Convergences and Divergences: Comparing Contractual and Organizational Models in International Regulatory Cooperation
G Low & M de Visser (eds.) Convergence of Commercial Law in Asia: Methods and Drivers, CUP, (2018, Forthcoming)
19 Pages Posted: 7 Mar 2018
Date Written: February 24, 2018
Transnational private regulation has dramatically grown in the past decades. Many private regimes spurred, sometimes as a response to fragmentation and proliferation of public domestic regulations.
Different forms of regulatory cooperation among private actors have emerged, often supported by international organizations. On the one hand the model of multistakeholder organizations, including various constituencies whose interests are divergent and at times conflicting. On the other hand agreements between regimes’ owners which have designed forms of cooperation ranging from mutual recognition to common standard setting. A third pathway is creation of private meta-regulators, entities which regulate private regulators. The paper describes and compares the three models providing possible explanations about the drivers of each form and the evolutionary patterns driving from ‘contractual’ to organizational forms of regulatory cooperation. It deploys the conventional contract/organizational alternative to explain different patterns of regulatory cooperation based on the degree of divergence and convergence of regulatory objectives amongst the various transnational constituencies. It concludes with some policy recommendations concerning the governance of multistakeholder organizations engaged into regulatory cooperation and the features of regulatory agreements among private regulators.
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