Professor Bismuth Publishes Doctoral Dissertation on International Law

Professor Regis Bismuth's doctoral dissertation was just published in French by Belgian publisher Bruylant. It is entitled La Coopération Internationale des Autorités de Régulation du Secteur Financier et le Droit International Public (International Cooperation Between Financial Regulatory Authorities and International Public Law)(Brussels: Bruylant 2011) and is part of the publisher's series on Globalization and International Law.

According to Professor Bismuth's book, international cooperation among financial regulatory authorities has developed in response to insufficient control over increasing internationalization of trade in financial services. Occurring outside the customary diplomatic channels, this process seems to be achieved on the fringes of international law. As such, it has barely been the focus of attention of public international lawyers. However, an in-depth analysis shows the relevance of the public international law angle. From an institutional perspective, the cooperation of national regulatory authorities is indeed a genuine interstate phenomenon. Their activity is related to the sovereign activity of their state and the agreements they undertake between them are potentially treaties under international law. They have established permanent fora for cooperation such as the Basel Committee on Banking Supervision (B.C.B.S), the International Organization of Securities Commissions (I.O.S.CO.) and the International Association of Insurance Supervisors (I.A.I.S.). The functioning and legal regime of these institutions are similar to those of classic international organizations.

The cooperation of regulatory authorities through the aforementioned new kind of international institutions has also led to spontaneous normative developments. This has resulted in the adoption of common norms – international financial standards – which are meant to be transposed into national legal orders. Although not being public international rules, a multidimensional legalization process of these standards has occurred, unbeknown to their creators, and reflects on the development of new ways of setting and implementing influential international rules.

The analysis is particularly relevant in highlighting novel legal problems arising from the impact, at the international level, of an ill-controlled separation of powers in national legal orders, which result from the rise of independent regulatory authorities.

Professor Bismuth graduated with a doctorate in International Law from Université Paris I Panthéon-Sorbonne and now teaches both at La Sorbonne and at the American Graduate School in Paris.

See book description on the publisher's website