"Preface" [2012] ELECD 486; in Cafaggi, Fabrizio (ed), "Enforcement of Transnational Regulation" (Edward Elgar Publishing, 2012)

Book Title: Enforcement of Transnational Regulation

Editor(s): Cafaggi, Fabrizio

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9781781003725

Section Title: Preface

Number of pages: 3

Extract:

Preface

THE CONTENT OF THE BOOK AND THE WIDER
PROJECT

This book focuses on the enforcement of transnational regulation. It is part
of a broader research project concerning different aspects of transnational
private regulation (for further information on the project please see http://
privateregulation.eu/). It can be located within the debate on legal aspects
of globalization.
Transnational private regulation is a new research project that wants to
open up a new field focusing upon regulatory regimes that are not exclu-
sively State based, but include private actors. Within the private sphere the
research highlights the different roles of firms and NGOS in rule-making,
monitoring compliance and enforcing transnational rules. These regimes
have emerged for different reasons and pose serious challenges to State
sovereignty. They have been criticized for lack of accountability, conflict
with democratic principles and compliance with rules of law. An even more
serious criticism is related to the enforceability of the rules. Often the
commitments made by single firms or trade organizations are considered
not legally enforceable and not binding, thereby reducing their effective-
ness. Enforcement, thus, becomes a key question to examine the private­
public divide.

Transnational Private Regulation and Lex Mercatoria

Transnational private regulation (TPR) emerges as a different phenomenon
from conventional transnational private regimes like lex mercatoria and
commercial arbitration. The regulatory dimension assumes a preponderant
role in the mission and activity of private regulators. They respond to
market and governmental failures at the global level, manage systemic
risks, and govern global commons. ...