Legal assistance for the FinTech industry must take into consideration diverse rules and regulations from many domains. In order for your company to operate effectively, you must have access to specialists that are knowledgeable in several areas of law and are current on legislative and regulatory changes. Additionally, it is advantageous for legal practitioners to have a solid understanding of business in order to communicate successfully with clients. The following is a quick overview of the areas in which you may need the help of a fintech law help.
- Contract preparation
Drafting contracts for financial services requires specialized knowledge. Fintech professionals know how to effectively establish business rights and obligations. They have the knowledge to write agreements correctly and develop a solid legal framework that governs your transactions, whether it’s a business-to-business (B2B) transaction, general terms of service (B2C) or legal notices defining the responsibilities of fintech companies. Such specialists know the legislation on card networks (Visa, Mastercard) and smart legal contracts (contracts in which the parties fulfill their obligations using distributed ledger technology and smart contracts).
- Commercial law and commercial law, as well as corporate law
Commercial law is concerned with the selling and distribution of products and services, as well as the financing of particular operations. It encompasses the challenges that develop at any phase of the commercial cycle while a firm is being operated. FinTech is a subsector of the service industry, and to operate it effectively, you must organize your transactions properly (e.g. whilst accounting for consumer protection laws). Fintech lawyer may assist you by offering expert FinTech legal counsel on concerns of business law.
- Information security for FinTech
Financial innovation demands data. It supports FinTech’s infrastructure and processes. The relationship between financial services and data spans decades, from the first handwritten check in 1659 to today’s computerized technology. Good data protection standards provide public trust, engagement, and support for new FinTech data applications. Fintech Advocate is aware with GDPR and the 2018 Data Protection Act. It can provide your organization strategic FinTech legal support to secure data protection compliance.
- Regulatory requirements
FinTech is built on financial institutions’ regulatory responsibilities. FinTech legal services include law audits and suggestions. Fintech Advocate has substantial FinTech legal expertise. He understand the financial industry’s complexity. It addresses transnational and national financial institution regulatory needs. FinTech legal support protects you from national authorities (e.g. FCA, LB, KNF).
- Intellectual property legislation
IP rights are vital to FinTech, and a prosperous business must defend them. Patent on mathematical approaches, discoveries, and business operations may make protecting breakthroughs difficult. To protect your legal rights, consult a lawyer. Fineh Advocate can help you safeguard your intellectual property, prevent others from stealing your ideas, and avoid prematurely relinquishing protection. It can also register your brand with EUIPO or a national trademark office.
- Employment law
Human resources and employment law are very important when building a FinTech company. Strong teams are the backbone of your company’s success. Fintech Advocate can help you develop operational lines and a rewarding framework to attract and retain staff.
- Tax law
Taxation is one of the most difficult aspects of law, especially in the financial sector owing to exclusions. To execute your tax requirements appropriately, see a fintech lawyer.
- Banking law
As FinTech companies provide the same services as banks, they must follow specific laws and cases. FinTech enterprises without a banking license are subject to rules that were formerly restricted to banks (e.g., banks’ duty of secrecy, BCOBS, customer protection, etc.). Providing legal services for FinTech without banking law understanding is tough. Fintech Harbor Consulting has professionals who have helped build new banks and advised present ones. Here they monitor changes in banking legislation and their impact on fintech enterprises.