Standards, Contracts and Codes
Edited by Marta Cantero Gamito and Hans -W. Micklitz
Chapter 10: Standardizing intrafirm processes worldwide: product governance between IOSCO and the EU
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.
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.