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Financial Law Review

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Issue 41 (1)/2026

2026 Next

Publication date: 12.06.2026

Licence: CC BY-NC-ND 4.0 licence icon

Editorial team

Editor-in-Chief dr hab. prof. UG Anna Jurkowska-Zeidler

Deputy Editor-in-Chief Prof. h.c. prof. JUDr. , CSc. Vladimír Babčák

Secretary of Editorial Board dr Anna Drywa

Issue content

Tereza Tkadlecová

Financial Law Review, Issue 41 (1)/2026, 2026, pp. 1-15

https://doi.org/10.4467/22996834FLR.26.001.23695
The aim of this article is to define administrative costs and examine their impact on the efficiency of tax collection. The article focuses both on the direct administrative expenses incurred by tax authorities and the indirect costs borne by taxpayers. Special attention is devoted to the implications of tax administration digitalization. The author considers not only the potential for cost savings and increased transparency, but also the risks associated with the implementation of digital and electronic processes in public administration. The article’s hypothesis was determined as follows: the digitalization of the tax collection system leads to lower direct and indirect administrative costs for both the tax administration and taxpayers. The research applies an analytical and comparative legal-economic methodology, combining a normative assessment of the tax system and its procedures with synthesis of its fiscal and socioeconomic impacts. The article critically reflects on the assumption that digitalization inherently reduces costs and demonstrates that, without adequate support measures, it may in fact deepen inequalities and lead to structural discrimination. The article concludes that an effective tax administration framework requires not only technological innovation but also a socially responsible approach that ensures equal access for all taxpayers. Therefore, the hypothesis is disproved.
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Klemens Katterbauer, Laurent Cleenewerck

Financial Law Review, Issue 41 (1)/2026, 2026, pp. 16-46

https://doi.org/10.4467/22996834FLR.26.002.23696
The convergence of financial technology (fintech) and artificial intelligence (AI) promises unprecedented efficiency in credit scoring, fraud detection, and algorithmic trading. However, the deployment of these technologies across the European Union (EU) and the People’s Republic of China (PRC) is increasingly obstructed by divergent data sovereignty regimes. This article examines the legal pathways available for EU fintechs utilizing China-trained AI models, and vice versa, within the context of conflicting data localization rules. By analyzing the General Data Protection Regulation (GDPR), the EU AI Act, China’s Personal Information Protection Law (PIPL), and the Data Security Law (DSL), this paper identifies the jurisdictional friction points regarding cross-border data transfers. It argues that while traditional transfer mechanisms (such as adequacy decisions) are politically unviable, technical-legal hybrids—specifically federated learning, model localization, and synthetic data generation—offer the only viable compliance architecture. The article concludes with recommendations for regulatory sandboxes and mutual recognition of technical standards to mitigate the risk of technological decoupling in the financial sector.
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Robert Lizak

Financial Law Review, Issue 41 (1)/2026, 2026, pp. 47-62

https://doi.org/10.4467/22996834FLR.26.003.23697
This article presents a vision for an integrated data infrastructure powered by artificial intelligence (AI) in the United States, enabling precise analysis of household income, consumption, and wealth. Faced with declining survey response rates, rising costs, and the limitations of a fragmented federal statistical system, the analysis encompasses three reports from the National Academies of Sciences, Engineering, and Medicine (2023–2024) and current federal law (including the Evidence Act and the Federal Data Strategy). The main hypothesis is that integrating administrative, survey, and potentially private data sources using AI will enable more accurate, timely, and consistent well-being measurements and ongoing assessments of the impact of economic policies on citizens’ living standards. The study is based on a content analysis of the reports and a holistic review of legal regulations concerning data management and AI in the federal government. The study determined that the proposed infrastructure could overcome existing problems (underestimation, inconsistent definitions, and poor timeliness) by creating uniform measures based on national accounts, enabling precise determination of income sources and wealth structure, and assessing the effects of redistribution, pension provision, and intergenerational transfers. The conclusions point to the groundbreaking potential of the implemented neural data management model using AI, which is expected to increase the accuracy, timeliness, and usefulness of statistics while maintaining privacy protection. The originality of the article lies in its synthesis of recent academic reports with legal analysis and the introduction of the concept of household “budget identity”.
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Robert Sroka

Financial Law Review, Issue 41 (1)/2026, 2026, pp. 63-76

https://doi.org/10.4467/22996834FLR.26.004.23698
The aim of this article is to examine the extent to which investment fund companies (TFI) operating in Poland implement the objectives of the EU Sustainable Finance Framework. The framework seeks to redirect private and public capital toward financing an economic transformation that enables the European Union to achieve its sustainable development goals, particularly in the area of climate policy. The article advances the hypothesis that the current investment policies of funds operating in Poland are insufficient to meet these objectives. The paper first briefly outlines the legal regulations comprising the EU Sustainable Finance Framework. It then analyzes the level of sustainable investment in Poland, defined as investments compliant with Articles 8 and 9 of the SFDR. While sustainable investments account for approximately 55% of total investments in the EU on average, in Poland they represent only about 11%. The article further presents the results of an analysis of the investment policies and practices of TFI regarding the integration of ESG factors. The findings reveal a low level of maturity in this area, leading to the conclusion that Polish TFI are not yet prepared to significantly increase sustainable investments in line with the objectives of the EU Sustainable Finance Framework.
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