
Regulation-As-Code: 2025 Could Be The Year Rulebooks Turn Into APIs
Back in the first wave of fintech, founders complained that deciphering a 4,000-page rulebook cost more than building the product itself. Ten years on, the sector's biggest economies have finally decided that the rulebook, not the startup, needs refactoring.
On the first of July 2025 the United Kingdom launched the Regulatory Innovation Office (RIO), a new body charged with turning every major piece of digital-economy regulation, payments, privacy, telecoms and online safety, into a single machine-readable library. Technology Secretary Peter Kyle's launch speech promised a future in which developers would query an API, not a PDF, whenever they needed to check the law. The announcement matters because it upgrades a decade of sandbox experiments into national policy: if RIO succeeds, compliance becomes a software dependency that can be version-controlled like any other.
How London Plans to Translate Prose Into Code
The Office's first mandate is to integrate guidance from the Financial Conduct Authority (FCA), Ofcom, the Information Commissioner's Office, and the Competition and Markets Authority into a unified digital policy library that updates in near real-time. Just as importantly, it will expose those obligations as 'rule objects,' data structures a program can query for an instant true/false answer the moment code is moved into production.
The plumbing is already underway. Buried in the FCA's latest Competitiveness & Growth report is a line that speaks volumes: the regulator is 'mobilising a proof of concept for a machine-readable version of a subset of our Handbook rules.' In the pilot, ordinary text is converted into XBRL-based logic such as 'if overdraft APR > 39.9 per cent → flag breach of CONC 6.7.23.' When rules behave like functions, core banking systems are able to test every transaction automatically and stream compliance telemetry back to supervisors.
RIO will bankroll the tooling through the £20 million Regulators' Pioneer Fund, inviting supervisors to publish coded rule sets on GitHub and share them as open-source building blocks for industry. Officials describe it as moving from 'sandbox to suptech' - putting regulators and start-ups on the same continuous-integration pipeline.
A Chorus Building Beyond Britain
The push to treat regulation as code is not uniquely British. In the Netherlands, the joint DNB-AFM InnovationHub already answers cross-agency queries within five days and now plans to publish those responses as public APIs so that the second firm asking the same question gets an automated reply instead of an email chain.
Canada's OSFI has gone further on the supervisory side, making its Regulatory Reporting System the sole channel for prudential returns. Templates are machine-validated on upload; if a single field breaks schema, the file never reaches an analyst.
Singapore's MAS is watching closely. Industry insiders say the authority's next sandbox cohort will trial JSON-encoded guidelines under the banner 'Project FinReg,' an initiative that dovetails with MAS's wider push to embed compliance directly into cross-border payment prototypes such as Project Mandala. This BIS collaboration demonstrated on-chain, compliance-by-design transfers last year.
Even Australia, traditionally laissez-faire, is inching toward multi-agency 'regulatory cells.' A recent Treasury consultation on scam-prevention codes floated the idea of coordinated approach to avoid 'two regulators taking simultaneous action against a breach,' not dissimilar to RIO's backstage-coordination model.
Meanwhile the Bank for International Settlements is urging supervisors to adopt open data standards so that rule objects created in London can run unedited in Amsterdam or Singapore. A BIS working paper on 'RegOps' sketches a future in which granular reporting flows via APIs and regulatory logic is stored in a shared code repository rather than buried in narrative guidance.
Why the Timing Finally Works
Three forces make 2025 the tipping-point year. Generative AI now parses centuries of statute and drafts consistent code stubs in minutes, slashing the manual tagging costs that sank earlier attempts. Post-COVID digitalisation forced banks to rebuild their tech stacks; those same institutions are demanding regulators match their new release cadence. And compliance budgets keep marching higher, McKinsey estimates risk and compliance spend will rise 5 percent a year through 2028, outpacing revenue growth for most banks. Treating rules as reusable code is the last big lever left to flatten that curve.
The Hard Problems Still Ahead
Not every regulation fits neatly into an if-then statement. Principles-based mandates like 'treat customers fairly' resists binary translation; strip away nuance and firms may optimise for the API rather than the outcome. Interoperability is another issue: without common taxonomies, a workflow that passes in London could fail in Frankfurt. The BIS effort is a start, but reaching consensus across scores of jurisdictions will be messy.
Liability looms largest. If a regulator-supplied rule object is buggy, does the fault lie with the supervisor, the developer who consumed it, or the board that signed off deployment? Lawyers are already drafting clauses. Finally, there is the money question: RIO's launch budget, roughly £10 million, looks meagre alongside the FCA's £678 million annual spend. Whitehall has not ruled out industry levies once prototypes become production infrastructure.
What to Watch Next
Over the next twelve months three milestones will show whether regulation-as-code is hype or inevitability. In August 2025 RIO aims to publish its first fully machine-readable chapter, likely the new data-portability rules, for public use. By Q4 2025 the FCA expects to open an optional Handbook API to sandbox firms, creating the first live test of developer demand. And in April 2026 Singapore's MAS will decide whether to codify its AI model-risk guidelines; insiders say positive feedback on the platform could tip the scales toward full adoption.
Why This Matters
Rules that can be queried like software change the economics of innovation. Instead of hiring a squad of lawyers to interpret 1990s prose, a fintech can embed a compliance check directly in its CI/CD pipeline and deploy the same afternoon. Supervisors, in turn, receive telemetry in real time, not a quarter late, and can spot systemic risks before they metastasise.
If London's experiment works, regulatory compliance will shift from PDF footnotes to Git commits. For the global financial sector, that could be as transformative as moving from batch settlement to real-time payments. By year-end we will know whether the world's rulebooks are ready to join the API economy, or whether innovators must keep wading through PDFs for a little while longer.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


New York Times
35 minutes ago
- New York Times
Can Barcelona really return to the Camp Nou next month?
In just over a month, Barcelona will return to the Camp Nou for the first time since starting a €1.5billion (£1.3bn; $1.8bn) refurbishment project two years ago. At least, that's what the club is hoping. Work on Barca's stadium has already suffered several setbacks, with an original return date of November 2024 long since passed. Now the club is targeting August 10 — when Barca play their traditional season-opening friendly match, the Joan Gamper Trophy — for the big day. Advertisement That date represents a fifth rescheduling of the team's expected return. Delays to the project have already forced Barca to play at the city's Estadi Olimpic Lluis Companys much longer than expected, but the option of starting a third consecutive season there appears to have been ruled out. They no longer have permission to play at the ground, nor do they intend to apply for it. Barca sources — who, like all those consulted for this article, preferred to contribute anonymously in order to speak freely — insist the club has no Plan B. They are confident the 2025-26 campaign will be spent back at the Camp Nou. But even with such little time left before their return, question marks remain over exactly when they can be expected back there, and under what kind of circumstances. Work on the Camp Nou began in June 2023, with the aim of modernising the ground while increasing its capacity to 105,000, which would be the largest in European football. The stadium was initially scheduled to reopen at about 60 per cent capacity in time for Barca's 125th anniversary in November 2024 (with full completion in June 2026), but that date has been put back several times. The November 2024 target was mentioned by Ebru Ozdemir, president of Limak, the construction company in charge of the works, in an interview with El Periodico in March 2023. But in July 2024 came the first public signs of slippage. Barca vice-president Elena Fort said in an interview with the EFE news agency that work was 'going according to plan', but added: 'As of today, we can confirm that the stadium will be ready for play by the end of the year.' The following September, Barca president Joan Laporta said the club 'didn't want to set dates' for a return 'because it might happen later or it might even happen earlier'. Advertisement 'I believe that by the end of the year, we will be able to come back,' he added, speaking at a news conference. That was still the message a month later in October. At another press conference, Fort repeated that construction was 'on the right track', but a Barcelona statement released a week earlier said the team was now expected to return 'in the second half' of the 2024-2025 season. Then, in an interview with Catalan radio station RAC1 in January 2025, Fort said: 'There is no exact date, but we will return this season. It will be when we can, but before the end of this season.' A bird's-eye view of heaven on earth: Spotify Camp Nou. 🚁 — FC Barcelona (@FCBarcelona) May 28, 2025 While work on the Camp Nou went on, Barca made a temporary home at the Estadi Olimpic Lluis Companys across the city on Montjuic, a ground that has about 40,000 fewer seats than the old Camp Nou. Barca had always planned to spend the entirety of the 2023-24 season there, but in early 2025, they had to apply to the local authorities to allow them to finish the 2024-25 campaign in the stadium. That change of plan meant a Clasico with Real Madrid was now set for the same weekend as a Rolling Stones concert scheduled at their temporary home. Barca sources at the time said they considered the Camp Nou as a potential option for the May 11 fixture. In the event, the Rolling Stones cancelled plans for a European tour, leaving Barca free to play at Montjuic. In 2023, the club estimated that playing one season at Montjuic would cost them about €90m (£77m; $106m at current rates) in lost revenue. They ended up staying for two. Cargando: Spotify Camp Nou — FC Barcelona (@FCBarcelona_es) July 4, 2025 Last week, Barca announced they would return to the Camp Nou just over a month from now for the Joan Gamper Trophy on August 10, an annual friendly match that kicks off the new season. Speaking in early June, before the fixture was arranged, club sources said they expected the capacity for Barca's Camp Nou return to be limited to 25,000. Advertisement However, as things stand, they do not have the necessary permits to do so, according to Barcelona's deputy mayor, Laia Bonet. 'The work must be completed on time and in the proper manner in order to apply for the provisional first occupancy licence for the opening of the first and second stands,' she said at a news conference last week. 'We are not there yet and we need time to check that the stadium is in a condition to welcome spectators.' In an interview with La Vanguardia published on Wednesday, Fort said the club remained 'focused' on obtaining the required permits. As for when the stadium is scheduled to be completely finished, she said: 'I think we'll be able to say the stadium is finished by the summer of 2026. Visually, it won't be 100 per cent finished; the roof will still need to be closed. But everything will be there.' Laporta said when announcing the Limak deal that there were 'guarantees' the team would be back playing at the stadium in November 2024. He said these could include penalty charges of €1m that Limak would have to pay for each day past the November 2024 deadline. However, no such penalty charges have been made, and in January this year, Fort said any potential penalty charges could only be assessed after construction was completed in 2026. Barca sources say the club has not made any alternative plans to playing the Joan Gamper at the Camp Nou. However, in her interview with La Vanguardia, in reply to a question about whether there was a Plan B and whether that might see the Joan Gamper played at the club's Johan Cruyff stadium near the training ground instead, Fort replied: 'Yes. Life isn't 100 per cent predictable, there's always the possibility of something happening.' Fort also mentioned a 'load test' the club plans to carry out and said its results would determine the capacity at which the Camp Nou could re-open. She said this would be conducted without any spectators, with 'suppliers, the media and the city council, which obviously has to give its approval' attending instead. Local police and emergency services will also have to check access, while validation from UEFA and La Liga will be needed. 'The first half of July, or the first 10 days of July, will determine everything,' Fort added. In terms of the new La Liga season, Barca asked for their first matches to be scheduled away from home and the competition body has granted this. Barca's first three games are away trips, with their first home fixture scheduled for the weekend of Saturday, September 14, when they host Valencia (the exact date will be confirmed closer to the time). The first round of the Champions League league phase is due to be played from September 16. Advertisement With so many issues still up in the air, though — including the missing permits and the uncertainty around what capacity the ground can open at — Barca have not been able to start any ticket sales for matches. Usually, season ticket sales begin in the first weeks of June, but the process has still not started. Nor have any tickets gone on sale for the Joan Gamper friendly next month. Barca sources remain confident all will be well, but in terms of alternatives, Barcelona city council sources say it would not be possible for Barca to return to playing at Montjuic because a series of concerts are already scheduled there that cannot be cancelled. City council sources also confirmed that Barca have made no request to further use the stadium, but added that the stadium could, in theory, be re-adapted to football use within a week, so long as it did not mean disruption to concert dates. As for the Johan Cruyff stadium mentioned in Fort's La Vanguardia interview, this is the 6,000-capacity stadium used by Barcelona's women's team and the men's reserves team. It is difficult to see how the ground could be used by the senior men's side. Media reports suggest Italian side Como, managed by former club midfielder Cesc Fabregas and with Sergi Roberto among their number, will be Barca's opponents for the Joan Gamper. The Athletic approached Como for confirmation, but they declined to comment. The initial November 2024 return date — at reduced capacity — held huge symbolic value for Barca, but several problems have contributed to the delays seen since. Senior figures at the club have tended to explain these by referring to 'unforeseeable circumstances' — Laporta being the most recent to do so at a May press conference. Barca have pointed to the discovery of an unknown high-voltage line on the site, the company that was set to supply the iron for the stadium going bankrupt, bureaucratic problems in bringing in skilled labour from outside the European Union, and various problems that Limak had with several suppliers trying to increase raw material costs. Limak, in a June press release, said the Camp Nou project was 'progressing on schedule, with completion expected in 2026'. Complaints from local residents about noise and light also restricted the working patterns constructors had planned to follow. A timetable of permitted works was agreed upon at a meeting between the Camp Nou neighbours' association, Barcelona city council, and FC Barcelona. It allowed work to continue until midnight as long as it did not involve the most disruptive aspects in terms of noise and light. According to residents, there were several breaches of this, and after several incidents in which the police were called, the timetable was altered so that work had to stop by 10pm. Then it was agreed that work could continue until midnight, but only if it was internal work that did not involve noise or light pollution. In March, the city council granted special permission allowing work to continue 24 hours a day (except for weekends), which is currently valid until August 2. Advertisement Meanwhile, a report published in April by local media outlet Ara claimed further delays had been caused by a decision to prioritise the construction of a section of VIP seats, which had important implications for the club's finances, as further explained below. Having the Camp Nou ready to host games won't just provide the club with a bigger source of income and put an end to the rent they pay to play at Montjuic, it will also have a direct impact on their capacity to sign and register new players. The Catalans are currently above the salary limit that La Liga set for them, which means the competition forces them to offload current salaries before registering new ones. A major reason they are above their salary cap is that Barcelona's latest asset sale — VIP seating at the revamped Camp Nou — could not be included in their current budget. Crowe, an audit company that currently works with Barcelona, assessed that the €100m the Catalans received from Middle Eastern investors for the sale of the VIP seats can't be counted as an asset because the actual seats had not been built yet. Club sources say that builders at the Camp Nou are focused on building all of those VIP seats before the end of summer. They believe that as soon as the VIP seats are built, auditors will allow the inclusion of that €100m in the club's accounting, and that would enable Barcelona to return to a stable financial position regarding their salary limit. The budget for the entire Espai Barca — the name for the extensive renovation project, which also includes the Palau Blaugrana multi-sport arena, the campus and the urban development of the area — is €1.5bn. The price that Limak committed to complete the new Camp Nou was €990m, but during the process, a green light was given for the construction of a Skywalk, a viewing platform from which the whole of Barcelona will be visible. The cost of this was not included in the agreed budget and will be added as an extra. Advertisement On Wednesday last week, Fort told La Vanguardia that the original budget would be met, and that 'there's no red line that makes us think it will become more expensive'. She added: 'This year we already have some advance payments, but everything is under control. Furthermore, we've secured the debt refinancing we wanted because people believe so strongly in the project. The estimates are that we'll triple the operating income we had at the previous Camp Nou.'
Yahoo
an hour ago
- Yahoo
France's Macron kicks off pomp-filled UK state visit
French President Emmanuel Macron begins a three-day state visit to Britain on Tuesday, which will see him address parliament and try to rekindle a purportedly warm relationship with King Charles III. The French leader will hold several meetings with UK Prime Minister Keir Starmer, who promised to reset relations with European capitals when he took power in 2024 after years of Brexit-fuelled tension. Their discussions are expected to focus on aid to war-torn Ukraine and bolstering defence spending, as well as joint efforts to stop migrants from crossing the Channel in small boats -- a potent political issue in Britain. It is the first state visit by an EU head of state since the UK's acrimonious 2020 departure from the bloc, and the first by a French president since Nicolas Sarkozy in 2008. Calling it "historic", Starmer's office said the visit would showcase "the breadth of the existing relationship" between Britain and France. It added that Starmer would "aim to drive forward progress on tackling irregular migration, enhancing our defence and security co-operation and boosting trade and investment". Macron's Francophile host King Charles has called ties with Britain's cross-Channel neighbour "indispensable" and the two men are believed to have a warm rapport. The king made a 2023 state visit to France, one of his first after ascending the throne and widely regarded as a success. - Windsor pomp - Macron and his wife Brigitte will be greeted off the plane by heir-to-the-throne Prince William and his wife Catherine, Princess of Wales, before travelling to Windsor Castle to meet the king and his wife, Queen Camilla. The French leader and his wife will enjoy various displays of British pomp and pageantry including lunch and later a banquet at the castle. "Our two countries face a multitude of complex threats, emanating from multiple directions. As friends and as allies, we face them together," King Charles is due to tell Macron at the banquet, according to a press release from Buckingham Palace. "Our two nations share not only values, but also the tireless determination to act on them in the world." Macron will follow in the footsteps of predecessors Charles de Gaulle and Francois Mitterrand by addressing lawmakers in the UK parliament. On Wednesday, Macron will have lunch with Starmer and the two leaders will also co-host on Thursday the 37th Franco-British Summit, where they are set to discuss opportunities to strengthen defence ties. Britain and France are spearheading talks amongst a 30-nation coalition on how to support a possible ceasefire in Ukraine, including potentially deploying peacekeeping forces. The two leaders will dial in to a meeting of the coalition on Thursday "to discuss stepping up support for Ukraine and further increasing pressure on Russia", Starmer's office confirmed on Monday. - Tapestry loan - They will speak to Ukrainian President Volodymyr Zelensky, German Chancellor Friedrich Merz and Italian Prime Minister Giorgia Meloni, according to the French presidency. Irregular migration is also set to feature in talks between Macron and Starmer. The British leader is under intense pressure to curb cross-Channel arrivals, as Eurosceptic Nigel Farage's hard-right Reform UK party uses the issue to fuel its rise. London has for years pressed Paris to do more to halt the boats leaving from northern French beaches, welcoming footage last Friday showing French police stopping one such boat from departing. Meanwhile, speculation is rife that Macron will use the visit to announce an update on his previous offer to loan the Bayeux Tapestry to Britain. It emerged in 2018 that he had agreed to loan the embroidery, which depicts the 1066 Norman conquest of England, but the move has since stalled. The UK government said on Monday that it continued to "work closely with our counterparts in France on its planned loan". jj/jxb/bc/tc
Yahoo
an hour ago
- Yahoo
Report – ‘Progress Made' In Inter & AC Milan Meeting With City On San Siro But Nothing Decisive Yet
Report – 'Progress Made' In Inter & AC Milan Meeting With City On San Siro But Nothing Decisive Yet Inter Milan and AC Milan have reportedly made 'progress' in recent talks with the city of Milan about the new San Siro project. This according to today's print edition of Rome-based newspaper La Repubblica, via FCInterNews. Advertisement Inter Milan and AC Milan continue to work on their efforts to build a new stadium in the San Siro area. The two clubs will not be able to tear down the existing stadium and build in its place. However, they are planning to build a new stadium in the San Siro, adjacent to the current one. Inter & AC Milan 'Make Progress' In Talks With City On San Siro MILAN, ITALY – APRIL 23: General view outside the stadium prior to the coppa Italia Semi Final match between FC Internazionale and AC Milan at Stadio Giuseppe Meazza on April 23, 2025 in Milan, Italy. (Photo by) According to La Repubblica, there was a meeting between Inter, AC Milan, and the city of Milan yesterday. Representing the Rossoneri were club President Paolo Scaroni and senior figures from owners RedBird Capital. Meanwhile, senior figures from owners of Inter Oaktree Capital were also at the meeting. Advertisement According to La Repubblica, this meeting was not the decisive one. However, the clubs and the city made progress. They discussed issues of land reclamation and demolition in the project. Meanwhile, La Repubblica report, the clubs and the city are both determined to finalize the sale of the land within the established timeframe. Moreover, it shouldn't be too tough to agree a sale price of the land.