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Regulating Law$
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Christine Parker, Colin Scott, Nicola Lacey, and John Braithwaite

Print publication date: 2004

Print ISBN-13: 9780199264070

Published to Oxford Scholarship Online: March 2012

DOI: 10.1093/acprof:oso/9780199264070.001.0001

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Law and Regulation

Law and Regulation

The Case of Finance

Chapter:
(p.33) 2 Law and Regulation
Source:
Regulating Law
Author(s):

Julia Black

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199264070.003.0003

The first section of this chapter examines the difference between legal and regulatory scholarship. The second section considers the relationship between regulatory rules and common law, and argues that for the most part, the two live in separate rooms with little direct interaction occurring. Nonetheless, there are examples of collisions between them and there are significant areas where they live in an uneasy coexistence, negotiating their relationship around one another. The third section raises a further issue, which is the relationship of the law itself to the regulatory system and market players, including the categorization of law as an operational ‘risk’ that market players have to manage. The fourth section draws on UK and international financial regulation to illustrate the practical significance of the third theme, the interaction of normative systems of ordering.

Keywords:   financial regulation, legal scholarship, regulatory scholarship, common law, regulatory rules, ordering

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