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Antonio Marcacci

This chapter claims that internal processes of financial institutions are subject to a certain degree of standardization at transnational level. Product governance (PG) under the new Markets in Financial Instruments Directive II is taken as a case study and is compared with the normative production of the International Organization of Securities Commissions (IOSCO). Analysis of the PG regime shows how detailed the current regulation is and how deep it digs into a financial institution’s internal processes. Within this context, the EU plays a doublehatted role: it first contributes to the transnational ‘soft’ regulatory debate; and it later ‘hardens’ transnational soft rules by incorporating them into its legislative body. The result suggests that, on the one hand, IOSCO and EU normative productions mutually inspire themselves, and, on the other hand, that IOSCO standardizing principles are introjected into European financial firms through EU law.