RegTech: technology to meet legal and regulatory compliance

Posted by media on March 16, 2017 at 9:00 AM



In recent years, two opposing phenomena have occurred simultaneously - on one hand, the unstoppable progress of the digital economy has caused deep disruptions in how certain sectors function and has led to the rise of new business models. On the other, the economic crisis that began with the bankruptcy of Lehman Brothers in 2008 interrupted the global trend towards deregulation in certain sectors, specifically in the financial and insurance sector, a situation that led to new and complex regulation standards.

The coincidence of the timing of this global economic crisis, along with the greater regulatory demands applied to banks and insurance companies, has caused the emergence of new technology companies under the new subsector of fintech: the RegTech.

In this post we will explain what RegTech is, what are its fields of application and how the future is presented for those companies that operate in this subsector that also uses technology to eliminate inefficiencies and facilitate legal and regulatory compliance in the digital era.

This post is also available in Spanish.

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Topics: Legality

How are dubious signatures analyzed in a judicial process?

Posted by media on January 19, 2017 at 9:00 AM
It may be an excuse for not paying, a ruse to lengthen a lawsuit, or it could also be the plain truth, but what’s for sure is that more than one company, bank or insurer has thought of what might happen if a client or provider doesn’t recognize their signature in a contract. Or the contrary situation could also happen: that a person claims to be the signer of an agreement, when in fact he or she is not.

What happens in these situations? The normal course of action, when a signature is questioned, is that the matter will enter the judicial field by civil means. However in some cases, especially when what is claimed is a monetary import, the issue can be taken to criminal court alleging the crime of falsified documents.

And the final question in front of court is: who has actually signed the contract? In order to determine a signer's identity in cases of contesting contracts, a forensic handwriting expert will analyze the dubious signature and perform a handwriting analysis to discover the signature’s true author.

In this post we want to talk about the work of a forensic handwriting expert and how he/she analyzes a signature, be it handwritten or electronic, to verify a signer's identity in case of litigation.

This post is also available in Spanish.

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Topics: Legality

The legal validity of contracts signed with advanced electronic signatures

Posted by media on January 10, 2017 at 9:00 AM

In Spain, the legal effects of contracts are governed by private law. The Spanish legal system has granted autonomy to parties, giving them freedom to agree or negotiate the aspects that are of their interest (provided they are not illegal and do not violate morality and good manners). Therefore, such agreements shall be binding for the parties.

The latter is based on the fundamental principle of the Spanish Civil Law called "pacta sunt servanda", and on the effects of Article 1258 of the Spanish Civil Code, which states: "contracts are perfected by mere consent, and since then they are compelling, not only to the fulfillment of what they expressly agreed, but also to all consequences that, according to their nature, are in accordance with good faith, use and law. 

In this post we want to talk about the legal effects of contracts signed by parties that are in different places at the time of signing, and who sign the contract via a technological medium such as the advanced electronic signature.

This post is also available in Spanish.

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Topics: Legality

What is the role of a data protection officer and when will it be mandatory to incorporate one into companies?

Posted by media on December 13, 2016 at 9:00 AM

In one of the posts that we published last week we talked about the obligation to incorporate the figure of the data protection officer (DPO) in some companies, as established in the Article 37 of the new European Data Protection Regulation. We also commented on a series of inaccuracies that are present, concerning the terms that define when an appointment is necessary.

With this post we want to expand on the information discussed in the previous post regarding the responsibilities of a DPO related to data processing, which are established in the new Regulation, and what requirements an individual must meet to perform this role.

This post is also available in Spanish.

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Topics: Legality

Which companies need a data protection officer to meet the new European Regulation (EU) 2016/679?

Posted by media on December 8, 2016 at 9:00 AM

The Data Protection Officer (DPO) is a role recognized in the new European Data Protection Regulation - Regulation (EU) 2016/679 - which came into force last May 2016.

The controllers and processors will nominate this person, who will perform several functions related to the processing of personal data.

In this post we will explain under what circumstances companies are required to incorporate a data protection officer.

This post is also available in Spanish.

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Topics: Legality