Search Results

You are looking at 1 - 3 of 3 items for :

  • "B. contract law" x
Clear All
José Garrido, Ms. Yan Liu, Joseph Sommer, and Juan Sebastián Viancha
This note explores the interactions between new technologies with key areas of commercial law and potential legal changes to respond to new developments in technology and businesses. Inspired by the Bali Fintech Agenda, this note argues that country authorities need to closely examine the adequacy of their legal frameworks to accommodate the use of new technologies and implement necessary legal reform so as to reap the benefits of fintech while mitigating risks. Given the cross-border nature of new technologies, international cooperation among all relevant stakeholders is critical. The note is structured as follows: Section II describes the relations between technology, business, and law, Section III discusses the nature and functions of commercial law; Section IV provides a brief overview of developments in fintech; Section V examines the interaction between technology and commercial law; and Section VI concludes with a preliminary agenda for legal reform to accommodate the use of new technologies.
José Garrido, Ms. Yan Liu, Joseph Sommer, and Juan Sebastián Viancha

, U.S.A. T+(1)202.623.7430 publications@imf.org IMFbookstore.org elibrary.IMF.org Contents I. Introduction II. Business, Technology, and Law III. The Nature and Functions of Commercial Law IV. Overview of Developments in Fintech A. Distributed Ledger Technology B. Automated Contracting and Smart Contracts C. Tokens D. Artificial Intelligence E. Internet of Things V. The Impact of Digital Technology on Commercial Law A. Registries B. Contract Law C. Securities and Negotiable Instruments D. Company Law E. Secured

José Garrido, Ms. Yan Liu, Joseph Sommer, and Juan Sebastián Viancha

registry systems to be fully functional, it is important that legal definitions are sufficiently open to allow further innovation in this area. B. Contract Law All business activities are conducted through contracts. At the origins of commercial law, contracts focused on the sale of goods, but practice soon evolved to a constellation of different contracts that were able to cover all economic activities, including banking, transportation, and later, securities trading, insurance, and intellectual property. Contract law was transformed by the creation of the