Meta-regulation is a form of regulation that encourages self-regulation of firms.
The advantages of self-regulation are that devolved structures of regulation allow for greater learning in complex and uncertain environments.
Firms with the potential for catastrophic failure such as finance, oil drilling, mining, manufacturing, etc.
often desire effective regulation to prevent such failures because of cost and damaged public relations.
Meta-regulation is said to have the advantage of fostering norms of reflexivity among institutions, as they are forced to conscientiously consider optimal levels of regulation and elucidate the reasoning to regulators.