Unpacking Smart Law: How Mathematics and Algorithms are Reshaping the Legal Code in the Financial Sector

Lex Electronica, Vol. 25, n° 3 (2020), pp 171-185.

HEC Paris Research Paper No. LAW-2021-1413

15 Pages Posted: 1 Mar 2021 Last revised: 31 Mar 2021

See all articles by David Restrepo-Amariles

David Restrepo-Amariles

HEC Paris - Tax & Law

Gregory Lewkowicz

Université Libre de Bruxelles (ULB)

Date Written: December 23, 2020

Abstract

The avalanche of new technologies and artificial intelligence have accelerated financial innovation, compelling the law to undergo a technological update. This phenomenon extends to the likes of regtech, suptech, regulatory big data, algorithmic supervision, etc. The study aims to demonstrate how these new instruments are, in fact, part of an overarching movement observable in numerous fields; that is, the emergence of a scientific, mathematical, algorithmic law driven by risk and technologies (classified as “Smart Law”). The authors will examine the aforementioned theoretical model and highlight the practical implications for banking and finance law. They conclude on the necessity for a structural collaboration between lawyers and engineers in order to manage the inevitable hybridization of the rule of law and its technological integration.

Keywords: code, financial law, computational social science

JEL Classification: K34, K22

Suggested Citation

Restrepo-Amariles, David and Lewkowicz, Gregory, Unpacking Smart Law: How Mathematics and Algorithms are Reshaping the Legal Code in the Financial Sector (December 23, 2020). Lex Electronica, Vol. 25, n° 3 (2020), pp 171-185., HEC Paris Research Paper No. LAW-2021-1413, Available at SSRN: https://ssrn.com/abstract=3754007

David Restrepo-Amariles (Contact Author)

HEC Paris - Tax & Law ( email )

1 rue de la Libération
Jouy-en-Josas Cedex, 78351
France

Gregory Lewkowicz

Université Libre de Bruxelles (ULB) ( email )

CP 132 Av FD Roosevelt 50
Brussels, Brussels 1050
Belgium

HOME PAGE: http://www.philodroit.be

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