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Technological Transformations in the Financial Sector: Principles for Lex Specialis, Lex Generalis and their Interrelationship

Chiu, Hse-Yu; (2023) Technological Transformations in the Financial Sector: Principles for Lex Specialis, Lex Generalis and their Interrelationship. Banking and Finance Law Review , 40 (1)

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Abstract

Technological transformations often affect business sectors and not just finance. Hence, financial regulators have to grapple with the aptness of regulatory designs that deal with these technological phenomena, as they are not confined to being specialist and sectoral, but generate risks of a cross-sectoral nature. Regulators are developing specific financial regulation regarding technological phenomena and risks, a development we call lex specialis in this article. This article argues that while lex specialis is often warranted by precise financial regulatory objectives, there are useful consistency benefits and governance standards that can be designed at a cross-sectoral level. In this manner, financial regulators can learn from and work with regulators that curate cross-sectoral regulation, we call lex generalis in this article. Financial regulators seeking a holistic perspective affecting their own stewardship of regulatory objectives cannot ignore other needs in technological governance. Hence, financial and other regulators need to be prepared for embracing the dynamic landscape of interaction between lex specialis and lex generalis. Regulators can benefit from formalised coordinative and cooperative structures across sectors which cater for regulators’ needs in knowledge-building and governance thinking. Such structures can be elevated to the international level where systemically important Bigtechs are concerned, for supervising the risks they pose to finance, economies and societies.

Type: Article
Title: Technological Transformations in the Financial Sector: Principles for Lex Specialis, Lex Generalis and their Interrelationship
Publisher version: https://bflr.ca/
Language: English
Additional information: This version is the author accepted manuscript. For information on re-use, please refer to the publisher’s terms and conditions.
UCL classification: UCL
UCL > Provost and Vice Provost Offices > UCL SLASH
UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of Laws
URI: https://discovery.ucl.ac.uk/id/eprint/10173110
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