Chapter

International Soft Law and the Formation of Binding International Financial Regulation

Kern Alexander, Rahul Dhumale and John Eatwell

in Global Governance of Financial Systems

Published in print September 2005 | ISBN: 9780195166989
Published online September 2007 | e-ISBN: 9780199783861 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780195166989.003.0006
 International Soft Law and the Formation of Binding International Financial Regulation

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This chapter examines the theoretical framework of international soft law and how it embraces both legally nonbinding and binding rules and standards of international financial regulation. International soft law is defined as legally nonbinding standards, principles, and rules that influence and shape state behavior but do not fit into the traditional categories of public international law of legally binding general custom of states and bilateral or multilateral treaties. It is argued that international soft law in its various dimensions can contribute to an understanding of the development of legally relevant international financial norms and how they govern state regulatory practice.

Keywords: international soft law; international banking; banking regulation; Basel Committee; Financial Action Task Force

Chapter.  9420 words. 

Subjects: Financial Markets

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