I want to draw your attention to this, now out in the Cornell Law Review. As regular readers know, I do a great deal of research on the international regulatory networks that increasingly set the standards for financial and securities regulation. This paper is an effort to connect the shaky legitimacy of that sensible impulse to a stronger body of doctrine, and so it touches more on foreign relations and administrative law than on pure financial regulation - and it is co-authored with a foreign relations and international law expert, Jean Galbraith. You should download it. The abstract:
The United States increasingly relies on “soft law” and, in particular, on cooperation with foreign regulators to make domestic policy. The implementation of soft law at home is typically understood to depend on administrative law, as it is American agencies that implement the deals they conclude with their foreign counterparts. But that understanding has led courts and scholars to raise questions about whether soft law made abroad can possibly meet the doctrinal requirements of the domestic discipline. This Article proposes a new doctrinal understanding of soft law implementation. It argues that, properly understood, soft law implementation lies at the intersection of foreign relations law and administrative law. In light of the strong powers accorded to the executive under foreign relations law, this new understanding will strengthen the legitimacy and legality of soft law implementation and make it less subject to judicial challenge. Understanding that soft law is foreign relations law will further the domestic implementation of informal international agreements in areas as different as conflict diamonds, international financial regulation, and climate change.
Please don't hesitate to send along your comments, concerns, etc.....
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