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.
Operational impact, issues or actions from the buy-side to the surveillance platform of supervisors.
Organised by the European Institute of Financial Regulation (EIFR)
Tuesday, June 29, 2010, 8:30 am to 2:00 pm | Palais Brogniart |Place de la Bourse, 75002 Paris
The translated summaries are done by the Editors and not by the Authors
ENGLISH
The purpose of this collective work is to understand the causes of the financial crisis. It has a strong international dimension and draws in both legal and economic science. Although composed of independent contributions from each other, it relies on a general demonstration, summary of which will largely be the focus of this first bibliographic report, the importance of justifying the work that results in three successive bibliographic reports. Furthermore, the book focuses on the specific issue of governance in international finance, which runs through regulatory issues, but one cannot be reduced to the other and vice versa.
Therefore in all three bibliographic records, abstracts will be more or less developed on the contributions, depending on whether they directly concerned by regulation, in which case they will be preferred or more remote areas, in which case they will shortly exposed.
The firstbibliographic recordaimsto present,on the one hand,the general problemof the book,and alsoto highlighttwocontributionsof historical(1920-1930/2001-2007).
FRENCH
Fiche Bibliographique (Livre) : La globalisation de l’intégration financière. Perspective de trente ans, de la réforme à la crise)
Cet ouvrage collectif a pour objet de comprendre les causes de la crise financière. Il présente une dimension fortement internationale et puise à la fois dans la science juridique et économique. Bien que constitué de contributions autonomes les unes des autres, il s’appuie sur une démonstration générale, dont le résumé sera en grande partie l’objet de cette première fiche bibliographique, l’importance de l’ouvrage justifiant qu’il donne lieu à a trois fiches bibliographiques successives. En outre, l’ouvrage porte sur la question précise de la gouvernance dans la finance internationale, ce qui traverse les questions de régulation mais l’un ne se réduit à l’autre et vice et versa.
C’est pourquoi dans chacune des trois fiches bibliographiques, des résumés seront plus au moins développés concernant des contributions, suivant que celles-ci abordent directement des thèmes de régulation, auquel cas elles seront privilégiées, ou des thèmes plus éloignés, auquel cas elles ne seront qu’évoquées.
Cette première fiche bibliographique a pour objet de présenter d’une part la problématique générale de l’ouvrage et d’autre part de mettre en valeur deux contributions, de nature historique (1920-1930/2001-2007).
SPANISH
Informe Bibliográfico (Libro): La Integración Global Financiera, perspectivas desde 30 años. De la reforma hasta la crisis.
El objetivo de este trabajo colectivo es de entender las causas de la crisis financiera. Contiene una gran dimensión internacional y se apoya tanto en las ciencias legales como en las económicas. Aunque es una colección de contribuciones independientes el uno del otro, todos tienen en común una dimensión general, lo cual será detallado en el primer informe bibliográfico, la importancia de justificar el trabajo que resulta en tres informes bibliográficos sucesivos. El libro se centra en el tema específico de la gobernabilidad en la finanza internacional, la cual se relaciona a la regulación, pero uno no se reduce al otro y viceversa.
Por lo tanto, en cada uno de los tres informes bibliográficos, abstractos serán desarrollados para cada contribución, dependiendo de su relatividad a la regulación, en dado caso se les dará preferencia sobre casos mas lejanos, los cuales serán brevemente mencionados.
El primer informe bibliográfico se propone a presentar, de un lado, el problema general del libro, y del otro, de subrayar dos contribuciones históricas (1920-1930/2001-2007).
ITALIAN
Lo scopo di questo lavoro collettivo è capire le cause della crisi finanziaria. Tale lavoro ha una forte dimensione internazionale e si posiziona in un contesto legale ed economico. Sebbene composto da contributori indipendenti l’un dall’altro, si fonda su una problematica generale, il cui riassunto sarà l’oggetto principale di questa prima relazione bibliografica. L’importanza di tale studio è tale da giustificare i tre articoli che seguiranno su tale lavoro. Inoltre, questo lavoro di ricerca si focalizza sul tema specifico della governance in materia di finanza internazionale, e tocca diversi temi relativi alla regolazione che non possono essere ridotti o confusi l’un con l’altro. Pertanto, per tutti e tre questi articoli bibliografici, gli abstract saranno più o meno approfonditi su tali contribuzioni, a seconda del fatto che tale contribuzione sia rilevante ai fini dell’analisi della regolazione, nel qual caso l’abstract sarà più consistente, o se la contribuzione tocchi solo incidentalmente la regolazione, nel qual caso gli abstract saranno più corti. La prima relazione bibliografica punta, da un lato, a presentare la problematica generale di tale lavoro e, dall’altro, ad attirare l’attenzione su due contribuzioni, di natura storica.
On June 25, 2012, ESMA has published a draft text to regulate the market for over-the-counter derivatives, providing this text for consultation until September. It is of course ironic "regulating" a system of "over the counter", which consisting an oxymoron: a "over the counter regulated". This is why the European Securities and Markets Authority (ESMA) in a roundabout way. Firstly, its project aims at to bring transparency in the system, which it says that the dysfunction is related to the market is held primarily by bilateral relations between banks. Secondly, it envisages a system of warranties, failure of consideration, brings financial and banking regulation. Thirdly, it aims to better supervise the clearing houses, their status of which would be a "crucial operator" is better recognized.
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.
The laws are general and abstract. It is the mark of their modernity (Max Weber) and the mark of the rule of law. Thus, a State adopting or applying for adoption of a text against a designated person or a company that aims is literally backwards.
However, France and Germany have asked 27 November 2014 to the European Commission to take steps against those who hold the platforms on the Internet, including search engines. Everyone knows that this is the famous "GAFA" (Google, Apple, Facebook and Amazon).
It seems that the EU institutions fit, since the European Parliament voted on November 27 a text saying that it could ban these companies to monetize their platform activities themselves.
By their regulatory perspectives, Europe gets "retrograde" against the US dynamism?
At first glance, one might say. But it may be that these companies have become "critical", they take the heart of the digital economy, or even the knowledge economy and social cohesion. In such cases, the regulation of these objective phenomena justifies intervene directly in companies in which the social group comes to identify itself. If the company comes to stifle others, it is not that it stifles competition only, but innovation and free expression.
Then pass the mere vigilance competition law instruments of regulation, common in banking and financial law, such as transparency requirements.
This demonstrates Regulation and Supervision meet when companies become crucial.
The "Autorité de régulation des communications électroniques et des postes - ARCEP" (French telecommunications and postal regulator) required that all Internet operators, French or foreigners, from the moment that they operate on the French territory, to provide it, by return of questionnaire, a series of information, every 6 months, on their wholesale trafficking on the Internet, theirs tariff policies, their locations of interconnections, etc. AT & T and Verizon have said on June 21, 2012 that they challenged the decision before the "Conseil d’Etat" (French Council of State).
The original spirit of the Common Agricultural Policy (CAP) was to think of agriculture as a sector unfolding in time, subject to natural hazards, including actors, both farmers and the population that is fed, having interests on which national states shall ensure.
The spirit of the new Common Agricultural Policy is different, even opposite, which explains the length of its gestation. Indeed, competition becomes the principle guarantor of innovation, fair prices for consumers and competitiveness of the European agricultural industry facing global competition, which leads to assist agricultural enterprises, to worry about products quality, away from the subtraction of these products of the principle of competition.
It points out that the agricultural sector is subject to competition law only if the Community legislature didn't stipulate differently!footnote-16. The Regulation almost affirms the opposite principle: "It should be provided that the rules on competition relating to the agreements, decisions and practices referred to in Article 101 TFEU and to abuse of a dominant position apply to the production of, and the trade in, agricultural products, provided that their application does not jeopardise the attainment of the objectives of the CAP.". The Regulation details: A special approach should be allowed in the case of farmers' or producer organisations or their associations, the objective of which is the joint production or marketing of agricultural products or the use of joint facilities, unless such joint action excludes competition or jeopardises the attainment of the objectives of Article 39 TFEU.
On 15 January 2015 the European Commission launches a consultation on the "joint salling of olive oil, beef and veal livestock and arable crops, cases covered by the Regulation.
How the new balance will be between competition and regulation?!footnote-20
It is likely that future guidelines will be the place of expression of this balance.
The statutory audit forms part of the way in which stakeholders in companies obtain reliable financial information, thereby contributing to the efficient working of an open economy. In fact, the statutory audit is above all a matter of confidence. By opining on the reliability and the fairness of financial statements, statutory auditors add confidence to for-profit and not-for-profit relationships, and equally throughout the economy and to society in general.
PORTUGUESE
Artigo (Finanças): Um obstáculo para o desenvolvimento e a emergência de empresas de auditoria de envergadura internacional?
A auditoria legal faz parte do modo segundo o qual os interessados nas empresas (“Stakeholders”) obtêm informação financeira confiável, contribuindo para o funcionamento eficiente de uma economia aberta. Com efeito, a auditoria legal é, acima de tudo, uma questão de confiança. Através da opinião sobre a confiabilidade e a justeza de posições financeiras, auditores legais dão confiança para relações dirigidas ao lucro e relações não dirigidas ao lucro, e também para a economia e a sociedade em geral.
Artikel (Finanzen): Ein Hindernis für die Entstehung und Entwicklung von internationalen Wirtschaftsprüfungsgesellschaften?
Die gesetzliche Wirtschaftsprüfung ist eine Quelle verlässlicher finanzieller Informationen für privatwirtschaftliche Interessenvertreter und trägt dadurch zur effizienten Funktionsweise der offenen Marktwirtschaft bei. Gesetzliche Wirtschaftsprüfung ist eine vor allem eine Sache des Vertrauens. Durch die Einschätzung von Verlässlichkeit und Fairness von Finanzberichten, tragen gesetzliche Wirtschaftsprüfer zum Aufbau einer Vertrauensbasis von profitorientierten und nicht-profitorientierten Beziehungen, sowie ganz allgemein für Vertrauen in der Wirtschaft und der Gesellschaft bei.
