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Research Group on Financial markets law: banking, securities and insurance - DERMERFIN

Description

The group has been developing its activity since the 1990s, with the initial support of two research projects under the title "Banking contracts and legal entities" (GV 96-B-ES-16-088 and GV99-83-3-8). His activity has been kept alive until the present day, when he is covered by the project on "The regulation of shadow banking, banking contracts and customer protection: the new regulatory horizon of banking activity" (DER2013-48707-R). Over the last two decades, its output in terms of publications has been enormous, as has the transfer of research results, through scientific conferences and congresses and contracts through the University's OTRI. The Group also has the support and co-financing of two private associations: an association of financing companies (ANSOFI) and a consumer association (APABANC), support that will soon be extended by a third entity (INSOMNIA), specialised in the application of new technologies to the provision of banking services (FinTech) and insurance (InsurTech) and, in general, to the world of law (LegalTech). 

The subject of study, the law of financial markets, is divided into two distinct areas: the institutional regulation of financial markets and the intermediaries that operate in them (generally in the form of capital companies) and the legal regime of financial contracts and products, with special attention to the rules on customer protection. Within each of these areas, the Group is involved in the analysis of the regulatory changes that are continually taking place in relation to several different lines of research. 

The activity currently focuses especially on the study of the regulation of shadow banking, in view of the latest initiatives proposed by the institutions of the European Union, following on from previous initiatives from the other side of the Atlantic, which seek to regulate and subject to prudential control the entities that operate outside or in the shadow of the regulated system (shadow banking) and which are driven by the significant volume of business carried out by these entities and, above all, by their close links with credit institutions. Shadow banking institutions play an important role in the financial sector, as they constitute an essential alternative financing channel for the real economy, especially in phases when traditional banking agents reduce financial support. This is why, within our field of study, all alternative corporate finance systems have a place, among which venture capital and FinTechs, the latest development of the alternative banking system that is being brought about by the application of technology to the provision of financial services at a distance, occupy a prominent place. The same is happening in the field of insurance due to the emergence of InsurTechs. 

The experience we have gained from studying this reality allows us to extend our activities to other developments in the so-called LegalTech, i.e. new IT and technological tools specially designed to facilitate the work of legal operators. 

The other major aspect covered by our research is the legal regime governing banking, financial and insurance transactions and the legal treatment of the problems they raise, with special attention to the protection of the client and the user of financial services. The existing regulatory framework in this area raises many questions as to its application and effectiveness, as shown by the analysis of the case law arising from the marketing of banking services and financial products. On the other hand, the contribution of case law in this field is very remarkable, as shown by the large number of rulings on complex financial products (preference shares, structured deposits, swaps), whose irregular marketing by financial institutions has given rise to a phenomenon of mass litigation. The same process has occurred with regard to the inclusion in contracts of non-transparent or even abusive clauses (floor clauses, interest on arrears, rounding, etc.). The analysis of this case law is one of the core areas of the group's research activity. 

More recently, the group has extended its activity to the study of the exchange of banking information of international tax importance and the analysis of the tax implications of financial market operations.

Goals CT
  • Identification of the regulatory framework for financial markets and analysis of reform processes.
  • Identification of the legal regime of modern financial contracts.
  • Determination and analysis of the legal regime of new technologies applied to the provision of banking, financial and insurance services, through the so-called FinTech and InsurTech.
  • Study of the application of new IT tools to the world of law (LegalTech).
  • Determination of the legal status of capital companies, as forms of legal structuring of companies operating in the financial markets (credit institutions, insurance companies and investment services companies) and as issuers of securities.
  • Determination of the channels for the protection of financial market clients.
  • Analysis of the latest case law on banking operations.
Research lines
Management
  • MARIMON DURA, RAFAEL
  • PDI-Catedratic/a d'Universitat
  • Director/a de Departament
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 Contacterafael.marimon@uv.es
Members
  • BOQUERA MATARREDONA, JOSEFINA
  • PDI-Catedratic/a d'Universitat
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 Contactejosefina.boquera@uv.es
  • FUSTER GOMEZ, M.MERCEDES
  • PDI-Titular d'Universitat
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 Contactemer.f@uv.es
  • LATORRE CHINER, NURIA
  • PDI-Catedratic/a d'Universitat
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 Contactenuria.latorre@uv.es
  • LOIS CABALLE, ANA ISABEL
  • PDI-Titular d'Universitat
  • Responsables de Gestio Academica
  • Coordinador/a Practiques Ext Centre
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 Contacteana.i.lois@uv.es
  • OLAVARRIA IGLESIA, JESUS
  • PDI-Titular d'Universitat
  • Coordinador/a Curs
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 Contactejesus.olavarria@uv.es
  • UREÑA SALCEDO, JUAN ANTONIO
  • PDI-Titular d'Universitat
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 Contactejuan.a.urena@uv.es
Scientific production by UV researcher
  • MARIMON DURA, RAFAEL
    PDI-Catedratic/a d'UniversitatDirector/a de Departament
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  • UREÑA SALCEDO, JUAN ANTONIO
    PDI-Titular d'Universitat
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CNAE

Associated structure
Mercantile Law "Manuel Broseta Pont"

www.uv.es/dretmercant

dep.dret.mercantil@uv.es

Contact group details
Financial Markets Law: Banking, Securities and Insurance (DERMERFIN)

Tarongers Campus

Edificio Departamental Occidental. Av. dels Tarongers, s/n

46022 València (Valencia)

+34 963 828 731

Geolocation

rafael.marimon@uv.es

Contact people
  • MARIMON DURA, RAFAEL
  • PDI-Catedratic/a d'Universitat
  • Director/a de Departament
View details
 Contacterafael.marimon@uv.es