Julia Black's book is the first authoritative study of rulemaking in one of the most important areas of economic life: financial services. The books has three main aims: first, to build a jurisprudential and linguistic analysis of rules and interpretation, drawing out the implication of these analyses and developing quality proposals for how rules could be used as instruments of regulation. Second, it interprets that analysis and set of proposals with an empirical study of the formation and use of rules in a particular regulatory system: financial services, and third, it evaluates the nature of the rulemaking process. The author's main case study, examining the use of self-regulation in the financial services sector, complements the detailed analysis of rule formation and uses. The book will be an invaluable addition to the libararies of all administrative lawyers and anyone with an interest in the provision and regulation of financial services.

'fascinating book, which represents a scholarly and original contribution to the growing body of literature on financial services regulation....this is certainly a book worth reading for students, scholars and practitioners within financial services regulation, as it will not date and lose relevance..as the regulatory system evolves into it's next stage and eyt more rules and forms of rule use emerge, the lessons of this book and the true value of the approach it takes may become even clearer.'
it is a refreshing book that addresses the question of 'self-regulation' in a new way. This is the power of Julia Black's marvellous and insightful work ... Black's book is not about the Internet; her subject matter is drawn far from the problems of regulating code on the World Wide Web. But her approach, and her conclusions, are exceptionally valuable to anyone drawn to this siren of 'self-regulation' ... Rules have a life in the story that Black tells that is far richer and infinitely more subtle than the lawyer's typical take on the stuff of rules. There is much to admire in this relatively short book. It is outstanding in its execution, and impressive in the range it represents. * Lawrence Lessig, Modern Law Review, Sept 1999 *
This book provides a valuable theoretical underpinning to financial services regulation.

Dr Julia Black is a Lecturer in Law at the London School of Economics.