Postgraduate Diploma in Fintech Law and Regulation

Purpose

The purpose of the Postgraduate Diploma in Fintech Law is to enable working professionals such as bankers, compliance officers and regulators to develop a critical and comprehensive understanding of the nature, principles, scope and function of fintech law and regulation in South Africa and the legal and governance frameworks and principles within which fintech and its services operate.

The qualification will be based at the institution's Department of Mercantile and Labour Law and its primary purpose is to grow the understanding of fintech law and regulation in South Africa and selected other African jurisdictions.

The aim of the qualification is to enable participants to develop a scholarly approach to fintech law and regulation which can be applied to their environments in situations in which there are rapid fintech technological advancements, requiring analysis and application of the law and regulatory requirements in different real-life settings.

The graduate attribute of lifelong learning is served by professionals' critical reflection and ongoing application of fintech law and regulation to complex problems and changing situations. Interpersonal flexibility, in terms of the Charter, is required in the curriculum to use teamwork to produce work of high quality in the knowledgeable application of the law to regulatory issues posed by fintech products and solutions.

Further, the qualification will enable learners to be sufficiently informed to ensure that they can understand regulatory challenges, and legal issues relating to fintech and to inform regulatory measures needed to ensure financial stability.

Upon completion of the qualification, qualifying learners will be able to

• Demonstrate knowledge, understanding, and engagement with the core concepts, principles, procedures and rules of fintech law and regulation and their interaction with powers and functions of regulators under whose powers and functions fintech services reside.
• Gather, analyse, interpret/and or apply the Constitution, legislation, international comparative trends and standards relevant to fintech law and regulation.
• Understand, interpret and apply banking and financial regulation in South Africa and selected African jurisdictions to fintech and practical instruments of fintech in the regulatory space.
• Understand, interpret and apply central banking, banking and financial law principles and rules, including the provisions of relevant legislation to practical scenarios relating to fintech.
• Demonstrate a coherent understanding of the concepts, role-players and functions for fintech regulation and identify and evaluate the scope and function of key role-players within the fintech services industry in this regard.
• Critically evaluate and articulate the scope and function of legal, regulatory and policy considerations pertaining to fintech payments.
• Critically evaluate and apply the principles and norms of fintech law and regulation.
• Demonstrate a coherent understanding of the theory and practicalities of fintech law and regulation (also in relation to compliance matters) and apply this knowledge through critical thinking to real-life practical problems/scenarios.

The exit level outcomes, therefore, support the development of graduate banking or financial sector professionals or regulators with deep knowledge and understanding of fintech law and regulation in South Africa and in selected African jurisdictions. Furthermore, graduates will apply that theoretical knowledge in the fintech space to contribute to the legally compliant provisions of fintech law and regulation in the financial and banking sector and at the regulators.

Rationale

The qualification is primarily aimed at learners from different professional backgrounds, such as bankers, compliance officers in the financial services sector and regulators, both in prudential supervision and market conduct supervision in terms of the South African "twin peaks" model as provided for in the Financial Sector Regulation Act No.9 of 2017.

The field of law and regulation evolved from what was known as "e-banking" services regulation initially, to "m-banking or financial services", to digital financial services known now as financial technologies or "fintech" law and regulation. There is a myriad of legislation and international foundation documents in this area which influence the work of compliance officers, bankers and those in central banks and other regulators, not only in South Africa but also in the rest of the African continent and beyond.

In addition, the qualification will provide learners with the knowledge and skills on the legal and regulatory frameworks and trends from the Bank for International Settlements and the law and regulation of fintech law in South Africa. Finally, the qualification will provide learners with knowledge of selected African jurisdictions, using a comparative legal analysis approach.

The rationale for the qualification lies in the current shortage of comparable qualifications offered in South Africa. This qualification will offer the unique combination of dealing with complex concepts in fintech such as blockchain, artificial intelligence (AI) distributed ledgers technology (DLT), fintech payments, cryptocurrencies, and central bank digital currencies to name a few, as well as the broad overview of banking and financial regulation and regulatory models in fintech in South Africa and other selected African jurisdictions such as Kenya, Ghana, Rwanda, Tanzania and Nigeria. The institution selected countries that have made some strides in the law and regulation of fintech emanating from research on fintech law and regulation.

Over the past decade, emerging technologies have fundamentally upended the financial architecture at three core levels: the nature of money, the platforms and mediums by which it is exchanged, and the means and causes that drive commercial interaction. Consequently, technology has altered not only the structure of traditional financial institutions but also questioned their very essence. Starting with the 2009 financial crisis when some powerhouses in the financial world collapsed, legacy institutions attained "too big to fail status, while subsequent thitherto too-small-to-be-noticed institutions have since transformed the financial world and its core aspects. The roles, necessity and identity of both legacy and emergent players continue to evolve, and so do the regulatory aspects. New forms of fundraising have diminished traditional capital markets, yet consumer protection issues abide. The foundational concepts and principles that will govern this fast-changing space are neither static nor fully formed. New guardrails are emerging, and these can best be understood by appreciating the transformative nature of fintech.

Recognition of Prior Learning (RPL)

The institution has an approved Recognition of Prior Learning (RPL) policy which is applicable to equivalent qualifications for admission into the qualification. RPL will be applied to accommodate applicants who qualify. RPL thus provides alternative access and admission to qualifications, as well as advanced standing within qualifications. RPL may be applied for access, credits from modules and credits for or towards the qualification.

RPL for access

• The institution positions itself as a pioneer in the field of RPL to promote access to higher education to enhance transformation and inclusive, life-long learning through its RPL Unit.
• The current RPL policy for postgraduate study at the institution states that it makes provision for RPL for advanced standing on a case-by-case basis.
• Advanced standing entails the consideration of -evidence of learning achievement through work and/or other experience.
• Each application is considered and approved in collaboration with the relevant faculty, supervisor (content specialist/academic), RPL Unit and the institution's Quality Assurance Office. Relevant research experience and formal and non-formal learning are evaluated.
• The applicant would submit a portfolio for consideration by the qualification committee and therefore would of necessity attend one of the institution's Portfolio Development Courses.
• The qualification committee would seek to validate the candidate's skills, readiness and competence to undertake the degree qualification. The qualification committee may in its discretion also require interviews with the applicant.
• Access to postgraduate studies through Senate discretion is common practice at many universities. It usually entails candidates producing evidence of learning achievement through work and/or other experience.
• Each application is considered and approved in collaboration with the relevant Faculty, supervisor (content specialist or academic), RPL Unit and the Quality Assurance office. Relevant research experience and formal and non-formal learning are evaluated.
• The institution's RPL Policy recommends that 10% of the cohort of learners admitted to a qualification should be admitted through its RPL process.
• Prospective learners who wish to be admitted to the qualification using the RPL process must demonstrate -knowledge, skills, competence and academic readiness.
• Prospective RPL applicants might be practising attorneys, or civil servants working in environmental or other related government Departments/Institutions, who seek admission to this qualification based on skills, age and years of experience in practice.
• Applicants may also include environmental practitioners who already have an appropriate bachelor's degree relevant to their respective fields but do not require a master's degree to advance professionally.

RPL for credits

The institution's RPL Policy will also consider applications based on credits obtained in other contexts, such as professional bodies, government agencies, private educational institutions, etc. RPL Applicants must be over the age of 22 years.

Entry Requirements

The minimum entry requirement for this qualification is

• Bachelor of Commerce, NQF Level 7.

Or

• Bachelor of Commerce in Business Management, NQF Level 7.

Or

• Advanced Diploma in Information Technology, NQF Level 7.

Or

• Bachelor of Commerce in Information and Technology Management, NQF Level 7.

This qualification consists of the following compulsory modules at National Qualifications Framework 8 totalling 120 credits.

Compulsory Modules, Level 8, 120 Credits

• Concepts of Fintech Law, 30 Credits.
• Banking and Financial Regulation, 30 Credits.
• Fintech payments regulation, 30 Credits.
• Trade-offs in Fintech Regulation, 30 Credits.

1. Demonstrate knowledge, understanding, and engagement with the core concepts, principles, procedures, and rules of fintech law and regulation and their interaction with powers and functions of regulators under whose powers and functions fintech services reside.
2. Gather, analyse, interpret/and or apply the Constitution, legislation, international comparative trends, and standards relevant to fintech law and regulation.
3. Access, interpret, and apply banking and financial regulation in South Africa and selected African jurisdictions to fintech and practical instruments of fintech in the regulatory space.
4. Understand, interpret, and apply central banking, banking and financial law principles and rules, including the provisions of relevant legislation to practical scenarios relating to fintech.
5. Demonstrate a coherent understanding of the concepts, role-players, and functions for fintech regulation and identify and evaluate the scope and function of key role-players within the fintech services industry.
6. Analyse and critically evaluate and articulate the scope and function of legal, regulatory and policy considerations pertaining to fintech payments.
7. Critically evaluate and apply the principles and norms of fintech law and regulation.
8. Apply and demonstrate a coherent understanding of the theory and practicalities of fintech law and regulation (also in relation to compliance matters) and apply this knowledge through critical thinking to real-life (practical) problems/scenarios.

The following Associated Assessment Criteria will assess the Exit Level Outcomes in an integrated manner

• Analyse and evaluate in writing the core concepts, principles, procedures, and rules of fintech law and regulation, including well-considered suggestions and provide justification for the arguments put forward.
• Critique existing principles and procedures of fintech law and regulation, especially their interaction with the powers and functions of regulators.
• Collaborate constructively in groups and critically apply the knowledge gathered from an in-depth study of the learning material (relevant legislation, regulatory instruments from South Africa), using analytical skills to the topic allocated.
• Critically engage with similar fintech laws as adopted in jurisdictions outside of South Africa. Some in-depth comparative analyses will be required
• Apply the information gathered on banking and financial regulation in South Africa and selected African jurisdictions, and on practical instruments of fintech in the regulatory space, to reflect on best fintech practices.
• Create an explanatory video for uploading to the programme webpage, demonstrating computer proficiency and familiarity with the learner management system
• Evaluate (orally and in writing) legal and regulatory scenarios in fintech that have arisen and develop a draft legal and regulatory framework for the relevant scenario/problem in both real-life scenarios and in relation to case studies.
• Propose viable amendments to regulatory provisions to improve identified rules and principles in the relevant fintech field.
• Evaluate the different functions of role-players in the fintech law environment by engaging with online essay-based questions.
• Critically engage with the day-to-day functions of fintech regulations and propose how some of these functions can be improved to reach market-related outcomes.
• Present a written and oral critical evaluation of relevant payment system legislation, oversight, and regulatory frameworks.
• Critically engage with the scope and function of regulatory and policy considerations to answer essay-type questions individually.
• Evaluate different legal and regulatory approaches to fintech law and regulation, including the trade-offs, in online, essay-type questionnaires.
• Analyse the principles and norms of fintech law and regulation, and subsequently participate in class activities involving collaborative work, graded discussion, debate, oral presentation and written work.

INTEGRATED ASSESSMENT

Formative and summative assessments will be used to measure learning outcomes. These assessments will vary according to the type of outcome that is assessed.

Formative Assessment

Formative Assessment is used to provide ongoing evaluation of the learner's progress. It will test learners' knowledge against the exit level outcomes set out above and inform the feedback provided to learners on their progress. Such formative assessments also serve to provide ongoing information about learner performance and allow monitoring of learner progress, and improvement of programme content and delivery by assisting with the identification of areas requiring further explanation and the identification of learners at risk.

Formative assessments include activities such as the following

• Online quizzes.
• Assignments and group presentations.

Summative Assessment

Summative assessment will take the form of take-home tests and written assignments at the end of each module to measure learners' performance as required by the exit level outcomes. These summative assessments will assess learners' theoretical knowledge as well as their ability to apply the coursework to case studies.

In accordance with the University Assessment Policy and Procedures, a minimum of 50% is required to attain the qualification. The marks of the formative continuous assessments shall be combined into a single mark and will constitute 50% of the overall mark for a module. The summative assessment shall constitute 50% of the overall mark. The learner must attain at least 50 % in all components of the assessment to pass. An overall average mark of 75% will be regarded as a pass with distinction.

All assessments will be moderated both internally and externally by suitably qualified academics to ensure that they are at the appropriate level, properly assess that learners have met the outcomes, are fair and transparent, and that the assessment is aimed at building the skills required by the qualification. Both internal and external moderation of assessments will take place in accordance with the University's policies and procedures as applied by the Faculty Assessment Committees.

The assessments test a range of skills, especially that learners will be expected to apply acquired theoretical knowledge to practical, real-life scenarios from their own context or from the fintech space in South Africa and selected other jurisdictions on the Continent.

• Written critique of policy recommendations.
• Group work creating a video or slide presentation on a topic selected from a list.
• Written evaluation of legal and regulatory approaches to real-life scenarios.
• Group preparation and live presentation of analysis and critique of selected legal and regulatory frameworks and regulatory approaches.
• Comment in writing at least twice per month during the programme on the topic in the online discussion forum providing intelligent analysis.