Transnational Regulatory Networks

Abstract

In the first section of this chapter, a number of general features of transnational regulatory networks are identified. The second section provides a concrete example of such a network, namely the development of a global of securities regulators, and examines some of the network that may arise as a result of the proliferation of this kind of global regulation. The role of institutional orchestrator within this has been played by the US Securities and Exchange Commission (SEC). In a field like securities regulation, where the US continues to occupy a dominant position in the formulation of International Organization of Securities Commissions (IOSCO) principles, which are in turn adopted by the International Monetary Fund (IMF), such effects can be pervasive. In this context, transnational regulatory networks provide a degree of security and comfort under conditions of normative and cognitive uncertainty. Keywords:International Monetary Fund (IMF); International Organization of SecuritiesCommissions (IOSCO); effects; securities regulators; Transnational Regulatory Networks; US Securities and Exchange Commission (SEC)