Law and Regulation
Law and Regulation
The Case of Finance
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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