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Updated: Sept. 10, 2012 (Initial publication: Sept. 2, 2012)

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The Royal Bank of Scotland (RBS) is a British Bank controlled to 80% by the State. It is said involved in the case of the Libor. On August 24, 2012, Reuters news agency reported links between the Royal Bank of Scotland (RBS) and the British and North American regulators to stop the intended prosecution through a settlement. The interest is not in the subject of the announcement, but in the formulation. Indeed, the Bank denies the existence of this mutual understanding. Less than a month ago, it claimed that it would face prosecution and a few weeks ago, it claimed that it could be actions of traders and not its own, taken as operators. Today, these are lawyers who reveal the strategy of negotiations with the regulator. Thus, what made the right hand of the Bank, the left hand of the Bank ignores it and can do something else; the essential was to reassure the market.

Updated: Sept. 10, 2012 (Initial publication: Sept. 1, 2012)

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In the United States, if the State courts took different positions on whether the game of poker is a game of chance or a game of strategy, this is the first time that a federal jurisdiction decides the issue by this judgment of August 21, 2012 ruled by Judge Jack Weinstein. The question is crucial for the Regulation of online gambling because gambling is regulated or even prohibited by State, but not strategy games. Qualification depends on the definition that is given in the game according to the judge, who relied on recent scientific studies, the gain in poker does not depend poker mostly luck but skill. Therefore, it escapes the regulations that surround gambling.

Updated: Sept. 3, 2012 (Initial publication: Aug. 29, 2012)

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Rating agencies are in the eye of the cyclone, due to the ambiguity of the situation: by their status, they are simple operators but by their role are almost regulators. Governing the markets, the banks can not for the moment dispense with them. However, the rating market is oligopolistic. On August 1, 2012, the association of German public banks complained that the prices practiced by rating agencies are monopoly pricing. What is remarkable is that this a complaint is made not to the European Competition Authority, the Commission, but to the European Banking Authority (EBA). Thus, regulation is a tool and a wider tool more than is the competition.

Updated: Sept. 3, 2012 (Initial publication: Aug. 31, 2012)

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India is transforming its energy policy, because it depends too much of coal and plans to expand its nuclear industry. Its agency, the Atomic Energy Regulatory Board (AERB) is in charge of overseeing nuclear security. But the Indian Court of Auditors issued a report on 16 August 2012, claimed that such a nuclear deployment could not take place only if the agency is structurally modified. Indeed, it is currently dependent on the federal Government, while independence is required for any regulator. In addition, it has no real powers of control and intervention. It is therefore not a true regulator, and in these conditions, expand nuclear energy would constitute a great risk.

Updated: Sept. 3, 2012 (Initial publication: Aug. 28, 2012)

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It was a time where it was easy to distinguish the container(telecommunications) and the content (transported data, called "media"). Has responded to it, the institutional duality in France of two regulators, the « Autorité de régulation des communications électroniques et des Postes » - (ARCEP- the French telecommunications and postal regulator) and the « Conseil Supérieur de l’audiovisuel » (CSA -French audiovisual regulatory) for the regulation of the media. To the movement of technological convergence, we symmetrically consider to merge the two institutions, especially because the digital television makes it possible to give pictures from the phone and the the telephone operators have large media activities. This logic so mechanical, that articulates content and container, as in the United Kingdom, underestimates the dimension of public freedoms and culture, strength in the institution of the « Conseil Supérieur de l’audiovisuel » (CSA -French audiovisual regulatory) and further behind in the « Autorité de régulation des communications électroniques et des Postes » - (ARCEP- the French telecommunications and postal regulator) which presents itself as a economic regulator. This shows that the regulation is not only a technical matter.

Updated: Sept. 3, 2012 (Initial publication: Aug. 26, 2012)

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Central banks have a decisive role on the markets and the question of their accountability is raised. This is particularly true concerning the powerful Fed which applies a genuine economic policy. For the moment, a kind of observatory made remarks to the benefit of the Congress on it. The House of Representatives voted on 8 August 2012 a text that increases the audit of this policy determined by the single Central Bank. If the Senate also voted this text, then comes a law so that the Central Bank, although independent will be more accountable . Thus the fundamental couple in regulation, namely "independence - accountability" will be more respected.

Updated: Aug. 28, 2012 (Initial publication: Aug. 23, 2012)

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Libor is the rate of Exchange on the interbank market, important in that and also in what it's on the Libor rate that thousands of external financial transactions in interbank relations are based. In this manipulations on the Libor operated by banks are properly catastrophic. What can therefore be a disaster was opened with the sanction of Barclays on 27 June 2012 by the British Financial Services Authority (FSA) for manipulation. Investigations are underway, on multiple grounds, by many authorities on multiple grounds. The statement made on August 3, 2012 by the Royal Bank of Scotland is interesting in that, in the same time that it dismiss them, it said that manipulations that could discover in it are attributable to individuals and only to them. The system was thus not fraudulent. Therefore the declaratory system could be saved.

Updated: Aug. 28, 2012 (Initial publication: Aug. 21, 2012)

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We know the importance of the credit mortgage c in the United States and the place of its failure in the financial crisis of 2008 and those that erupted. The refinancing market of the real estate loans is held by three operators, including Fannie Mae and Freddie Mac. This market is regulated and overseen by the Federal Housing Agency (FHFA). This agency has the power to adjust as needed to lower the principal amount of mortgage debt if market value of purchased assets decline also. But he Federal Housing Finance Agency (FHFA) sought for this purpose by the same firms of refinancing acting at the request of the Government, refused to allow such an adjustment. On July 31, 2012, the Secretary of the Treasury of the United States is expressed "concern" of such refusal, which risk to distressed companies of refinancing of mortgages, including the rescue has already cost so much at the first time.

Updated: Aug. 28, 2012 (Initial publication: July 18, 2012)

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The European Medicine Agency decided to open its archives on the totalities of clinical trials conducted by pharmaceutical companies, work that led to the authorization of drugs market. In this, the Authority operates a fundamental change in regulation, replacing the principle of information by the principle of transparency, to the detriment of business confidentiality.

Updated: Aug. 28, 2012 (Initial publication: Aug. 24, 2012)

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The "Conseil constitutionnel" (French Constitutional Council), on the occasion of the control of the "Loi de finance rectificative" (amending finance law) adopted, may make rules relating to the regulation. Thus, a Senate amendment had slipped into legislation a tax of 5% on the resale of a television channel, when it had been obtained by the purchaser on account of the assignment for the benefit of a licence conferred by the State free of charge. The provision is considered non-compliant with the Constitution in that it does not have enough in connection with the organization of the finances of the State and that it pursues another goal: here to avoid that an operator plays with the mechanisms of regulation for purely financial purposes. This struggle by the Council against the "legislative cavaliers" didn’t mean that a measure of this type is later taken by a law, since such concern can be justified.

Updated: Aug. 28, 2012 (Initial publication: Aug. 27, 2012)

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This is the drama of the summer and the case of the Mistigri: in what game drag one that will drop the player? Indeed, it pretends to discover that the purely declarative Libor system works by the good of those who declare, namely the banks. If one day a child said that the King is naked... This day was June 28, 2012, when the Financial Services Authority condemned the Barclays for manipulation of course. Since then, is the head, the bulk of support as the other? Thus, the FSA condemns. Well takes it, since the Government asked him to consider a reform of the Libor. On 10 August, the FSA makes first conclusions, to an increase in the powers of the FSA. But the English Parliament responded on 18 August, stating that if the FSA had a little more control this before, nothing would have occurred. Oh, what beautiful summer...

Updated: Aug. 28, 2012 (Initial publication: July 22, 2012)

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The Libor is the rate of the interbank market practised in the United Kingdom. A large number of financial operations are based on it. So far, its daily development is grounded on a declaratory system on the part of the banks. Since the conviction of Barclays on June 27, 2012 by the Financial Services Authority (FSA) and the general suspicion that a very great banks have contributed to manipulations of the Libor, the relevance of the system itself is questioned. While investigations and prosecutions was put in place for the past in all countries, British Government give to the Financial Services Authority (FSA) study of reform of a Libor, either to detach itself from a declaratory system, or to keep an eye on it and internalize effective sanctions. The report, which will serve as a basis for the reform will be made the end of September 2012.

Updated: Aug. 28, 2012 (Initial publication: Aug. 25, 2012)

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The Libor manipulations successively discovered, led the British Government to request to the Financial Services Authority (FSA) a report to reform the system. On August 10, 2012, a progress report is made public. It proposes not to end self-regulation, but to temper it. Firstly, the declaratory system, too subjective, must be tempered by objective data (real transactions and other reference rate). Secondly, the power of monitoring and sanction of public authorities must be increased. This growing power must be that of the courts... and the Financial Services Authority (FSA). Stakeholders have until September 7, 2012 to respond. The British Government has entrusted in late July 2012 the Financial Services Authority (FSA) a report on the reform that is appropriate to operate concerning the system of Libor. It must be submitted at the end of September. Subsequent events show the method followed.

Updated: Aug. 23, 2012 (Initial publication: Aug. 30, 2012)

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Complete reference : Joseph E. Harrington, Joseph E., and Katsoulacos, Yannis (eds), Recent Advances in the Analysis of Competition Policy and Regulation, Elgar Publishing, United Kingdom, 2012, 400 p.

Updated: Aug. 13, 2012 (Initial publication: Aug. 22, 2012)

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Updated: Aug. 1, 2012 (Initial publication: Aug. 20, 2012)

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Le Régulateur français des activités ferroviaire lance une consultation publique dans le cadre d'un règlement des différends. Cela est justifié à double titre : pour que le régulateur soit informé le mieux possible des données du contentieux auquel il doit apporter une solution particulier ; pour que les effets objectifs et généraux de sa décision particulière soient pertinents, ce qui justifie ex ante que l'ensemble du secteur soit consulté comme le serait pour l'adoption d'un texte. A la fois, la consultation devient une mesure d'instruction et le jugement du régulateur est pleinement reconnu comme une mesure ex ante pour le secteur tout entier.

Updated: Aug. 1, 2012 (Initial publication: July 7, 2012)

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On June 27, 2012, the "Financial Securities Authority – FSA" of the United Kingdom sanctioned the Barclays Bank to have manipulated the Libor. By a chain reaction, on July 6, 2012, the German regulator, Bafin, opened an investigation into banks, with no doubt on Deutsche Bank, while the Japanese regulator, the "Securities Exchange Commission" in the United States, the Canadian competition office, in particular open all investigations since the 6 July concerning all banks within their competence on their statements. In addition, JP Morgan said that it was already the subject of a class action in this regard. The domino effect begins.

Updated: July 23, 2012 (Initial publication: July 19, 2012)

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Updated: July 23, 2012 (Initial publication: July 17, 2012)

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The case of the Libor is already designated as case which will constitute a turning point in the banking regulation. Indeed, even beyond the astronomical amounts of fines, penalties and damages that were intended to be pronounced, it’ s the declarative system, that is to say the part of self-regulation, the system which is in question. All banks are implicated. Further investigation for agreement is also open. More importantly, it would appear that the Bank of England, Central Bank, knew as early as 2008, has not reacted, or has covered, or even may have been complicit in banks. Therefore, the terrible question appears: "who rely?".

Updated: July 23, 2012 (Initial publication: July 16, 2012)

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The optic fiber is a very difficult issue for regulators: they want its deployment, for the good of consumers, but they are not willing to pay much more for this and the operators are not prepared to invest without profitability. Incentives are insufficient and uncertainties, major flaw of the regulation, are very large. This is why the European Commissioner in charge of digital, Mrs. Neelie Kroes, announced that on the one hand that the system would now stable for regulation of the optic fiber and that on the other hand there is no more tendency of the regulator to lower the price of access to cost method which discourage operators to invest.

Updated: July 23, 2012 (Initial publication: July 15, 2012)

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In Belgium, in December 2008, the Flemish Region issued a decree tariffing the injection into the electricity in the distribution network. The Belgian Energy regulator, the "Commission de Regulation de l’Electricité et du Gaz" (CREG – Belgian Regulatory Commission for Electricity and Gas), which has federal jurisdiction, challenged this Decree in the Constitutional Court; the regulator considered that the Region has no jurisdiction to establish such a tariff. By the decision of July 12, 2012, the Court gives reason to the regulator and cancels the order adopted by the Region, stating the need for a federal jurisdiction to adopt such tariff, in this case the jurisdiction of the regulator.

Updated: July 23, 2012 (Initial publication: July 8, 2012)

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In Estonia, State owns the company Levira Ltd., which operates telecommunications. Meanwhile, the Minister for Economic Affairs which assigns and manages the radio frequencies, numberings and ensures the functioning of the universal service. But a principle of regulation prohibits the cumulation by the state of the quality of regulator and the quality of operator. This is why the European Commission opened an infringement procedure to the right of the European Union against the Estonia 1 July 2012 and asked by a reasoned opinion, to separate clearly its two activities, to ensure the required impartiality attached to the exercise of the powers of regulation.

Updated: July 17, 2012 (Initial publication: July 5, 2012)

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What is called the "Libor" is a contraction of "London InterBank Exchange Rate". Each morning, the banks reported Libor rates and all of the exchanges are backed with these statements. It is therefore the confidence that we make to them that holds the system. In a declarative system, it was easy for the Barclays Bank to report an inaccurate Libor, upward or downward, according to trade that it wanted to do. This is legally of course a price manipulation, which was sanctioned by the "Financial Securities Authority - FSA" on June 27, 2012, inflicting Bank fined nearly £ 60 million. But it is especially throughout the system of credibility of this Bank, and banks, which is undermined, since everything is based on the statements. We understand that therefore all managers are laid off, etc. Will that be enough to keep a system purely declarative?

Updated: July 17, 2012 (Initial publication: July 10, 2012)

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The regulator of telecommunications and media in United Kingdom (Ofcom) published on, June 6, 2012 a report to measure media pluralism. In response, the State Secretary Jeremy Hunt writes on June 18 letter to the chairman of Ofcom, Colette Bow, for him make comments, astonishments, suggestions and remind him of the prerogatives of the Secretary of State in the matter. The set is made with the friendliness that fits between friends that are written and signed by their first names, formulas are in conditional tense in being enveloped in a respectful classicism, which is the form taken by the confrontation between the executive and the regulator. Tension is always high, whatever form it takes, when it comes to media.

Updated: July 16, 2012 (Initial publication: July 12, 2012)

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The European Commission, following the example of the Obama administration understands the regulation of financial markets through the protection of consumers of financial instruments. It is on this basis that should be analyzing the proposed "package" which the Commission presented the draft on July 3, 2012. The Commission manifests its particular concern for investment details and information of investors. Based on the observation that individuals do not to use the markets only in an intermediated way, the project aims the " organismes de placement collectif en valeurs mobilières " - OPVCM (undertakings for collective investment in transferable securities ). Finally, noting that for the consumers, the insurance product and the product purely financial, is similar the Commission proposes to revise the regulation of the sale of insurance products and insurance mediation.