As markets and regulatory tasks become increasingly global, forms of private international regulatory cooperation are emerging along with – or sometimes as a replacement for – inter-governmental cooperation. In a number of settings, traditional forms of public intervention are facing enormous difficulties in coping with certain policy problems. The weaknesses of public regulation emerge more specifically at the transnational level where difficulties to coordinate, inconsistencies between standard setting and enforcement, divergences between administrative and judicial enforcement and within the latter among domestic courts make inter-state regulatory co-operation an insufficient response. This case study deals with the fast development of transnational private regulation and some related challenges.
The case study on transnational private regulation was developed by Fabrizzio Cafaggi, Andrea Renda and Rebecca Schmidt in the framework of the Hague Institute for the Internationalisation of Law (HIIL) Project.