Mar 26, 2012
Partners Hervé Letréguilly and John Madden have published an article entitled « Le soft law en matière bancaire et financière : le point de vue des praticiens » with Revue de droit bancaire et financier, a bi-monthly French periodical exploring legal banking and financial issues.
The article proposes a practical look at the growing influence of important "rules of the road" to be followed in structuring and implementing corporate transactions or in corporate governance, beyond the established legislative and regulatory requirements. It describes the origins and recent evolution of soft law in the UK, the US and France, as well as the role played by institutional investors in its development, and shows that it is an instrument which, among others, tends to regulate the financial markets and their participants. Certain "soft law" rules have become mandatory over time, and regulators regularly question the need to render mandatory additional rules, such as "say on pay," including at the European level.
Full article (in French) available at http://www.lexisnexis.fr/ / (RD bancaire et fin. 2012, dossier 6)