{"title":"Metarules, Judgment and the Algorithmic Future of Financial Regulation in the UK.","authors":"Andromachi Georgosouli","doi":"10.1093/ojls/gqad014","DOIUrl":null,"url":null,"abstract":"<p><p>UK financial regulators are experimenting with the conversion of rulebook content into machine-readable and executable code. A major driver of these initiatives is the belief that the use of algorithms will eliminate the need for human interpretation as a deliberative process, and that this would be a welcome development because it will improve effectiveness while cutting time and costs for regulators and the industry alike. In this article, I set out to explain why human interpretation should be preserved and further harnessed if data-driven governance is to work at all. To support my thesis, I bring attention to the limited translatability of rulebook content into code, and to the difficulties for machines to engage with the full spectrum of tasks of analogical reasoning. I further contend that it would be desirable to preserve human interpretation on procedural grounds pertaining to the legitimacy of financial regulators. I conclude with recommendations about the future design of the financial rulebooks.</p>","PeriodicalId":47225,"journal":{"name":"Oxford Journal of Legal Studies","volume":null,"pages":null},"PeriodicalIF":1.4000,"publicationDate":"2023-08-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10708903/pdf/","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Oxford Journal of Legal Studies","FirstCategoryId":"90","ListUrlMain":"https://doi.org/10.1093/ojls/gqad014","RegionNum":2,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"2023/1/1 0:00:00","PubModel":"eCollection","JCR":"Q1","JCRName":"LAW","Score":null,"Total":0}
引用次数: 0
Abstract
UK financial regulators are experimenting with the conversion of rulebook content into machine-readable and executable code. A major driver of these initiatives is the belief that the use of algorithms will eliminate the need for human interpretation as a deliberative process, and that this would be a welcome development because it will improve effectiveness while cutting time and costs for regulators and the industry alike. In this article, I set out to explain why human interpretation should be preserved and further harnessed if data-driven governance is to work at all. To support my thesis, I bring attention to the limited translatability of rulebook content into code, and to the difficulties for machines to engage with the full spectrum of tasks of analogical reasoning. I further contend that it would be desirable to preserve human interpretation on procedural grounds pertaining to the legitimacy of financial regulators. I conclude with recommendations about the future design of the financial rulebooks.
期刊介绍:
The Oxford Journal of Legal Studies is published on behalf of the Faculty of Law in the University of Oxford. It is designed to encourage interest in all matters relating to law, with an emphasis on matters of theory and on broad issues arising from the relationship of law to other disciplines. No topic of legal interest is excluded from consideration. In addition to traditional questions of legal interest, the following are all within the purview of the journal: comparative and international law, the law of the European Community, legal history and philosophy, and interdisciplinary material in areas of relevance.