IDEAS home Printed from https://ideas.repec.org/a/oup/jieclw/v13y2010i3p645-662.html
   My bibliography  Save this article

The 'Santiago Principles' for Sovereign Wealth Funds: A Case Study on International Financial Standard-Setting Processes

Author

Listed:
  • Joseph J. Norton

Abstract

This article considers the subject of 'multi-level governance' respecting ' "regulatory" financial standard-setting' through the lens of the 2008 'Santiago Principles' and 2009 establishment of the International Forum of Sovereign Wealth Funds. Upon a US initiative, the matter fell on to the policy plate of the G-20 Finance Ministers and was then translated into 'administrative marching orders' for the International Monetary Fund (IMF), Organisation for Economic Co-operation and Development (OECD) and World Bank to work with the major sovereign wealth funds (SWFs) and others in devising a set of 'best practices'. What transpired has been a sui generis, ad hoc, 'multi-level, rule-oriented governance network process'. The immediate 'deliverable' has been a set of 'international best practices' (Santiago Principles). The related International Forum of Sovereign Wealth Funds encapsulates a new ongoing 'institutional', 'administrative', and 'qualified self-regulatory' process for implementing, interpreting, revising, adjusting, monitoring, and assessing these Principles and for further fostering their global acceptance as part of the post-global-financial-crisis 'international architecture'. These developments add a new component to the global capital markets and to the proliferation of 'global administrative networks' and related 'soft law regulation' in the area of international economic financial law. Tangentially, this SWF phenomenon raises the question of the interconnected roles of the IMF, OECD, World Bank, United Nations, International Labour Organization and World Trade Organization, along with the related-linked 'soft law, regulatory network(s)', in the 'new international financial architecture'. Oxford University Press 2010, all rights reserved, Oxford University Press.

Suggested Citation

  • Joseph J. Norton, 2010. "The 'Santiago Principles' for Sovereign Wealth Funds: A Case Study on International Financial Standard-Setting Processes," Journal of International Economic Law, Oxford University Press, vol. 13(3), pages 645-662, September.
  • Handle: RePEc:oup:jieclw:v:13:y:2010:i:3:p:645-662
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1093/jiel/jgq034
    Download Restriction: Access to full text is restricted to subscribers.

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Mehrpouya, Afshin, 2015. "Instituting a transnational accountability regime: The case of Sovereign Wealth Funds and “GAPP”," Accounting, Organizations and Society, Elsevier, vol. 44(C), pages 15-36.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:oup:jieclw:v:13:y:2010:i:3:p:645-662. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Oxford University Press) or (Christopher F. Baum). General contact details of provider: https://academic.oup.com/jiel .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.