Five years after the collapse of the Rana Plaza building in 2013 – a disaster that killed 1,133 garment workers – the Accord on Fire and Building Safety in Bangladesh, a multi-stakeholder programme designed to set labour standards for the garment industry, was terminated by Bangladesh’s highest court. Widely hailed as a promising example of transnational regulation, the Accord was never successfully institutionalized locally. On the basis of archival and ethnographic work in Bangladesh, the author suggests that, although the Accord successfully upgraded factory safety standards, its failure to build widespread support among local employers, workers and the Government led to its termination and replacement.