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Previously - Geopolitical Risk: Thai Tensions / Sanctions, Tariffs & FCPA Enforcement in Asia with guests Christopher Cottrell, Richard Butler and Haider Mannan

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Regulating Digital Currencies

Read the papers through hkufintech.com/feature

Building Open Finance: From Policy to Infrastructure | Written by: Douglas W. Arner, Christine Meng Lu Wang, Ross P. Buckley, and Dirk A. Zetzsche, in partnership with CFTE Academic and Industry Paper Series. LEARN MORE

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Looking Back Looking Forward

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FINTECH: FINANCE, TECHNOLOGY AND REGULATION

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  • 02:17 – Marc Steinberg: Challenging the Fiduciary Label for Directors

  • 06:25 – How Lenient Laws Shield Directors

  • 13:53 – Legal and Ethical Implications of Reframing Liability

  • 18:57 – Steinberg Urges a Shift in How the Law Frames Director Liability

  • 22:23 – Tram Anh Nguyen: On Global Women in AI

  • 25:35 – Personal Journey and Career Path

  • 30:56 – Vision for Inclusive Education and Workforce

  • 35:11 – Gender Gap and Representation in AI

  • 37:48 – GWAI’s Mission and Approach

  • 39:09 – Encouraging Women in STEM & Practical Strategies

  • 47:49 – GWAI's Current Initiatives and Future Plans

  • 50:46 – Impact of AI on Jobs and Entrepreneurship

  • 56:17 – AI as a Tool for Enhanced Productivity and Creativity

  • 57:28 – Reflections on CFTE and GWAI Achievements

  • 1:04:15 – Tram Anh Invites Engagement and Stresses Urgent AI Literacy

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Building Better Financial Systems

Top 10 law authors of full-text papers on SSRN with over 29,000 downloads in the last 12 months and 215,000 all time downloads.

Global Women in AI  / Corporate Director Liability: Discretionary, Not Fiduciary

Ep #74 with Tram Anh Nguyen and Marc I. Steinberg

Disclaimer: The views expressed in this podcast are solely those of the host and speakers.

 

In this episode we feature two conversations exploring different frontiers of finance and technology.

In our opening Spotlight, we welcome back Marc Steinberg, professor at Southern Methodist University’s Dedman School of Law and a leading voice in securities and corporate law. His latest book, Corporate Director and Officer Liability: Discretionary, Not Fiduciary (Oxford University Press), challenges the long-standing view that corporate directors and officers should be labeled as “fiduciaries.” Steinberg examines why current liability standards — from the duty of care to the business judgment rule — are too lenient to support that label, and why adopting “discretionary” as a neutral, accurate term could restore clarity and investor trust.

In the second segment, we speak with Tram Anh Nguyen, co-founder of the global digital finance education platform CFTE and Chairwoman of Global Women in AI (GWAI). She shares GWAI’s mission to close gender gaps in AI by equipping women across industries with technical knowledge, leadership skills, and mentorship. She discusses GWAI’s mission to empower women across industries to lead in AI innovation by building skills, networks, and visibility. Tram Anh highlights the urgency of AI literacy, the barriers holding women back from AI-driven opportunities, and how GWAI connects students, professionals, and policymakers to create an inclusive ecosystem shaping the future of technology.

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Prof. Marc I. Steinberg is a leading expert and prodigious scholar in the field of US securities and corporate law. He is the Rupert and Lillian Radford Chair in Law and Professor of Law at SMU’s Dedman School of Law. He has served as a professor, fellow or has lectured at several other prominent universities, including HKU, the University of Cambridge, Oxford University, King’s College-University of London, Moscow State University, University of Sydney, UCLA and University of Pennsylvania.

Tram Anh Nguyen is the chairwoman of the Global Women in AI (GWAI) group and co-founder of the London-headquartered Centre for Finance, Technology and Entrepreneurship (CFTE). GWAI is best thought of as global community empowering women to shape the future of artificial intelligence. Its mission is to equip women across industries with the skills, networks, and visibility they need to thrive in an AI-driven world.

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Earlier in his career, he was an attorney for the US Securities and Exchange Commission (SEC) in its Division of Enforcement and its Office of General Counsel.  He also has been retained as an expert witness in several high-profile cases, including Enron, Martha Stewart, Mark Cuban, and the National Prescription Opioid Litigation.

 

Professor Steinberg is a prolific author of US securities law scholarship, having authored approximately 150 law review articles and 50 books.

 

One of his recent books, Rethinking Securities Law (Oxford University Press 2021), was awarded winner in the best law book in the United States category for 2021 by American Book Fest.

 

He is also editor-in-chief of The International Lawyer and The Securities Regulation Law Journal, in addition to being a member of The American Law Institute.

From aspiring professionals to seasoned leaders, the GWAI connects a diverse network of innovators, learners, and changemakers. The group offers hands-on learning experiences, leadership development, mentorship opportunities, and access to global forums—all with the intent/designed to help women lead with purpose, power, and passion.

 

Before launching the CFTE in 2017, she had spent nearly two decades with Standard Chartered Bank in New York and Dresdner Kleinwort and UBS Wealth Management in London, advising ultra-high-net-worth clients and family offices. A recognized voice when it comes to the ‘future of work,’ Tram Anh partners with governments, central banks and tier-one institutions worldwide to deliver large-scale reskilling programs.

She has also co-authored the world’s largest Fintech Job Report. As founder of the Future Skills Forum, under her leadership the forum has positioned itself as a global convener of thought leaders, policymakers, educators and industry innovators to drive forward the agenda of human capital transformation in the age of artificial intelligence.

A champion of lifelong learning in digital finance, Tram Anh works closely with governments, regulators, and financial institutions to build future-ready workforces.

She leads initiatives that bring industry and public sector stakeholders together to design large-scale education strategies, develop forward-looking curricula, and ensure the financial sector is equipped to thrive in an AI-driven economy. Under her leadership, CFTE has expanded its impact globally, educating over 260,000 alumni in 130+ countries and collaborating with 1,000+ industry experts to accelerate the transformation of finance through education.

PODCAST DISCUSSION.   The conversation starts with some background into Prof. Steinberg’s book. As he puts it: “For centuries, directors and officers have been identified as fiduciaries, bearing a legal and ethical duty to act in the best interests of those they represent. However, the liability standards that ordinarily exist are too lenient to be characterized as fiduciary. This misrepresentation is detrimental to the rule of law, contravenes reasonable investor expectations, and impairs the integrity of the financial markets.”

Therefore, his book, Corporate Director and Officer Liability – ‘Discretionaries’ Not Fiduciaries argues to remove fiduciary status for corporate directors and officers, instead favoring adoption of a new, more accurate term: “corporate directors and officers are, instead, 'discretionaries.'” Such a term he says more “accurately portrays the status of corporate directors and officers who are held to varying standards of liability depending on the applicable facts and circumstances.” With such a new model in mind, “the book addresses a wide range of key issues, including the duty of care, the business judgment rule, exculpation statutes, the duty of good faith, interested director transactions, derivative litigation, mergers and acquisitions, and closely held corporations.” A thought-provoking addition to the field, Prof. Steinberg’s book provides an alternative framework that enhances corporate governance standards while protecting corporate fiduciaries from undue liability exposure. He shares with Regulatory Ramblings host Ajay Shamdasani what prompted him to write such a book on the topic now, as well as why it is important to reframe the role of corporate directors and officers as “discretionaries” rather than “fiduciaries” and what purpose it serves. As Prof. Steinberg acknowledges, it will change the legal analysis and consequently, the responsibilities and liabilities of the parties concerned. He also comments on what he believes his treatise adds to the preexisting scholarship on the matter. Following that, we chat with Tram Anh about her background and he rationale for creating the GWAI – especially when similar such bodies already seem to exist. Looking ahead, she sees GWAI going far and believes its best days are ahead of it. As she put it: GWAI is where inspiration meets action — creating pathways for women to lead in AI, together. From its inception, CFTE has been concerned about inclusive education – that those that want to master the vital technologies of tomorrow should be able to do so without fearing the barriers of cost, class or their current educational, professional or social standing. Tram Anh said that GWAI’s creation was part of that larger, longer-term goal; the same motivation that compelled her, and her partner and co-founder Huy Nguyen Trieu. Indeed, Tram Anh reckons the CFTE has come a long way with offices on multiple continents, and with myriad groups and individuals receptive to its mission of democratizing the learning of fintech and related matters. Ultimately, she believes more needs to be done to get women into more STEM fields, such that they can contribute to the development of AI and Web3.

Regulatory Ramblings podcasts is brought to you by The University of Hong Kong - Reg/Tech Lab, HKU-SCF Fintech Academy, Asia Global Institute, and HKU-edX Professional Certificate in Fintech, with support from the HKU Faculty of Law.

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Welcome to Regulatory Ramblings, a podcast from a team at The University of Hong Kong on the intersection of all things pertaining to finance, technology, law and regulation. Hosted by the HKU Reg/Tech Lab, HKU-Standard Chartered FinTech Academy Asia Global Institute, and the HKU-edX Professional Certificate in FinTech, join us as we hear from luminaries across multiple fields and professions as they share their candid thoughts in a stress-free environment - rather than the soundbites one typically hears from the mainstream press.

Regulatory Ramblings is a forum for those that appreciate long-form conversation. While it is something that may be regarded as lost art of an older time, it is nonetheless sorely needed in an age when glibness and flippancy pass for analysis in conventional journalism.

Having said that, we are grateful to be able to avail ourselves of modern technological resources to bring you chats with people you are probably not going to hear from elsewhere.

 

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Ajay Shamdasani is a veteran writer, editor and researcher based in Hong Kong. He holds an AB in history and government from Ripon College, JD and MIPCT degrees from the University of New Hampshire Franklin Pierce Law School, and an LLM in financial regulation from the Illinois Institute of Technology’s Chicago-Kent College of Law.

His 15-year long career as a financial and legal journalist began as deputy editor of A Plus magazine – the journal of the Hong Kong Institute of Certified Public Accountants. From there, he assumed the helm of Macau Business magazine as its editor-in-chief, and later, joined Asialaw magazine as its deputy editor.   More recently, he spent close to seven years as a senior correspondent with Thomson Reuters’ subscription-based trade-wire service Regulatory Intelligence/Compliance Complete (previously called Complinet) in Hong Kong. While there, he covered regulatory developments in that city, as well as Singapore, India and South Korea.

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