Fintech n. 2en

FinTech and the data-driven economy


FinTech and the data-driven economy
Some civil and criminal law issues
Finding legal solutions to the risks involving customers and operators

E. Palmerini, G. Aiello, V. Cappelli
G. Morgante, N. Amore, G. Di Vetta, G. Fiorinelli, M. Galli

FinTech no. 2 - December 2018 [PDF] (Italian version)

This paper analyzes the legal framework applicable to FinTech services with regard to the data-driven economy: the analysis draws on the ‘risk taxonomy' described in the first Volume of the Series and is focused on the risks involving customers and operators in this sector. The study connects civil law issues with criminal law questions, trying to adopt an interdisciplinary approach to the subject. The first part frames the FinTech phenomenon in the light of the tendencies towards the free flow of data, on the one hand, and the protection of personal data, on the other hand, and it identifies possible clashes between the use and control over big data sets and competition law. The second part adopts a criminal law perspective and it aims to identify contents and limits of the legal tools that can play a role in the construction of a solid criminal framework, in order to protect data and assets of the clients involved in FinTech services; it deals also with compliance questions raised by some sectoral legislations. Each part of the paper contains tables that summarize the main conclusions of the previous section. Some final considerations are laid out, that outline the most relevant notions examined, such as digital identity, and suggest future research topics.


Erica Palmerini - Scuola Superiore Sant'Anna di Pisa (
Giuseppe Aiello - Procura della Repubblica di Trani
Viola Cappelli - Scuola Superiore Sant'Anna di Pisa (
Gaetana Morgante - Scuola Superiore Sant'Anna di Pisa (
Nicolò Amore - Università degli Studi della Tuscia (
Giuseppe Di Vetta - Scuola Superiore Sant'Anna di Pisa (
Gaia Fiorinelli - Scuola Superiore Sant'Anna di Pisa (
Martina Galli - Università degli Studi della Tuscia (

The authors would like to thank Giuseppe D'Agostino and Pasquale Munafò for their useful comments. We also thank FinTech companies and bank representatives for the interviews conducted with CONSOB in the first half of 2017. Any error or inaccuracy is ascribable to the authors only. The opinions expressed in this issue of Quaderni FinTech (FinTech papers) are those of the authors alone and do not involve in any way the liability of CONSOB. Therefore, in citing this work, it is incorrect to attribute the opinions expressed to CONSOB or its Top Management.

JEL Classification: K24: Cyber Law; K14: Criminal Law; K15: Civil Law • Common Law; K21: Antitrust Law.

Keywords: FinTech; Big Data; Data Protection; Privacy; Data-driven economy; Personal Data.

ISBN 9788894369717