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Rules and Regulators$
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Julia Black

Print publication date: 1997

Print ISBN-13: 9780198262947

Published to Oxford Scholarship Online: March 2012

DOI: 10.1093/acprof:oso/9780198262947.001.0001

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The Development of the Regulatory Structure

The Development of the Regulatory Structure

(p.46) 2 The Development of the Regulatory Structure
Rules and Regulators

Julia Black

Oxford University Press

To gain a deeper analysis of the process of rule making by financial services regulators and their manner of using rules, it is important to take into account the institutional context in which the regulators operate. This will allow a description of their formal powers and provide understanding of the regulatory structure's dynamics and the tensions and frictions that have influenced the rule making process and rule use. Hence, this chapter investigates the development of the structure, Gower's blueprint for reform, and how unrelated events ensured that his proposals have been used and have addressed unforeseen issues. A characterisation of the resulting structure is developed, and the importance of the characterization in current arguments on the nature of the structure is discussed.

Keywords:   regulatory structure, rule making, rules, financial services regulation, regulators, institutional context, Gower

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