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.
This article traces the development of the regulatory state in China through the case of coal mine safety and tries to find out the logic of regulatory state building in China as well as its fundamental dilemmas embodied during the process. Based on the change of the coal mine market and governmental agencies responsible for managing coal mines, the article divides the history of regulatory state building into three periods: one of totalitarian command control when production was priority; then under rapid marketization when profits became priority, government regulation began to take shape, and currently safety regulation has become the focus, the government resorts to merging and reorganization of coal mines. The track of regulatory state building embodies the following characteristics: firstly, regulatory reform lacks a clear strategy; secondly, admission control based on licensing is still the primary way of regulation; thirdly, the idea of social regulation, instead of economic regulation based on price and entrance regulation, has gradually appeared; fourthly, gradual reliance on local government on daily regulation; finally, coal mine workers did not have a say in the regulation to defend their own rights.
Artigo : O rumo e a lógica da construção do Estado Regulatório na China: estudo de caso da segurança de minas de carvão
Este artigo retraça o desenvolvimento do Estado Regulatório na China a partir do caso da segurança nas minas de carvão e procura identificar a lógica do Estado Regulatório na China, bem como os problemas fundamentais surgidos durante o processo. Baseado na mudança do mercado de minas de carvão e das agências governamentais responsáveis pela administração de minas de carvão, o artigo divide a história da construção do Estado Regulatório em três períodos: o primeiro de controle de comando totalitário, quando a produção era a prioridade; depois, sob rápida “mercadorização”, quando o lucro se tornou prioridade, a regulação de governo começou a desenhar-se; e atualmente o foco deslocou-se para a regulação de segurança, levando o governo a mesclar e reorganizar as minas de carvão. O rumo da construção do Estado Regulatório contém as seguintes características: em primeiro lugar, a reforma regulatória padece de uma estratégia clara; em segundo lugar, o controle de admissões baseado em demissões ainda é o modo preferido de regulação; em terceiro lugar, a ideia de regulação social, no lugar de regulação econômica baseada na regulação do preço e da entrada, aparace gradualmente; em quarto lugar, confiança gradual em governos locais para regulações quotidianas; finalmente, trabalhadores de minas de carvão não costumavam ter algo a dizer, em matéria de regulação, para defender seus próprios direitos. Palavras-chave: Estado Regulatório; Mina de carvão; mercado; governo.
SPANISH
Artículo: El rumbo y la lógica en la construcción del Estado Regulatoria de China: Un estudio de caso de la seguridad en las minas de carbón.
El artículo traza el desarrollo de del estado regulatorio en China a través de la seguridad de las minas y trata de encontrar la lógica de la construcción del estado chino al igual sus dilemas fundamentales que se permean el proceso. Basado en el cambio del mercado de las minas de carbón y la responsabilidad del manejo del carbón por las agencias gubernamentales, el artículo divide la historia del estado regulatorio en tres periodos: una de control totalitario cuando el énfasis era en la producción; después bajo una “mercaderización” acelerada las ganancias eran la prioridad, la regulación gubernamental comenzó a formarse y la regulación ha sido el enfoque, el gobierno se dedica a unir y reorganizar las minas de carbón. La trayectoria de construcción del estado regulatoria tiene las características siguientes: primero, la reforma regulatoria no posee una estrategia clara; segundo, el control de admisión es basado en la entrega de licencias permanece siendo la manera preferida de la regulación; tercero, la idea de la regulación social, en vez de la regulación económica basada en el precio y la regulación de entrada, ha emergido gradualmente; cuarto, una mayor dependencia sobre el gobierno local para las cuestiones de regulación diaria; y finalmente, los trabajadores de las minas de carbón no podían influenciar la regulación para defender sus propios derechos.
In August 2020, Marriott International, online hotel room booking platform, has be sued before an English court by a consulting firm through a "class action" technic. The firm ask to Marriott International compensates the clients whose personal data jas been hacked while Marriott International which was in charge of this data, did not implement all it could to protect these data. According to the plaintiff firm, making the online platform responsible in Ex Ante of the clients' data security and constraint it to compensate injured clients in case of failure is a more important incentive for the firm to do its best to protect this data than a simple fine.
Many similar actions are ongoing, especially during English Courts where the practice of "class action" is more developed. The question is therefore to know whether it is interesting to encourage the development of this kind of process in France. Concretly, a substantial subjective right (here the right to have its data protected) exists only if it is accompanied by a procedural right to size the judge in order to he or she activates it. The right to ask for a compensation in case of violation of these Compliance obligations but also is therefore not only a strong incentive for firms but also a condition of effectivity of these same obligations, knowing that the effectivity is the major care of Compliance Law.
The Autorité des Marchés Financiers (AMF- French Prudential Supervision Authority) set up a Scientific Advisory Board under the supervision of its president Gérard Rameix, who is also president of the AMF.
The Scientific Advisory Board chose ‘Financial education in the digital era’ as the theme of its annual conference, which was held on 20 June 2016 in partnership with Paris School of Economics.
The conference was opened by François Villeroy de Galhau, Governor of the Banque de France (France’s central bank). He stated that financial literacy “shall help everyone make informed decisions”. In this regard, financial literacy is a “factor for economic efficiency and social fairness”, which justifies involvement from public authorities- including, namely, the Banque de France. In partnership with both the Autorité de Contrôle Prudentiel et de Résolution (ACPR- French Prudential Supervision Authority) and the AMF, the Banque de France ought to be a “caring educator, but an attentive regulator”, as it is “imperative that financial literacy and Regulation should be taken forward jointly, as to allow for new technologies to develop, which would be understood by all and for the benefit of all”.
Three roundtables followed. The first roundtable aimed at assessing financial literacy trends and their impact on the financial behaviour of consumers and investors in Europe. The second session focused on the opportunities opened up by new technologies (upon which Fintechs, e.g., crowdfunding platforms, data aggregators and automated financial advice services are thriving) as regards financial behaviours. Lastly, the third panel discussion, which involved several French (AMF, Institut National de la Consommation- INC, French National Institute for Consumer Affairs) and European (European Commission) Regulators, draw conclusions from the first two roundtables and discussed on the issues that an increasingly digitalised financial education raises for Regulatory authorities.
Since this conference raises many crucial questions for Regulation, it is important to recall what has been said in the panel discussion on the role of Regulator with regards to financial education (I.) before sharing some thoughts on this matter of particular interest (II.).
Nomination of the members of the Haute autorité pour la diffusion d’oeuvres et la protection de droits sur Internet (Hadopi – High Authority for the Dissemination of Works and the Protection of Rights on the Internet).
In Spain, the liberalization and legalizalisation of online games, provided by the Act for January 2012, was postponed in June 2012. The licensing by the regulator is in preparation. These licenses may relate to all kinds of games including sports betting and casino games, excluding slot machines. But the Spanish tax services informed that an implied condition of approval of an operator candidate for obtaining a licence existed: payment of taxes due in Spain. However, many companies, whose headquarters is located in another country, have high arrears of taxes calculated by the administration. It can be noticed that the fiscal interests of the States is a key element in the regulation of the games, that can interfere with the mechanism, which appears however distinct from the approval by the regulator.
The implementation of a joint service on Insurance, Banking, and Insurance within the ‘Autorité de Contrôle prudential – ACP’ (French Prudential Control Authority), raises questions as to the way in which the service will be coordinated with the ‘Autorité des marchés financiers – AMF’ (French financial markets authority’s) other activities. The signature of the agreement creating the new joint service was the occasion for Jean-Pierre Jouyet, President of the AMF, to clarify that this joint service’s principal goal is consumer protection. The coordination between the AMF and the ACP is intended to improve efficiency and credibility to further this goal.
On June 2nd 2010, the European Union (EU) Commission shared its 2010-2011 time-table and action plan for financial markets. It proposed to improve supervision of Credit Rating Agencies, it launched debate on corporate governance in financial institutions and it published a communication on Financial Services 2010-2011 ("Regulating financial Services for sustainable growth"). Indeed, any of these three aspects answer to the EU’s G20 commitment to create a safer regulatory framework for financial markets –itself participating to economic recovery- and implement such system as to prevent future crisis to go off. As Commission President José Manuel Barroso said on that day: "Today the Commission is launching the final push to complete the EU's financial services reform. This is part of our wider agenda to stabilize, consolidate and restore sustainable growth to the European economy".
FRANCAIS
Article: Lancement de "la dernière impulsion pour compléter la réforme des services financiers": La Commission suit-elle le bon chemin?
Le 2 Juin 2010, la Commission Européenne (CE) a rendu public son agenda 2010-2011 ainsi que son plan d'action pour les marchés financiers. A cette occasion, elle a proposé d'améliorer la surveillance des agences de notation, a lancé un débat sur le gouvernement d'entreprise dans les établissements financiers, et a publié une communication sur les services financiers 2010-2011, intitulée "La réglementation des services financiers au service d'une croissance durable". Ces trois aspects en effet répondent aux engagements du G20 de créer un cadre régulatoire plus sûr pour les marchés financiers, pour permettre la reprise économique, et, dans l'éventualité d'une crise future, pour éviter que cette dernière ne dérape. Comme l'a précisé le Président de la Commission Européenne José Manuel Barroso ce jour-là: "aujourd'hui la Commission lance la dernière impulsion pour compléter la réforme des services financiers en Europe. Ceci fait partie d'un agenda plus global pour stabiliser, consolider et restaurer une croissance durable pour l'économie européenne."
GERMAN
Artikel: Lancierung "des letzten Schrittes zur Vervollständigung der EU-Finanzdienstleistungensreform": ist die Kommission auf dem richtigen Weg?
Am 2. Juni 2010 hat die Europäische Kommission ihre Agenda 2010-2011 veröffentlicht, sowie ihre Vorschläge zu den Änderungen der EU-Vorschriften zu Ratingagenturen vorgelegt und eine öffentliche Konsultation zur Reform der Corporate Governance in Finanzinstituten eingeleitet. Die Kommission hat auch eine allgemeinere Mitteilung 2010-2011 über den Finanzdienstleistungssektor verabschiedet („Regulierung der Finanzdienstleistungen für nachhaltiges Wachstum“). So was entspricht der Verpflichtung der Kommission beim G20-Gipfel, ein sicherer und stabiler Finanzsystem sicherzustellen. Kommissionspräsident José Manuel Barroso erklärte aus diesem Anlass: "Die Kommission lanciert heute den letzten Schritt zur Vervollständigung der EU-Finanzdienstleistungensreform. Dies ist Teil eines breitangelegten Programms zur Wiederherstellung von nachhaltigem Wachstum, sowie der Stabilisierung und Konsolidierung der europäischen Wirtschaft“
ITALIAN
Articolo: Verso la “spinta finale per completare la riforma dell’Unione europea dei servizi finanziari”: la Commissione è sulla strada giusta?
Il 2 giugno 2010, la Commissione del’Unione Europea (UE) ha svelato il suo calendario ed il suo piano d’azione per il 2010-2011 in materia di mercati finanziari. La Commissione ha proposto di migliorare la supervisione delle Agenzie per la valutazione dei crediti, ha aperto il dibattito sulla corporate governance nelle istituzioni finanziarie ed ha pubblicato un comunicato sui servizi finanziari 2010-2011 (“Regolamentare i servizi finanziari per uno sviluppo sostenibile”). Tuttavia, nessuno di questi tre aspetti corrisponde all’impegno, preso dall’UE durante il G20, di creare un quadro di riferimento più sicuro per i mercati finanziari – partecipando alla ripresa economica – e di attuare un sistema tale da evitare una crisi futura. Lo stesso giorno, il Presidente della Commissione José Manuel Barroso ha affermato: “Oggi la Commissione sta dando la spinta finale per completare la riforma dei servizi finanziari. Questo fa parte della nostra ampia agenda, al fine di stabilizzare, consolidare e riavviare una crescita sostenibile dell’economia europea”.
CHINESE
欧盟委员会“推动完成欧盟金融服务业改革”是在正确的道路上提出的吗?
The European Union (EU) Commission（欧盟委员会）于2010年6月2日公布了其关于金融市场2010-2011年的时间表和行动计划。欧委会建议完善针对Credit Rating Agencies（信用评级机构）的监管，它发起了有关金融机构公司治理的讨论并且公布了金融服务行业2010-2011年度通讯("Regulating financial Services for sustainable growth")。事实上，这三方面中的任何一项都是欧盟针对二十国集团为金融市场建立一个安全可靠的监管体系所作承诺的回复-自身参与经济重建以及建立应对经济再度衰落的预防体系。正如委员会主席José Manuel Barroso（若泽·曼努埃尔·巴罗佐）在同一天所讲：执委会今天正在推动完成欧盟金融服务业改革，这是我们关于欧洲经济稳定、巩固以及恢复其可持续增长更广泛议程的一部分。
SPANISH
El lanzamiento del “empuje final para completar la reforma de servicios de la Unión Europea”: ¿ira por buen camino la Comisión?
El 2 de junio del 2010 la Comisión de la Unión Europea compartió con el público su calendario y plan de acción para los mercados financieros en el periodo 2010-2011. Ha propuesto mejorar la supervisión de las agencias de notación, ha lanzado un debate sobre la gerencia corporativa en las instituciones financieras y ha publicado una comunicación sobre los servicios financieros del 2010-2011 (“La reglamentación de los servicios financieros al servicio de un crecimiento durable”). Cada uno de estos tres aspectos responde al compromiso de la UE G20 de crear un marco regulatorio más seguro para los mercados financieros – contribuyendo en sí mismo al relance de la economía – y de implementar un tal sistema para prevenir crisis similares en el futuro. En las palabras del Presidente de la Comisión José Manuel Barroso: “Hoy la Comisión lanza el empuje final para completar la reforma de los servicios financieros de la UE. Esto forma parte de nuestra agenda para estabilizar, consolidar y restaurar el crecimiento durable de la economía europea.”
