Banking & Financial Law Committee

Good Practice Principles for Cross-Border Closing Opinions
(The Legal Opinion Committee of the Business Law Section of the American Bar Association and the IBA Banking & Financial Law Committee)

The Legal Opinion Committee of the Business Law Section of the American Bar Association (ABA) and the Banking & Financial Law Committee of the International Bar Association (IBA) have formed a joint task force on cross-border opinion practice (the ‘Task Force’). The Task Force seeks to: (1) build upon work done under the auspices of the ABA, the IBA, the Union International des Avocats and the City of London Law Society; and (2) to collaborate with a number of other bar groups in various countries to improve the practices of lawyers throughout the world relating to the giving of, and advising recipients of, closing opinions in cross-border transactions. The ABA and the IBA have undertaken these efforts to help the legal profession remain a constructive contributor to global finance and commerce, and hopefully, to aid the flow of capital across borders, particularly to emerging economies. This document seeks to establish foundational principles on closing opinions in cross-border finance transactions.

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Fintech: how is the world shaping the financial innovation industry? (2024)

In recent years, financial technology (fintech) has rapidly expanded worldwide, forcing traditional financial institutions to evolve in response to this innovative manner of conducting business in the financial industry. Today, we continue to witness the significant impact of fintech on global markets, as it reshapes the financial landscape. Looking ahead, the evolution of fintech promises to further challenge and transform existing frameworks, requiring continuous adaptation and regulatory foresight.

In 2023, the IBA Banking & Financial Law Committee launched an extensive research project aimed at dissecting and understanding the diverse legal frameworks that govern fintech around the globe. This original study covered 39 countries, providing a comprehensive overview of how different jurisdictions are navigating the complexities of fintech regulation.

Through this new edition, the project has been extended to 61 countries across different regions: Africa, Asia-Pacific, Central America, Europe, Latin America and North America. The project contains analysis of how different countries regulate fintech companies and looks at the existence of specific legal frameworks applicable to crypto assets. It also assesses how different jurisdictions around the globe regulate payment service providers and digital wallets and features an overview of special programmes supporting fintech ecosystems. Lastly, the report covers how jurisdictions regulate and deal with matters relating to open banking.

The report has been coordinated by Carlos M Melhem, Treasurer of the IBA Banking & Financial Law Committee and a partner at Allende & Brea in Buenos Aires; Matias Langevin, Young Lawyers’ Committee Liaison Officer of the IBA Banking & Financial Law Committee and a partner at HD Legal in Santiago; Lukasz Szgeda, Academic Liaison Officer of the IBA Banking & Financial Law Committee and a partner at Wardynski & Partners in Warsaw; and Rafael Aguilera, Real Estate Section Liaison Officer of the IBA Banking & Financial Law Committee and a partner at Gómez-Acebo & Pombo in Madrid.

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