Abstract Regulation is a high-stakes enterprise marked by tremendous challenges and relentless public pressure. Regulators are expected to protect the public from harms associated with economic activity and technological change without unduly impeding economic growth or efficiency. Regulators today also face new demands, such as adapting to rapidly changing and complex financial instruments, the emergence…
LSB plans to review regulatory structure
A paper by Steve Brooker, head of policy development and research at the Legal Services Board, released on the 4th of June, has suggested that the LSB should review the regulatory structure, including the reserved legal activities within its current powers. The report comes in the wake of indications from the UK’s Ministry of Justice…
Mayson Report: Final report published
The highly anticipated denouement of the Independent Review of Legal Services, which was first launched in October 2018, was published on the 11th June. The 340-page report which has been informed by a number of working papers, as well as an interim report, which has been fed into by a variety of actors in the…
AI Regulation in Europe
Abstract With the regulation of Artificial Intelligence (AI), the European Commission is addressing one of the central issues of our time. However, a number of core legal questions are still unresolved. Against this background, the article in a first step lays regulatory foundations by examining the possible scope of a future AI regulation, and by…
SRA to become distinct legal entity within the Law Society Group
The Law Society and the Solicitors Regulation Authority of England and Wales have agreed to set up the SRA as a distinct legal company within the Law Society Group. The aim is to deliver clearer financial reporting, without changing the fundamental relationship. In a joint statement Law Society President, Simon Davies and SRA Chair, Anna Bradley…
CMA releases report and recommendations on Scottish legal services
On the 24th March, the Competition and Markets Authority (CMA) released its review and recommendations on the legal services market in Scotland. One of the key recommendations put forward in the report is that an independent body should be set up to regulate the profession, separating representative and regulatory functions. The CMA has suggested that “Separating…
The Sandbox Paradox: Balancing the Need to Facilitate Innovation with the Risk of Regulatory Privilege
Abstract In recent years, “regulatory sandboxes” have gained a great deal of attention from policymakers, regulators, and regulatory scholars. Regulatory sandboxes are closed testing environments in which specific firms are able to experiment with new and innovative business models or products with reduced regulatory burden or expedited regulatory decisions. Sandbox advocates support or defend regulatory…
Notes on the Westminster Legal Policy Forum keynote seminar – 25th February 2020
This ICLR special report has been compiled to give members a flavour of what was discussed during the annual Westminster Legal Policy Forum, held on the 25th February 2020. The theme of the day was ‘regulation, consumer protection and responding to innovation’, with speakers drawn from across regulators, representative bodies, academia and the legal services…
Legal Services Regulatory Authority publishes annual report
The Legal Services Regulatory Authority (LSRA) in Ireland has published its 2019 Annual Report which provides an overview of its performance for the year, including its new role in handling public complaints relating to solicitors and barristers. The Annual Report contains statistical data on complaints and early trends, including: During the 12 week period from…
Regulatory Abdication in Practice
Abstract “Meta-regulation” refers to deliberate efforts to induce private firms to create their own internal regulations—a regulatory strategy sometimes referred to as “management-based regulation” or even “regulation of self-regulation.” Meta-regulation is often presented as a flexible alternative to traditional “command-and-control” regulation. But does meta-regulation actually work? In her recent book, Meta-Regulation in Practice: Beyond Normative Views…