Formal specifications are fine for specialists with a background in (computational) logic, although they will still overlook the consequences of a specification without the support of exhaustive analysis tools.
How can the specification and analysis of a regulatory framework be expressed, understood and maintained by a domain-specialist rather than a computer scientist?
What representations might be acceptable? Do they need to be domain-specific? How many fundamentally different representations might there be? What are their characteristics? Graphical? Textual? Something else? How amenable are these forms to editing, distribution, accessibility? Are they mutually interoperable? Can one be translated to another and retain meaning.
What concepts need to be represented? Permission, power, prohibition, obligation, conventional generation, consequence relations, normative states? Or is that looking at the problem from the wrong end?