Regulatory Analysis in Corporate Law

The Modern Law Review, Vol. 79, Issue 4, pp. 537-574, 2016

63 Pages Posted: 22 Mar 2016 Last revised: 29 Nov 2016

See all articles by Martin Petrin

Martin Petrin

University College London - Faculty of Laws; Western University

Multiple version iconThere are 2 versions of this paper

Date Written: March 1, 2016

Abstract

Drawing from recent experiences in the US, UK, and EU, this article examines regulatory analysis of corporate law policies. It suggests that regulatory analysis, as currently understood and applied in this area, suffers from severe weaknesses. The effects of proposed corporate law policies are often particularly difficult to predict and even more difficult to quantify, which negatively impacts analytical reliability. Moreover, given its nature and interconnections with politics, corporate law is less amenable to purely technocratic assessments than other areas of law. Based on three case studies, the article explores these problems. It outlines a revised ‘procedural’ view, suggesting that regulatory analysis in corporate law should be understood primarily as a process for enhancing information, transparency, and monitoring, independently from specific normative criteria. This leads to several implications. In short, regulatory analysis should combine quantified analysis with leeway for regulatory judgment and focus on increased consultation, critical engagement, review, and transparency as the dominant guiding factors.

Keywords: Regulatory Analysis, Impact Analysis, Cost Benefit Analysis, Corporate Law, Regulation

JEL Classification: K22

Suggested Citation

Petrin, Martin, Regulatory Analysis in Corporate Law (March 1, 2016). The Modern Law Review, Vol. 79, Issue 4, pp. 537-574, 2016, Available at SSRN: https://ssrn.com/abstract=2752767

Martin Petrin (Contact Author)

University College London - Faculty of Laws ( email )

Western University ( email )

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