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2011, 19 oct., French Data Network, Apple Inc., ITunes Sarl.

The European Commission published on April 11, 2012, a follow-up and summary report of on the application of the third directive "Anti-Money Laundering " which gives a community value to on international standards adopted by the Financial Action Task Force (FATF). This is to protect the financial system against the money laundering. The report assesses the effectiveness of the application of the directive and points out the need for change. The Commission requests that the standards for the detection of risk of money laundering are better targeted and oriented in the gambling sector. It also suggests that tax offences be regarded as offences of money laundering. As individuals, the report requires to banks and other professionals to increase their due diligences requirements. It also covers the "persons politically exposed", that is - to say those may be corrupt. The report finally requests a special assessment on the application of the Directive to independent legal professionals, including lawyers, subject to the legal obligation to report .

Full reference: Frison-Roche, M.-A., The control by regulator of the essential infrastructure manager's investment plan: example of electric network and the notion of "doctrine", Newsletter MAFR - Law, Compliance, Regulation, 24th of August 2020

Read by freely subscribing other news of the Newsletter MAFR - Law, Compliance, Regulation

 

Summary of the news

On 31st of July 2020, the Commission de Régulation de l'Energie (CRE and French energy regulator) has examined the investment plan of the French electric network manager (RTE) as it does every year. This investment plan is an economic document but it also contains societal purposes, especially the adaptation of the electric network in order to integrate renewable energies. 

The control by the CRE is not a financial control. The crucial operator (RTE) is free to decide the way it wants to manage its budget. The CRE just advices on the financial side by recommending for exemple to be more flexible in its financial strategies. The true CRE's control is about the investment plan's general orientations, the methodology of needs analysis and crucial operator's investment choices which must be aligned with those of the regulator.

Such a control leads to the emergence of an "investment doctrine" from the side of the crucial operator, mixing its own choices and the regulator's guidelines. Beyond this, the elaboration of the investment plan is the result of a true co-writing between the regulator and the firm which discuss together, exchanges points of view and methods. Such a method, expressing a kind of coregulation, could be used in other sectors. 

ENGLISH

After the close of financial markets , the Charmain of JP Morgan, Jamie Dimon, announced on 10 may 2012, the loss of 2 billion dollars on hedging activities. The announcement was carried out by a conference call, the Chairman saying the past that this is the result of errors of assessment and in the future that losses may increase. Commentators have pointed out that it made less legitimate criticism that this Chairman has always made on the regulation of banking of the Dodd-Frank Act and the ban of trading for own account, the press considered moreover that the manager has more shown by such a result the need of constraint to exercise in the future on banks. But should we have to confuse ad hoc case and the general rule to adopt? Is relevance of a critic and special case in which is described that is one was critical can be remain relevant?

On the one hand, economic structures, i.e., the centers of economic power, are relevant data for the functioning of the economy, since, especially in the countries in the Southern Hemisphere, they account for important characteristics in the underdevelopment process. On the other hand, as we have observed, these structures are the only ones from which any kind of presumption can be made about the probable behavior of economic agents. What has yet to be defined is the kind of instruments that can be used to define the orientation and behavior of these structures. Economic instruments are worth little as they do not supply concrete economic results that are susceptible to empirical verification. Standing in the way of the use of legal instruments, however, is the apparent difficulty in applying social policy to the economic sphere. For many years, decisions that have affected the economic order have been left primarily to economic theories to which the discussion of values is unfamiliar. It is time therefore, for a legal theory of economic behavior, based on legal procedural values and on the restriction of economic power structures.

Main information

The Law of 9 February 2010 transforms the status of La Poste (the French Postal Service) into a Public Limited Company ({Société Anonyme}) from 1st March 2010 and organises postal activities, especially as relates to national and regional development programmes.

The Journal of Regulation (JoR) was created in 2009 Marie-Anne Frison-Roche to study Regulation as a developing phenomenon.

Regulation can be defined as a set of mechanisms, rules, institutions, decisions and principles that allow certain sectors of the economy to grow and maintain equilibriums that they could not establish solely via their own economic strength.

Over the past years, 'common rules' to all the sectors impacted by Regulation (e.g., transports, energy, telecommunications, banking, finance, insurance, etc.) have appeared beyond the sectorial regulations that have been issued for the past decades, whose specificity were once justified by the great variety of sectorial technicalities that used to impregnate in return the sets of rules designed to regulate those sectors.

Neither economics nor political science - namely throughout the declining figure of the State - are sufficient to capture this common organisation and projection into the future that Regulation is, which we must understand to anticipate its evolution and act in accordingly.

The newly developed "Regulation Law" restores what is common to all of those sectors using a triangulated approach between Law, Economics and Politics. This is all the more important since Regulation already tends to dissociate itself from its founding notion of "sector", not only to be increasingly associated with the more inclusive one of "branch", but also to get more and more autonomous- that is, for instance, the case of the digital issues that cannot be reduced to a "sector" anymore, but that still needs to be regulated.  

In order to follow, process, analyze and think about these issues, the Journal of Regulation (JoR), a mainly online-based bilingual publication (English-French), issues news reports, articles and thematic files.

The Journal of Regulation (JoR) issues a weekly newsletter to more than 10.000 people interested in Regulation throughout the world.

The Journal of Regulation regularly organizes public events. The last one, which is upcoming, is entitled 'Regulation, Supervision, Compliance'.

The Journal of Regulation issues its work in the Régulations Series, which are directed by Marie-Anne Frison-Roche and published by the Éditions Dalloz.

The Journal of Regulation operates basing on different committees, particularly a Partners Committee including the main organisations, companies and law firms acting within the field of regulated sectors, and a Global Committee composed of the main Regulatory Authorities.