Global Capital Markets Center
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Private Ordering Steven L. Schwarcz Forthcoming Northwestern University Law Review (Fall 2002) |
ABSTRACT:
The sharing of regulatory authority with private actors (i.e., private ordering) can occur in many ways. For example, government often delegates the authority to make specific regulatory determinations to private actors or sanctions and enforces privately made rules. Private ordering has lengthy historical precedent and in recent years, has been rapidly expanding in scope, both domestically and abroad. Nowhere is its expansion as prevalent as in the commercial, financial, and business sectors. Examples include the United States government's recent entrusting of the Internet domain system and the assignment of Internet protocol numbers with the Internet Corporation for Assigned Names and Numbers (ICANN), a private nonprofit corporation, or the delegation by the Securities and Exchange Commission of the power to promulgate public accounting standards to the privately organized, but independent, Financial Accounting Standards Board (FASB).
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