Increases in global trade and investment flows, the opening of new markets, the development of new technologies (in particular ICT’s and biotechnologies), have led in many areas to significant shifts in the axis of regulation: from the domestic to the transnational; from the public to the private; from the formal to the informal. Such developments in the regulatory arena raise a set of important questions, which deserve careful analysis. They may be grouped along two major dimensions:
- phenomenology, features, and consequences of the transnational private and public regulation;
- impact of transnational regulation on national legal systems.
(a) The regulation of transnational markets and social activities is a phenomenon of growing importance in many areas, which are of the utmost concern for several legal disciplines, such as private law, international private law, labor law, commercial law, consumer protection, public and administrative law. Among the others, the areas most influenced by transnational regulation are:
- financial markets
- corporate governance
- food safety
- data gathering and data flow
- consumer rights
- private and public law confront themselves with a set of legal sources much wider and richer than it was in the past, and this leads to important changes also in the way in which legal phenomena are presented and conceptualized by the jurist (legal methodology always tends to be influenced by the structure of the sources, and the other way round);
- they refer less to territorial than to functional criteria, reflecting the scope of relevant markets and their boundaries;
- the transnational dimension of regulatory law interacts with a more traditional substratum, often giving rise to the phenomenon of the “legal irritants”;
- substantive law and procedural law increasingly overlap to further the aims of market regulation;
- technological constraints deeply affect the workings of the law in several areas (from privacy to intellectual property).
University of Roma Tre
University of Vilnius; University College Dublin; University of Lyon 2; Birkbeck, University of London; University of Luxembourg