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The phrase "black letter law" refers to a well-established and generally accepted legal principles which are no longer subject to reasonable dispute. These basic common principles may then be codified into statutes or regulations. It is different from legal theories or unsettled legal issues. It is the law as accepted by a majority of the judges in a particular jurisdiction.
Regulations are different. Statutory instruments are a form of legislation which allow the provisions of an Act of Parliament to be subsequently brought into force or altered without Parliament having to pass a new Act. They are also referred to as secondary legislation. Acts of Parliament confer powers on Ministers to make more detailed orders, rules or regulations by means of statutory instruments. An Act will often contain a broad framework and statutory instruments/regulations are used to provide the necessary detail that would be too complex to include in the Act itself.
It is often the case that regulations are based on black letter law.
A. Question is whether CG in developed economies is an appropriate mixture of black letter law and regulation?
It is most definitely the case that it is a mixture. Whether the mixture is an appropriate one is anybody's guess.
B. and Have recent events in the global financial markets affected the CG?
Yes, you can read much about that here.