Ruben Lee
- Published in print:
- 2011
- Published Online:
- October 2017
- ISBN:
- 9780691133539
- eISBN:
- 9781400836970
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691133539.003.0010
- Subject:
- Economics and Finance, Macro- and Monetary Economics
The question of what regulatory authority over securities markets should be assigned to exchanges, central counterparties, and central securities depositories has long been controversial. This ...
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The question of what regulatory authority over securities markets should be assigned to exchanges, central counterparties, and central securities depositories has long been controversial. This chapter explores this issue in the broader context of examining how regulatory powers should be allocated between government regulators, self-regulatory organizations, and other types of regulatory institutions. The chapter is composed of three sections. In the first, the complexity of the decision as to how to allocate regulatory powers in a jurisdiction is discussed. The second section lists and analyzes crucial factors and constraints that affect the relative merits of allocating regulatory powers to different types of institutions. The last section encapsulates these discussions and presents in a simple and accessible manner key lessons about how best to allocate regulatory powers in the securities markets. In order to do so, nine general propositions are articulated.Less
The question of what regulatory authority over securities markets should be assigned to exchanges, central counterparties, and central securities depositories has long been controversial. This chapter explores this issue in the broader context of examining how regulatory powers should be allocated between government regulators, self-regulatory organizations, and other types of regulatory institutions. The chapter is composed of three sections. In the first, the complexity of the decision as to how to allocate regulatory powers in a jurisdiction is discussed. The second section lists and analyzes crucial factors and constraints that affect the relative merits of allocating regulatory powers to different types of institutions. The last section encapsulates these discussions and presents in a simple and accessible manner key lessons about how best to allocate regulatory powers in the securities markets. In order to do so, nine general propositions are articulated.
Mark Thatcher
- Published in print:
- 2007
- Published Online:
- September 2007
- ISBN:
- 9780199245680
- eISBN:
- 9780191715273
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199245680.003.0005
- Subject:
- Political Science, Political Economy
Britain is treated separately because it had a different institutional starting point in the securities sector, reformed earlier and then influenced the other three countries, and followed a specific ...
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Britain is treated separately because it had a different institutional starting point in the securities sector, reformed earlier and then influenced the other three countries, and followed a specific ‘British reform path’. Between the mid-1960s and the early 1980s, despite pressures from transnational technological and economic developments, traditionalists in the London Stock Exchange successfully fought to retain their inheritance. However, the position changed greatly after the early 1980s. The LSE was transformed from a private British club into a listed company open to takeover. Reversing decades of self-regulation, powers were delegated to new independent financial regulatory authorities. Reforms were led by British state actors. They were triggered for domestic reasons, but thereafter, international factors became important, as British policy makers became concerned about regulatory competition from the US, and selectively used US reforms to justify changes. The chapter therefore shows the importance of US policies in the strategies of domestic policy makers and their legitimation of reforms.Less
Britain is treated separately because it had a different institutional starting point in the securities sector, reformed earlier and then influenced the other three countries, and followed a specific ‘British reform path’. Between the mid-1960s and the early 1980s, despite pressures from transnational technological and economic developments, traditionalists in the London Stock Exchange successfully fought to retain their inheritance. However, the position changed greatly after the early 1980s. The LSE was transformed from a private British club into a listed company open to takeover. Reversing decades of self-regulation, powers were delegated to new independent financial regulatory authorities. Reforms were led by British state actors. They were triggered for domestic reasons, but thereafter, international factors became important, as British policy makers became concerned about regulatory competition from the US, and selectively used US reforms to justify changes. The chapter therefore shows the importance of US policies in the strategies of domestic policy makers and their legitimation of reforms.
Philippe Cullet
- Published in print:
- 2009
- Published Online:
- September 2009
- ISBN:
- 9780199546237
- eISBN:
- 9780191705519
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199546237.003.0005
- Subject:
- Law, Public International Law, Environmental and Energy Law
This chapter examines three of the main forms of water law reforms that have been and are being introduced in India. It first analyzes water user association legislation and the conceptual framework ...
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This chapter examines three of the main forms of water law reforms that have been and are being introduced in India. It first analyzes water user association legislation and the conceptual framework for participation and decentralization that the new acts propose. The second section considers institutional reforms and, in particular, the setting of independent water regulatory authorities called upon to take away some of the state's functions in the water sector. The third section examines groundwater legislation. This is the only major law reform which does not directly build on water sector reforms and in fact gives the government additional powers to regulate the use of groundwater. The analysis of these three reforms is followed by an overall analysis of these reforms.Less
This chapter examines three of the main forms of water law reforms that have been and are being introduced in India. It first analyzes water user association legislation and the conceptual framework for participation and decentralization that the new acts propose. The second section considers institutional reforms and, in particular, the setting of independent water regulatory authorities called upon to take away some of the state's functions in the water sector. The third section examines groundwater legislation. This is the only major law reform which does not directly build on water sector reforms and in fact gives the government additional powers to regulate the use of groundwater. The analysis of these three reforms is followed by an overall analysis of these reforms.
N. Reichman
- Published in print:
- 1998
- Published Online:
- March 2012
- ISBN:
- 9780198765295
- eISBN:
- 9780191695292
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198765295.003.0012
- Subject:
- Law, Philosophy of Law
This chapter explicates the business sector's influence on the definition and distribution of white-collar crime within specific regulatory contexts. It argues that business sectors influence the ...
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This chapter explicates the business sector's influence on the definition and distribution of white-collar crime within specific regulatory contexts. It argues that business sectors influence the distribution of white-collar crime not only through their influence on the enactment and administration of law, but also through their relative abilities to define what regulatory law is, how it is violated, and enforced. The chapter weaves a model of regulatory authority and its effect on regulatory policy and practice around the context of deal making in the securities industry.Less
This chapter explicates the business sector's influence on the definition and distribution of white-collar crime within specific regulatory contexts. It argues that business sectors influence the distribution of white-collar crime not only through their influence on the enactment and administration of law, but also through their relative abilities to define what regulatory law is, how it is violated, and enforced. The chapter weaves a model of regulatory authority and its effect on regulatory policy and practice around the context of deal making in the securities industry.
Varadharajan Sridhar
- Published in print:
- 2011
- Published Online:
- September 2012
- ISBN:
- 9780198075530
- eISBN:
- 9780199081042
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198075530.003.0002
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter describes the specific characteristics of basic telecom services with their unique cost structure, tariff regulation, and their universal service obligations. India embarked on the ...
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This chapter describes the specific characteristics of basic telecom services with their unique cost structure, tariff regulation, and their universal service obligations. India embarked on the process of liberalization of the telecommunications sector in the early 1990s. The Telecom Regulatory Authority of India Act, 1997 was amended by the Telecom Regulatory Authority of India (Amendment) Act, 2000. The Telecom Regulatory Authority of India (TRAI)'s role should be strengthened from a purely recommending body to licensing and policymaking. High interconnect prices could force the entrant to suffer financial losses. The most important factor to govern the growth of telecom and especially universal service is affordability. Though the landline was considered as a technology for providing universal service, it failed to meet the needs of developing countries such as India. Indications are that wireless technologies will pave the way for broadband penetration and ubiquitous connectivity.Less
This chapter describes the specific characteristics of basic telecom services with their unique cost structure, tariff regulation, and their universal service obligations. India embarked on the process of liberalization of the telecommunications sector in the early 1990s. The Telecom Regulatory Authority of India Act, 1997 was amended by the Telecom Regulatory Authority of India (Amendment) Act, 2000. The Telecom Regulatory Authority of India (TRAI)'s role should be strengthened from a purely recommending body to licensing and policymaking. High interconnect prices could force the entrant to suffer financial losses. The most important factor to govern the growth of telecom and especially universal service is affordability. Though the landline was considered as a technology for providing universal service, it failed to meet the needs of developing countries such as India. Indications are that wireless technologies will pave the way for broadband penetration and ubiquitous connectivity.
Tim Büthe and Walter Mattli
- Published in print:
- 2011
- Published Online:
- October 2017
- ISBN:
- 9780691144795
- eISBN:
- 9781400838790
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691144795.003.0001
- Subject:
- Political Science, International Relations and Politics
This book examines the delegation of regulatory authority from governments to a single international private-sector body by focusing on three powerful global private regulators, or focal rule-making ...
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This book examines the delegation of regulatory authority from governments to a single international private-sector body by focusing on three powerful global private regulators, or focal rule-making institutions: the International Accounting Standards Board (IASB), the International Organization for Standardization (ISO), and the International Electrotechnical Commission (IEC). The book shows how the simultaneous privatization and internationalization of governance is driven, in part, by governments' lack of requisite technical expertise, financial resources, or flexibility to deal expeditiously with ever more complex and urgent regulatory tasks. Its main argument is that technical expertise and financial resources are necessary but not sufficient conditions for successful involvement in global private-sector standardization. To make its case, the book explores global private regulation in global financial and product markets.Less
This book examines the delegation of regulatory authority from governments to a single international private-sector body by focusing on three powerful global private regulators, or focal rule-making institutions: the International Accounting Standards Board (IASB), the International Organization for Standardization (ISO), and the International Electrotechnical Commission (IEC). The book shows how the simultaneous privatization and internationalization of governance is driven, in part, by governments' lack of requisite technical expertise, financial resources, or flexibility to deal expeditiously with ever more complex and urgent regulatory tasks. Its main argument is that technical expertise and financial resources are necessary but not sufficient conditions for successful involvement in global private-sector standardization. To make its case, the book explores global private regulation in global financial and product markets.
Samuel DeCanio
- Published in print:
- 2015
- Published Online:
- May 2016
- ISBN:
- 9780300198782
- eISBN:
- 9780300216318
- Item type:
- chapter
- Publisher:
- Yale University Press
- DOI:
- 10.12987/yale/9780300198782.003.0014
- Subject:
- Law, Constitutional and Administrative Law
This book has explored the origins of discretionary regulatory authority in federal bureaucracies, suggesting that it was a consequence of the regulatory debates that ensued when the Civil War came ...
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This book has explored the origins of discretionary regulatory authority in federal bureaucracies, suggesting that it was a consequence of the regulatory debates that ensued when the Civil War came to an end. It has shown that the American regulatory state was a reaction against populist agitation that focused first on monetary policy and then on railroad regulation. It has also considered how the Democratic Party's ideological shift led certain Republicans to endorse bureaucracy to insulate regulatory decisions from public opinion. This concluding chapter discusses the informational problems that existed in the nineteenth century and how they have been exacerbated by certain political conditions in contemporary America. Finally, it examines how voter ignorance and the vast scope of public decisions have resulted in state autonomy in democratic societies.Less
This book has explored the origins of discretionary regulatory authority in federal bureaucracies, suggesting that it was a consequence of the regulatory debates that ensued when the Civil War came to an end. It has shown that the American regulatory state was a reaction against populist agitation that focused first on monetary policy and then on railroad regulation. It has also considered how the Democratic Party's ideological shift led certain Republicans to endorse bureaucracy to insulate regulatory decisions from public opinion. This concluding chapter discusses the informational problems that existed in the nineteenth century and how they have been exacerbated by certain political conditions in contemporary America. Finally, it examines how voter ignorance and the vast scope of public decisions have resulted in state autonomy in democratic societies.
Takaaki Suzuki
- Published in print:
- 2012
- Published Online:
- September 2012
- ISBN:
- 9780199646210
- eISBN:
- 9780191741630
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199646210.003.0005
- Subject:
- Economics and Finance, South and East Asia
This chapter explores how economic nationalism in Japan has changed in the last 30 years and where it might be heading in the future. It looks at state intervention, which Japan has perfected by ...
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This chapter explores how economic nationalism in Japan has changed in the last 30 years and where it might be heading in the future. It looks at state intervention, which Japan has perfected by deftly combining state action with large private corporations. However, prolonged stagnation since the late 1980s condemned this approach and replaced it with neoliberal policies. This chapter counterintuitively argues that despite scaling back the role of the state in many economic regulatory and welfare-related areas actually increased. Relying on financial and macroeconomic policies since the early 1980s, the chapter shows that globalization and financial liberalization were accompanied by the creation of several powerful state-backed institutions entrusted with substantial financial resources and a wide range of regulatory authority that go well beyond what is deemed “prudential regulatory” safeguards. However, such policies consistent with economic nationalism failed to deliver on its promises of growth and social stability.Less
This chapter explores how economic nationalism in Japan has changed in the last 30 years and where it might be heading in the future. It looks at state intervention, which Japan has perfected by deftly combining state action with large private corporations. However, prolonged stagnation since the late 1980s condemned this approach and replaced it with neoliberal policies. This chapter counterintuitively argues that despite scaling back the role of the state in many economic regulatory and welfare-related areas actually increased. Relying on financial and macroeconomic policies since the early 1980s, the chapter shows that globalization and financial liberalization were accompanied by the creation of several powerful state-backed institutions entrusted with substantial financial resources and a wide range of regulatory authority that go well beyond what is deemed “prudential regulatory” safeguards. However, such policies consistent with economic nationalism failed to deliver on its promises of growth and social stability.
Pradeep S Mehta, Siddhartha Mitra, and Udai S Mehta
- Published in print:
- 2010
- Published Online:
- August 2013
- ISBN:
- 9780262014687
- eISBN:
- 9780262289412
- Item type:
- chapter
- Publisher:
- The MIT Press
- DOI:
- 10.7551/mitpress/9780262014687.003.0007
- Subject:
- Economics and Finance, Econometrics
This chapter examines the effects of regulatory independence on ultimate outcomes such as investment, physical capacity, and facilities for consumers. It focuses on the telecom sector, specifically ...
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This chapter examines the effects of regulatory independence on ultimate outcomes such as investment, physical capacity, and facilities for consumers. It focuses on the telecom sector, specifically case studies of three countries that have undergone major changes in regulatory independence in the recent years—India, South Africa, and Sri Lanka. The chapter is organized as follows. Section 7.2 discusses the evolution of the Telecom Regulatory Authority of India (TRAI) and identifies the circumstances leading to its independence. Section 7.3 considers the effects of TRAI's independence on the telecommunication sector's performance. Section 7.4 reviews the relationship between regulatory independence and performance in the telecom sectors of Sri Lanka, Jamaica, and South Africa, and Section 7.5 concludes.Less
This chapter examines the effects of regulatory independence on ultimate outcomes such as investment, physical capacity, and facilities for consumers. It focuses on the telecom sector, specifically case studies of three countries that have undergone major changes in regulatory independence in the recent years—India, South Africa, and Sri Lanka. The chapter is organized as follows. Section 7.2 discusses the evolution of the Telecom Regulatory Authority of India (TRAI) and identifies the circumstances leading to its independence. Section 7.3 considers the effects of TRAI's independence on the telecommunication sector's performance. Section 7.4 reviews the relationship between regulatory independence and performance in the telecom sectors of Sri Lanka, Jamaica, and South Africa, and Section 7.5 concludes.
Tim Büthe and Walter Mattli
- Published in print:
- 2011
- Published Online:
- October 2017
- ISBN:
- 9780691144795
- eISBN:
- 9781400838790
- Item type:
- book
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691144795.001.0001
- Subject:
- Political Science, International Relations and Politics
Over the past two decades, governments have delegated extensive regulatory authority to international private-sector organizations. This internationalization and privatization of rule-making has been ...
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Over the past two decades, governments have delegated extensive regulatory authority to international private-sector organizations. This internationalization and privatization of rule-making has been motivated not only by the economic benefits of common rules for global markets, but also by the realization that government regulators often lack the expertise and resources to deal with increasingly complex and urgent regulatory tasks. This book examines who writes the rules in international private organizations, as well as who wins, who loses—and why. It examines three powerful global private regulators: the International Accounting Standards Board, which develops financial reporting rules used by corporations in more than a hundred countries; and the International Organization for Standardization and the International Electrotechnical Commission, which account for 85 percent of all international product standards. The book offers both a new framework for understanding global private regulation and detailed empirical analyses of such regulation based on multi-country, multi-industry business surveys. It finds that global rule-making by technical experts is highly political, and that even though rule making has shifted to the international level, domestic institutions remain crucial. Influence in this form of global private governance is not a function of the economic power of states, but of the ability of domestic standard-setters to provide timely information and speak with a single voice. The book shows how domestic institutions' abilities differ, particularly between the two main standardization players, the United States and Europe.Less
Over the past two decades, governments have delegated extensive regulatory authority to international private-sector organizations. This internationalization and privatization of rule-making has been motivated not only by the economic benefits of common rules for global markets, but also by the realization that government regulators often lack the expertise and resources to deal with increasingly complex and urgent regulatory tasks. This book examines who writes the rules in international private organizations, as well as who wins, who loses—and why. It examines three powerful global private regulators: the International Accounting Standards Board, which develops financial reporting rules used by corporations in more than a hundred countries; and the International Organization for Standardization and the International Electrotechnical Commission, which account for 85 percent of all international product standards. The book offers both a new framework for understanding global private regulation and detailed empirical analyses of such regulation based on multi-country, multi-industry business surveys. It finds that global rule-making by technical experts is highly political, and that even though rule making has shifted to the international level, domestic institutions remain crucial. Influence in this form of global private governance is not a function of the economic power of states, but of the ability of domestic standard-setters to provide timely information and speak with a single voice. The book shows how domestic institutions' abilities differ, particularly between the two main standardization players, the United States and Europe.
George A. Bermann, Matthias Herdegen, and Peter L. Lindseth (eds)
- Published in print:
- 2001
- Published Online:
- March 2012
- ISBN:
- 9780198298922
- eISBN:
- 9780191685545
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198298922.001.0001
- Subject:
- Law, Public International Law
International regulatory relations have commonly been viewed through the prism of international organizations on the one hand, and international trade disputes on the other. However, neither of these ...
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International regulatory relations have commonly been viewed through the prism of international organizations on the one hand, and international trade disputes on the other. However, neither of these perspectives offer an adequate understanding of the ways in which international regulatory relations are managed or may be managed more effectively. While one risks overstating the readiness of states to cede regulatory authority to international institutions, the other risks ignoring the reality of and prospects for cooperative behavior. Transatlantic regulatory cooperation comprises a highly differentiated ‘bundle’ of techniques for reconciling the needs of international trade with the diversity of national regulatory environments and public demands. The processes involved are still poorly understood, due partly to the fact that they have been very largely improvisational, with the result that the framework of regulatory cooperation is still very much a work in progress. Moreover, the main protagonists in this arena – the US and EU – have their own well-established domestic regulatory processes with which international initiatives may not readily be integrated, either in terms of values or institutions. While focusing on illustrative sectoral examples of transatlantic regulatory cooperation, this book thus also explores the more general challenge of accommodating regulatory cooperation with domestic legal and political institutions. The volume closes by calling attention to inescapable legitimacy questions (e.g. reconciliation with principles of democracy and demands for public accountability), and by exploring certain strategic directions and institutional implications for the future.Less
International regulatory relations have commonly been viewed through the prism of international organizations on the one hand, and international trade disputes on the other. However, neither of these perspectives offer an adequate understanding of the ways in which international regulatory relations are managed or may be managed more effectively. While one risks overstating the readiness of states to cede regulatory authority to international institutions, the other risks ignoring the reality of and prospects for cooperative behavior. Transatlantic regulatory cooperation comprises a highly differentiated ‘bundle’ of techniques for reconciling the needs of international trade with the diversity of national regulatory environments and public demands. The processes involved are still poorly understood, due partly to the fact that they have been very largely improvisational, with the result that the framework of regulatory cooperation is still very much a work in progress. Moreover, the main protagonists in this arena – the US and EU – have their own well-established domestic regulatory processes with which international initiatives may not readily be integrated, either in terms of values or institutions. While focusing on illustrative sectoral examples of transatlantic regulatory cooperation, this book thus also explores the more general challenge of accommodating regulatory cooperation with domestic legal and political institutions. The volume closes by calling attention to inescapable legitimacy questions (e.g. reconciliation with principles of democracy and demands for public accountability), and by exploring certain strategic directions and institutional implications for the future.
Samuel DeCanio
- Published in print:
- 2015
- Published Online:
- May 2016
- ISBN:
- 9780300198782
- eISBN:
- 9780300216318
- Item type:
- chapter
- Publisher:
- Yale University Press
- DOI:
- 10.12987/yale/9780300198782.003.0008
- Subject:
- Law, Constitutional and Administrative Law
This chapter examines the Panic of 1873 and its political implications for the Republican Party and the Treasury Department. More specifically, it shows how the Republican defeat in the congressional ...
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This chapter examines the Panic of 1873 and its political implications for the Republican Party and the Treasury Department. More specifically, it shows how the Republican defeat in the congressional elections of 1874 led some Republicans to empower the Treasury Department with new forms of regulatory authority. Focusing on the Specie Resumption Act of 1875, the chapter considers the decision of Republicans such as John Sherman and George Edmunds to delegate monetary policy to the Treasury Department after suffering devastating losses in the midterm election of 1874. It argues that the delegation of policy authority to the Treasury Department was a political maneuver in which federal bureaucrats were granted discretion over the money supply in order to insulate the Republicans from electoral retribution.Less
This chapter examines the Panic of 1873 and its political implications for the Republican Party and the Treasury Department. More specifically, it shows how the Republican defeat in the congressional elections of 1874 led some Republicans to empower the Treasury Department with new forms of regulatory authority. Focusing on the Specie Resumption Act of 1875, the chapter considers the decision of Republicans such as John Sherman and George Edmunds to delegate monetary policy to the Treasury Department after suffering devastating losses in the midterm election of 1874. It argues that the delegation of policy authority to the Treasury Department was a political maneuver in which federal bureaucrats were granted discretion over the money supply in order to insulate the Republicans from electoral retribution.
Alejandro E. Camacho and Robert L. Glicksman
- Published in print:
- 2019
- Published Online:
- January 2020
- ISBN:
- 9781479829675
- eISBN:
- 9781479811649
- Item type:
- chapter
- Publisher:
- NYU Press
- DOI:
- 10.18574/nyu/9781479829675.003.0003
- Subject:
- Law, Constitutional and Administrative Law
This chapter analyzes the three key dimensions for characterizing the allocation of regulatory authority. The most frequently analyzed dimension, centralization/decentralization, focuses on the ...
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This chapter analyzes the three key dimensions for characterizing the allocation of regulatory authority. The most frequently analyzed dimension, centralization/decentralization, focuses on the scale(s) or level(s) of government-granted jurisdiction. The overlapping/distinct dimension considers the degree of overlap in governmental authority among multiple government bodies with concurrent jurisdictions. Two governmental entities have overlapping jurisdictions only to the extent that both their substantive and functional authority is concurrent. Finally, the coordinated/independent dimension, which uniquely focuses on the interaction between agencies, considers the extent to which authority is exercised independently or in coordination with other governmental entities. Coordination can vary in its degree of hierarchy and in its discretion, duration, frequency, and formality. Each dimension measures a particular component of regulatory authority, with each dimensional pole representing mostly different sets of policies and ultimately values tradeoffs over the appropriate design for managing social problems. The chapter thus explores the potential advantages and disadvantages of situating or shifting agency authority at each end of the spectrum represented by each dimension.Less
This chapter analyzes the three key dimensions for characterizing the allocation of regulatory authority. The most frequently analyzed dimension, centralization/decentralization, focuses on the scale(s) or level(s) of government-granted jurisdiction. The overlapping/distinct dimension considers the degree of overlap in governmental authority among multiple government bodies with concurrent jurisdictions. Two governmental entities have overlapping jurisdictions only to the extent that both their substantive and functional authority is concurrent. Finally, the coordinated/independent dimension, which uniquely focuses on the interaction between agencies, considers the extent to which authority is exercised independently or in coordination with other governmental entities. Coordination can vary in its degree of hierarchy and in its discretion, duration, frequency, and formality. Each dimension measures a particular component of regulatory authority, with each dimensional pole representing mostly different sets of policies and ultimately values tradeoffs over the appropriate design for managing social problems. The chapter thus explores the potential advantages and disadvantages of situating or shifting agency authority at each end of the spectrum represented by each dimension.
Alexander Somek
- Published in print:
- 2008
- Published Online:
- January 2009
- ISBN:
- 9780199542086
- eISBN:
- 9780191715518
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199542086.003.0001
- Subject:
- Law, Philosophy of Law, EU Law
The introductory chapter provides a summary overview of the whole book.
The introductory chapter provides a summary overview of the whole book.
Tony Prosser
- Published in print:
- 2005
- Published Online:
- March 2012
- ISBN:
- 9780199266692
- eISBN:
- 9780191699153
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199266692.003.0005
- Subject:
- Law, Competition Law, EU Law
This chapter outlines the principles of the French law of service public and the Italian law of servizio pubblico. It reveals that public service law in France has developed at a high level of ...
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This chapter outlines the principles of the French law of service public and the Italian law of servizio pubblico. It reveals that public service law in France has developed at a high level of principle and has recently been more adapted for the liberal markets. A similar process has taken place in Italy and Italian independent regulatory authorities have assumed considerable importance in the reconciliation of public service values and competitive markets.Less
This chapter outlines the principles of the French law of service public and the Italian law of servizio pubblico. It reveals that public service law in France has developed at a high level of principle and has recently been more adapted for the liberal markets. A similar process has taken place in Italy and Italian independent regulatory authorities have assumed considerable importance in the reconciliation of public service values and competitive markets.
Christine Léon de Mariz, Claude Ménard, and Bernard Abeillé
- Published in print:
- 2014
- Published Online:
- October 2014
- ISBN:
- 9780198714910
- eISBN:
- 9780191783098
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198714910.003.0005
- Subject:
- Economics and Finance, Macro- and Monetary Economics, Development, Growth, and Environmental
The ultimate objective of public procurement reforms is, or pretends to be, the modification of institutions that frame human interactions in the context of procurement. Reforms should target the ...
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The ultimate objective of public procurement reforms is, or pretends to be, the modification of institutions that frame human interactions in the context of procurement. Reforms should target the conditions under which contracts are prepared and negotiated, and how they are implemented and monitored. This effort involves changing the legal framework, the procedures and practices supporting public procurement, the organizational arrangements through which rules and contracts are carried out, and the implementation of anti-corruption measures. Through a careful examination of these changes and their expected results, this chapter emphasizes that in sub-Saharan countries reformers have focused on ex-ante conditions, i.e. changes in the prevailing legal framework and procedures. The actual implementation and performance of these changes tell another story. Of particular significance in our view is the neglect of resources required to build capabilities and the capacity and legitimacy to sanction deviations.Less
The ultimate objective of public procurement reforms is, or pretends to be, the modification of institutions that frame human interactions in the context of procurement. Reforms should target the conditions under which contracts are prepared and negotiated, and how they are implemented and monitored. This effort involves changing the legal framework, the procedures and practices supporting public procurement, the organizational arrangements through which rules and contracts are carried out, and the implementation of anti-corruption measures. Through a careful examination of these changes and their expected results, this chapter emphasizes that in sub-Saharan countries reformers have focused on ex-ante conditions, i.e. changes in the prevailing legal framework and procedures. The actual implementation and performance of these changes tell another story. Of particular significance in our view is the neglect of resources required to build capabilities and the capacity and legitimacy to sanction deviations.
Philippe Cullet and Sujith Koonan (eds)
- Published in print:
- 2017
- Published Online:
- January 2018
- ISBN:
- 9780199472475
- eISBN:
- 9780199089857
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780199472475.003.0010
- Subject:
- Law, Environmental and Energy Law
This chapter focuses on the institutional framework for water in India that has the presence of a number of institutions organized horizontally and vertically. The first section of the chapter ...
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This chapter focuses on the institutional framework for water in India that has the presence of a number of institutions organized horizontally and vertically. The first section of the chapter explains the different models adopted by different states to create drinking water utilities. While water institutions are generally created on a sectoral basis, a recent trend has been to set up independent water regulatory authorities mainly to look after sectoral allocation and regulation of pricing. In this context, the second section reproduces one of the earliest and one of the very few laws to set up an independent water regulatory authority that is actually in force. The third section brings in legal instruments to set up institutions that promote private sector participation in a number of sectors including the water supply sector.Less
This chapter focuses on the institutional framework for water in India that has the presence of a number of institutions organized horizontally and vertically. The first section of the chapter explains the different models adopted by different states to create drinking water utilities. While water institutions are generally created on a sectoral basis, a recent trend has been to set up independent water regulatory authorities mainly to look after sectoral allocation and regulation of pricing. In this context, the second section reproduces one of the earliest and one of the very few laws to set up an independent water regulatory authority that is actually in force. The third section brings in legal instruments to set up institutions that promote private sector participation in a number of sectors including the water supply sector.
Christine Léon de Mariz, Claude Ménard, and Bernard Abeillé
- Published in print:
- 2014
- Published Online:
- October 2014
- ISBN:
- 9780198714910
- eISBN:
- 9780191783098
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198714910.003.0011
- Subject:
- Economics and Finance, Macro- and Monetary Economics, Development, Growth, and Environmental
Micro-institutions have an ambiguous status. On the one hand, they are part of the executive branch and are responsible for overseeing public procurement. On the other hand, they often enjoy a ...
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Micro-institutions have an ambiguous status. On the one hand, they are part of the executive branch and are responsible for overseeing public procurement. On the other hand, they often enjoy a significant degree of autonomy, with the executive delegating them an important role in the allocation of public resources. A major argument for their creation is the expertise element: improving the competence of specialized staff should reduce uncertainty and lower transaction costs. Another argument is political: delegation creates a protective umbrella for the government. However, political costs may come out of delegation working to the disadvantage of vested interests. Economic costs may also overcome benefits, since the efficiency of delegation depends so much on available resources, particularly human capital. The risk exists of only introducing another layer of bureaucracy. This chapter discusses the delicate equilibrium between these costs and benefits.Less
Micro-institutions have an ambiguous status. On the one hand, they are part of the executive branch and are responsible for overseeing public procurement. On the other hand, they often enjoy a significant degree of autonomy, with the executive delegating them an important role in the allocation of public resources. A major argument for their creation is the expertise element: improving the competence of specialized staff should reduce uncertainty and lower transaction costs. Another argument is political: delegation creates a protective umbrella for the government. However, political costs may come out of delegation working to the disadvantage of vested interests. Economic costs may also overcome benefits, since the efficiency of delegation depends so much on available resources, particularly human capital. The risk exists of only introducing another layer of bureaucracy. This chapter discusses the delicate equilibrium between these costs and benefits.
Jason Bromberg and Alicia P. Cackley
- Published in print:
- 2013
- Published Online:
- January 2014
- ISBN:
- 9780199683772
- eISBN:
- 9780191763359
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199683772.003.0014
- Subject:
- Business and Management, Pensions and Pension Management
This chapter reviews US federal and state regulation of financial planners, and it also addresses concerns related to consumer confusion over the standards of care that planners provide and the ...
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This chapter reviews US federal and state regulation of financial planners, and it also addresses concerns related to consumer confusion over the standards of care that planners provide and the titles, designations, and certifications that they use. We discuss the advantages and disadvantages of some alternative regulatory approaches, and conclude that an additional layer of regulation specific to financial planners may not be warranted at this time.Less
This chapter reviews US federal and state regulation of financial planners, and it also addresses concerns related to consumer confusion over the standards of care that planners provide and the titles, designations, and certifications that they use. We discuss the advantages and disadvantages of some alternative regulatory approaches, and conclude that an additional layer of regulation specific to financial planners may not be warranted at this time.
Kim Talus
- Published in print:
- 2016
- Published Online:
- November 2016
- ISBN:
- 9780198791812
- eISBN:
- 9780191834073
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198791812.003.0003
- Subject:
- Law, Environmental and Energy Law
This chapter provides an overview of the current regulatory framework for the EU energy sector. In addition to the basic rules on third-party access, unbundling, and public-service obligations, the ...
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This chapter provides an overview of the current regulatory framework for the EU energy sector. In addition to the basic rules on third-party access, unbundling, and public-service obligations, the chapter also examines the rules on investment in trans-European networks and EU-level rules on energy trading. Finally, the role and function of regulatory authorities at national and EU levels are discussed.Less
This chapter provides an overview of the current regulatory framework for the EU energy sector. In addition to the basic rules on third-party access, unbundling, and public-service obligations, the chapter also examines the rules on investment in trans-European networks and EU-level rules on energy trading. Finally, the role and function of regulatory authorities at national and EU levels are discussed.
