The Fsa Regulatory Policy of Rule-Use: A Move Towards More Effective Regulation?

42 Pages Posted: 29 Mar 2006

See all articles by Andromachi Georgosouli

Andromachi Georgosouli

University of London - Centre for Commercial Law Studies (CCLS)

Date Written: January 15, 2006

Abstract

The function of legal rules as technical instruments of social organisation and how to make them work effectively has become an increasingly importance focus of attention for those interested in regulation. This essay examines the financial regulation in the UK and in particular the regulatory policy of rule-use of the present regulatory authority responsible for the supervision and regulation of financial markets, the Financial Services Authority (FSA). The following themes are discussed: How did the regulatory policy of rule-use grow out of existing institutional arrangements? What were the factors that shaped it? What are its characteristics? Has it succeeded in making financial regulation more effective? As it will be shown, the formation of regulatory standards is context dependent and relies heavily on the institutional configurations and dominant ideology of the time. Towards the end of this essay, certain concerns will be raised pertaining to the assumed eligibility of the present regulatory policy of rule-use to improve regulatory effectiveness.

Keywords: FSA, regulation, conduct of business, rules, financial markets

JEL Classification: K22, G1, G2, G3, K23

Suggested Citation

Georgosouli, Andromachi, The Fsa Regulatory Policy of Rule-Use: A Move Towards More Effective Regulation? (January 15, 2006). Available at SSRN: https://ssrn.com/abstract=893453 or http://dx.doi.org/10.2139/ssrn.893453

Andromachi Georgosouli (Contact Author)

University of London - Centre for Commercial Law Studies (CCLS) ( email )

Lincoln's Inn Fields
Queen Mary, University of London,
London, WC2A 3JB
United Kingdom

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