Hardening The Soft Laws In The International Financial Regulation

Since the 21st century,the international financial sector is undergoing comprehensive and profound adjustments and changes.In particular,the financial crisis that occurred in the United States in 2008 and spread across the globe has exacerbated changes in financial power and financial structure on a global scale.In order to maintain the stable development of international finance,the international community is also paying more and more attention to global financial governance issues.In the context of the post-financial crisis,the role of international financial soft law in financial governance has become more apparent.The international financial soft law is a legal concept corresponding to hard law such as general international financial treaties,that is,rules that exist in the international financial field and are not legally binding,but can have practical effects in international financial supervision.The international financial field is complicated,and standardssetting bodies in different fields have begun to adopt the form of soft law for supervision and management.With the large number of international financial soft law introduced and applied,its influence is gradually expanding.When an international financial soft law is continuously practiced and matures in its own field,it tends to develop further.Some of the international financial soft law is finally transformed into an international financial treaty or translated into domestic law in various countries;There are still some international financial soft laws that have been practiced in practice and have begun to play the role of hard law in the process of regulatory practice,with actual legal effects.This phenomenon is the "hardening" of international financial soft law.At present,it seems that the “hardening” of international financial soft law is a major trend.Various international financial standards setting bodies and various national regulatory agencies are working to promote the “hardening” of international financial soft law.This article mainly discusses the issue of international financial soft law and its "hardening" through five parts.The first part mainly discusses the international financial soft law and its basic theory of "hardening".This part mainly discusses the connotation and characteristics of international soft law and international financial soft law.On the basis of defining the meaning of international financial soft law,it discusses the problem of “hardening” of the current international financial soft law.The second part of the article mainly discusses the four standards of “hardening” of the international financial soft law.This paper mainly analyzes the current "hardening" of soft law in the international financial field by analyzing the four standards of general international hard law-rule obligation,rule accuracy,authorization to third parties,enforcement.The third part of this paper mainly discusses the two paths of “hardening” of the international financial soft law,namely the legal “hardening” and the de facto “hardening”.Currently,a well-developed international financial soft law usually uses these two methods to achieve “hardening”.Some of the international financial soft law will eventually be transformed into an international financial treaty or translated into the domestic law of member states,which is the legal "hardening";There is also a part of the international financial soft law,although it has not been binding on paper,but it has already achieved the effectiveness of general international hard law in supervision,which is the de facto amount of "hardening." The fourth part of the article mainly analyzes the issue of the “hardening” of the international financial soft law.This section explores the future development of international financial soft law by analyzing the motivations of the “hardening” of international financial soft law and the “hardening” dilemma.The fifth part of the article mainly discusses China's practice on the issue of “hardening” of international financial soft law,and explores the path choice of China in the future of global financial governance and soft law formulation.