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Part IV Legal Aspects of Central Banking and Banking Regulation and Supervision, 22 Financial Standards Are Not Legally Binding … Or Are They? »

John L Taylor, Theodora A Christou
From: International Monetary and Banking Law post COVID-19
Edited By: William Blair, Christos Gortsos, Chiara Zilioli
This chapter assesses whether private standards can be legally binding in light of fundamental principles of law. Private standards are generally regarded as not legally binding, but instead aspirational objectives or voluntary, ethical good practices. The chapter describes some important standards that banks allegedly adhere to or support and asserts that private standards may be legally binding. Even if the standards are not accepted as law (in the traditional sense), they do open the path to legal reform. It also cites how the finance sector has a key opportunity to provide funding to projects which can result in positive impacts on the economy, the environment, and society.