Chapter

The Regulatory Policy of Rule Use

Julia Black

in Rules and Regulators

Published in print May 1997 | ISBN: 9780198262947
Published online March 2012 | e-ISBN: 9780191682421 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780198262947.003.0004

Series: Oxford Socio-Legal Studies

The Regulatory Policy of Rule Use

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This chapter investigates the three main phases of rule making: the creation of the initial rules, rules revision and statutory amendments to the rule making powers of the Securities and Investments Board (SIB) through which the New Settlement was formed, and the changes in the role of rules trailing SIB chairman Sir Andrew Large's report. It demonstrates how rules have been instrumental in determining the roles of the SIB and the self-regulating organisations in the regulatory structure and in achieving legitimacy for the regulatory system in general in an attempt to give political and media observers, such as the regulated, a different perspective of the regulation. Rules have been used to influence conduct, change perceptions and convey expectations. Two principal themes in using rules were identified: the interaction of rules within a regulatory system, the aggregation of various rule types, and the formation of a tiered rule system; and the shift in the uses of rules.

Keywords: regulatory policy; rules; regulatory system; causation; rule making; policy making; Securities and Investments Board; New Settlement

Chapter.  23636 words. 

Subjects: Constitutional and Administrative Law

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