Regulation tomorrow

What happens when technology is faster than the law?

Erik Vermeulen, Mark Fenwick, Wulf A. Kaal

Research output: Working paperDiscussion paperOther research output

Abstract

In an age of constant, complex and disruptive technological innovation, knowing what, when, and how to structure regulatory interventions has become much more difficult. Regulators can find themselves in a situation where they believe they must opt for either reckless action (regulation without sufficient facts) or paralysis (doing nothing). Inevitably in such a case, caution tends to trump risk. But such caution merely functions to reinforce the status quo and the result is that new technologies struggle to reach the market in a timely or efficient manner.

The solution: lawmaking and regulatory design needs to become more proactive, dynamic and responsive. So how can regulators actually achieve these goals? What can they do to promote innovation and offer better opportunities to people wanting to build a new business around a disruptive technology or simply enjoy the benefits of a disruptive new technology as a consumer?
Original languageEnglish
Number of pages29
Publication statusPublished - 4 Sep 2016

Publication series

NameTILEC Discussion Paper
Volume2016-024

Fingerprint

New business
Innovation
Disruptive technology
Status quo
Technological innovation

Keywords

  • airbnb
  • artificial intelligence
  • big data
  • drones
  • fintech
  • principles
  • regulation
  • regulatory sandbox
  • robotics
  • rules
  • uber

Cite this

Vermeulen, E., Fenwick, M., & Kaal, W. A. (2016). Regulation tomorrow: What happens when technology is faster than the law? (TILEC Discussion Paper; Vol. 2016-024).
Vermeulen, Erik ; Fenwick, Mark ; Kaal, Wulf A. / Regulation tomorrow : What happens when technology is faster than the law?. 2016. (TILEC Discussion Paper).
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Vermeulen, E, Fenwick, M & Kaal, WA 2016 'Regulation tomorrow: What happens when technology is faster than the law?' TILEC Discussion Paper, vol. 2016-024.

Regulation tomorrow : What happens when technology is faster than the law? / Vermeulen, Erik; Fenwick, Mark; Kaal, Wulf A.

2016. (TILEC Discussion Paper; Vol. 2016-024).

Research output: Working paperDiscussion paperOther research output

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N2 - In an age of constant, complex and disruptive technological innovation, knowing what, when, and how to structure regulatory interventions has become much more difficult. Regulators can find themselves in a situation where they believe they must opt for either reckless action (regulation without sufficient facts) or paralysis (doing nothing). Inevitably in such a case, caution tends to trump risk. But such caution merely functions to reinforce the status quo and the result is that new technologies struggle to reach the market in a timely or efficient manner.The solution: lawmaking and regulatory design needs to become more proactive, dynamic and responsive. So how can regulators actually achieve these goals? What can they do to promote innovation and offer better opportunities to people wanting to build a new business around a disruptive technology or simply enjoy the benefits of a disruptive new technology as a consumer?

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Vermeulen E, Fenwick M, Kaal WA. Regulation tomorrow: What happens when technology is faster than the law? 2016 Sep 4. (TILEC Discussion Paper).