ABSTRACT
This chapter argues that private regulation in the financial services field has not been entirely displaced by the post-crisis public regulation. It focuses on two forms of complementarity between public and private regulations that are familiar from before the crisis and remain on the agenda in the post-crisis European Union (EU) co-regulation and meta-regulation. The involvement of private actors in standard-setting and/or enforcement may be explicitly mandated by the EU public regulation, or be encouraged, or simply not precluded. In addition to standard-setting within the regulatory framework established by the EU and/or national legislator, private actors could also be involved in enforcement activities within such a framework. The involvement of private actors in standard-setting and/or enforcement within the EU public regulatory framework for financial services allows the EU legislator to address the problem of regulator/market information-asymmetry and to fine-tune a particular regulatory regime in response to the local circumstances.
