The first part of this article sets out two possible models of proceduralization. This second part of this article begins to develop one of those forms, «thick» proceduralization, building on but modifying Habermas's model of deliberative democracy in two important respects. First, it is argued that it is not sufficient simply to call for deliberation for there is a real likelihood that even if all deliberants can be brought together true communication will be blocked by difference; difference in the modes (...) of discourse, the techniques of argument, language, and validity claims. Discourse may therefore have to be mediated through the adoption of strategies of translation, mapping, and dispute resolution. Whether regulators can or should perform such a mediating role remains however an open question. Second, it is argued that deliberative modes of policy formation and regulation are compatible with more pluralist and polyarchical arrangements than Habermas allows, and indeed that such arrangements may need to be adopted for thick proceduralization to become operative. (shrink)

Julia Black's book is the first authoritative study of rulemaking in one of the most important areas of economic life: financial services. The books has three main aims: first, to build a jurisprudential and linguistic analysis of rules and interpretation, drawing out the implication of theseanalyses and developing quality proposals for how rules could be used as instruments of regulation. Second, it interprets that analysis and set of proposals with an empirical study of the formation and use of rules in (...) a particular regulatory system: financial services, and third, it evaluates thenature of the rulemaking process. The author's main case study, examining the use of self-regulation in the financial services sector, complements the detailed analysis of rule formation and uses. The book will be an invaluable addition to the libararies of all administrative lawyers and anyone withan interest in the provision and regulation of financial services. (shrink)

This article analyses the current state of empirical legal research in the law and the regulation of financial markets. It aims to provide a brief survey of the main work done either by lawyers or by others but which is pertinent to the operation of law and regulation. It focuses on six main areas of research and debates. These are the debates on the efficient markets hypothesis and mandatory disclosure rules in securities regulation; studies on behavioralism and their impact on (...) disclosure as a tool for protecting investors; studies on the impact of rules relating to market misconduct on market development; research into the relationship between legal rules and securities market development; evidence of the unintended impacts of regulation; and research into the dynamics of financial market regulatory regimes. Finally, this article mentions that understanding the general context in which law and regulation operates deepens our understanding of the nature, potential, and limits of law and regulation themselves. (shrink)