This study deals with the distinction between subjective and objective modality on the basis of the English modal auxiliaries. I show that this distinction is still very poorly understood, both in terms of the criteria that have been proposed to support it, and in terms of the actual delineation of subjectivity and objectivity in the modal domain. After identifying the empirical and theoretical problems in the literature, I propose an alternative, semiotic account, which tries to explain the divergent grammatical behavior of subjective and objective modality in terms of the function they fulfill. The central factor in this semiotic explanation is the performative versus non-performative status of the modals, which can explain their divergen...