This chapter surveys regulatory approaches to promoting the standardization of information flows. It begins with an overview of the differences between technical and content standards and the considerations that guide the development of each. For example, with respect to content standards (such as for company disclosures and accounting), it discusses the relative advantages of rules-based and principles-based standards and the challenges of standardizing opinions and estimates or imperfect substitutes. It then considers the merits and drawbacks of establishing standards through regulatory processes and of delegating standard-setting authority to self-regulatory or private standard-setting bodies. It concludes with a discussion of techniques for regulating the funding, governance, and processes of private standard-setting bodies and ensuring fair access to privately developed standards.
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