The Libor manipulations successively discovered, led the British Government to request to the Financial Services Authority (FSA) a report to reform the system. On August 10, 2012, a progress report is made public. It proposes not to end self-regulation, but to temper it. Firstly, the declaratory system, too subjective, must be tempered by objective data (real transactions and other reference rate). Secondly, the power of monitoring and sanction of public authorities must be increased. This growing power must be that of the courts... and the Financial Services Authority (FSA). Stakeholders have until September 7, 2012 to respond. The British Government has entrusted in late July 2012 the Financial Services Authority (FSA) a report on the reform that is appropriate to operate concerning the system of Libor. It must be submitted at the end of September. Subsequent events show the method followed.
Although the industry has faced some difficulties over the past two years, hedge funds play an important role in the global financial system. The benefits these investment vehicles bring to the markets are essentially made possible by flexible and light regulatory regimes. Hedge funds didn’t cause the current crisis, yet there seems to be a consensus among regulators around the world for more regulation: to prevent systemic risk and guarantee investor protection. This paper examines in its first part the relevance of these two arguments. It concludes that although systemic risk may be a legitimate concern, the investor protection argument is questionable. Part II explores what the future of hedge fund regulation could look like. Part III develops the idea that hedge funds do not need more but better regulation (e.g. with costs/benefits analysis, legal framework on a global scale or the creation of a global database for regulators’ use).
FRENCH
Article: Le futur de la régulation des Hedge Funds: une approche comparative: États-Unis, Royaume-Uni, France, Italie et Allemagne
Bien que l'industrie a du faire face à quelques difficultés au court des deux dernières années, les hedge funds jouent un rôle important dans le système financier global. Les bénéfices de ces véhicules d'investissement apportent au marchés sont essentiellement rendus possibles par des régimes régulatoires légers et flexible. Les hedge funds n'ont pas causé la crise actuelle, pourtant, un consensus semble émerger chez les régulateurs du monde pour réguler plus cette activité, cela afin d'éviter le risque systémique et pour garantir la protection des investisseurs. Cet article examine dans un premier temps la pertinence de ces arguments, concluant que la prévention du risque systémique peut être une préoccupation légitime, mais que l'argument de la protection des investisseurs est plus douteux. La deuxième partie de l'article étudie ce à quoi le futur de la régulation des hedge funds pourrait ressembler. La troisième partie développe l'idée selon laquelle les hedge funds n'ont pas besoin de plus mais de meilleure régulation (par exemple avec l'analyse coûts/bénéfices, la mise en oeuvre d'un cadre légal à une échelle globale ou la création d'une base de données globale à destination des régulateurs)
GERMAN
Artikel: die Zukunft der Hedge Funds Regulierung: eine komparative Analyse (Vereinigten Staaten, Grossbritanien, Italien, Frankreich, Deutschland)
Obwohl die Hedge Funds Branche in einer schwierigen Lage in den zwei vorherigen Jahren war, spielen diese Hedge Funds eine wichtige Rolle im globalen finanziellen System. Die Vorteile, die solche Funds mit ihnen ziehen, können erst enstehen dank leichtere Regulierungsbedigungen. Selbst wenn Hedge Funds die Krise nicht verursacht haben, sind die Behörde darauf geeinigt, strengere Regeln durchzusetzen, um dem Verbraucher zu schützen und die Entstehung von Systemrisiken zu vermeiden. Dieser Artikel erforscht im ersten Teil die Gültigkeit solche Argumenten, und zeigt wie die Wirksmakeit der Verbraucherschutz des durch Hedge Funds Regulierung zweifelhaft ist. Dann wird beschrieben, was die Zukunft der Regulierung sein werden könnte. Und endlich wird analysiert, wie die Hedge Funds Branche eher bessere als weitere Regulierung braucht (insb. bessere Aufwand-Nutzen-Analyse, globalen Richtlinien und die Gründung einer globalen Datenbank für die Regulierungsbehörden).
SPANISH
El futuro de la regulación de los fondos de cobertura: Un enfoque comparativo, los Estados Unidos, Gran Bretaña, Francia, Italia y Alemania.
Aunque la industria se ha encontrado con algunas dificultades a lo largo de los últimos dos años, los fondos de cobertura juegan un rol importante en el sistema financiero global. Los beneficios que estos vehículos de inversión fomentan en los mercados son esencialmente posible gracias en gran parte a los regímenes flexibles de la regulación. Los fondos de cobertura no causaron la crisis económica, pero parece existir un consenso general entre economistas abogando por más regulación: para prevenir el riesgo sistemático y garantizar la protección del inversor. Este informe examina en su primera parte dos argumentos. El documento concluye que, aunque la preocupación por el riesgo sistemático puede ser una inquietud legítima, la protección del inversor es cuestionable. La Parte II explora el futuro de la regulación de los fondos de cobertura. La tercera Parte desarrolla la idea que los fondos de cobertura no necesitan de más regulación, sino de mejor regulación (por ejemplo, con el análisis de la relación costo/beneficio, marco legal en escala global o la creación de una base de datos para los reguladores).
ITALIAN
Articolo: Il futuro della regolazione dei fondi hedge (fondi speculativi): una visione comparativa, Stati Uniti, Gran Bretagna, Francia, Italia e Germania
Sebbene l’industria abbia affrontato alcune difficoltà negli ultimi due anni, i fondi hedge giocano un ruolo importante nel sistema finanziario globale. I benefici che tali strumenti di investimento hanno sui mercati sono resi possibili essenzialmente grazie alla flessibilità ed alla semplicità dei regimi di regolamentazione. I fondi hedge non hanno causato la crisi attuale, tuttavia sembra che vi sia un consenso generale tra i regolatori finanziari nel mondo, per un sistema di regole finanziarie più incisivo al fine di prevenire il rischio sistemico e garantire la protezione degli investitori. Tale intervento esamina nella sua prima parte la rilevanza dei questi due obiettivi. Conclude che sebbene il rischio sistemico possa essere una preoccupazione legittima, la protezione degli investitori é discutibile. La seconda parte esamina il possibile futuro della regolazione in materia di fondi hedge. La terza parte sviluppa l’idea che i fondi hedge non necessitino di regolamentazione maggiore, ma di una migliore (ad es. analisi costi/benefici, un quadro normativo su scala globale oppure la creazione di un database globale ad uso degli operatori finanziari).
Regulation Law, in order to recognize and draw the consequences from the specificities of some objects, has been build, at the start, around the notion of "technical sector" although their delimitation is partially related to a political choice. But, in facts, there are multiple points of contacts between sectors, actors moving from one to another as objects. The regulatory solution is so to climb over some technical borders through the methodology of interregulation which is by the way the only one to enable the regulation of some phenomena going beyond the notion of sector and related to Compliance Law.
This news takes the exemple of companies furnishing new payment services. In order to they can provide these services, these firms needs to access to banking accounts of concerned people and so to very sensitive personal data. Regulation of such a configuration needs a cooperation between the banking regulator and the personal data regulator. Legislation being not sufficient to organize in Ex Ante this interregulation, the European Data Protection Board has published some guidelines on 17th of July 2020 about the way it conceives the articulation between the PSD2 (European directive about payment services) and GDPR and has announced that it intended to expand the circle of its interlocutors to do this interregulation. Such an initiative from EDPB can be justified by the uncertainty about how interpreting both texts and articulating them.
In The Journal of Regulation the summaries’ translation are done by the Editors and not by the authors
ENGLISH
The Conseil d’Etat (French Council of State) handed down a ruling (n°339154) on October 19, 2011 in the French Data Network, Apple, and iTunes case. In this ruling, it refused to annul the decree giving the "Haute Autorité pour la diffusion des œuvres et la protection des droits sur Internet" (HADOPI — France’s Internet Piracy Regulator) the power to issue injunctions to force the accessibility of essential information on the Internet in order to guarantee interoperability, using either penalties or fines.
FRENCH
LeConseil d’Etata rendu un arrêt(n °339154)le 19 Octobre2011 French Data Network, Apple etiTunes.Dans cet arrêt, ila refusé d’annulerle décretdonnant à la Haute Autoritépour la diffusiondes Œuvresetla protection desDroitssurInternet (HADOPI) le pouvoir d’émettredes injonctionspour forcerl’accessibilité des ’informations essentielles sur Internet afin degarantir l’interopérabilité,en utilisant des injonctions ou des amendes.
ITALIAN
Il “Conseil d’Etat” (il Consiglio di Stato francese) ha pronunciato una decisione (n° 339154) il 19 ottobre 2011 nel caso della rete di dati francese, Apple ed iTunes. In questa decisione, il Consiglio di stato ha rifiutato di annullare il decreto che conferisce alla “Haute Autorité pour la diffusion des œuvres et la protection des droits sur Internet” (HADOPI – l’autorità francese di regolazione contro la pirateria informatica) il potere di emettere delle sanzioni per assicurare l’accessibilità di informazioni essenziali su internet per garantire l’interoperabilità, usando così delle multe o delle ammende.
The European Commission published a Green Paper in September 2010 on Audit Policy, in order to give its opinion on the Lessons from the Crisis.From a systemic perspective of financial markets' stability, the Commission analyzes the role of the auditor, the internal structure of audit firms, the concentration of the audit market, and the possibility of a European market for auditing. But, what the Commission presents as a neutral description is actually a series of ideological stances, which are tenable, but also debatable. Thus, the Green Paper makes auditing out to be a structural element of financial markets, which shatters auditing's uniqueness, while attributing it a structural and systemic role, which is questionable. It then requires regulatory tools to open the auditing market to more competition, which will, in reality, expose it to the pressures of demand and lower the efficiency of auditing missions. It would be better to reinforce regulatory mechanisms towards security and conflicts of interest, rather than towards competition, which corresponds to the traditional French model of audit regulation.
FRENCH
La Commission européenne a lancé en septembre 2010 un Livre vert la Politique de l’audit, pour que soient tirée à son propos les Leçons de la Crise. C’est donc dans une perspective systémique de stabilité des marchés financiers que les questions sont posées par la Commission, concernant l’auditeur, l’organisation des sociétés d’audit, la concentration du marché de l’audit et l’hypothèse d’un marché européen de l’audit. Mais ce que la Commission présente comme une description neutre est une réalité une série de prises de positions idéologiques, soutenables mais aussi discutables. Ainsi, le Livre Vert présente l’audit comme un élément structurel des marchés financiers, ce qui brise l’unicité de l’audit, tandis qu’elle lui confère un rôle structurel et systémique, ce qui est discutable. Elle requiert ensuite des outils de régulations pour ouvrir à une plus forte concurrence le marché de l’audit, ce qui va en réalité l’exposer à la pression de la demande et abaisser l’effectivité des missions de l’audit, alors qu’il faut renforcer les outils de régulations, non pas par rapport à la concurrence mais par rapport à la sécurité et aux conflits d’intérêts, ce à quoi correspond le modèle traditionnel français.
GERMAN
Artikel: Kritische Analyse des Grünbuches der Europäischen Kommission im Bereich Abschlussprüfung: Eine problematische Definition vom systemrelevanten Agent und eine Illustration des Gegensatzes zwischen Regulierung und Wettbewerb.
Die Europäische Kommission hat im September 2010 ein Grünbuch zur Rolle der Abschlussprüfung veröffentlicht, um ihre Stellungnahme über die Lehre der Krise zu verbreiten. Die Kommission analysiert die Rolle des Abschlussprüfers, die innere Struktur von Abschlussprufüngsunternehmen, die Marktkonzentration des Prüfungsmarktes und die Möglichkeiten der Entstehung eines europäischen Abschlussprüfungsmarktes aus der systemischen Perspektive der Finanzmarktstabilität. Aber was die Europäische Kommission als eine neutrale Schilderung darstellt trägt eher mit sich eine Reihe von ideologischen Einstellungen, die zwar haltbar aber auch strittig sind. So stellt das Grünbuch die Abschlüssprufung als Strukturelement für die Finanzmärkte, was die Einheit der Abschlussprüfung zerbricht. Laut des Grünbuches spielt sie auch eine systemische und strukturelle Rolle, was auch fragwürdig ist. Der Prufüngsmarkt sollte auch zu mehr Wettbewerb durch Regulierungsmassnahmen eröffnet werden, was in der Tat dem Markt dem Drück der Anfrage aussetzen wird, und die Effizienz von Abschlussprüfungsaufträgen einschränken wird. Es wäre besser, Regulierungsmechanismen mit Hinsicht auf Sicherheit und Interessenkonflikten, eher als Wettbewerb, zu verfestigen, was eigentlich dem französichen Modell der Prüfungsregulierung entsprechen würde.
ITALIAN
Articolo: Analisi critica del Libro verde della Commissione europea sulla politica in materia di revisione dei conti: una definizione problematica dell'agente sistemico ed un'illustrazione dell'opposizione tra regolazione e concorrenza.
Nel mese di settembre 2010, la Commissione europea ha pubblicato un libro verde sulla politica in materia di audit (revisione dei conti) per emettere il suo parere sulle "Lezioni dalla crisi". Con una prospettiva sistemica della stabilità dei mercati finanziari, la Commissione analizza il ruolo del revisore dei conti, la struttura interna degli studi di revisione dei conti, la concentrazione del mercato dell'audit e la possibilità di strutturare un mercato europeo della revisione dei conti. Tuttavia, quello che la commissione presenta come un dato di fatto, in realtà è il frutto di una riflessione ideologica, sostenibile ma sicuramente discutibile. Il Libro verde rende la revisione dei conti, un'attività strutturale dei mercati finanziari, la cui unicità è quindi frazionata, e gli attribuisce un ruolo strutturale e sistemico, di per sé discutibile. Inoltre auspica con l'intervento di meccanismi di regolazione, un'apertura del mercato dell'audit al fine di garantire una concorrenza maggiore, che sarà esposta alle pressioni della domanda e diminuirà l'efficienza degli incarichi di revisione dei conti. Sarebbe meglio rafforzare i meccanismi di regolazione al fine di raggiungere una sicurezza maggiore ed evitare conflitti d’interessi, invece di auspicare una maggiore concorrenza, cosa che corrisponde al modello francese tradizionale della regolazione del mercato della revisione dei conti.
SPANISH
Artículo: Análisis crítico del Libro Verde de la Comisión Europea sobre su política de auditoría: una definición problemática sobre el agente del sistema y una ilustración sobre la oposición entre regulación y competencia.
En septiembre del 2010, la Comisión Europea publicó El Libro Verde sobre la política de auditoría para proveer su opinión sobre Las Lecciones de la Crisis. Desde una perspectiva sistemática de la estabilidad de los mercados financieros, la Comisión analiza el papel del auditor, la estructura interna de empresas de auditoría, la concentración del mercado de auditoría y la posibilidad de un mercado europea de auditoría. Pero, lo que la Comisión presenta como una descripción neutral es, de hecho, una serie de declaraciones ideológicas, que son defendibles, pero también discutibles. Por lo tanto, el Informe Verde describe a la auditoría como un elemento estructural de los mercados financieros, lo cual destruye la cualidad única de la auditoría, mientras que le atribuye un rol estructural y sistemático, lo cual es cuestionable. También requiere de instrumentos regulatorios para abrir el mercado de auditoría a una competencia más substancial, lo cual, en realidad, lo expone a las presiones de demanda y disminuye la eficacia de las misiones de auditoría. Sería mejor reforzar los mecanismo regulatorios hacia la seguridad y conflicto de intereses, y no hacia la competencia, lo cual corresponde al modelo tradicional francés de la regulación de auditoría.
The « Centre d’analyse stratégique », the strategic analysis think-tank that is part of the French Prime Minister’s cabinet, published the report of the working group presided by Christian Stoffaës on the theme of « La securité gazière en Europe : de la dépendance à l’indépendance » (The Security of Natural Gas Supply in Europe : from dependence to independence). This report highlights the fact that Europe is in danger, in the long run, of not having access to enough gas and of becoming overly-dependent on its foreign suppliers. Europe must therefore establish policies to reduce and modify its natural gas consumption, and establish energy partnerships with Russia, North Africa, and finally, the Middle East. Europe must realise that competition is nothing more than a means to an end and must implement a true Regulation of the energy sector, in order to create secure conditions that avoid energy crises. Risk management can be achieved by creating emergency reserves; through the regulation of transport network infrastructures; and a renewed ‘energy solidarity’ using the interconnections at member states’ borders. Thereby, Europe will evolve from dependency to independency, which will ensure its natural gas security despite its insufficient supply
In an article written in French, the press of Senegal reported a conference in which the First President of the Dakar Court of Appeal stated that the judicial court - in the present case the Dakar Court of Appeal - after being a bit "frightened "by the regulatory law, because of its technicality, and after its fear of being dispossessed of cases because of the power of that the regulatory authorities in place to exercise the dispute resolution, is able to play its role today.
He first asserts that judges learned the technic of regulatory matter(in this case, his speech was about the public markets).
He asserts, secondly, that when the parties are in conflict, they continue to go before the judicial court, regardless of the existence of the independant administrative bodies and their dispute resolution function.
Commission decision of 20.12.2011 on the application of Article 106(2) of the Treaty on the Functioning of the European Union to State aid in the form of public service compensation granted to certain undertaking entrusted with the operation of services of general economic interest
A Chinese economic newspaper revealed, by an anonymous source, that the Chinese banking regulator, ordered end of 2011, five first Chinese financial institutions to proceed in the determination and the quality of loans granted, so they rank their bad debt. The control by the regulator through the self-assessment will be made from end of May 2012.
The postal Regulation Authority (PostReg) is an independent body attached to the Federal Department of the environment, transport, energy and communication (DETEC). It has the mission to assess the liberalisation of the sector and its proper functioning. In its report presented on May 14, 2012, it notices first of all the satisfactory quality of the service provided by the Post, since not only the mails but the packages arrived on time. But concerning the openness to competition, the monopoly held by the Post on the mail lets him maintaining a dominant position on the market of the package. The regulator said that the law already adopted will establish a new authority, the Commission of Post (PostCom) which will further promote new entrants.
