OECD PMR indicators for professional services. Civil law notaries as public good: efficiency and legal protection need higher regulation

Antonio Cappiello

RIEDS - Rivista Italiana di Economia, Demografia e Statistica - The Italian Journal of Economic, Demographic and Statistical Studies, 2022, vol. 76, issue 3, 179-190

Abstract: This article analyses the application of the OECD PMR criteria to the civil law notaries. Since the notarial service is offering a public good (administration of the justice), many criteria defined by the PMR indicator are, in this case, to be considered as a protection of the consumer rather than an obstacle to the proper functioning of the market. The level of regulation - because of the nature of the notarial public function - should forcibly be higher than the other PMR analysed professions. Therefore, if we apply the PMR to the notarial profession, we highly risk depriving the community and citizens of the ex ante legal security (removing the protection especially to the vulnerable parties). These reflections are supported by the empirical analysis on the correlation level of the notarial regulation (as expressed by the PMR) with some World Bank indicators. We can observe that lower levels of regulation do not seem to be more correlated with better quality and lower costs, while higher levels of regulation are more often associated with better performances in terms of quality, costs, and speediness of the procedures. Moreover, also the anti-money laundering compliance with FATF standards (an important requirement for legal professionals) shows a positive trend of correlation with higher level of notarial regulation.

Keywords: Product Market Regulation; professional services; competition; notaries; outliers; tukey fence; distribution; notaries; OECD; market failure (search for similar items in EconPapers)
JEL-codes: A11 A12 A13 A14 B00 B31 B40 C10 C13 C53 C69 C70 D04 D89 D90 F02 H11 I00 I28 J10 N00 N10 N13 N14 N43 N44 Z00 Z10 (search for similar items in EconPapers)
Date: 2022
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