legal and Compliance – Market Unit Europe East

2004 – 2006

Mobile Digital Communication (Velcom), Minsk, Belarus

In-house Counsel

2000 – 2002

International Trade and Investment Bank, Minsk, Belarus

In-house Counsel

1998 — 2002

Belarusian State University, Faculty of International Law, Minsk, Belarus

Lecturer in International Commercial Law

Education

2014 – 2015

ICC Arbitration Academy, France

2002 – 2003

University of Nijmegen, Netherlands

LL.M. in European Business Law

1993 – 1998

European Humanities University / Montesquieu – Bordeaux IV University, Belarus / France

LL.B. (cum laude) in International and European Law

Aleksandr Smirnov

Head of Legal Department, Moscow Exchange MICEX-RTS

Biography

Graduated from the Kutafin Moscow State Law University, master’s degree in law, Ph. D. (law). Working experience – 15 years. He began his legal career in the insurance group SOGAZ, later he headed the department of corporate and commercial law in the insurance group Renaissance Insurance. In differentyears, he headed the legal departments in the publishing house Eksmo and the group of companies Russian Alcohol (now– Russian Standard). In 2011 he headed the commercial practice of the international law firm Goltsblat BLP. Since 2013 –Head of the Legal Department of the Moscow Stock Exchange.

In the joint rating, published by Kommersant and the Association of Managers of Russia, herepeatedly named the best head of legal in the financial sector. The Legal 500 International Directory included him in the list of one hundred most influential lawyers in Russia.

Oliver Voelkel

Partner, Stadler Voelkel Attorneys at Law

Biography

Oliver Völkel is a partner at Stadler Völkel Attorneys at Law. His professional focus is on banking and capital markets law as well as cryptocurrency law. Oliver Völkel has particular experience in structuring new types of financings such as initial coin offerings and initial token offerings. His clients include numerous renowned domestic and foreign companies and banks. Oliver Völkel studied law at the University of Vienna and Columbia Law School in New York. In the past, he worked in the field of criminal law at the University of Vienna and in renowned international law firms.

Education, academic degree:

University of Vienna (Mag. iur. 2007, Dr. iur. 2010)

Columbia Law School, New York (LL.M. 2014)

Professional experience:

Partner, Stadler Völkel Attorneys At Law

Attorney (CHSH Cerha Hempel Spiegelfeld Hlawati)

Associate (DLA Piper)

Assistant Professor (University of Vienna)

Specialist area, professional interests:

Banking & Finance, Capital Markets, Health Care, Corporate Law, Civil Law, Law of Virtual Currencies (Cryptocurrencies)

Achievements, rewards:

Other occupations:

Arbitrator of the Chamber of Commerce’s permanent arbitration court

Member of the Editorial Board of the Journal for Health Law

Lecturer in the Austrian Physicians’ Society

Lecturer in classes of the University of Vienna

Publications, scientific works:


* The Programme may be subject to change