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A Prescription To Retire The Rhetoric Of "Principles-Based Systems" In Corporate Law, Securities Regulation And Accounting, Lawrence A. Cunningham Mar 2007

A Prescription To Retire The Rhetoric Of "Principles-Based Systems" In Corporate Law, Securities Regulation And Accounting, Lawrence A. Cunningham

Boston College Law School Faculty Papers

This Article corrects widespread misconception about whether complex regulatory systems can be fairly described as either “rules-based” or “principles-based” (also called “standards-based”). Promiscuous use of these labels has proliferated in the years since the implosion of Enron Corp. While the concepts of rules and principles (or standards) are useful to classify individual provisions, they are not scalable to the level of complex regulatory systems. The Article uses examples from corporate law, securities regulation and accounting to illustrate this problematic phenomenon before turning to a series of possible explanations for the widespread use of these misleading labels. The piece contributes to ...


Labor Provisions From Nafta To Cafta: Standards That Work, Or A Work In Progress?, Michael O'Donovan Jan 2006

Labor Provisions From Nafta To Cafta: Standards That Work, Or A Work In Progress?, Michael O'Donovan

Law and Justice in the Americas Working Paper Series

The emerging U.S. approach linking free trade to domestic labor protections is a practical framework on which to base substantive and procedural rights. Nevertheless, much more can be done in future agreements to improve these safeguards for workers in a way that will maximize the gains from trade and reduce the most harmful effects of development. In order to improve future agreements, the U.S. should expand access to consultations within the dispute resolution mechanism, focus complaints on core rights such as organization and bargaining, encourage the development of small independent unions in corporatist cultures, and incorporate the ILO ...