Opting against international law in international financial regulation

Four panelists talked about international law in international financial regulation. According to Yesha Yadav, Vanderbilt University, the global financial crisis has called into question the ability of the regulatory imagination to confront the challenges posed by financial innovation. Hassane Cisse from World Bank's Office of the General Counsel said that the World Bank has become integral to the operation of the system of soft law that is emerging to regulate international finance. It has been enlisted by its members to play a regulatory role in this field. Robert J. Peterson of the Office of International Affairs, added that the Securities & Exchange Commission staff really first became internationally engaged with global international ''networks'' in the 1980s. Global connections in the world's capital markets were expanding fast, and borders were becoming an enforcement concern for securities regulators. For Claire R. Kell, Brooklyn University Law School, one underexplored reason why regulators might turn to soft law in financial regulation is the sociological pull of soft law venues.