Legal certainty and regulatory sandbox: critical evaluation and recommendations
Seguridad juridica y sandbox regulatorio: evaluacion critica y recomendaciones
Segurança jurídica e a caixa de areia regulatória: avaliação crítica e recomendações
Resumen (es)
Este documento se centra en analizar la seguridad jurídica como un factor determinante en la implementación de un sandbox regulatorio, explorando su influencia como una barrera en la aplicación de dicho sandbox desde la perspectiva del derecho. El estudio se basa en una revisión teórica y en un análisis detallado de antecedentes del sandbox regulatorio y la seguridad jurídica, así como en la práctica de entrevistas a funcionarios y ciudadanos con experiencia en la implementación y uso del espacio controlado de pruebas. Posteriormente, se aplica una metodología para definir la priorización de problemas y acciones de implementación e identificación. Al llevar a cabo este ejercicio, se llegó a la conclusión de que la seguridad jurídica representa un obstáculo significativo en ciertos ordenamientos constitucionales. Existe la necesidad jurídica de constitucionalizar la experimentación legal para superar los obstáculos detectados y lograr una implementación que se adapte al ordenamiento legal en futuras iniciativas de sandbox.
Resumen (en)
This document focuses on analyzing legal certainty as a determining factor in the implementation of a regulatory sandbox, exploring its influence as a barrier to the application of such a sandbox from a legal perspective. The study is based on a theoretical review and a detailed analysis of the background of regulatory sandboxes and legal certainty, as well as on the practice of interviewing officials and citizens with experience in the implementation and use of the controlled testing space. Subsequently, a methodology is applied to define the prioritization of problems and identification actions for implementation. Through this exercise, it was concluded that legal certainty represents a significant obstacle in certain constitutional frameworks. There is a legal need to constitutionalize legal experimentation to overcome the detected obstacles and achieve an implementation that adapts to the legal framework in future sandbox initiatives.
Resumen (pt)
Este artigo se concentra na análise da segurança jurídica como um fator determinante na implementação de uma área restrita regulatória, explorando sua influência como uma barreira na implementação de tal área restrita a partir da perspectiva da lei. O estudo baseia-se em uma revisão teórica e em uma análise detalhada dos antecedentes do sandbox regulatório e da segurança jurídica, bem como em entrevistas com funcionários e cidadãos com experiência na implementação e no uso do espaço de teste controlado. Posteriormente, é aplicada uma metodologia para definir a priorização de problemas e ações para implementação e identificação. Ao realizar esse exercício, concluiu-se que a segurança jurídica representa um obstáculo significativo em determinados arranjos constitucionais. Há uma necessidade legal de constitucionalizar a experimentação jurídica para superar os obstáculos identificados e obter uma implementação em conformidade com a lei em futuras iniciativas de sandbox.
Referencias
Abisambra, A., & Lamprea, E. (2016). The regulatory regime of health in Colombia. En H. A. García & E. Lamprea (Eds.), The Regulatory State in Colombia (1ª ed., pp. 229–260). Universidad de los Andes. http://www.jstor.org/stable/10.7440/j.ctt1zw5t8m.11
Alviar García, H., Lamprea Montealegre, E., & Universidad de los Andes (Eds.). (2016). The Regulatory State in Colombia (1ª ed.). Universidad de los Andes, Faculty of Law.
Badran, A. (2010). Steering the regulatory state: The rationale behind the creation and diffusion of independent regulatory agencies in liberalized utility sectors in developing countries: Initial thoughts and reflections on the Egyptian case.
Bobbio, N. (2016). General theory of law. Temis.
Brown, A. (2017). A theory of legitimate expectations for public administration (1ª ed.). Oxford University Press.
CB Insights. (2018). The Latin America Digital Banking Investment Landscape. https://www.cbinsights.com/research/report/latin-america-digital-banking-investment-landscape/
Constitución Política de Colombia [C.P.]. (1991). Constitución Política de Colombia (2ª ed.). Legis.
Constitución Política de Colombia [C.P.]. Art. 189, 335, 7 de julio de 1991 (Colombia).
Constitución Francesa [C.P.]. Art. 37, 72, 4 de octubre de 1958 (Francia).
Comisión de Regulación de las Comunicaciones [CRC]. (2017). CRC recommends a regulatory sandbox for the development of the digital economy. https://www.colombiaFinTech.co/novedades/crc-recomienda-un-sandbox-regulatorio-para-el-desarrollo-de-la-economia-digital-de-colombia
Comisión de Regulación de Comunicaciones [CRC]. (2017). Regulatory Roadmap for Economic Development. https://www.crcom.gov.co/recursos_user/2017/hoja_ruta/Resumen_ejecutivo_Hoja_Ruta.pdf
Comisión de Regulación de Comunicaciones [CRC]. (2019). Regulatory Sandbox Manual. https://www.crcom.gov.co/uploads/documento/SandboxCRC-ajustes-200717.pdf
Cortés Campos, J. (2008). Regulatory change and legal security, brief notes on the principle of legitimate expectation. https://escholarship.org/uc/item/3h66p191
Colombian Constitutional Court. (2020, 3 de diciembre). Judgment C507 [M.P: Ibáñez, J.].
Colombian Constitutional Court. (2018, 22 de noviembre). Judgment T453 [M.P: Fajardo, D.].
Colombian Constitutional Court. (2002, 27 de junio). Judgment T502 [M.P: Montealegre Lynett, E.].
Decree 1068 of 2015 by which the unique regulatory decree of the finance and public credit sector is issued. 26 de mayo de 2015. D.O. No. 49.523.
Decree 1234 of 2020 [Ministry of Finance] by which decree 2555 of 2010 is added regarding the controlled test space for financial innovation activities. 14 de septiembre de 2020.
De Vivero Arciniegas, F. (2004). Protection of legitimate expectations and its application to state contracting. Public Law Review, 17, 123–148.
Dworkin, R. (2001). Taking rights seriously. Harvard University Press.
Freeman, J., & Rossi, J. (2011). Agency coordination in shared regulatory space. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.1778363
Gilardi, F., & Maggetti, M. (2010). The independence of regulatory authorities. Handbook on the Politics of Regulation. https://doi.org/10.5167/uzh-57654
González, C. I. (2017). Measuring and comparing the distribution of decision-making power in regulatory arrangements of the telecommunication sector in Latin America. Utilities Policy, 49, 145–155. https://doi.org/10.1016/j.jup.2017.04.002
González, C. I. (2018). How regulatory decisions are made at the de facto level: Conceptualizing and measuring regulatory decision making in the Colombian telecommunications sector: Regulatory decisions at the facto level. Latin American Policy, 9(1), 55–76. https://doi.org/10.1111/lamp.12140
Hernández, O. (2018). Are we taking advantage of the Fintech revolution? Inter-American Development Bank. https://www.iadb.org/es/mejorandovidas/estamos-aprovechando-la-revolucion-fintech
Kaplow, L. (1986). An economic analysis of legal transitions. Harvard Law Review, 99(3), 509–617. https://doi.org/10.2307/1341148
Law 35 of 1993 by which general norms are dictated and objectives and criteria are indicated for the national government to regulate financial, stock market, and insurance activities and any others related to the management, utilization, and investment of resources collected from the public, and other provisions are dictated in financial and insurance matters. 5 de enero de 1993. Diario Oficial No. 40.710.
Law 31 of 1992 by which the rules to which the Banco de la República must adhere for the exercise of its functions are dictated, the government is empowered to establish the international exchange regime, to issue the bank’s statutes and exercise inspection, oversight, and control functions thereof, the entities to which the development funds managed by the bank will be transferred are determined, and other provisions are dictated. 4 de enero de 1992. Diario Oficial No. 40.707.
Law 100 of 1993 by which the comprehensive social security system is created and other provisions are dictated. 23 de diciembre de 1993. Diario Oficial No. 41.148.
Law 510 of 1999 by which provisions are dictated regarding the financial and insurance system, the public securities market, the Banking and Securities Superintendencies, and powers are granted. 4 de agosto de 1999. Diario Oficial No. 43.654.
Law 964 of 2005 by which general norms are dictated and objectives and criteria are indicated for the national government to regulate activities of management, utilization, and investment of resources collected from the public through securities and other provisions are dictated. 8 de julio de 2005. Diario Oficial No. 45.963.
Law 1955 of 2019 by which the National Development Plan 2018–2022 “Pact for Colombia, Pact for Equity” is issued. 25 de mayo de 2019. Diario Oficial No. 50.964.
Organic Law 467/2021 concerning the simplification of experiments carried out on the basis of the fourth paragraph of Article 72 of the Constitution. 29 de abril de 2021. NOR: TERB2007584L.
Lopez, A. (2012). Certainty of law. Olejnik Legal Editions.
López, S. H. (2009). Principle of legality, discretion, and legitimate trust. En H. A. García (Ed.), Administrative Law Manual (1ª ed., pp. 19–89). Universidad de los Andes. https://ediciones.uniandes.edu.co/Paginas/DetalleLibro.aspx?lid=978
Lösing, N. (2002). Rule of law, legal security, and economic development. Ibero-American Yearbook of Constitutional Justice, 6, 273–298.
Loughlin, M., & Scott, C. (1997). The regulatory state. En P. Dunleavy, A. Gamble, & I. Holliday (Eds.), Developments in British Politics. Macmillan.
Mankiw, N. G., Rabasco, E., & Moreno Raymundo, G. (2012). Principles of economics (6ª ed.). Paraninfo Editions.
McConkey, M. (2003). Thinking regulation: A roadmap to the recent periodical literature. Institute of Public Administration of Canada.
Ministry of Commerce, Industry and Tourism. (2021, 16 de diciembre). By which Article 5 of Law 2069 of 2020 is regulated, regarding exploratory regulation mechanisms for innovative business models in regulated industries and special surveillance and control sandbox environments. Decree 1732 of 2021.
Popelier, P. (2008). Five paradoxes on legal certainty and the lawmaker. Legisprudence, 2, 47–66. https://doi.org/10.1080/17521467.2008.11424673
Portuese, A., Gough, O., & Tanega, J. (2017). The principle of legal certainty as a principle of economic efficiency. European Journal of Law and Economics, 44(1), 131–156. https://doi.org/10.1007/s10657-014-9435-2
Posner, R. A. (2007). Economic analysis of law (7ª ed.). Wolters Kluwer Law & Business: Aspen Publishers.
Posner, R. A., Kelman, M. G., Landes, W. M., Morales de Setién Ravina, C., Pontificia Universidad Javeriana, & Universidad de los Andes. (2011). Economic analysis of law. Siglo del Hombre, Universidad de los Andes, Pontificia Universidad Javeriana.
Querol Aragón, N. (2014). Economic analysis of law. Dykinson.
Ranchordas, S. (2013). The whys and woes of experimental legislation. The Theory and Practice of Legislation, 1(3), 415–437. https://doi.org/10.5235/2050-8840.1.3.415
Ranchordás, S. (2014). Constitutional sunsets and experimental legislation: A comparative perspective. Edward Elgar Publishing Limited.
Ranchordás, S. (2021). Experimental regulations for AI: Sandboxes for morals and mores. Morals & Machines, 1(1), 86–100. https://doi.org/10.5771/2747-2021-1-86
Raitio, J. (2011). The principle of legal certainty in EC law. Springer.
Reynolds, P. (2010). Legitimate expectations and the protection of trust in public officials (SSRN Scholarly Paper ID 1689518). Social Science Research Network. https://papers.ssrn.com/abstract=1689518
Sartori, G. (1973). What is “politics”. Political Theory, 1(1), 5–26. https://doi.org/10.1177/009059177300100102
Superfinanciera. (s. f.). Twitter. https://twitter.com/SFCsupervisor/status/989519633261776898
Financial Superintendence of Colombia. (s. f.). https://www.superfinanciera.gov.co/jsp/index.jsf
Financial Superintendence of Colombia. (2021). From March, nine alliances will be able to test operations in deposit products in the sandbox for crypto asset platforms. https://www.grantthornton.com.co/globalassets/1.-member-firms/colombia/pdf/2021/03/20210129compilotolaarenera.pdf
Slawson, W. D. (1960). Constitutional and legislative considerations in retroactive lawmaking. California Law Review, 48(2), 216–251. https://doi.org/10.2307/3478529
Turner, D., & Hagstrom Schmidt, N. (2022). Qualitative interview design: A practical guide for novice investigators. Open Educational Resources. https://oer.pressbooks.pub/howdyorhello/back-matter/appendix-qualitative-interview-design/
UNSGSA FinTech Working Group and CCAF. (2019). Early lessons on regulatory innovations to enable inclusive FinTech: Innovation offices, regulatory sandboxes, and RegTech. Office of the UNSGSA and CCAF.
Van Alstine, M. (2001). The costs of legal change (SSRN Scholarly Paper ID 275460). Social Science Research Network. https://papers.ssrn.com/abstract=275460
Woll, C. (2022). Regulation | Definitions, theoretical approaches, & facts | Britannica. https://www.britannica.com/topic/regulation
Cómo citar
Licencia
Esta obra está bajo una licencia internacional Creative Commons Atribución-NoComercial-CompartirIgual 4.0.
Los autores mantienen los derechos sobre los artículos y por tanto son libres de compartir, copiar, distribuir, ejecutar y comunicar públicamente la obra bajo las condiciones siguientes:
Reconocer los créditos de la obra de la manera especificada por el autor o el licenciante (pero no de una manera que sugiera que tiene su apoyo o que apoyan el uso que hace de su obra).
Revista IUSTA está bajo una licencia Creative Commons Atribución-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0)
La Universidad Santo Tomás conserva los derechos patrimoniales (copyright) de las obras publicadas, y favorece y permite la reutilización de las mismas bajo la licencia anteriormente mencionada.
