Sectors

Updated: Dec. 21, 2011 (Initial publication: Dec. 21, 2011)

Thesaurus : Doctrine

Corporate Law seen through the prism of Regulation: the Financial Services industry and investor protection

Updated: Dec. 21, 2011 (Initial publication: Dec. 21, 2011)

Thesaurus : Doctrine

The Future of Hedge Fund Regulation: A Comparative Approach

Updated: Dec. 21, 2011 (Initial publication: Dec. 21, 2011)

Thesaurus : Doctrine

Distinction between economic Regulation and financial Regulation

Updated: Dec. 21, 2011 (Initial publication: Dec. 21, 2011)

Thesaurus : Doctrine

Soft-Dollar Arrangements: Do they present Conflicts of Interest?

Updated: Dec. 21, 2011 (Initial publication: Dec. 21, 2011)

Thesaurus : Doctrine

The European Union's Financial Services Action Plan (FSAP): another step towards a liberal yet regulated single market in financial services

Updated: Dec. 14, 2011 (Initial publication: Dec. 5, 2011)

Thesaurus : Doctrine

Le pouvoir réglementaire des institutions en matière bancaire

Updated: Dec. 14, 2011 (Initial publication: Dec. 5, 2011)

Thesaurus : Doctrine

La régulation du secteur bancaire et financier : quel mode d'organisation ? Quel rôle pour l’État ?

Updated: Dec. 14, 2011 (Initial publication: Dec. 6, 2011)

Thesaurus : Doctrine

Law and Regulation : The Case of Finance

Updated: Dec. 14, 2011 (Initial publication: Dec. 6, 2011)

Thesaurus : Doctrine

L'articulation entre régulation et crise dans le secteur bancaire et financier

Updated: Dec. 14, 2011 (Initial publication: Dec. 5, 2011)

Thesaurus : Doctrine

La commission bancaire, autorité et juridiction

Updated: Dec. 12, 2011 (Initial publication: Nov. 30, 2011)

Sectorial Analysis

Translated Summaries

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


ENGLISH

On 16 November 2011, Moody’s downgraded twelve public-sector German banks, after regulatory changes in Germany and the EU.

 

FRENCH

Le 16 novembre 2011, Moody"s a dégradé douze banques publiques allemandes, après des changements dans la régulation financière en Allemagne et dans l’Union Européenne.


SPANISH

El 16 de noviembre del 2011, Moody’s degradó doce bancos del sector público alemán, después de cambios regulatorios en Alemania y la UE.


ITALIAN

Il 16 novembre 2011, Moody’s ha declassato dodici banche tedesche del settore pubblico, dopo dei cambiamenti nella regolazione finanziaria in Germania e nell’Unione europea.

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Other translations forthcoming.

Updated: Dec. 8, 2011 (Initial publication: Sept. 23, 2011)

Sectorial Analysis

Translated Summaries


ENGLISH

Corporate officers that had provided financial markets with false information, as well as their auditors, were under investigation by the Autorité des Marchés Financiers (AMF—French financial markets authority) for failure to provide information. On March 31, 2011, the AMF’s Enforcement Commission punished the corporate officers, but decided to innocent the auditors, on the grounds that they had obeyed professional standards.


FRENCH

Lorsque les dirigeants d’une société cotée ont manqué à leur obligation d’informer le marché, l’auditeur, quant à lui, est selon le régulateur exempt de responsabilité, dès l’instant qu’il a respecté les normes professionnelles

 

SPANISH

Informe Temático (Finanza): Según el AMF, auditores no son responsables cuando una compañía falla en su obligación a proveer el mercado con información, siempre y cuando hayan obedecido los estándares profesionales.


Tanto los oficiales corporativos que habían proveído a los mercados financieros con información falsa, como sus auditores, estuvieron bajo investigación del Autorité des Marchés Financiers (AMF – la Autoridad francesa de mercados financieros) por no haber proveído información. El 31 de marzo del 2011, el AMF castigó a los oficiales corporativos, pero declaró inocentes a los auditores, atestando que ellos habían obedecido los estándares profesionales.

 

 

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Other translations forthcoming.

Updated: Dec. 8, 2011 (Initial publication: Sept. 20, 2011)

Sectorial Analysis

Translated Summaries


ENGLISH

A Chinese company issued shares on American exchanges, and was subsequently the subject of a Securities and Exchange Commission (SEC) investigation. The company’s auditor concomitantly revealed frauds it had discovered during its review of the company’s accounts. The SEC sued the auditor on May 27, 2011 in order to force it to communicate the documents it held. The auditor refused, arguing that Chinese criminal law prohibited the revelation of such documents. The SEC filed a motion in Federal Court to compel the auditor to comply with its request on September 6, 2011.

 

FRENCH

Une société chinoise lève des fonds aux Etats-Unis, puis fait l’objet d’une enquête de la part du régulateur financier nord-américain. Parallèlement, l’auditeur de la société dénonce des fraudes qu’il a découvertes par l’examen des comptes. La SEC assigne l’auditeur le 27 mai 2011 pour obtenir communication des documents qu’il détient. L’auditeur refuse, arguant de l’interdiction par le droit pénal chinois qui prohibe. La SEC saisit le 6 septembre 2011 le juge fédéral pour que celui-ci contraigne l’auditeur.

 

SPANISH

Informe Temático (Finanza): el regulador financiero americano presentó una moción para obligar ante una Corte Federal a un auditor para que revele documentes concerniendo una compañía china que había auditado, aunque la revelación de dicho documente es prohibido por la ley china.


Una compañía china emitió acciones sobre intercambios americanos, y fue subsecuentemente el sujeto de una investigación del Security and Exchange Commission (SEC). El auditor reveló fraude que había descubierto durante su revisión de las cuentas de la compañía. El SEC demandó al auditor el 27 de mayo del 2011 para forzarlo a comunicar documentos en su posesión. El auditor se rehusó, argumentando que el derecho criminal chino prohibía la revelación de dichos documentos. El SEC presentó el 6 de septiembre del 2011 una moción en la Corte Federal para obligar al auditor a obedecer estas órdenes.

 

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Other translations forthcoming.

Updated: Dec. 8, 2011 (Initial publication: Sept. 11, 2011)

Sectorial Analysis

Translated Summaries


ENGLISH

The Tribunal des Conflits ruled in a May 2, 2011 decision that administrative courts have jurisdiction over examining the Autorité des marchés financiers (AMF­—French Financial Markets Authority)’s liability when the facts involved are unrelated to an individual decision against a corporate plaintiff, but rather pertain to the conditions under which applications for the approval of documents relating to public issuance of shares are examined: the AMF is a legal person incorporated according to public law, and this is not a case in where jurisdiction had specifically been transferred to civil courts of law.

Administrative jurisdiction Administrative law - Block of competence - Civil court - Complexity - delay - Efficiency - Financial market authority - Financial regulator -Individual decision - Legal personality - Liability - Liberal market - Natural judge - Operation - Procedural reasoning - Public law - Procedure - Regulator - Statutory provision - Strict competence *

* In The Journal of Regulation, these keywords are done by the Editor and not by the Author.

 

 

FRENCH

Le Tribunal des conflits pose, dans un arrêt du 2 mai 2011, que le juge administratif est compétent pour connaître de la responsabilité de l’Autorité des marchés financiers, lorsque les faits reprochés ne tiennent pas à une décision individuelle visant la société demanderesse, mais aux conditions d’instructions de demande de visa de documents d’appel public à l’épargne : l’AMF est une personne morale de droit public et nous ne sommes plus dans un cas précis de transfert de compétence au bénéfice du juge judiciaire.

 

SPANISH

Informe Temático (Finanza): La responsabilidad del Regulador Financiero debe ser examinada por una jurisdicción administrativa cuando los hechos involucrados no conciernen estrictamente una decisión individual, el único hipótesis cuando una jurisdicción civil es legalmente competente.

El Tribunal des Conflits decidió el 2 de mayo del 2011 que las cortes administrativas tienen jurisdicción sobre la revisión de la responsabilidad de la Autorité des marchés financiers (AMF – la Autoridad francesa de los mercados financieros) cuando los hechos a mano son independientes de una decisión individual contra un demandante corporativo, sino pertenecen a las condiciones bajo las cuales la solicitud para la aprobación de documentos relacionados de acuerdo con derecho público, y esto no es un caso donde la jurisdicción haya sido específicamente transferido a cortes civiles de justicia.

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Other translations forthcoming.

Updated: Dec. 8, 2011 (Initial publication: July 15, 2011)

Sectorial Analysis

Translated Summaries


ENGLISH

In May 2011, Nasdaq OMX and its partner Intercontinental Exchange (ICE) were authorized by their respective boards of directors to perform a tender offer on the stock market operator NYSE Euronext. The American Department of Justice was worried about the consequences that this operation would have on competition, and despite the remedies proposed by the two companies, notified them that it would refuse the merger. On May 16, 2011, this potential refusal was enough for Nasdaq OMX and ICE to abandon their plan. This game of signals demonstrates the power of interregulation between merger review and the regulation of tender offers.

Capital market - Competition - Concentration - Financial market - Initial Public Offering (IPO) - Regulator - Self regulation - United States *

* In The Journal of Regulation, these keywords are done by the Editor and not by the Author.

Capital market - Competition - Concentration - Financial market - Initial Public Offering (IPO) - Regulator - Self regulation - United States *

 

* In The Journal of Regulation, these keywords are done by the Editor and not by the Author.



ITALIAN

Relazione tematica (Finanza): Il Dipartimento di giustizia americano ha informato Nasdaq e Intercontinental Exchange che rifiuterà la loro offerta pubblica iniziale su NYSE Euronext a ragione degli effetti anticoncorrenziali e le due società hanno quindi abbandonato il progetto.

Durante il mese di maggio 2011, Nasdq OMX ed il suo partner Intercontinental Exchange (ICE) erano stati autorizzati dai propri consigli di amministrazione a fare un’offerta sull’operatore di mercato NYSE Euronext. Il dipartimento di giustizia americano era preoccupato delle conseguenze che tale operazione avrebbe avuto sulla libera concorrenza e, malgrado i provvedimenti proposti dalle due società, aveva informato le società che avrebbe rifiutato la fusione. Il 16 maggio 2011, questo potenziale rifiuto bastò a Nasdaq OMX e ICE a far abbandonare il loro progetto. Questo gioco di segnali mette in rilievo il potere dell’interregolazione tra il controllo delle concentrazioni e la regolazione delle offerte all’asta.

Autoregolazione – Concorrenza - Concentrazione – Mercato finanziario – Mercato dei capitali – Offerta Pubblica Iniziale (IPO) – Regolatore – Stati Uniti d’America *

* In The Journal of Regulation, le parole chiave sono responsabilità dell’Editore e non dall’Autore.



 SPANISH

Informe temático (Finanza): El Departamento americano de justicia informó a Nasdaq y ICE que rechazó su IPO sobre el NYSE Euronext a causa de sus efectos anticompetitivos, y que las dos compañías deben por lo tanto abandonar su plan. NYSE Euronext y Deutsche Börse han decidido merge.

En mayo del 2011, Nasdaq OMX y su partidario, Interncontinental Exchange (ICE), obtuvieron la autorización por sus respectivas juntas directivas para extender una oferta en el operador del mercado de valores, NYSE Euronex. El Departamento americano de justicia comenzó a preocuparse sobre las consecuencias que esta operación tendría sobre la competencia, y a pesar de algunos remedios propuestos por las dos compoañías, notificó que rechazaría la unión. El 16 de mayo del 2011, esta rechazo potencial fue suficiente para que Nasdaq OMX y ICE abandonaran su plan. Este juego de señales demuestra el poder de la inter-regulación entre el proceso de revisión de uniones y la regulación de ofertas públicas de adquisición.



 PORTUGUESE

Informe temático (Finanças): O Departamento de Justiça dos Estados Unidos da América informou Nasdaq e ICE que ele iria rejeitar o IPO em NYSE Euronext por causa de seus efeitos anti-concorrenciais, assim as duas empresas abandonaram seu plano.


Em maio de 2011, Nasdaq OMX e seu parceiro Intercontinental Exchange (ICE) foram autorizados por suas respectivas diretorias a realizar uma oferta no operador do mercado de estocagem NYSE Euronext. O Departamento de Justiça dos Estados Unidos da América ficou preocupado com as conseqüências que esta operação teria na concorrência, e apesar dos contrapesos indicados pelas duas empresas, informou que ele iria recusar a operação. Em 16 de maio de 2011, esta recusa potencial foi suficiente para Nasdaq e OMX e ICE abandonarem seu plano. Este jogo de sinais demonstra o poder da interregulação entre revisão de operações e regulação de ofertas.


Mercado de capitais – Concorrência – Concentração – Mercado financeiro – Oferta pública inicial (IPO) – Regulador – Auto-regulação – Estados Unidos.*

* Em The Journal of Regulation, estas palavras-chave são fornecidas pelo Editor e não pelo Autor.

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Other translations forthcoming.

 

Updated: Dec. 8, 2011 (Initial publication: Dec. 8, 2011)

Thesaurus : Doctrine

Regulating Corporate Governance in the EU. Towards a Marketization of Corporate Control

Updated: May 11, 2011 (Initial publication: Feb. 10, 2011)

Sectorial Analysis

ENGLISH

Germany adopted a law modifying its investment legal framework in application of the UCITS IV Directive (Directive 2009/65/EC) on December 15th, 2010. This law introduces three main changes, in taxation, in the framework of micro finance funds and in the supervisory regime for investments.

FRENCH

Fiche thématique (Finance): l’Allemagne transpose la directive OPCVM IV

L’Allemagne a modifié le 15 décembre 2010 son cadre légal sur l’investissement en application de la directive OPCVM IV (Directive 2009/65/EC). La nouvelle loi introduit trois principaux changements dans le régime fiscal, le cadre légal des fonds de micro-finance et la supervision des investissements.

GERMAN

Thematischer Bericht (Finanz) : Deutschland überträgt die OGAW-IV-Richtlinie.

Deutschland hat das Investmentgesetz am 15. Dezember 2010 verändert, um es zur OGAW IV-Richtlinie (Richtlinie 2009/65/EC) gemäß zu machen. Eingeführt wurden drei Hauptveränderungen im folgenden Bereichen: Das Steuerregim und das Rechtssystem von Mikrofinanz, sowie die Investmentsaufsicht.

SPANISH 
 

Informe temático (finanza): Alemania implementa el UCIT IV directive

Alemania adoptó una ley que modifica el marco legal de inversiones en aplicación del UCITS IV Directive (Directive 2009/65/EC) el 15 de diciembre del 2010. Esta ley introduce tres cambios substanciales, en el área de impuestos, en el marco de fondos de microfinanzas y en el régimen de supervisión de las inversiones.

PORTUGUESE
 
Informe temático (finanças): Alemanha dá aplicação à diretiva UCIT IV
A Alemanha adotou, em 15 de dezembro de 2010, uma lei que, ao dar aplicação à Diretiva UCITS IV (Diretiva 2009/65/EC), modifica seu marco legal de investimentos. Esta lei introduz três mudanças principais, na área de impostos, no marco legal de fundos de micro finanças e no regime de supervisão dos investimentos.

 

ITALIAN
 
Relazione tematica (Finanza): La Germania ha applicato la direttiva in material di OIVCM
 
Il 15 dicembre 2010, la Germania ha adottato una legge in materia di OICVM, applicando la quarta direttiva OICVM (la Direttiva 2009/65/CE). Questa legge introduce diversi cambiamenti, per quanto riguarda le imposte, in materia di fondi di micro finanza e nel controllo del regime degli investimenti.
 
主题性报告(金融):德国法律对于UCITS IV Directive欧盟可转让证券集体投资第五号指令)的适用
2010年12月15日,德国为满足其在投资领域适用欧盟可转让证券集体投资第五号指令 (2009/65/EC指令)的需要,对相关法律制度作出了修改。新法律所作改变主要体现在税收制度,小额信贷基金的法律界定以及投资监管制度等三个方面。

Updated: May 11, 2011 (Initial publication: Jan. 10, 2011)

Sectorial Analysis

Main information

On December 10, 2010, the Commission de Régulation de l’Energie (CRE – French Commission for Energy Regulation) and the Autorité des marches financiers (French Securities Regulator – the AMF) entered into a memorandum of understanding (the MoU). Cooperation between these two sector based regulators is, for the most part, set against the background of, and aims at, a better (or, rather, burgeoning) regulation of the market for CO2 emission allowances and is grounded in the following principles: - both regulators undertake to transmit information necessary to fulfilling each other’s respective expanded legal mandate, i.e.: o protecting investments made in CO2 emission allowances (e.g. by detecting and punishing market abuses, i.e. insider trading, market manipulations, dissemination of false information) for the AMF and; o overseeing transactions made by market participants on the spot and derivatives markets for CO2 emission allowances to make sure that such transactions are in line with transactions made on the markets for electricity and natural gas for the CRE; - such mutual information is to notably take the form of regular bilateral meetings at various levels and mutual information may now cover data that the AMF had to keep confidential due to strict legal privilege restrictions applicable to its officers.

Updated: May 11, 2011 (Initial publication: Sept. 24, 2010)

Sectorial Analysis

The European Commission adopted the Decision setting up a Financial Services User Group on 20 July 2010 (2010/C 199/02) to ensure proportionate user representation and expertise at all stages of the development of its policy on financial services.

 

FRENCH

Fiche thématique (finance) : La Commission européenne établit un groupe des utilisateurs des services financiers afin de faire une plus grande place aux opinions des utilisateurs dans le processus décisionnel européen

La Commission européenne a adopté la décision établissant un groupe des utilisateurs des services financiers le 20 juillet 2010 (2010/C 199/02) afin d'assurer une représentation proportionnelle des usagers et de profiter de leur point de vue à chaque stade du développement de sa politique envers les services financiers. 

 


GERMAN


Thematischer Bericht (Finanz): Die Europäische Kommission hat eine neue Gruppe für Nutzer von Finanzdienstleistungen (FSUG) eingesetzt, um die Vertretung der Nutzer im EU politischen Entscheidungsführungsprozess sicherzustellen.


Die Europäische Kommission hat in einer Beschluss vom 20. Juli 2010 (2010/C199/02) die Einsetzeung einer Nutzergruppe "Finanzdienstleistungen" angenommen. Diese Gruppe soll einer angemessenen Ver­tretung der Nutzer in allen Phasen der Ausarbeitung der Politik der Kommission im Bereich Finanzdienstleistungen gewährleisten.

ITALIAN

 

Finanza: La Commissione europea ha approvato un Gruppo per gli utenti dei servizi finanziari per rafforzare la loro voce in capitolo nel processo decisionale dell’Unione europea.

Il 20 luglio 2010 la Commissione europea ha adottato la decisione (2010/C 199/02) che prevede un Gruppo per gli utenti dei servizi finanziari al fine di assicurare una rappresentazione degli stessi e considerazione della loro competenza in ogni stadio dello sviluppo della sua politica in materia di servizi finanziari.

 

 

 

 

CHINESE

主题性报告 (金融):欧盟委员会建立金融服务行业用户团体,强化金融服务使用者在欧盟决策程序中的意见地位

欧盟委员会于2010720日通过了建立一个金融服务业用户团体的决定(2010/C 199/02),以便在金融服务行业相关政策制订的每一阶段确保使用者的代表比例以及维护其意见建议。

 

 

Updated: Oct. 1, 2010 (Initial publication: Sept. 23, 2010)

Sectorial Analysis

Main information

The European Commission proposes a package to enhance consumer protection and strengthen consumer confidence in financial services, comprising deposit guarantee schemes, investor compensation schemes, and insurance guarantee schemes. The proposals were sent to the European Parliament and the Council of Ministers for consideration.

Updated: Sept. 15, 2010 (Initial publication: Sept. 1, 2010)

Sectorial Analysis

 

The Issing Commission, also called the Advisory Group on the New Financial Order, appointed by Chancellor Angela Merkel and directed by Otmar Issing, published a White Paper for the Toronto G20 Summit on June 21, 2010, detailing the criteria for a workable approach towards bank levies and bank restructuring. The Commission recommends two new regulatory measures: the introduction of a Systemic Risk Charge (SRC), and the implementation of a transparent bank resolution regime.



FRANCAIS:

Publication par la Commission Issing du livre blanc "Criteria for a workable approach towards bank levies and bank restructuring" le 21 Juin 2010.


Le Groupe d'Experts sur le Nouvel Ordre Financier, aussi appelé Commission Issing, mis en place par la Chancelière Angela Merkel et dirigée par Otmar Issing, a publié un livre blanc en préparation du sommet du G20 de Toronto le 21 Juin 2010. Ce document détaille les critères pour une approche fonctionnelle de la taxation et la refondation des banques. La Commission Issing recommande  de prendr deux mesures régulatoires: la mise en place d'une Taxe sur le Risque Systémique et l'introduction d'un système transparent de résolution bancaire.



GERMAN:


Die Issing-Kommission veröffentlicht das White Paper "Criteria for a workable approach towards bank levies and bank restructuring" am 21. Juni 2010.


Der Expertengruppe Neue Finanzmarktarchitektur, die Issing-Kommission, unter Leitung der früheren EZB-Chef Otmar Issing, und von Bundeskanzlerin Merkel angestellt, hat am 21. Juni 2010 ein White Paper veröffentlicht. Dieser Bericht, der im Rahmen der G20 Gipfel in Toronto vorbereitet wurde, befasst sich mit der Kriterien für eine durchführsbare Einstellung zu einer Bankenangabe und zur Restrukturierung der Banken. Die Issing-Kommission schlägt zuerst vor, eine  Bankenabgabe einzuführen, die sich an der Risikostruktur von Bankenaktivitäten orientiert. Dazu noch setzt sich die Expertengruppe Neue Finanzmarktarchitektur für die Einführung neuer und transparenter Regeln zur Restrukturierung von Banken.

 

SPANISH:

La publicación del Libro Blanco “Criteria for a workable appraoch towards bank levies and bank restructuring” (Critero para un acercamiento factible hacia gravámenes bancarios y restructuración bancaria) el 21 de junio del 2010.

El Grupo de Expertos sobre la Nueva Orden Financiera, también conocido como Commission Issing, establecido por la Cancillera Angela Markel y dirigido por Otmar Issing, publicó un Libro Blanco para la Cumbre del G20 en Toronto el 21 de junio del 2010 en donde detalla el criterio para un enfoque factible sobre gravámenes bancarios y restructuración bancaria. La Comisión recomienda dos medidas regulatorias: la introducción a un Systematic Risk Charge (SRC – un cargo sistemático de riesgo) y la implementación de un régimen de transparencia bancaria.

 

 

Updated: June 25, 2010 (Initial publication: June 3, 2010)

Sectorial Analysis

Main information

Provisions of the financial reform bill (Dodd Bill) currently being examined by the United States Congress would empower the Commodities Futures Trading Commission (CFTC) to implement limits on speculation on energy futures and derivatives, as well as to impose a much stricter declaratory and supervision regime for over-the-counter trades in futures and derivatives in general.

Updated: June 11, 2010 (Initial publication: May 20, 2010)

Sectorial Analysis

 

The Bundesanstalt für Finanzdienstleistungsaufsicht - BaFin (the German Federal Financial Supervisory Authority) issued on Tuesday May 18th 2010 three decrees prohibiting temporarily naked short selling. These decisions are effective from May 19th 2010 until March 31th 2011. They will be regularly assessed and can be lifted during this period.
 
FRENCH


La Bundesanstalt für Finanzdienstleistungsaufsicht - BaFin (l’autorité allemande de surveillance des marchés financiers) a interdit par trois décrets publié le 18 mai 2010 la vente à découvert à nu et les CDS du 19 mai 2010 au 31 mars 2011.



La Bundesanstalt für Finanzdienstleistungsaufsicht - BaFin (l’autorité allemande de surveillance des marchés financiers) a publié mardi 18 mai 2010 trois décrets interdisant temporairement la vente à découvert à nu. Ces décrets prennent effet le 19 mai 2010 et durent jusqu’au 31 mars 2011. Ils seront régulièrement évalués et pourront être levés à n’importe quel moment durant cette période.
 
 
GERMAN


Die Bundesanstalt für Finanzdienstleistungsaufsicht - BaFin hat am 18. Mai 2010 die ungedeckte Leerverkäufe und ungedeckte CDS auf Staatsanleihen der Eurozone untersagt.


Die BaFin hat drei Anordnungen am 18. Mai 2010 herausgegeben. Sie untersagen die ungedeckte Leerverkäufe von Schuldtiteln von Staaten der Eurozone, die an einer inländischen Börse zum Handel im regulierten Markt zugelassen sind, so wie ungedeckte CDS. Diese Verbote gelten vom 19. Mai 2010 bis zum 31. März 2011 und werden laufend überprüft.
 
SPANISH
 
La Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin (la Autoridad Supervisora de Finanza Federal Alemana) prohíbe las ventas de cortos al descubierto y los CDS a través de tres decretos que se aplicarán entre el 19 de mayo 2010 hasta el 31 de marzo 2011.
 
 
La Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin (la Autoridad Supervisora de Finanza Federal Alemana) publicó tres decretos el 18 de mayo del 2010 prohibiendo temporalmente la vena de cortos al descubierto. Estas decisiones serán efectivas desde el 19 de mayo 2010 hasta el 31 de marzo 2011. Serán asesoradas regularmente y podrán ser desmanteladas en cualquier instante durante este periodo.
 

CHINESE

Bundesanstalt für Finanzdienstleistungsaufsicht - (BaFin :德国金融市场监管机构)2010518日出台三项法令,规定在201059日至2011331日期间内禁止“裸卖空”和信贷违约掉期行为。

Bundesanstalt für Finanzdienstleistungsaufsicht - (BaFin :德国金融市场监管机构)2010518日出台三项法令暂时禁止“裸卖空”行为。这些法令将于201059日至2011331日内生效。它们将被定期评估并且可能在上述期限的任何时间被撤销。

Updated: June 3, 2010 (Initial publication: May 3, 2010)

Sectorial Analysis

Main information

The Commodity Futures Trading Commission (CFTC) published a proposition to regulate speculation through futures and option contracts on the over-the-counter energy market on January 26, 2010. This proposition is being challenged by the CME Group (the principal American futures market operator), which claims that the CFTC does not have a legal mandate to regulate over-the-counter trading in energy, because such action would have to be authorised by a specific law.

Updated: May 7, 2010 (Initial publication: April 7, 2010)

Sectorial Analysis

Main information

After the publication of the 21 January 2010 Ordinance implementing the Autorité de contrôle prudentiel (ACP - Prudential Control Authority), two decrees published on 3 March 2010 complete this legislation and define the institutional and budgetary workings of the new Authority.