Managing Regulatory Arbitrage: A Conflict of Laws Approach

58 Pages Posted: 4 Oct 2013 Last revised: 25 Oct 2016

Date Written: October 3, 2013


Many of the core challenges facing national financial regulators stem from a classical puzzle of international law: how to manage conduct that is beyond national jurisdiction, or conduct that is potentially subject to multiple regulatory authorities, in a context in which markets are transnational and market participants arbitrage the differences between regulatory regimes to their own advantage. The dominant approach of the G20 to this challenge has been a model borrowed from public international law and institutions. After reviewing some of the limitations of this approach, the paper considers how tools in the private international lawyer's toolkit that might offer a very different, yet potentially more effective approach.

Keywords: financial regulation, conflict of laws, G20, regulatory arbitrage

Suggested Citation

Riles, Annelise and Riles, Annelise, Managing Regulatory Arbitrage: A Conflict of Laws Approach (October 3, 2013). Available at SSRN: or

Annelise Riles (Contact Author)

Buffett Institute of Global Affairs ( email )

1902 Sheridan Road
Evanston, IL
United States

Northwestern Law School ( email )

375 E. Chicago Ave
Chicago, IL 60611
United States
(312) 503-1018 (Phone)
(312) 988-6579 (Fax)

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