Standarisation by Law and Markets Especially in Financially Services

Financial Law Institute Working Paper No. 2008-02

19 Pages Posted: 4 Feb 2008

See all articles by Eddy Wymeersch

Eddy Wymeersch

Ghent University - Financial Law Institute; ECGI

Date Written: January 2008

Abstract

Standardisation techniques are used in a very broad range of financial transactions: technical standards, model contracts, codes of conduct, accounting rules, and even experiments with alternatives to European regulations. Especially in the financial services field, where mass production and relational stability are essential, standardisation is an integral part of the existing framework and its regulation. The functions of standardisation are manifold and extend even to issues like mutual recognition. The relationship of these techniques with the legal system is a complex one, relying on a wide range of instruments such as contract provisions, explicit references in the law, default rules, good business practices, and so on. Enforcement is partly based on legal instruments, but also on the market.

Keywords: financial services, standarisation, soft law

JEL Classification: K22, K33,

Suggested Citation

Wymeersch, Eddy O., Standarisation by Law and Markets Especially in Financially Services (January 2008). Financial Law Institute Working Paper No. 2008-02, Available at SSRN: https://ssrn.com/abstract=1089037 or http://dx.doi.org/10.2139/ssrn.1089037

Eddy O. Wymeersch (Contact Author)

Ghent University - Financial Law Institute ( email )

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Gent, B-9000
Belgium
+32 9 264 68 27 (Phone)
+32 9 264 68 55 (Fax)

HOME PAGE: http://www.law.ugent.be/fli

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