Sectors

Dec. 18, 2014

Breaking news

Virtual currency is a perfect example of the difficulties of interregulation: indeed, the bitcoins are currencies created on the Internet, usually to play games, such as poker. Thus intersect banking regulation, banking supervision, regulation and control of the game, Internet regulation itself.

In the US, the situation is complicated in that banking regulation is exercised at the state level, while the Internet is subject to intervention by federal regulators, including the Federal Communication Commission.
 
To solve this problem, the solution is to create a network of states banking regulators and supervisors, who adopt common rules. This is why the Conference of State Bank Supervisors, which is the network of state banking supervisors, created in 1902, has prepared a draft regulation of virtual currency, published December 16, 2014 and submitted for consultation for a month.

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Dec. 12, 2014

Thesaurus : Soft Law

Dec. 10, 2014

Sectorial Analysis

Constitutional Law will have an increasingly important role to play in regulatory Law. This is especially true since the State Council uses its power to filter itself become a sort of Constitutional Court or maybe a Supreme Court.

One can think so reading the UBS decision on the 5th of November 2014.

Indeed, to refuse to transmit to the Conseil constitutionnel (French Constitutional Council)  the priority question of constitutionality formulated by UBS, the French Council of State gives what it believes to be the correct interpretation of the constitutional principle of legality of offenses and penalties in banking regulatory Law.

So to say there is no "question", the Conseil d'État says there is no "problem" because, through the interpretation it gives, the provisions of the Code Monétaire et Financier offers to the Supervisory Authority, the Autorité de Contrôle Prudentiel et de Résolution (ACPR), the power to sanction the bank for having not properly implemented its internal control, comply with the constitutional principle of legality of offenses and penalties, which is applicable in administrative repression.

But because to estimate that there is no "question", it must be said that there is no "problem", it is assumed that the High Administrative Court has acted as Constitutional Court.

We must take note. Is this really what the Constituent wanted by instituting a filter system by the constitutional law of the 23rd July 2008 establishing the priority question on constitutionality? Indeed, in this very sensitive and decisive question of repression in banking and finance, is it not at least to the French Constitutional Council itself to say the authoritative interpretation to remember that the constitutional text it is the guardian?

Dec. 5, 2014

Breaking news

To read the presentation (in French), click on the French flag.

Dec. 4, 2014

Breaking news

When one likes the "Financial law," one is delighted to open the second edition of the Droit financier (Financial Law), Frenche book written by Anne-Dominique Merville and publishes at Gualino - Lextenso édition (392 p.).

Indeed, the reader learns the most recent technical rules. If it is difficult to know "Financial law" this is because it doesn't really constitute a "branch of the law." It seems an accumulation of laws, rules, decisions  and soft law adopted to serve the financial market.

Significantly way, in the book construction, there is no place especially for the "financial Regulation" while itsTitle II is about " Les régulateurs des marchés financiers" (The financial market regulators). This suggests that the financial regulatory system is primarily due to the regulatory body. This is maybe true.
Reading developments, it is observed that the European Central Bank is listed among "The financial market regulators".

For my part, for several years I do think that a central bank is a regulator. But as it is currently a supervisor and that there is a fundamental distinction between regulation and supervision. It's why it is necessary to demonstrate the transition from one to the other or intimacy between them, to affirm so easily that a central bank, monetary authority, is a financial regulator.

Yet the author assume acquired, showing that the qualification is already in the mind. The development will come after. It will impose yet because this change of qualification has important consequences. It involves jurisdictionalization of Central Banks that we still do not know and have not conceived.

Dec. 4, 2014

Thesaurus : Doctrine

Complete reference: Merville, Anne-Dominique, Droit financier, 2ième éd., Gualino - Lextenso édition, 2015, 393 p.

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Read the presentation.

Read the coverback.

Read the table of contents.

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Dec. 1, 2014

Thesaurus : Doctrine

Complete reference : Malecki, C., Publication de la directive RSE ou comment faire confiance à la gouvernance d'entreprise durable, Bull. Joly Société, 1st Dec. 2014, p.732 s.

Nov. 29, 2014

Thesaurus : Doctrine

Référence complète : Giraud, A., Exégèse de l'arrêt Groupement des Cartes Bancaires, RLDA, n°98, nov.2014, p.43-48.

Lire une présentation de l'arrêt et des conclusions de l'avocat général.

Les étudiants de Sciences po peuvent accéder à l'article lui-même par le Drive  de Sciences po.

 

L'auteur rappelle ce cas dans lesquelles les banques membres du GIE ont été condamnées par la Commission européenne, en ce que les nouvelles règles adoptées au sein de ce GIE de gestion du mécanisme des cartes bancaires, qualifiées de "régulation" avaient un "objet anticoncurrentiel", ce qui suffisait à justifier la condamnation des opérateurs (décision de la Commission du 17 octobre 2007). Le Tribunal de Première Instance a confirmé cette analyse par un arrêt du 29 novembre 2012, estimant que la condamnation était fondée, puisque par sa nature un tel accord était "susceptible de produire des effets négatifs sur la concurrence".

Cela est invalidé par la Cour de justice, qui casse l'arrêt et renvoie le cas devant le Tribunal de première instance car le fait que l'accord soit "susceptible d'affecter la concurrence" ne le rend pas "anticoncurrentiel par objet".

Nov. 5, 2014

Thesaurus : 03. French Council of State

Oct. 22, 2014

Thesaurus : 02. European Union

Oct. 15, 2014

Thesaurus : Doctrine

Complete reference: GERMAIN, Michel and MAGNIER, Véronique, Traité de droit des affaires - Les sociétés commerciales (Law Treaty - Commercial companies), 21th ed., LGDJ - Lextenso éditions, Paris, 1054 p.

 

This book is written in French.

On listed companies, see p. 799-1034.

Read paperback.

Read the table of contents.

Sept. 11, 2014

Thesaurus : 05. Court of Justice of the European Union

May 15, 2014

Thesaurus : 02. European Union

Complete reference : Regulation EU n°600/2014 of the European Parliament and of the Council of 15 Mai 2014 on markets in financial instruments and amendin Regulation EU n°648/2021.

Read the Regulation.

May 15, 2014

Thesaurus : 02. European Union

Référence complète : Directive 2014/65/UE of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending directive 2002/92/CE and Directive 2011/61/UE.

 

Read the directive.

April 16, 2014

Thesaurus : Doctrine

Complete reference : Parléani, G., La responsabilité civile des agences de notation, in Gourio, A. et Daigre, J.-J., Mélanges AEDBF-France, Droit bancaire et financier, RB Éditions, Paris, p.555-580.

 

Les étudiants de Sciences po peuvent lire l'article par le drive  de Sciences po, dossier "MAFR - Régulation".

March 4, 2014

Thesaurus : Jurisprudence

Feb. 4, 2014

Thesaurus : Doctrine

Dec. 2, 2013

Thesaurus : Doctrine

Nov. 21, 2013

Thesaurus : Doctrine

Complete reference : Merville, A.-D., Typologie des contrats à terme in Collart Dutilleul and Le Dolley E. (ed.), Droit, économie et marchés de matières premières agricoles, coll. "Droit et Économie", Paris 2013, p.57-73.

 

Oct. 15, 2013

Thesaurus : 02. European Union

Oct. 15, 2013

Thesaurus : Texts

Sept. 3, 2013

Thesaurus : Doctrine

Complete reference: Bonneau, Thierry, Droit bancaire (Banking Law), coll. "Domat - droit privé", 10th ed., LGDJ - Lextenso édition, Paris, 2013,  727 p.

Read the coverback.

Read the table of contents.

Sept. 2, 2013

Thesaurus : Doctrine

April 18, 2013

Thesaurus

Updated: Dec. 14, 2012 (Initial publication: Dec. 14, 2012)

Thesaurus : Doctrine

Le droit de noter. Les agences de notation face à la crise