Enforcement of Transnational Regulation
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Enforcement of Transnational Regulation

Ensuring Compliance in a Global World

Edited by Fabrizio Cafaggi

This book addresses the different mechanisms of enforcement deployed in transnational private regimes vis-à-vis those in the field of public transnational law.
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Chapter 9: Financial Private Regulation and Enforcement

Geoffrey P. Miller


Geoffrey P. Miller The topic of financial private regulation and enforcement concerns the activities of private firms in the financial sector which are involved in cross-border activities – Citigroup, Bank of America, HSBC, UBS, JPMorgan Chase, RBS, BNP Paribas, Barclays, Morgan Stanley, Goldman Sachs, Deutsche Bank, HBOS, Société Générale, Banco Santander, American Express, Nomura, and so on. For convenience of reference, I will refer to this type of organization as an ‘internationally active financial services firm’ (IAFSF). This chapter will categorize different types of private regulation and enforcement applicable to IAFSFs and then offer some tentative thoughts about the underlying forces that may determine the phenomena under observation, with special reference to the HiiL Concept Paper, ‘The Added Value of Private Regulation in an Internationalised World? Towards a Model of the Legitimacy, Effectiveness, Enforcement and Quality of Private Regulation’. The principal subject of investigation will be the activities of IAFSFs under US law, but attention will be given to international standards and regulations as well. I. TYPES OF PRIVATE REGULATION AND ENFORCEMENT House Rules All IAFSFs operate according to internal rules governing the day-to-day administration of the company. Rules of organization define the roles of offices and allocate responsibility for operations. All large IAFSFs, like almost all large firms in any industry, take the form of complex corporate groups involving holding companies, subsidiaries, and subsidiaries of subsidiaries. These networks 263 Columns Design XML Ltd / Job: Cafaggi-Enforcement_of_Transnational_Regulation / Division: 09-ch /Pg. Position: 1...

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