Dialectic tensions in the financial markets: a longitudinal study of pre- and post-crisis regulatory technology

This article presents the findings from a longitudinal research study on regulatory technology in the UK financial services industry. The financial crisis with serious corporate and mutual fund scandals raised the profile of compliance as governmental bodies, institutional and private investors introduced a ‘tsunami’ of financial regulations. Adopting a multi-level analysis, this study examines how regulatory technology was used by financial firms to meet their compliance obligations, pre- and post-crisis. Empirical data collected over 12 years examine the deployment of an investment management system in eight financial firms. Interviews with public regulatory bodies, financial institutions and technology providers reveal a culture of compliance with increased transparency, surveillance and accountability. Findings show that dialectic tensions arise as the pursuit of transparency, surveillance and accountability in compliance mandates is simultaneously rationalized, facilitated and obscured by regulatory technology. Responding to these challenges, regulatory bodies continue to impose revised compliance mandates on financial firms to force them to adapt their financial technologies in an ever-changing multi-jurisdictional regulatory landscape

What regulators can do to advance privacy through design

The perception that privacy is losing an arms race with technology is a constant source of public anxiety, and regulatory action. Many privacy and data protection laws directly respond to advances in technology-from cameras, to large databases, to the Internet, to cellular, to sensors. The paradigm plays out over and over again: technology erodes privacy, regulations are passed to protect it. Bringing privacy concerns into the design of products and standards is a significant new regulatory approach. It reflects growing recognition of the substantial role that technical systems play in supporting and shaping societal values. Regulators must adopt strategies that encourage designers to engage with multiple, context-dependent concepts of privacy. There are some indications this will happen, but ensuring it does is essential to the success of the privacy by design effort. Third, the success of this regulatory initiative turns on new privacy professionals