There was a time when the key was in the rule. Today is essentially in the effectiveness of the rule. What the English and Americans call: Enforcement.

When operators are very powerful and regulators have little information, when the rule is complex, when situations are always changing and diverse, most of the regulatory art focuses on enforcement.

It shows a little more the continuum between Ex ante and ex post, moreover the circularity between them. Not only sanction is necessary ex post to the regulatory body for the rules that it asked ex ante have an effectiveness, but conversely, if we want that breaches the rule that powerful operators are committed could be sanctioned, it is through the Ex ante they must be punished.

Thus, when a financial operator wants to raise funds in the US financial market, he must request authorization from the Regulator to do so or at least to declare beforehand. It is therefore an Ex Ante mechanism. But if the operator is trustworthy, then it can be a kind of privilege that allows him to raise funds without submitting to the heavy and lengthy procedure. It takes but just whether trusted opérator.

However, Reuters reported the next development by the SEC guidelines for applying its power to withdraw the exemption to operators which had broken the law, civil or criminal.

While this may be explained by the fact that these operators have shown they don't deserve the confidence that justified access to the status of "well-known seasoned issuer" (WKSI) offering this "privilege" exempting regulation.

This is especially a new crackdown. The withdrawal of that relief proceedings valuable to the operator who regularly raises funds on the market, making him reach the common lot of borrowers, making carrying a disadvantage compared to operators who respect the law and shall remain holders of "bureaucratic privilege".

In a regulation in which repression becomes the central arrow in the quiver, here is an acute .

It begs the question: claiming that it is within the Ex Ante, can the regulator be dispensed to apply the rights of the defense?

Translated Summaries

In The Journal of Regulation the summaries’ translation are done by the Editors and not by the authors

ENGLISH

Article: What does it mean to be neutral ? Socrates in the land of regulators

Should regulatory agencies, as we define them in today’s economic and cultural world, be obligated to be neutral in accomplishing their regulatory activities? What would the meaning of such an obligation be?

ITALIAN

Articolo: Cosa vuol dire essere neutrale? Socrate nella terra dei regolatori

Le autorità di regolazione, come sono denominate oggigiorno nel mondo economico e culturale, dovrebbero essere obbligate ad essere neutrali quando compiono le loro attività di regolazione? Quale sarebbe il significato di un tale obbligo?

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Other translations forthcoming.