The concept of FinTech Law in the context of modern requirements for the formation of lawyers’ professional competencies

Abstract

Subject of research. The conceptual and methodological aspects, in the context of developmental trends in the subject and system of financial law, of training specialists in the field of FinTech Law.Purpose. To formulate conceptual and practical proposals which could transform the financial law system; also, to provide lawyers with the methodological foundations to form a comprehensive financial and legal library in the context of the digitalization of the economy.Methodology. When searching and systematizing educational programs in the fields of digital law and FinTech Law, both a literature review and a comparative method were used. To organize national strategies for the digitalization of the economy, a formal legal method was used. In formulating the author’s concept of a financial law system (in which the FinTech Law legal institution could occupy a space), a systematic and integrated approach was used. In formulating methodological proposals for the integration of legal, financial and digital literacy, a competency-based approach was used.Results. The author argues that globalization must be a prerequisite for the foundations, both scientifically and educationally, underlying the FinTech Law Institute. In finance, globalization has manifested itself both negatively (through the systemic risk that emerged amidst the global financial crisis) and positively (through the creation of a new, risk-oriented system of international and national regulations, financially and legally, which are sensitive to ongoing digital challenges). Based on a review of experiences undertaken, both in Russia and abroad, to develop the scientific and educational basis of FinTech Law, the author formulates proposals to further develop this topic and to transform the financial law system. These include implementing three large entities (sub-sectors) in the form of monetary law, fiscal law, and financial market law, as well as the integrated institute of FinTech Law. The author offers his own version of a structure this legal institution can use.The author identifies the specific problems of synthesizing legal and financial knowledge when training lawyers as a necessary prerequisite if effective digitalization of professional competencies is to proceed; he also suggests methodological approaches for the formation of such a synthesis.Discussion. The article offers proposals, conceptually and practically, for transforming the system of financial law, and for improving the methodological foundations required to form a comprehensive financial and legal library for lawyers in the context of globalization and digitalization. It also substantiates the important position that FinTech Law occupies in systems for the professional training of lawyers.The results of the study can be used in the development of the scientific doctrine of financial law, or in the methodological foundations of the formation of complex competencies of lawyers through the formation of financial, legal and digital literacy.