Competition in the Private Enforcement of Regulatory Law

Abstract:     
This short essay was prepared for a conference on economic law that focused in part on the development of inter-jurisdictional competition between regulatory systems. The essay addresses private enforcement of regulatory law, inquiring whether some form of competition might develop between national systems for the private damages claims of parties injured by regulatory violations. It considers some situations in which plaintiffs have a choice of legal regime in which to assert such claims, and the benefits that competition for them might bring. However, it notes that unlike the competition for corporate charters, this form of competition would necessarily remain quite limited, and concludes that its costs would therefore likely outweigh its benefits.

Keywords: regulatory competition, private enforcement, antitrust, securities

JEL Classifications: K21, K22, K33, K41

Working Paper Series