Diffusion of Regulatory Dualism: Making Legal Transplants Feasible and its Impact on Legal Convergence
52 Pages Posted: 5 Jul 2010 Last revised: 9 Aug 2010
Date Written: June 15, 2010
The subject of legal transplants, particularly as it pertains to corporate governance and capital market regulations, is comprised largely of skeptics who doubt the practicality or the effectiveness of a country simply emulating the laws of another. This debate has spilled over to the subject of legal convergence and whether legal transplants contribute to the harmonization process. This thesis will first provide a brief overview of the problems and existing solutions associated with transplanting capital market regulations. Then, it will proceed to offer a different approach to transplanting capital market regulations by incorporating the concept of regulatory dualism. This approach will likely increase efficiency and improve the likelihood of successfully transplanting a law across borders. The thesis will conclude by arguing that this proposed method will steadily contribute to the harmonization of laws, without sacrificing the essence of each country‘s history or diluting the impact of regulatory competition.
Keywords: Legal Transplants, Regulatory Dualism, Legal Convergence, Legal Harmonization, Capital Market Regulation
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