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Regulatory technology: replacing law with computer code

Micheler, Eva and Whaley, Anna Rose (2019) Regulatory technology: replacing law with computer code. European Business Organization Law Review. pp. 1-29. ISSN 1566-7529

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Identification Number: 10.1007/s40804-019-00151-1

Abstract

In the UK both the Bank of England and the Financial Conduct Authority have recently carried out experiments using new digital technology for regulatory purposes. The idea is to replace rules written in natural legal language with computer code and to use artificial intelligence for regulatory purposes. This new way of designing regulatory rules is in line with the UK government’s vision for the country to become a global leader in digital technology. It is also reflected in the FCA’s business plan. The article reviews the technology and the advantages and disadvantages of combining the technology with regulatory law. It then informs the discussion from a broader perspective. It analyses regulatory technology through criteria developed in the mainstream regulatory debate. It contributes to that debate by anticipating problems that will arise as the technology evolves. In addition, the hope is to assist the government in avoiding mistakes that have occurred in the past and creating a better system from the start.

Item Type: Article
Additional Information: © 2018 T.M.C. Asser Press
Divisions: Law
Subjects: K Law > KD England and Wales
Q Science > QA Mathematics > QA76 Computer software
Q Science > QA Mathematics > QA75 Electronic computers. Computer science
Date Deposited: 27 Feb 2019 12:06
Last Modified: 13 Dec 2019 00:17
URI: http://eprints.lse.ac.uk/id/eprint/100149

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