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Updated: June 8, 2012 (Initial publication: June 3, 2012)

Breaking news

British law binding sites to inform the user of the collection of cookies came legally into application on May 25, 2012. Some people say it technically impossible to meet.

A "cookie", so named because its shape recalls the shape of the cake, allows a site to remember the tastes of the user through visits and purchases which he made and decide to reuse this information. A European directive decided to limit these practices, the English legislature has provided the obligation for sites to warn the user that connects that a cookie identifies him and agrees of this acquisition of personal information, the justification for the Act is the protection of personal information that a third party data protection may thus have without the consent of the person concerned. The Act came into application in the United Kingdom on May 25, 2012. Some companies they say it technically inapplicable, both as relevant information to justify the application of the consent form and what form the consent of the user should take. They are more concerned because the entire device is subjected to penal sanctions.

Updated: May 29, 2012 (Initial publication: May 15, 2012)

Breaking news

The French telecommunications regulator opens proceedings against the operator that just obtained a mobile licence 4 G, virtual mobile networks operators (MVNO) complaining that FREE which is committed to accommodate them will require the payment of a price of wholesale higher than a retail price, which is contrary to the competition goal.

The Autorité de régulation des communications électroniques et des postes (ARCEP - French regulator of Telecommunications and Posts) granted a licence for a new entrant, Free, what was widely challenged. This allocation was made in exchange f a number of commitments of recipient, especially towards the virtual mobile networks operators (MVNO). Indeed, FREE must allow them to use its facilities and its authorisation, the satisfaction of the commitment which has the effect of fostering competition in the mobile phone market. However, some virtual mobile networks operators (MVNO) complained that Free would not respect its commitments in that the offer of host that FREE have made in exchange, of a higher price of retail price, which is contrary to the principle of opening up competition. The regulator opens proceedings against FREE.

Updated: May 29, 2012 (Initial publication: May 20, 2012)

Breaking news

The European Parliament votes a strengthened version of the text on the capital of banks (Basel III) and limits the remuneration paid to the CEO.

The European Parliament, which according to the co decision procedure, must vote the text of directive, until the Council of European Ministers doing it, examined the draft of the Directive on Basel III standards on May 14, 2012. On prudential standards, he planned to leave the States free to adopt higher minimum requirements. In addition, it imposed that the bonus paid to the CEO didn't attain a higher price than their fixed compensation.

Updated: May 29, 2012 (Initial publication: May 25, 2012)

Breaking news

Release Work : Regulation and Economics

Edited by Roger J. Van den Bergh, Professor of Law and Economics, Alessio M. Pacces, Professor of Law and Finance,University Rotterdam, European Corporate Governance Institute (ECGI). Snd ed., Elgar Publisher, 2012, 800 p. Richard A. Posnor presents this collective book : "This book of essays on the economics of regulation is comprehensive and authoritative, and is particularly noteworthy for its emphasis on European as well as American regulatory methods. The international perspective is important because of the long history of regulatory failures on both continents, the increasing integration of the economies of both continents, and the resulting need of both regulatory cultures to learn from each other.".

Updated: May 29, 2012 (Initial publication: May 25, 2012)

Breaking news

In France, the "Conseil d'Etat" (French State Council) in a judgment of 24 April 2012 canceled sanctions imposed on two managers of investment funds, although its admission of the evidence of the breach of insider by presumption

On January 30, 2010, the "Commission des sanctions" (Sanction Commission) of the French Financial Markets Regulator ("Autorité des Marchés Financiers" -AMF) has sanctioned, by administrative fines, two fund managers to have used inside information, what constitutes a breach of insider trading prohibited by the "Code monétaire et financier" (French Monetary and Financial Code). On Field probation, the "Conseil d’Etat" (French State Council) admits that without direct evidence, the regulator may settle for a body of evidence from which it follows that the action on the market of those prosecuted may restrict explained by the detention of the information in question. But concretely, the Council of State considers that the only information provided to managers do not back the transaction (an IPO) and do not constitute an implicit revelation. The sanction decided by the regulator is broken.

Updated: May 23, 2012 (Initial publication: May 23, 2012)

01.1.Déclaration des droits de l'homme et du citoyen, 1789

Article 16 de la déclaration des droits de l'homme et du citoyen

Updated: May 18, 2012 (Initial publication: May 12, 2012)

Breaking news

The Chairman of JP Morgan announced on May, 10 2012 a very significant loss on hedging activities of the bank, which makes to anticipate a tightening of bank regulation requirements.

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?

Updated: May 10, 2012 (Initial publication: May 5, 2012)

Breaking news

The Basel Committee opens on 3 may 2012 a consultation on the qualification of "trading", which calls a specific prudential regulation

The financial crisis and the banking technology shows that the "trading" is specific. This is why the Basel Committee estimates that it appropriate to regulate banks trading activity in a specific way. But it is difficult to characterize the activity of "trading" and actual banking activity itself. Trading is limited to negotiation; it justifies less equity as security, since it does not present credit risk. But this characterization even is questionable. This is why a consultation opened on May, 3 by the Basel Committee, and the qualification, and the classification of operations, and the measures of prevention of risks to be taken by specific prudential measures. Responses can be made until September 7, 2012.

Croatia

Hrvatskoj agenciji za nadzor financijskih usluga (Croatian Agency for supervision of financial services)

Hrvatskoj agenciji za nadzor financijskih usluga - Bogovićeva 1a, 10 000 Zagreb 10 000 Zagreb Tel. : + 00 385 01/6173 200 info@hanfa.hr

France

Law Economics Laboratory of the University Panthéon-Assas Paris 2

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