The course in "Financial Regulation and Innovation" aims to illustrate the evolutionary process of the regulation of the banking and financial sector and the arrangements that have been outlined following its radical transformation caused by the transition in the digital era. The course analyzes the transition from the intermediation model to that of disintermediation and the new operating models brought by applied technology to finance: the fintech world. The course studies Covid - 19 as an accelerator of digitization and its impact on the morphology of the banking and financial sector. Specifically, the following topics will be covered: cryptocurrencies and digital currency, blockchain technology and artificial intelligence.

Knowledge and understanding: the student - by participating in the lectures and practical activities of the course – will develop knowledge of financial operators and global markets, including the functioning of the European financial order. He will develop knowledge of national and EU regulations on financial innovation. The student will understand the causes, the meaning and the consequences of financial disintermediation and the role of IT tools. The student will be able to orient himself among the new financial distribution channels and among the innovations brought by Fintech, and will be able to critically identifying the risks of it. Applying knowledge and understanding: The student - acquiring the correct tools and method - will be able to interpret, apply and present the reference interpretative models, but also develop practical projects. The student will be able, for example, to demonstrate how a public offering of crypto-assets has to be carried out. Making judgements: The student, through the use of the methodologies acquired during the course, will have acquired problem analysis skills and the ability to identify the information necessary for their solution. Specifically, critical thinking, problem solving, self-management, teamwork, relationship and communication skills will be adequately developed, which enhance and make the disciplinary skills more usable. Communication skills: At the end of the course the student will be able to use the legal and technical vocabulary of the matter, addressing the legal issues at hand with terminological accuracy. Through the various activities that will take place during the course – lessons with discussion, moot courts, workshops – the student will be able to put these communication skills into practice in various contexts, by adapting the terms used to the interlocutor in the specific case, thus gaining advanced rhetorical skills necessary for his/her professional career Learning skills: The technical-legal knowledge acquired during the course will allow the student to autonomously understand and interpret the legal techniques and adapt them to the specific reference context. The student will develop a solid knowledge of the fundamental aspects of the subject that will allow him to continue to deepen the topics addressed independently and to undertake the various post-graduate professional training courses. There will be a mid term written test carried out according to methods chosen by the teacher and communicated in due time. And at the end of the course there will be an oral test.

First Module: Financial regulation and EU economic integration: the sources of the financial system and the soft law of international financial institutions. Second Module: Financial intermediaries. Customer protection. Banking crises (cases) and solution tools. Third Module: The globalization, financialization of the economy and technological innovation: the new distribution channels and the consequences of "disintermediation": the fintech credit. Alternative finance and sustainable finance. Fourth module: Finance and innovation. Fintech and technologies applied to financial markets: the platforms, cryptocurrencies, CBDC and the Digital Euro, blockchain and artificial intelligence.

La finanza nell'età degli algoritmi, curated by di Ammannati e Canepa, Giappichelli, 2023, https://air.unimi.it/retrieve/dd438813-9b84-4d19-bd81-1e13432368c9/2023%20Ammannati%20Greco%20credit%20scoring%20%27intelligente%27.pdf More up-to-date teaching materials will be suggested during the lesson.

The course will take place on campus There will be group and individual activities. Supplementary activities will also be organized relating to the analysis of cases, materials and concrete experiences, also through the testimony of qualified experts.

The final exam consists of an oral interview in which the student must demonstrate knowledge and understanding of the main topics of the course. The student will know how to analyze independently and critically the discipline and the topics of the course, using correctly the legal lexicon. He will demonstrate that he has achieved the study method and the learning ability necessary to continue the deepening of the matter autonomously. He will demonstrate to be able to reason and to apply the studied issues to practical cases submitted to his attention by the teacher through the prospect of concrete examples. For the purposes of assigning a mark out of thirty, the following evaluation criteria will be taken into account: 1. Mid term exam (30%) The mid term exam will be written. The student will demonstrate knowledge and understanding of the topics studied until a week before the exam. The modalities of the test will be communicated during the course in due time. It is mandatory and the mark will be valid until September. 2. Final exam The final exam consists of an oral interview. For the purposes of assigning a mark out of thirty, the following evaluation criteria will be taken into account: • A) knowledge and understanding the principles of the subject and the ability to apply them to concrete cases (70%); • B) ownership of the technical-legal lexicon, ability to consult and evaluate relevant sources and acquisition of the study method (30%); 3. Participation in class, (1 mark bonus). The goal is to evaluate the student ability to apply knowledge and independence of judgment; 4. Project work (1-2 marks bonus): the student will have to analyze a legal fact and will apply the knowledge learned during the course to concrete cases. Students who will not take the mid term exam or will achieve an insufficient mark, will be examined on the final oral exam and on the other activities. Learning gaps concerning one or more notions or principles will lead to an insufficient evaluation, even in presence of a basic knowledge of the matter.

Interest in the topics of the course, attitude to the survey of economic analysis of law verified by an interview