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Different Types of Regulation

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Abstract

This chapter analyses different approaches to regulation and the role of regulatory theory in the financial services. Regulation aims at correcting information asymmetry, maintaining trust in the financial system and avoiding systemic risk, or contagion, all which are considered public goods. The chapter also discusses regulatory capture and how decentralising regulatory power and can prevent capture. The chapter argues that from an economic point of view, regulation is a cost. As such that market players always undertake a cost-benefit analysis in their adherence to regulation. The chapter also analyses the concept of the regulatory space and argues that within this space, there is always an ongoing contestation for advantage. Regulation must, therefore, be responsive and reflexive considering complexities in space, time and power.

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Notes

  1. 1.

    Kenneth Kaoma Mwenda (2006) Legal Aspects of Financial Services Regulation and the Concept of a Unified Regulator (World Bank, Washington, DC), p. 5.

  2. 2.

    César Córdova-Novion and Deirdre Hanlon (2002) ‘Regulatory Governance: Improving the Institutional Basis for Sectoral Regulators’ 2 (3) OECD Journal on Budgeting, p. 60, https://www.oecd.org/gov/budgeting/43505850.pdf. 15 February 2018.

  3. 3.

    Pierre Fleuriof (1997) ‘Financial Regulation as the Safeguard of Balances in a Global Context’ in Alain Jeunemaitre (ed) Financial Markets Regulation (Macmillan, Basingstoke), p. 34.

  4. 4.

    Anthony I Ogus (1994) Regulation: Legal Form and Economic Theory vol 152 (Clarendon Press Oxford, Oxford), p. 1 citing Philip Selznick and Philippe Nonet (1978) Law and Society in Transition: Toward Responsive Law (Harper and Row, New York), p. 363.

  5. 5.

    Anthony Ogus (2009) ‘Regulation Revisited’ (2) Public Law, p. 333, http://repub.eur.nl/pub/16031/A.%20Ogus,%20Regulation%20Revisited.pdf. 19 May 2018.

  6. 6.

    Ibid.

  7. 7.

    Herve Dumez and Alain Jeunemaitre (1997) ‘Financial Regulation: From Economic Analysis to Practical Experience’ in Alain Jeunemaitre (ed) Financial Markets Regulation (Macmillan, Basingstoke), p. 4.

  8. 8.

    Ibid., p. 5.

  9. 9.

    Ibid., p. 4.

  10. 10.

    Marc Quintyn and Michael W Taylor (2002) Regulatory and Supervisory Independence and Financial Stability (International Monetary Fund, Washington, DC), p. 8, https://www.imf.org/external/pubs/ft/wp/2002/wp0246.pdf. 1 February 2018.

  11. 11.

    Dumez and Jeunemaitre (1997), p. 4.

  12. 12.

    Boon‐Chye Lee and Olujoke Longe‐Akindemowo (1999) ‘Regulatory Issues in Electronic Money: A Legal‐Economics Analysis’ 1 (1) Netnomics 53, p. 60, http://link.springer.com/article/10.1023/A:1011445620486. 12 March 2018.

  13. 13.

    Dumez and Jeunemaitre (1997), p. 4.

  14. 14.

    Ibid., pp. 4–5.

  15. 15.

    Ibid., p. 4.

  16. 16.

    Ibid., p. 5.

  17. 17.

    Avinash Persaud (2015) ‘Why Do We Regulate Finance?’ in Reinventing Financial Regulation (Apress, New York), p. 13.

  18. 18.

    Ibid.

  19. 19.

    Douglas W Diamond and Philip H Dybvig (1983) ‘Bank Runs, Deposit Insurance, and Liquidity’ 91 (3) Journal of Political Economy 401, p. 401, http://www.journals.uchicago.edu/doi/pdfplus/10.1086/261155. 27 April 2018.

  20. 20.

    Persaud (2015), p. 14.

  21. 21.

    Tom de Swaan and Others (1995) The Supervision of Financial Conglomerates (Tripartite Group of Bank, Securities and Insurance Regulators, Mardrid), p. 18, https://www.iosco.org/library/pubdocs/pdf/IOSCOPD47.pdf. 3 October 2018.

  22. 22.

    Ibid.

  23. 23.

    Dumez and Jeunemaitre (1997), p. 5.

  24. 24.

    Andrei Shleifer (2005) ‘Understanding Regulation’ 11 (4) European Financial Management 439, p. 440, http://scholar.harvard.edu/files/shleifer/files/02_eufm00121.pdf?m=1360042225. 19 May 2018.

  25. 25.

    Richard A Posner (1974) ‘Theories of Economic Regulation’ 5 (2) Bell Journal of Economics and Management Science 335, p. 336, http://www.thecre.com/oira/wp-content/uploads/2016/03/Posner.pdf. 1 February 2018.

  26. 26.

    Posner (1974), p. 336.

  27. 27.

    Shleifer (2005), p. 444.

  28. 28.

    Bronwen Morgan and Karen Yeung (2007) An Introduction to Law and Regulation (Cambridge University Press, Cambridge), p. 18.

  29. 29.

    Posner (1974), p. 336.

  30. 30.

    Ibid., p. 340.

  31. 31.

    Ibid., p. 336.

  32. 32.

    Persaud (2015).

  33. 33.

    Ibid., p. 8.

  34. 34.

    Ibid.

  35. 35.

    George J Stigler (1971) ‘The Theory of Economic Regulation’ The Bell Journal of Economics and Management Science 3, http://hsecon.tripod.com/stigler-regulation.pdf. 1 February 2018.

  36. 36.

    Ibid.

  37. 37.

    Posner (1974), p. 341.

  38. 38.

    Ibid., pp. 335–6.

  39. 39.

    Stigler (1971), p. 3.

  40. 40.

    Ibid.

  41. 41.

    Quintyn and Taylor (2002), p. 9.

  42. 42.

    Posner (1974), p. 344.

  43. 43.

    Sam Peltzman (1976) ‘Toward a More General Theory of Regulation’ 19 (2) The Journal of Law and Economics 211, pp. 213–4, http://www.journals.uchicago.edu/doi/pdfplus/10.1086/466865. 1 February 2018.

  44. 44.

    Shleifer (2005), p. 441.

  45. 45.

    Ibid.

  46. 46.

    Colin Scott (2001) ‘Analysing Regulatory Space: Fragmented Resources and Institutional Design’ Public Law 329, http://researchrepository.ucd.ie/bitstream/handle/10197/6785/AnalysingRegSpace.pdf?sequence=2. 1 December 2018.

    Leigh Hancher and Michael Moran (1998) ‘Organizing Regulatory Space’ in Robert Baldwin, Colin Scott and Christopher Hood (eds) A Reader in Regulation (Oxford University Press, Oxford).

  47. 47.

    Ogus (2009), p. 341.

  48. 48.

    Ibid.

  49. 49.

    Anthony Ogus (1995) ‘Rethinking Self-Regulation’ 15 (1) Oxford Journal of Legal Studies 97, p. 100, http://ojls.oxfordjournals.org/content/15/1/97.full.pdf. 19 May 2018.

  50. 50.

    Selznick and Nonet (1978), p. 20.

    Gunther Teubner (1983) ‘Substantive and Reflexive Elements in Modern Law’ Law and Society Review 239, pp. 245, 258 and 259, http://www.jstor.org/stable/3053348. 18 November 2018.

  51. 51.

    Gunther Teubner (1986) ‘After Legal Instrumentalism? Strategic Models of Post-regulatory Law’ in Gunther Teubner (ed) Dilemmas of Law in the Welfare State (Walter de Gruyter, New York), p. 311.

  52. 52.

    Julia Black (2013) Seeing, Knowing, and Regulating Financial Markets: Moving the Cognitive Framework from the Economic to the Social (LSE Law, Society and Economy Working Papers 24/2013), pp. 6, 9, www.lse.ac.uk/collections/law/wps/WPS2013-24_Black.pdf. 19 May 2018.

  53. 53.

    Ibid., p. 2.

  54. 54.

    Ibid.

  55. 55.

    Quoted by Gunther Teubner (1993) Law as an Autopoietic System (Blackwell, Oxford/Cambridge), p. 91.

  56. 56.

    Ibid.

  57. 57.

    Whether they agree with the regulatory requirements or not.

  58. 58.

    Their interpretive framework and ‘peer pressure.’

  59. 59.

    Black (2013), p. 19.

  60. 60.

    Ibid., p. 45.

  61. 61.

    David S Alberts and Richard E Hayes (2006) ‘Reader Orientation’ in Understanding Command and Control (CCRP Publishing, Washington, DC), Chapter 2.

  62. 62.

    See generally John Austin (1832) The Province of Jurisprudence Determined (John Murray, London).

  63. 63.

    Ogus (1994), p. 79.

  64. 64.

    Ibid., p. 80.

  65. 65.

    Ibid., pp. 80–1.

  66. 66.

    Ibid., p. 81.

  67. 67.

    Ibid.

  68. 68.

    Section 75 Financial Services Act (Malaŵi, 2010).

  69. 69.

    Section 75(3), ibid.

  70. 70.

    Section 92 Financial Services Act (United Kingdom: Chapter 21, 2012), http://www.legislation.gov.uk/ukpga/2012/21/pdfs/ukpga_20120021_en.pdf. 2 June 2018.

  71. 71.

    Julia Black (2010) The Rise, Fall and Fate of Principles Based Regulation (LSE Law, Society and Economy Working Papers, London School of Economics and Political Science), p. 3, http://eprints.lse.ac.uk/32892/1/WPS2010-17_Black.pdf. 27 April 2018.

  72. 72.

    Robert Baldwin, Martin Cave and Martin Lodge (2011) Understanding Regulation: Theory, Strategy, and Practice (2nd edn, Oxford University Press, Oxford), p. 259.

  73. 73.

    Julia Black (2007) ‘Principles Based Regulation: Risks, Challenges and Opportunities’ (Principles Based Regulation, University of Sydney, Sydney), p. 3, http://eprints.lse.ac.uk/62814/. 28 April 2018.

  74. 74.

    Ibid.

  75. 75.

    Ibid., p. 5.

  76. 76.

    Ibid., pp. 5, 6.

  77. 77.

    Ibid., pp. 2, 5.

    Black (2010), p. 3.

  78. 78.

    Roger Alford (2010) Some Help in Understanding Britain’s Banking Crisis, 2007–09 (LSE Financial Markets Group Paper Series, London School of Economics, London), p. 28, http://www.lse.ac.uk/fmg/workingPapers/specialPapers/PDF/SP193.pdf. 9 February 2018.

  79. 79.

    Black (2007), p. 2.

  80. 80.

    Compliance with the letter but not the spirit of the lure—ibid., p. 4.

    Julia Black (2008) Forms and Paradoxes of Principles Based Regulation (LSE Law, Society and Economy Working papers, London School of Economics and Political Science, London), p. 3, http://eprints.lse.ac.uk/23103/1/WPS2008-13.pdf. 28 April 2018.

  81. 81.

    Black (2007), p. 2.

  82. 82.

    Black (2008), p. 3.

  83. 83.

    Ibid., pp. 8, 4–5.

  84. 84.

    Ibid., p. 36.

  85. 85.

    Ibid., p. 25.

  86. 86.

    Ibid.

  87. 87.

    Ibid., p. 28.

  88. 88.

    Ibid., p. 29.

  89. 89.

    Ibid., p. 32.

  90. 90.

    Ibid., p. 33.

  91. 91.

    Ibid., p. 35.

  92. 92.

    Ibid., p. 36.

  93. 93.

    Hector Sants (2009) ‘Delivering Intensive Supervision and Credible Deterrence’ (Finacial Services Authority), http://www.fsa.gov.uk/pages/Library/Communication/Speeches/2009/0312_hs.shtml. 28 April 2018.

  94. 94.

    Joanna Gray (2009) ‘Is It Time to Highlight the Limits of Risk-Based Financial Regulation?’ 4 (1) Capital Markets Law Journal 50, p. 52, https://doi.org/10.1093/cmlj/kmn035. 28 April 2018.

    Julia Black (2005) ‘The Emergence of Risk-Based Regulation and the New Public Risk Management in the United Kingdom’ Public Law 510, pp. 526–34, https://www.academia.edu/1295947/The_emergence_of_risk-based_regulation_and_the_new_public_risk_management_in_the_United_Kingdom?auto=download. 28 April 2018.

  95. 95.

    Black (2010), p. 23.

  96. 96.

    Ibid.

  97. 97.

    Gray (2009), p. 53.

    Black (2010), p. 24.

  98. 98.

    Black (2010), pp. 23, 24.

  99. 99.

    Gray (2009), p. 59.

  100. 100.

    Black (2007), p. 2.

  101. 101.

    Black (2008), p. 3.

  102. 102.

    Black (2007), pp. 19, 20.

  103. 103.

    Ibid., p. 22.

  104. 104.

    Black (2008), p. 1.

  105. 105.

    Ian Ayres I and John Braithwaite (1992) Responsive Regulation: Transcending the Deregulation Debate (Oxford University Press, Oxford).

  106. 106.

    Black (2010), p. 3.

    Roman Tomasic (2010) ‘Beyond “Light Touch” Regulation of British Banks After the Financial Crisis’ in MacNeil IG and O’Brien J (eds), The Future of Financial Regulation (Hart Publishing, Portland), p. 104.

    Anon (2012) ‘Light Touch No More’ The Economist (1 December 2012), http://www.economist.com/news/21567399-britains-financial-regulators-are-getting-much-tougher-light-touch-no-more. 9 February 2018.

    Brooke Masters (2011) ‘Regulator’s “Light Touch” Led to Failure’ Financial Times (12 December 2011), https://www.ft.com/content/2bf14c52-24ce-11e1-bfb3-00144feabdc0. 9 February 2018.

    Andrew Hill and Joe Leahy (2009) ‘FSA Bids Farewell to Light-Touch Financial Regulation’ Financial Times (19 March 2009), http://www.ft.com/cms/s/0/da208b14-1426-11de-9e32-0000779fd2ac.html?ft_site=falcon&desktop=true#axzz4YBrB0BUq. 9 February 2018.

    Light Touch regulation see Lucia Quaglia (2010) ‘Completing the Single Market in Financial Services: The Politics of Competing Advocacy Coalitions’ 17 (7) Journal of European Public Policy 1007, pp. 15, 25, http://aei.pitt.edu/33124/1/quaglia._lucia_(2).pdf. 17 October 2018.

  107. 107.

    House of Commons Treasury Committee (2009) Banking Crisis: Regulation and Supervision (Parliament, London), p. 11, https://www.publications.parliament.uk/pa/cm200809/cmselect/cmtreasy/767/767.pdf. 3 February 2018.

  108. 108.

    Tomasic (2010), p. 112.

  109. 109.

    Richard Heeks (2012) ‘Why M-Pesa Outperforms Other Developing Country Mobile Money Schemes’ (ICTs for Development, 24 November 2012), http://ict4dblog.wordpress.com/2012/11/24/why-m-pesa-outperforms-other-developing-country-mobilelectronicmoney-schemes/. 8 May 2018.

    For a discussion of Light Touch regulation see Quaglia (2010), pp. 15, 25.

  110. 110.

    Black (2010), p. 15.

  111. 111.

    Julia Black (1996) ‘Constitutionalising Self‐Regulation’ 59 (1) The Modern Law Review 24, p. 27, http://onlinelibrary.wiley.com/doi/10.1111/j.1468-2230.1996.tb02064.x/full. 19 May 2018.

  112. 112.

    Ibid.

  113. 113.

    Willem J. Witteveen (2005) ‘A Self-Regulation Paradox: Notes Towards the Social Logic of Regulation’ 9 (1) Electronic Journal of Comparative Law, p. 2, http://www.ejcl.org/91/art91-2.PDF. 19 May 2018.

  114. 114.

    Black (1996), p. 26.

  115. 115.

    Teubner (1993), p. 142.

  116. 116.

    Witteveen (2005), p. 3.

  117. 117.

    Ibid., p. 2.

  118. 118.

    Ayres and Braithwaite (1992), p. 101; Ogus (1995), p. 101; Black (1996), p. 26.

  119. 119.

    Ayres and Braithwaite (1992), p. 101.

  120. 120.

    Ogus (1995), p. 101.

  121. 121.

    Black (1996), p. 26.

  122. 122.

    Witteveen (2005).

  123. 123.

    Ibid., p. 6.

  124. 124.

    Ogus (1995), p. 98.

  125. 125.

    Ibid., p. 99.

  126. 126.

    Ibid.

  127. 127.

    Ibid., p. 100.

  128. 128.

    Baldwin et al. (2011), p. 139.

  129. 129.

    Ayres and Braithwaite (1992), p. 35.

  130. 130.

    Ibid.

  131. 131.

    John Braithwaite (2002) ‘Responsive Regulation’ in Restoraive Justice and Responsive Regulation (Oxford University Press, Oxford), p. 30.

  132. 132.

    Ayres and Braithwaite using an ‘escalation’ pyramid to illustrate this with the apex being the most punitive and the base comprising persuasion—See Ayres and Braithwaite (1992), Fig. 2.1, p. 35.

  133. 133.

    Baldwin et al. (2011), p. 259.

  134. 134.

    Ogus (2009), p. 339.

  135. 135.

    Ibid.

  136. 136.

    Ayres and Braithwaite (1992), p. 19.

  137. 137.

    Quintyn and Taylor (2002), p. 19.

  138. 138.

    Mascini and Wijk (2009), p. 27.

  139. 139.

    Teubner (1983), p. 269 referring to Selznick and Nonet (1978), p. 95.

  140. 140.

    Witteveen (2005), p. 8.

  141. 141.

    Ibid.

  142. 142.

    Ibid.

  143. 143.

    Ibid.

  144. 144.

    Ibid., p. 9.

  145. 145.

    Braithwaite (2002), p. 30.

  146. 146.

    Ibid.

  147. 147.

    Ibid.

  148. 148.

    Black (2013), p. 2.

  149. 149.

    Ibid.

    Robert Baldwin and Julia Black (2008) ‘Really Responsive Regulation’ 71 (1) The Modern Law Review 59, p. 69, http://onlinelibrary.wiley.com/doi/10.1111/j.1468-2230.2008.00681.x/full. 18 November 2018.

  150. 150.

    Baldwin and Black (2008).

  151. 151.

    Teubner (1993).

  152. 152.

    Francisco G Varela, Humberto R Maturana and Ricardo Uribe (1974) ‘Autopoiesis: The Organization of Living Systems, Its Characterization and a Model’ 5 (4) Biosystems 187, http://homepages.math.uic.edu/~kauffman/MUV.pdf. 19 May 2018.

    Humberto R Maturana and Francisco J Varela (1980) Autopoiesis and Cognition: The Realization of the Living (Springer Netherlands, Dordrecht).

  153. 153.

    Niklas Luhmann (1991) ‘Operational Closure and Structural Coupling: The Differentiation of the Legal System’ 13 Cardozo Law Review 1419, http://heinonline.org/hol-cgi-bin/get_pdf.cgi?handle=hein.journals/cdozo13&section=94. 19 May 2018.

    Niklas Luhmann (1990) ‘The Autopoiesis of Social Systems’ in Essays on Self-Reference (Columbia University Press, New York).

    Niklas Luhmann (2004) ‘The Location of Legal Theory’ in Law as a Social System (Oxford University Press, Oxford).

  154. 154.

    Ralf Rogowski (2013) Reflexive Labour Law in the World Society (Edward Elgar Publishing, Cheltenham).

  155. 155.

    Ana Lourenço (2010) ‘Autopoietic Social Systems Theory: The Co-evolution of Law and the Economy’ 35 Australian Journal of Legal Philosophy 35, http://heinonline.org/hol-cgi-bin/get_pdf.cgi?handle=hein.journals/ajlph35&section=6, p. 35. 19 May 2018.

  156. 156.

    Rogowski (2013), p. 3.

  157. 157.

    Lourenço (2010).

  158. 158.

    See generally Luhmann (1991).

  159. 159.

    Ibid.

  160. 160.

    Rogowski (2013), pp. 33–4.

  161. 161.

    Hugh Baxter (1998) ‘Autopoiesis and the “Relative Autonomy” of Law’ 19 Cardozo Law Review 1987, pp. 2009–10, http://heinonline.org/hol-cgi-bin/get_pdf.cgi?handle=hein.journals/cdozo19&section=76. 2 February 2018.

  162. 162.

    Black (1996), p. 44.

  163. 163.

    Ibid.

  164. 164.

    Teubner (1993), p. 102.

    Luhmann (1991), p. 1435.

  165. 165.

    Lourenço (2010), p. 39.

  166. 166.

    Teubner (1993), p. 15.

  167. 167.

    Teubner (1983), p. 249.

  168. 168.

    Lourenço (2010), p. 37.

  169. 169.

    Black (1996), p. 44.

  170. 170.

    Teubner (1983).

  171. 171.

    Lourenço (2010), p. 44.

  172. 172.

    Selznick and Nonet (1978), pp. 78, 95.

  173. 173.

    Teubner (1993), p. 77.

  174. 174.

    Black (1996), p. 45.

  175. 175.

    Lourenço (2010), p. 51.

  176. 176.

    Teubner (1983), pp. 250–7

  177. 177.

    Rogowski (2013), p. 33.

  178. 178.

    Teubner (1983), p. 239

  179. 179.

    Ibid., p. 280.

  180. 180.

    Teubner (1993), p. 81.

  181. 181.

    See Luhmann (2004), p. 78.

  182. 182.

    Teubner (1983), p. 255.

  183. 183.

    To appreciate the complexity of regulation of systems see John Paterson and Gunther Teubner (1998) ‘Changing Maps: Empirical Legal Autopoiesis’ 7 (4) Social & Legal Studies 451, http://sls.sagepub.com/content/7/4/451.short. 2 February 2018.

  184. 184.

    Teubner (1983), p. 255.

  185. 185.

    It is structural coupling that leads law, politics, and the economy to co-evolve—Rogowski (2013), p. 34.

  186. 186.

    Teubner (1983).

  187. 187.

    George Monbiot (2016) ‘Neoliberalism—The Ideology at the Root of All Our Problems’ The Guardian (15 April 2016), https://www.theguardian.com/books/2016/apr/15/neoliberalism-ideology-problem-george-monbiot. 25 April 2018.

    Alvaro J de Regil (2001) Neoliberalism and Its Dogma: The Implications of Its Philosophical Postulates (TLWNSI Issue Essay Series, Jus Semper Global Alliance), http://www.jussemper.org/Resources/Economic%20Data/The%20Neo-Capitalist%20Assault/Resources/NeoliberalismPostulates.pdf. 25 April 2018.

  188. 188.

    John Braithwaite (2005) Neoliberalism or Regulatory Capitalism (Occasional Paper 5 Regulatory Institutions Network, Australian National University, Canberra), p. 3, https://www.anu.edu.au/fellows/jbraithwaite/_documents/Articles/Neoliberalism_Regulatory_2005.pdf. 25 April 2018.

  189. 189.

    Ayres and Braithwaite (1992), p. 35.

  190. 190.

    Ibid.

  191. 191.

    Teubner (1983), pp. 256–7.

  192. 192.

    Ibid.

  193. 193.

    Braithwaite (2002), p. 30.

  194. 194.

    Ogus (2009), p. 339.

  195. 195.

    Witteveen (2005), p. 9.

  196. 196.

    Black (2013), p. 2.

  197. 197.

    Ibid.

  198. 198.

    Ibid.

    Baldwin and Black (2008), p. 59.

  199. 199.

    Ibid. Baldwin et al. (2011), p. 262.

  200. 200.

    Black (2013), p. 2.

  201. 201.

    See Baldwin et al. (2011), p. 261.

  202. 202.

    Boaventura De Sousa Santos (2005) ‘Law, Politics, and the Subaltern in Counter-Hegemonic Globalization’ in Boaventura De Sousa Santos and A. Rodriguez-Geravito César (eds) Law and Globalization from Below (Cambridge University Press, Cambridge), p. 7.

  203. 203.

    Neil Gunningham and Darren Sinclair (2017) ‘Smart Regulation’ in Peter Drahos (ed) Regulatory Theory: Foundations and Applications (Australian National University Press, Canberra), p. 133.

  204. 204.

    See Baldwin et al. (2011), p. 269.

  205. 205.

    Gunningham and Sinclair (2017), p. 133.

  206. 206.

    Ibid., p. 140.

  207. 207.

    Baldwin et al. (2011), p. 280.

  208. 208.

    Generally, Hancher and Moran (1998).

    Scott (2001), p. 330.

    Morgan and Yeung (2007), pp. 59–60.

  209. 209.

    Hancher and Moran (1998), p. 159.

  210. 210.

    Ibid., p. 153.

  211. 211.

    Ibid., p. 169.

  212. 212.

    Ibid., p. 170.

  213. 213.

    Ogus (2009), p. 338.

  214. 214.

    Hancher and Moran (1998), p. 153.

  215. 215.

    Ibid.

  216. 216.

    Ibid., pp. 159–60

  217. 217.

    Scott (2001), p. 330.

  218. 218.

    Ibid.

  219. 219.

    Hancher and Moran (1998), p. 155.

  220. 220.

    Ibid., p. 161.

  221. 221.

    Ibid., p. 162.

  222. 222.

    Ibid.

  223. 223.

    Ibid., p. 150.

  224. 224.

    Scott (2001), p. 338.

  225. 225.

    Ibid., p. 343.

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    Sunduzwayo Madise

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Madise, S. (2019). Different Types of Regulation. In: The Regulation of Mobile Money. Palgrave Macmillan Studies in Banking and Financial Institutions. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-13831-8_4

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