ABSTRACT
This chapter explores in a preliminary fashion an intersection between different legal orders, which occur regularly in transnational securities practice. It concentrates on the intersection of nation state rules and the International Organisation of Securities Commissions (IOSCO) principles. The role of national states in constituting transnational regulatory networks is crucial. Legal pluralism promises an analytic framework that grapples with the complexity of transnational networks, norms and rules, and recognizes their heterogeneity. The chapter uses some of the dimensions of interlegality identified by Boa de Sousa Santos to consider the interrelations between the IOSCO principles and national law. The IOSCO principles depend in part on national legislation and reciprocal arrangements between national regulators that are accountable to national governments. The chapter discusses the nature and effect of the transnational regulatory norms and how they relate to national laws and other transnational laws. A self-regulatory organization or an international body, with an appropriate interest in securities regulation, is eligible for affiliate membership.
