5.6 The Legal and Regulatory Frameworks of Corporate Governance

The framework's stack (the synthesis): the constitutional layer (the Constitution's-and-the anti- corruption's faces (the CIAA's-and-the courts' oversight where the public faces meet — LAW5409's NEPSE-v-CIAA case's boundary lesson)); the statutory layer (the Companies-Act's spine + the Securities-Act's market face + the sectoral Acts' (banking-insurance-labour-environment) overlays); the subordinate-and-soft law (the SEBON's-and-NRB's-and-OCR's directives-and- circulars; the codes-of-5.4.6); the self-and-market regulation (the exchanges'-and-the professions'-and-the media's faces); and the enforcement's machinery (the OCR's-and-SEBON's- and-the NRB's-and-the courts'-and-the CIAA's division-of-labour — the fragmented-enforcement's Nepali critique).