The WHO/UNICEF International Code of Marketing of Breast-milk Substitutes was passed by the 1981 World Health Assembly. Subsequent arrangements between the Nestlé Corporation and its nongovernmental critics for the implementation of the code indicate what is possible within the normative framework of an emerging regime on investment and transnational corporations. In the baby food case the context was particularly positive. A high level of consensual knowledge, the successful strategies of nongovernmental organizations, the susceptibility of the involved industries to pressure, the brevity of deliberations, and the conducive atmosphere of the international organization setting all helped negotiators to develop a detailed code of marketing. Actions inside and outside the UN system combined to delegitimize commonly accepted practices, modify global marketing schemes, and alter national health care practices. In other issue-areas, however, such as Pharmaceuticals, the same positive convergence of factors does not yet exist, and the achievement of equally precise codes will be more difficult.