In Estonia, State owns the company Levira Ltd., which operates telecommunications. Meanwhile, the Minister for Economic Affairs which assigns and manages the radio frequencies, numberings and ensures the functioning of the universal service. But a principle of regulation prohibits the cumulation by the state of the quality of regulator and the quality of operator. This is why the European Commission opened an infringement procedure to the right of the European Union against the Estonia 1 July 2012 and asked by a reasoned opinion, to separate clearly its two activities, to ensure the required impartiality attached to the exercise of the powers of regulation.
We cannot properly design and build banking regulation, or run it well if you do not have a clear idea of what a bank is and what it is for.
However, it is precisely this criticism has formulated the Managing General of the Financial Services Authority (FSA) September 5, 2012: the banks do not know who they are, what they serve.
Indeed, the regulator imputes many dysfunctional banking system and financial banking to agents that behave like ordinary product vendors, products which are financial products, in exchange for which they receive a commission. In contrary, the regulator believes that the bank does not have a sales business but a service activity: that of serving the interests of his client. It was forgotten, he said, and the cause for many ills.
ENGLISH On July 21th 2010 was signed into law by President Obama United State’s most important legislative change to financial supervision since the 1930’s : the Dodd-Frank Wall Street Reform and Consumer Protection Act. This paper suggests that the Dodd-Frank Act, notwithstanding certain flaws, reflects what the neo-realistic definition of Regulation has been proposing in regards to post-crisis reregulation. Inter alia, it takes into account markets interconnectedness, complexity and deregulation. As regulatory law suggests to do, the Act reconciles microeconomic and macroeconomic supervision as well as regulatory and prudential rules, and resorts to certain regulatory tools in order to achieve certain regulatory goals. More specifically, it revives four regulatory imperatives: oversight and systemic risk prevention, investor protection, transparency/information and prudential measures.
FRENCH Le 21 Juillet 2010, le Président Obama a, par sa signature, rendu effectif le plus important changement législatif dans le domaine de la supervision financière aux Etats-Unis depuis les années 1930: la loi Dodd-Frank pour la reforme de Wall Street et la protection du consommateur. Cet article soutient que la loi Dodd-Frank, en dépit de certaines failles, reflète ce que la définition néo-réaliste de la régulation a pu apporter au regard du mouvement de re-régulation qui a suivi la crise. Entre autres, elle prend en compte l’interconnectivité des marches, la complexité et la derégulation. Ainsi que le suggère le droit de la régulation, cette loi réconcilie les supervisions micro- et macroéconomiques, ainsi que les règles régulatoires et prudentielles, et se sert de certains outils de la régulation pour atteindre certains objectifs régulatoires. Plus particulièrement, elle ravive quatre impératifs de la régulation: la prévention systémique et la supervision, la protection de l investisseur, la transparence / l’information et les mesures prudentielles.
GERMAN Am 21. Juli 2010 hat der Präsident Obama ein Gesetz unterschrieben, und dadurch die wichtigste gesetzliche Reform der finanzielle Aufsicht seit der 30er eingeführt Das Dodd-Frank Gesetz für die Reform Wall Streets und Verbraucherschutz. Dieser Artikel zeigt, dass, trotz einigen Mangeln, das Dodd-Frank Gesetz das, was die neo-realistische Definition der Regulierung zur post-Krise Wiederregulierung mitgebracht hat, illustriert. Unter anderem, es berücksichtigt die Marktvernetzung, die Komplexität und Entregulierung. Im Gesetz wurdenMikro- und Makroaufsicht, sowie regulatorische und Aufsichtsregeln wiedereinigt. Ausserdem berührt das Gesetz auch auf regulatorischen Instrumenten, um regulatorische Ziele zu erfüllen. Es nimmt vier regulatorische Imperative wieder auf: Die systematische Prävention und Aufsicht, den Investorschutz, die Transparenz/Information und prudentielle Maßnahmen.
SPANISH La reforma Dodd-Frank Wall Street y el Acta de protección al consumidor: ¿llenará este Acta todos los requisitos de la regulación?
El 20 de julio del 2010 el Presidente Obama firmó la ley del cambio legislativo más importante de los EEUU desde los años 30: la Reforma Dodd-Frank Wall Street y el Acta de protección consumidor. Este informe sugiere que el Acta Dodd-Frank, no obstante algunos defectos, refleja lo que la definición neo-realística de la Regulación ha estado proponiendo en cuanto a la “re-regulación” post crisis económica. Entre otros, toma en cuanto la naturaleza interconectada de los mercados, la complejidad y la desregulación. Como lo sugiere la ley regulatoria, el Acta reconcilia la supervisión micro y macroeconómica tanto como las reglas regulatorias y prudenciales, y recurre a ciertos instrumentos regulatorios para poder alcanzar ciertas metas regulatorias. Más específicamente, revive cuatro imperativos regulatorios: la prevención de descuidos y riesgos sistemáticos, protección al inversor, transparencia/información y medidas prudenciales.
ITALIAN
Articolo: La riforma Dodd-Franck Wall Street ed il Consumer Act:
Il 21 luglio 2010, il Presidente degli Stati Uniti, Barack Obama, ha firmato la più importante riforma dagli anni ‘30 della supervisione finanziaria: il Dodd-Franck Wall Street ed il Consumer Protection Act. L’analisi di questo articolo tende a dimostrare che il Dodd-Franck Act, nonostante qualche difetto, riprende la definizione neo-realistica della regolazione finanziaria in materia di regolazione delle situazioni post-crisi. Tra l’altro, prende in considerazione l’interconnessione dei mercati, la loro complessità e la deregolamentazione. In linea con le leggi in materia di regolazione, la legge in questione riconcilia una supervisione microeconomica e macroeconomica, le regole prudenziali e di regolazione, e fa appello ad alcuni strumenti propri alla regolazione finanziaria per raggiungere un fine di regolazione. In modo più accurato, questa legge ridà nuova vita agli imperativi propri della regolazione finanziaria: controllo e prevenzione del rischio sistemico, protezione degli investitori, provvedimenti prudenziali e in materia di informazione e trasparenza.
PORTUGUESE A reforma Dodd-Frank Wall Street e a Lei de proteção ao consumidor: pode uma lei preencher todos os requisitos da regulação?
Em 20 de julho de 2010, o Presidente Obama sancionou a mais importante inovação legislativa nos Estados Unidos desde os anos 1930: a lei Dodd-Frank relativa à reforma de Wall Street e à proteção do consumidor. Este artigo defende que esta lei, a despeito de certas falhas, reflete aquilo que a definição neo-realista da regulação pôde trazer ao movimento de re-regulação que se afirmou depois da crise. Entre outros, ela leva em consideração a interconectividade dos mercados, a complexidade e a desregulação. Tal como sugere o direito da regulação, esta lei reconcilia as supervisões micro- e macroeconômicas, bem como as regras regulatórias e de prudência, e se vale de algumas ferramentas da regulação para atingir determinados objetivos regulatórios. Mais especificamente, ela reanima quatro imperativos da regulação: a prevenção sistêmica e a supervisão, a proteção do investidor, a transparência / informação e as medidas de prudência.
Although Regulation Law was born from the notion "sector", constant interferences between sectors and frequent interactions between some sectors and more general questions common to different sectors, make interregulation necessary. Compliance Law being the extension of Regulation Law, this interregulation mechanism is also necessary in Compliance Law.
This interregulation can take many legal paths like letters exchanges between regulators, the creation of a network of regulators and supervisors at the world level or about some specific question or the adoption of a "cooperation protocol" as the AMF (French Financial Market Regulator) and the AFA (French Anticorruption Agency) did on 16th of September 2020 to reinforce their respective fight against corruption, against market abuses and for the protection of investors.
This cooperation protocol between the AFA and the AMF has the following subjects:
A more efficient methodology concerning the research and the analysis of corruption and market abuses.
A more efficient prevention of corruption and market abuses.
A better capacity to give recommendations of new regulations to the Legislator.
A more rigorous monitoring of international works on the topic.
The FCC’s 2010 “open Internet” (net neutrality) order went into effect on November 20, 2011. Verizon Communications and Metro PCS have challenged the FCC Order in court, alleging that the FCC lacked statutory power to impose net neutrality rules in connection with Internet access services.
FRENCH
L’ordonnace 2010 de la FFC (le régulateur nord-américain des communications) "open Internet" est entrée en vigueur le 20 novembre 2011. Les sociétés Verizon Communications et Metro PCS ont contesté devant le juge cette ordonnance, alléguant quela FCCn’avait pasle pouvoir légald’imposer des règles sur la neutralité du net concernant l'accès aux services d'Internet.
The Royal Bank of Scotland (RBS) is a British Bank controlled to 80% by the State. It is said involved in the case of the Libor. On August 24, 2012, Reuters news agency reported links between the Royal Bank of Scotland (RBS) and the British and North American regulators to stop the intended prosecution through a settlement. The interest is not in the subject of the announcement, but in the formulation. Indeed, the Bank denies the existence of this mutual understanding. Less than a month ago, it claimed that it would face prosecution and a few weeks ago, it claimed that it could be actions of traders and not its own, taken as operators. Today, these are lawyers who reveal the strategy of negotiations with the regulator. Thus, what made the right hand of the Bank, the left hand of the Bank ignores it and can do something else; the essential was to reassure the market.
Speaking to the press is a way for the Regulator to reach everyone, including policymakers, European institutions, and fellow Regulators who also seek to compete for space in the digital area.
As he reported: "Nous arrivons aujourd’hui, avec l'irruption du numérique, à un acte 2 de la régulation. Il y a 20 ans, on est passé du modèle PTT où l’Etat produisait le service public, au modèle d’État-régulateur qui a permis l’ouverture à la concurrence. Ce modèle vise à une bonne organisation du marché avec des outils de pilotage efficaces, mais parfois très intrusifs : les licences mobiles, qui sont des contrats assortis de sanctions administratives en cas de non-respect des obligations, ou le dégroupage, qui est une intervention sur la propriété privée… Aujourd’hui il nous faut franchir une étape nouvelle et nous projeter dans la suite, repenser nos outils pour permettre, en complément, une régulation plus focalisée, plus humble et plus agile". We can translate this passage as it follows : “As of today, considering the onset of digital, we are getting to a second phase for Regulation. Over the past 20 years, we went from the ‘PTT model’, where the State provided for public service, to a new Regulatory State model that enabled competition to thrive. This model aims for good market organization with effective management tools, which may be sometimes very intrusive: e.g., mobile licenses, which are agreements that include administrative penalties in the event of failure to comply with its provisions, or unbundled access, which relates to a State intervention on private ownership… Today, we need to take it another step further and plan for the future, reconsider our tools to allow for a Regulation that would be better focused, humbler and nimbler”.
Whatever “Phase 1” was would thus be already outpaced. Farewell stringent public service, so long market openings to competition. Such an understanding of Regulation was certainly consistent with the idea that Regulation was only meant to be temporary, namely considering the everlasting protection of personal data by the dedicated supervisory authority (Commission Nationale Informatique et Libertés, CNIL)…
We would then need to implement “Phase 2” and, as Sébastien Soriano advises, to “Regulate by the multitude”, which is "a concept that includes consumers, but also users, observers, and the civil society as a whole. The key question is how to use the power of information to get the greatest possible leverage on the market while relying on the multitude. The answer is clear: Regulation by data"("La multitude, ce sont les utilisateurs, les observateurs, la société civile. Cela inclut les consommateurs, mais pas uniquement. Et la question centrale, c’est comment utiliser le pouvoir de l’information pour avoir un maximum d'effet de levier sur le marché et grâce à la multitude. La réponse, c’est la régulation par la data.").
Like all the others, the Telecom Regulator introduces himself as a sort of ‘natural’ Regulator for digital activities, as he relies on the key notion that is information. In doing so, he is seeking allies that are just as natural as he is— that is to say, consumers. Consumers fall indeed into the scope of the Regulator insofar as they provide him with the information he needs to Regulate the digital sector and space.
The Regulator thus does not define himself anymore as the one that protects consumers against the market, but as the one that binds the two together, transforming the complaint into a civic act: “There’s a problem. As a consumer, I am alerting you as a Regulator who has the means to regulate market failures and whom I shall let operate”.
In such a statement, the ARCEP not only becomes the ‘natural’ digital Regulator, but it also become the one that operates on the grounds of information brought by the web-user, who is protected by and who somehow benefits in return from the action of the Regulator.
Two concluding thoughts:
What a nimble reasoning indeed from the Regulator, who had initially been created to be the ‘container Regulator’, and who is now becoming, since Phase 2 is on its way, a kind of ‘overall’ Regulator that regulates both the container and the content.
This is a salient example that rationales and frameworks that were developed by the Banking and Financial Regulation are modelling Regulation in general: see whistleblowers, information, obsolescence of the ‘public service’.
The European Commission has published its institutional architecture of the Union Bank, which is being built in Europe.
The primary role is entrusted to the European Central Bank.
The ECB shall have power to issue licenses to the 6000 banks acting in the euro area. This institution will supervise to ensure compliance and liquidity. It will restore compliance if necessary. It will have power to impose sanctions, ranging from fines to withdrawal of approval.
Thus, institutional reform leads to an extreme centralization of power, national authorities no longer as relays
The Internet Corporation for Assigned Names and Numbers - ICANN, private regulator of Internet domain names, had a few months ago, embowed its depleted alphabet to letters with accents to closer to natural language domain names. A jump is crossed. On 13 June, 2012, the ICANN has published the list of the first private applications for the allocation of new generic extensions, does not corresponding to countries (.fr for France) or a typology (edu for Education), but to specific entities, including institutions or companies. The filing cost $ 185,000. 1930 claims have already been filed. Thus, some of the names are closely contested: for example "app", which evokes both "apple" and "application", was immediately requested by several companies.
