Sectors

Translated summaries

ENGLISH

A "Chambre régionale de discipline des commissaires aux comptes" (Auditors’ regional chamber of discipline) had imposed a penalty on one of these professionals, who formed a retrial before this chamber. His action is dismissed for lack of text, that confirms the "Haut Conseil du Commissariat aux Comptes (French High Council of the Commissioner of Account). The "Conseil d’Etat" (French Council of State) invalidates the decision, demanding that retrial is open, even without special text, if the applicant claims that the decision was not adopted on the relevant documents.

FRENCH

Une chambre régionale de discipline des commissaires aux comptes avait infligé une sanction à un de ces professionnels, qui forme un recours en révision devant cette chambre. Le recours est rejeté faute de texte, ce que confirme le Haut Conseil du Commissariat aux Compte. Le Conseil d’Etat invalide la décision, en posant qu’un recours en révision est ouvert, même sans texte spécial, si le requérant prétend que la décision n’a pas été adoptée sur des pièces pertinentes.

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A decision handed down by the French Court of Cassation (Cour de cassation) validates a right of first refusal contract whose purpose was to prevent financial speculation on the property being sold. This decision, political in nature, opens new possibilities for using the contract as an instrument for regulating real-estate prices.

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Ordinance n° 2010-76 of 21 January 2010 establishes a new independent administrative authority designated as the Autorité de contrôle prudentiel (Prudential Control Authority), resulting from the merger of the approval and monitoring authorities of the banking and insurance sectors.

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The European Directive of September 16th 2009 introduces a clear definition of electronic money and establishes a new prudential supervisory regime of the business of electronic money institutions.

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The ‘Autorité des Marchés Financiers’ (French Financial Markets Authority) published a guidebook on the information to be provided in listed securities’ registration documents.

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The Autorité des Marchés Financiers (AMF – French Financial Markets Authority) approves the "Provisions" section of the Code of Good Practice published by the Association française de la gestion financière (AFG—French Asset Management Association).

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A French Bill on banking and Financial Regulation was registered with the Presidency of the “Assemblée Nationale” (the lower house of the French Parliament, the National Assembly) on December 16th 2009, and plans for the creation of a council on financial regulation and systemic risk.

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The European Commission approves a Swedish export-credit insurance scheme until December 31st, 2010, in accordance with the Temporary Framework for State Aid Measures in the current financial and economic crisis

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The European Regulation of 16 September 2009 implements a new regulatory framework for credit rating agencies, in order to restore investor and consumer confidence, enable the supervision and transparency of credit ratings, and avoid conflicts of interest.

Read the decision.(in French)

Main information

On February 1st, 2012, the European Commission rejected proposed merger between the NYSE-Euronext and Deutsche Boerse. The Commission did it, considering that, on the relevant market of financial derivatives, the concentration would give the new firm almost monopoly and that the proposed remedies, notably the access for competitors to the clearing house, are Insufficient.

Translated Summaries

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

ENGLISH

The French Loi de finance rectificative pour 2011 (Rectified Budget for 2011) was censured by the Conseil constitutionnel (French Constitutional Council) after being adopted by Parliament, but before it was published in the Journal officiel de la République Française (Official Journal of the French Republic), as a simple law can not limit the power available to the independent regulator of hiring. The "Conseil constitutionnel" does not allow the "Loi de Finances" to ask a general limit of the Regulator workforce, paid by the State. Consequently, the "Loi de Finances 2012" will not give up the will of Parliament to limit the numbers but will do in a precise and quantitative way.

FRENCH

La Loi de finances rectificative pour 2011  a été censuré par le Conseil constitutionnel, après avoir été adoptée par le Parlement, mais avant d’avoir été publiée au Journal officiel de la République française, car une loi simple ne peut limiter le pouvoir autonome d’embauche du régulateur. Le Conseil constitutionnel n’admet pas que la loi de finance puisse poser d’une façon générale la limite des effectifs du régulateur, payés par l’Etat. En conséquence, la loi de finance pour 2012 ne renoncera pas à la volonté du Parlement de limiter ces effectifs mais le fera d’une façon précise et chiffrée.

SPANISH

El Loi de finances rectificative pour 2011 (presupuesto rectificado de 2011) fue censurado por el Conseil Constitutionnel (Consejo Constitucional francés) después de haber sido aprobada por el Parlamento, pero antes de su publicación en el Journal Officiel de la République Française (Diario Oficial de la francesa República), como una simple ley no puede limitar la potencia disponible para el regulador independiente de la contratación.

ITALIAN

La loi de finance rectificative pour 2011 (legge finanziaria per il 2011) è stata modificata dal Conseil Constitutionnel (la Corte costituzionale francese) dopo essere stata votata in parlamento e prima di essere stata pubblicata alla Gazzetta ufficiale della Repubblica francese.

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Other translations fortcoming.

Le risque systémique dans la finance libéralisée