FinTech regulation: Can States actually achieve it? Limits and challenges from a Uruguayan perspective

Financial Techonology has disrupted financial systems globally, dramatically changing the current banking paradigm, and regulatory agents lag behind its constant growth and development. The paper explains how FinTech affects financial regulation from a Public Law perspective. Uruguay stands out amongst Latin American countries due to its developed technological connectivity and a responsive regulator, with a diversity of FinTech issues being legislated in recent times. Analysing its case, therefore, represents an opportunity to consider whether it is pertinent for the State to actually regulate this technology and its limits to do so, both from a legal and a practical perspective. Finally, the paper considers the largest challenges facing FinTech regulation in the forthcoming years.


The paper departs from the conception of “sovereignty monetary” since a teleological approach, which implies to conceive this supreme power in base on its objectives. The core of this research is to compare the three case studies (euro, dollarization and bitcoins) answering three questions: 1. Who has the sovereign power to regulate the currency? 2. How is the decision-making process? and 3. Which are the main social implications of that kind of currency regulation? Through the answers of the these questions, we will realize how the “monetary sovereignty” has mutated into a “currency sovereignty”, which means a change in the “telos” of the power: the currency, essentially a mean of the society to simplify the trade exchanges, turns into an end by itself. Therefore, we might conclude that the jeopardize of the sovereignty is not regarding who is exerting it but why it is exerted for.

Money and Sovereignty: The Chilean Case in the Twentieth Century

Recent historical events make Chile a good case study to approach alternative understandings of money governance and compare it to the neoliberal one, for which the State plays mainly a supervisory role over the financial system. In particular, I intend to revisit its relationship to sovereignty by studying the socialist government of Salvador Allende (1970-1973).
The Chilean road to Socialism considered the banking and credit system to be strategic for their social revolutionary endeavours and had a successful beginning. By the end of the first year of government, along with the nationalization of copper, more than 90% of the banking system was under state control.
The tragic ending of this so-called socialist experiment is well known, but its lessons in terms of money governance have been neglected. Analyzing the Chilean experience of money governance may help understand money’s relation to the political and constitutional order, and challenge the orthodox view of its ‘nature’.

Shifting Merger Policy in Mobile Telecoms – a Foreshadowing of the Emergence of the Common European Electronic Communications Market?

The paper presents the evolving approach of the European Commission on mobile telecoms mergers. In recent years, various mobile telecoms mergers were reviewed and an explicit alteration in EC’s decision-making can be noticed, despite no changes to the merger regulation. The paper conducts a case-by-case analysis of key aspects of these decisions in order to establish insight into the EC’s thinking in view of future mergers.
Moreover, it tries to ascertain how does the new practice fit into the process of creating the Common European Electronic Communications Market and how does the new policy include the transnational aspects of the European market. Is it encouraging consolidation, or hampering the emergence of European champions?
Finally, the paper elaborates on the apparent use of merger law as tool for increasing competition and regulating markets, similar to sector-specific regulations, while conventionally it should be used to protect competition already present in a given market.


The challenge for the tax system of the Third Millennium is to identify forms of imposition of global and digital wealth that, on the one hand, be effective and, on the other hand and at the same time, may respond to the democratic principles of the consent to taxation and to the redistributive function of taxation. On this point, the paper will formulate some reflections and practical proposals and it will identify which are the aspects of the State experience that continue to remain necessary in the new global and IT context in order to be able to configure taxation projects that be centered on the good and the growth of the person and of the social aggregations in which one lives. These aspects can be considered as the measure in which States and their tax sovereignty are still “useful” to taxation also in times of change of public law.

Levelling the playing field: time to reconsider the treatment of China’s state-owned undertakings in EU competition law?

The economic rise of China, and especially its global initiatives such as Belt and Road Initiative and Made in China 2025 have led to the increased presence of the state-owned enterprises (SOEs) on the global markets. In the field of competition law, the scholars have already exposed a number of challenges posed by the SOE acquisitions for application of the traditional competition law tests deeply rooted in the traditions of the free market and corporate legal personality. The present paper builds upon the ongoing research on the conceptual and procedural challenges raised by the corporate acquisitions and commercial practices of the Chinese SOEs under EU competition law. It will address the following issues : (1) application of the traditional antitrust tests to the commercial conduct of the SOEs; (2) application of the merger control rules to the concentrations involving the SOEs; (3) reliance on antitrust enforcement including the extraterritorial application of competition law.