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Financial Law Review

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Issue 36 (4)/2024

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Publication date: 28.04.2025

Licence: CC BY-NC-ND licence icon

Editorial team

Secretary of Editorial Board Anna Drywa

Deputy Editor-in-Chief Vladimír Babčák

Editor-in-Chief Orcid Anna Jurkowska-Zeidler

Technical Editor Szymon Obuchowski

Issue content

Klemens Katterbauer

Financial Law Review, Issue 36 (4)/2024, 2024, pp. 1-33

https://doi.org/10.4467/22996834FLR.24.017.21530
Over the past few years, China has seen a substantial change in financial rules. The country’s recent fundamental redesign of its supervision structure has resulted in a dramatically altered regulatory framework for banks and other financial services organizations operating in China. The National Financial Regulatory Administration (NFRA), China’s new super financial regulator, is revolutionizing regulating the financial sector. Except for the securities industry, all financial sectors are regulated by the central government under the auspices of the NFRA. This involves the People’s Bank of China (PBOC) being granted approval and oversight over financial holding corporations. Artificial Intelligence has demonstrated considerable promise in aiding the financial industry’s regulation growth and assimilation into the framework. The development and application of generative AI technologies that have not been applied to the provision of public services in the PRC are expressly forbidden by the new Generative AI Regulation. Rather, it encompasses all generative AI technologies used in the PRC to serve the people. This is an important distinction for AI algorithms that may be used in several fields. Furthermore, the Deep Synthesis Regulation governs any use of deep synthesis technology in the PRC for the provision of internet information services, the same as the Algorithm Recommendation Regulation governs any use of algorithm recommendation technologies. A.I. has the potential to significantly improve financial regulation development and is already having an increasing effect on China’s financial regulatory landscape.
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Paweł Lenio

Financial Law Review, Issue 36 (4)/2024, 2024, pp. 34-45

https://doi.org/10.4467/22996834FLR.24.018.21531
The aim of the article is to determine whether the principles of crypto-asset taxation are compatible with the sustainable development goals. The article uses the formal-legal and the comparative-legal methods, both of which are appropriate for legal studies. the article draws the following conclusions. Only to a limited extent do the goals of the 2030 Agenda explicitly refer to tightening tax systems and introducing stable and transparent taxation rules. One of the goals of the 2030 Agenda is to support innovation and promote sustainable, stable and inclusive economic growth. Currently, the efforts of states and international organisations are mainly focused on tightening tax systems and taxing Internet activities, including the taxation of crypto-asset trading. It should be emphasised that these actions are necessary and essential to avoid the erosion of the tax system and the use of new technologies by taxpayers to evade tax. However, there are no measures to protect the taxpayer operating in the crypto-asset market. Indeed, only the tightening of tax systems in relation to the development of this type of technology is sought. For the sustainable development goals of the 2030 Agenda, this is not sufficient. Sustainable development requires stable and transparent taxation rules, including the taxation of crypto-asset trading.
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Adrián Popovič, Soňa Simić

Financial Law Review, Issue 36 (4)/2024, 2024, pp. 46-62

https://doi.org/10.4467/22996834FLR.24.019.21532
The customs law system within the EU Customs Union is characterized by the coexistence of EU law and national legislation respecting the primacy of EU law. The above-mentioned basic premise led the authors to a deeper reflection on the significance of Slovak customs legislation. In this context, the scientific publication first emphasizes the basic starting points of the legal regulation of the EU customs area in general, such as the exclusive competences of the EU in the customs area and in the common commercial policy and the legal basis of the EU customs union directly in primary law. Subsequently, the authors provide a comparative and historical view of the Slovak legal regulation of customs law in the period before and after the accession of the Slovak Republic to the EU. In conclusion, the authors summarize the basic impacts of the existence of the EU customs union on Slovak legislation in a positive and negative sense.
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Roksana Jocz

Financial Law Review, Issue 36 (4)/2024, 2024, pp. 63-81

https://doi.org/10.4467/22996834FLR.24.020.21533
The article analyzes the key factors contributing to the vulnerability of the football sector to money laundering and evaluates the regulations introduced under the 2024 European Union Anti-Money Laundering (AML) Package. The author highlights that the unique characteristics of the football sector, including complex organizational structures, lack of financial transparency, and the cross-border nature of financial flows, significantly increase its susceptibility to exploitation for illegal financial activities. Incorporating the football sector into AML regulations represents a significant step in combating money laundering, promoting financial transparency, and reducing opportunities for illicit activities. However, the implementation of these regulations presents numerous challenges, such as high compliance costs and the need for employee training. The article emphasizes the importance of harmonizing regulations through the adoption of a regulation, which minimizes the risk of legal loopholes and discrepancies in national implementations. It also underscores the role of international cooperation and a dynamic approach to monitoring the enforcement of these regulations. The analyses conducted confirm that extending AML regulations to the football sector is a necessary and promising measure, but further actions are essential to effectively reduce financial crime and enhance the global stability of the football industry.
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Svetlana Moroz, Saida Akimbekova, Edvardas Juchnevicius

Financial Law Review, Issue 36 (4)/2024, 2024, pp. 82-107

https://doi.org/10.4467/22996834FLR.24.021.21534
This article explores the legal mechanisms for protecting the rights of financial service consumers in the Republic of Kazakhstan. The study employs a combination of scientific methods to achieve its objectives. Comparative legal analysis is used to evaluate the Kazakh legislative framework against international best practices, such as World Bank guidelines. The normative-dogmatic method is applied to interpret existing laws, while a systemic approach assesses the coherence of financial and consumer protection regulations. Additionally, a deductive method identifies general principles of consumer protection, and an inductive approach derives conclusions specific to Kazakhstan’s context. These methods reveal gaps in the current legislation and provide recommendations for its improvement.
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Tomasz Sowiński

Financial Law Review, Issue 36 (4)/2024, 2024, pp. 108-130

https://doi.org/Tomasz Sowiński, Deregulation as a Method to Solve the Pension Insurance Funding Problem
The author attempts to answer the question: can deregulation be a method to solve the problem of pension insurance financing? Pension insurance models and systems in EU member states since the 1970s, have shown increasing financial inefficiency, increasingly threatening the sustainability of public finances. At the same time, it is worth emphasizing that it is the financial sector and public finances that play a key role in solving socio-economic problems, and therefore social policy issues, including pension security. So, can deregulation be a method to solve the problem of pension insurance financing? Due to the limited size of the publication, the author will briefly characterize selected models of pension security financing. The problem of pension security in the European Union will also be presented, followed by the basic problem of pension finance, which is its structural debt. It is due in part to the exhaustion of the possibilities of the pay-as-you-go model, and in part to the demographic problem, which has been demonized beyond measure. Above all, however, it is due to a three-generation conceptual stagnation and reliance on 19th-century solutions, which, like other items from that period, are relics to be rightly admired, as part of the development of human thought, rather than applied almost 140 years later, in the third century since their inception. Finally, an outline will be given of the concept of deregulation of the pension system and, at the same time, the empowerment of citizens of countries that would adopt such a solution. Deregulation in itself is not a solution, but rather an element of the broader concept of healing the pension security of citizens1, the application of which could solve the existing problems of pension insurance finances. In the author’s opinion, it is worth devoting a moment of scientific reflection to this issue.
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