1

Main types: 1. Formal International and Supranational Organizations -WTO: the world trade agreements provide for binding obligations of the Member States (such as national treatment, or transparency). WTO sets up periodical negotiations to enhance free trade and liberalization. -EU: EU law binds both States and private individuals in many economic sectors, such as: banks, telecommunications, energy, postal services, transport, public procurement. 2

2. Transnational Networks Networks composed of national regulators. Usually: the absence of a binding formal decision making. Examples: ─ Basel Committee: sets out non-mandatory standards on banking supervision. ─ Energy Fora: promote informal co-operation among national regulators. ─ European Competition Network: co-ordinates antitrust procedures concerning cases of restrictive agreements and abuses of dominance. 3

3. Domestic regulators acting as a part of global regulation A national antitrust authority may decide a case of cross-border cartel, having effects in more than one State (Regulation EC no. 1/2003) A national – or even local – public administration may award a public work contract applying EC law (Directive 2004/18/EC). 4

4. Hybrid regulators Composed of public and private entities. They usually set out non binding standards. ─ Codex Alimentarius Commission, established in the 60s, by FAO and WTO, gains more importance in the 90s. It sets out non binding standards for food safety – standards can indirectly be granted mandatory force by WTO agreements. ─ Internet Corporation for Assigned Names and Numbers (ICANN), established in 1998, co- ordinates the Internet Naming System. 5

5. Private Bodies Delegated to Exercise Public Powers They usually provide non binding norms. Examples: International Standardization Organization (ISO) Adopts standards to harmonize product and process rules around the world. ISO’s standards – though non binding – are highly effective. They facilitate trade between countries and safeguard consumers. 6

Rating agencies  These private agencies evaluate the soundness of private companies’ securities and States’ bonds.  Rating agencies play an important role in global securities and banking markets, as their credit ratings are used by investors, borrowers, issuers and governments as part of making informed investment and financing decisions.  It is essential, therefore, that credit rating activities are conducted in accordance with the principles of integrity, transparency, responsibility and good governance in order to ensure that resulting credit ratings used in the Community are independent, objective and of adequate quality. 7