How do the control mechanisms of the working conditions within factories of MNC's Chain adapt to the divergent pressures of the different actors within global value chains? An analysis of the genesis of the ILO Better Factories Cambodia (BFC) pilot program shows how a hybrid regulatory system has gradually changed and contributed to the emergence of a comprehensive social auditing program (Better Work). The study revisits the conditions for the possibility of a third way beyond the opposition between public and private regulation and highlights the interest of contextualized and political analyzes of socio-environmental regulation regimes.