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Updated: June 4, 2012 (Initial publication: May 27, 2012)

Breaking news

In 2009, a European Observatory of counterfeiting and piracy was established. In May 2012, the European Observatory on Infringements of Intellectual Property Rights took its place, by the effect of a European Union regulation on 19 April 2012. This Observatory has the purpose to improve the understanding of the value of the rights of intellectual property, to measure their effectiveness and to promote the approximation of the laws of the Member States in this area. To do this, it organises meetings between administrations and the private sector and collects information about the laws and applicable case-law. States have to inform him.

Updated: April 21, 2011 (Initial publication: April 15, 2011)

I. Isolated Articles

Updated: Jan. 3, 2012 (Initial publication: July 19, 2011)

Translated Summaries

Updated: Sept. 19, 2012 (Initial publication: May 25, 2012)

Sectorial Analysis

Main information

The Italian upper administrative court (“Consiglio di Stato”) ruled that the Autorità per le garanzie nelle comunicazioni (“AgCom” – the Italian Regulatory Authority for electronic communications) is not bound to provide a rigorous justification when issuing decisions not compliant with European Commission’s comments. This judgment is of general interest since, on the basis of a formalistic reasoning, it does not pay adequate attention to the role played by the European Commission in electronic communications’ regulatory proceedings at national level. Under the European regulatory framework (and the multilevel governance system established therein), comments from the European Commission are the main pillar of the horizontal coordination system between the European level and the national level, aimed at creating a competitive common market for electronic communications.

Updated: Sept. 10, 2012 (Initial publication: July 2, 2012)

Sectorial Analysis

Updated: Sept. 21, 2010 (Initial publication: Sept. 9, 2010)

I. Isolated Articles

ENGLISH
 
In a letter to the U.S. Senate Banking Committee Chairman Christopher Dodd, Mr. Cox said that “soft-dollar arrangements create a conflict between a money manager and its clients, compromise a money manager’s fiduciary responsibility by inducing the manager to direct trades to broker-dealers that offer research the manager wants, instead of to the broker-dealer that could best execute the client’s transactions, and encourage overtrading of client portfolios in an effort to generate soft-dollar credits.”
 
FRANCAIS
 
Article: Commissions en nature: une pratique génératrice de conflits d'intérêts?
 
Dans une lettre adressée au Président de la Commission Bancaire du Sénat américain Christopher Dodd, M. Cox écrit que "les pratiques de commission en nature créent un conflit entre le gérant de portefeuille et ses clients ; compromettent la responsabilité fiduciaire du gérant de portefeuille en le conduisant à privilégier les courtiers en valeurs qui fournissent des recherches qui lui sont favorables, au lieu de préférer les courtiers en valeurs qui pourraient exécuter au mieux les transactions de ses clients ; et favorisent une démultiplication des transactions  (overtrading) dans le portefeuille géré afin de générer des crédits provenant des accords de commission en nature."
 
GERMAN
 
Artikel: Soft-Dollar-Vereinbarungen: verursachen sie Interessenkonflikte?
 
In einer Brief am Vorsitzender der Bankenkommission des Senates der Vereinigten Staaten Christopher Dodd schreibt Herr Cox: "Soft-Dollar-Vereinbarungen verursache Konflikte zwischen dem Vermögensverwalter und seinen Kunden; Sie gefährden die Verantwortung des Vermögensverwalters, da sie stiften ihm dazu, Brokers zu günstigen, die für ihn vortheilhafte Ergebnisse haben können, anstatt diejenigen, die am besten die Transaktionen seinen Kunden erfüllen würden. Dazu noch fördern solche Vereinbarungen die Überspekulation in Kunden-Portfolios, da durch Soft-Dollar-Vereinbarungen  der Vermögensverwalter Profit erzielen kann."
 
 
SPANISH

Arreglos de caja de ahorro común en dólares: ¿representan conflictos de intereses?

En una carta al presidente de la Comisión bancaria del Senado americano Christopher Dodd, M. Cox dijo que “los arreglos de caja de ahorro común en dólares crea conflictos entre el administrador del dinero y el cliente, comprometiendo la responsabilidad fiduciaria del administrador al inducir el administrador a privilegiar los agentes en valores que a cambio ofrecen servicios de investigación solicitados por el gerente, en vez de a aquel que está mejor dispuesto para ejecutar el trabajo  y las transacciones de los clientes, lo cual motiva la multiplicación de las transacciones (overtrading) de los portafolios de los clientes en un esfuerzo de generar estos ahorros de común en dólares.”

Updated: Feb. 10, 2011 (Initial publication: Feb. 6, 2011)

I. Isolated Articles

Updated: Dec. 6, 2011 (Initial publication: Nov. 22, 2011)

I. Isolated Articles

Translated Summaries

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


ENGLISH

At first sight, the notion of the neutrality of the State seems to be obvious and simple, almost a pleonasm. Being above isolated individuals, the State is responsible for the general interest, even envisioned on a long-term basis. However when one gets deeper into the analysis, this first observation, evident at first sight, must be mitigated and qualified.



FRENCH

A première vue, la notion de la neutralité de l’Etat semble être évidente et simple, presque un pléonasme. Etant au-dessus d’ individus isolés, l’État est responsable de l’intérêt général, même envisagé sur le long terme. Toutefois, A aller plus loin dans l’analyse, cette première observation, évidente à première vue, doivent être atténués et expliquée.



SPANISH

A primera vista, la noción de la neutralidad estatal parece ser obvio y simple, casi un pleonasmo. Estando por encima de los individuos aislados, el Estado es responsable por el interés general, aun cuando considerado a largo plazo. Pero cuando uno se sumerge en el análisis, esta primera observación, evidente a primera vista, puede ser mitigado y calificado.



ITALIAN

A prima vista, la nozione di neutralità dello Stato sembra un concetto ovvio e semplice, quasi un pleonasmo. Lo Stato, al di sopra degli individui singolarmente considerati, è responsabile dell’interesse generale, persino a lungo termine. Tuttavia, quando si analizza in modo più approfondito tale concetto, questa prima osservazione, evidente a prima vista, deve essere relativizzata e specificata.

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Other translations forthcoming.

Updated: Jan. 12, 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: Nov. 4, 2010 (Initial publication: Oct. 12, 2010)

Sectorial Analysis

  

ENGLISH

The September 8th 2010 decision of the European Court of Justice rules that any national law on gambling restraining freedom of establishment and freedom to provide services, if not consistent and systemic in its purpose, violates EU Law.


SPANISH

La Corte Europea de Justicia restringe a los Estados Miembros la habilidad de dificultar la libre provisión y establecimiento de servicios de juego en su territorio nacional.

El 8 de septiembre del 2010, una decisión de la Corte Europea de Justicio juzga que cualquier ley nacional sobre los juegos que restrinjan la libertad de establecimiento y la liberad de proveer servicios, a menos de que sea consistente y sistémica en su propósito, viola la Ley de la Unión Europea.

     

 

ITALIAN

 Relazione tematica (scommesse): La Corte di giustizia europea riduce la possibilità per gli Stati membri di ostacolare la libera circolazione ed il libero stabilimento dei servizi di scommesse sul proprio territorio.

La Corte di giustizia, con una sentenza dell’8 settembre 2010, ha deciso che ogni legislazione nazionale in materia di scommesse che riduce il diritto di libero stabilimento e la libera prestazione di servizi viola il diritto europeo, qualora tale legislazione non contribuisca a limitare l’attività di scommesse in maniera coerente e sistematica.