It is said that ‘generals fight the last war'. Regulators can do the same. The question is whether in the plethora of reforms that are being developed, the financial regulators are building the regulatory equivalent of the Maginot Line or whether they are devising strategies that will enable...

Risk-based regulation tends to direct concerns towards higher risks but low risks present a number of challenges for regulators. The latter have to justify the level of attention they pay to such risks; they have to deal with different kinds of low risks and they have to decide which tools to...

In the wake of the financial crisis, significant questions have been raised as to the appropriateness of the economic conception of markets and of behaviour that has for the last few decades dominated policy makers in financial regulation. In response, some regulators are starting to revise...

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, quot;thickquot; proceduralization, building on but modifying Habermas's model of deliberative democracy in two important respects. first, it is...

The solution frequently being advocated to a range of regulatory and indeed constitutional questions is to devise procedures for participation, for democratization. The aim of this article is to explore just what the shift to procedures and to participation might involve. The article will appear...

How to ensure, in democratic states, that those to whom power has been delegated act in line with constitutional norms and values is a perennial, and much explored, question. This article suggests that in analysing how constitutional actors seek to govern regulatory institutions we should...