The Principles for Better Self- and co- Regulation reflect a global literature of good practices emerging from different initiatives in the broader field of cooperative voluntarism. When applied, they will help SR/CR practitioners to gain better recognition, respect, and credibility for their SR/CR efforts. Developed by open consultation, they are free for use.
The Principles strike a balance between the need for flexibility & freedom of initiative, and the need for accountable and efficient SR/CR actions to deliver on their societal goals. By definition, they are not designed to cover all activities of any given entity. They are relevant to corporate social responsibility (CSR) in the sense that SR/CR initiatives are often a means by which enterprises seek to better meet their social responsibility (read more on the articulation between CSR and SR/CR). Multinational enterprises are invited to follow these best practice Principles in the spirit of the OECD.
The Principles do not interfere in any way with the Regulation on European Standardisation, nor with any specific arrangements applying to standardisation. The same applies to social dialogue.
They will be used as one building block in the review of the IA Guidelines that has been announced in the context of the Communication on EU Regulatory Fitness.
NB: These best practice Principles are entirely without prejudice to the Commission's right of initiative, to the exercise of legislative and regulatory discretion, notably regarding the choice of appropriate instruments for legislation or regulation, which remains to be judged case by case, and to the Commission's competence as guardian of the Treaty, which covers the right to initiate infringement proceedings. Given the current situation, and the programme of global and European regulatory reform under way, it is usually thought inappropriate to consider self- and co-regulation approaches for financial sector rule-making.