Abstract

http://ssrn.com/abstract=2282060
 


 



Finding Legal Principle in Global Financial Regulation


David T. Zaring


University of Pennsylvania - Legal Studies Department

June 19, 2013

Virginia Journal of International Law, Vol. 52, No. 3, pp. 683-722, 2012

Abstract:     
How does global financial regulation work? I propose six principles that organize its current practice: 1) a national treatment principle, 2) a most favored nation principle, 3) a preference for rulemaking over adjudication, 4) a subsidiarity principle of enforcement, 5) a peer review model of enforcement, and 6) a network model of institutionalization. Most of these principles are shared by other institutions that meet the criteria of formal international law. These emerging doctrines and institutional arrangements are stable, principled, and accordingly increasingly amenable to traditional legal analysis. While financial regulatory cooperation, as it is currently structured, is not the same thing as public international law, it exemplifies the parallel development of legal and other forms of state obligation. Moreover, analyzing global financial regulation as a law-like institution offers new insights into an increasingly paramount form of the regulation of finance, one that is likely to be a principal accomplishment of twenty-first-century international cooperation.

Number of Pages in PDF File: 41

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Date posted: June 20, 2013  

Suggested Citation

Zaring, David T., Finding Legal Principle in Global Financial Regulation (June 19, 2013). Virginia Journal of International Law, Vol. 52, No. 3, pp. 683-722, 2012. Available at SSRN: http://ssrn.com/abstract=2282060

Contact Information

David T. Zaring (Contact Author)
University of Pennsylvania - Legal Studies Department ( email )
3730 Walnut Street
Suite 600
Philadelphia, PA 19104-6365
United States

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