Following the creation of the Authority of Accounting Standards (ANC – autorité des normes comptables) by the Ordinance of 22 January 2009, the Decree of 15 January 2010 defines its operational structure.
What does Regulating to operators? How do they feel? Do they internalize? Does it means to them, simply a cost or an impact on their strategy on the markets?
The question is all the more important that you adhere to the theory of incentives, whereas the adequate regulatory techniques are those that produce the desired behavior by regulated operators.
The issue is not whether the Regulating is included in spending. This is acquired. For example, in two years the banks move internal forces of certain services, such as credit, to the compliance department and regulation. The regulation may represent a very high share of costs: it lies in the fact that through compliance the regulatory system has internalized the costs of regulation in the firms.
But does it make to change the strategic choice of the operator on the market, not only increase the number internal processes?
Mr. Blankfein Lloys who also sits on the board of the Harvard Law School, asked about the question of whether the bank doesn't suffer from the pressure of regulations and supervisors replied that must be considered especially in the very design of technical systems to meet compliance but that for him, Regulation isn't really an annoyance: it is a "background noise". He compares it to music: something that he listens a lot, but while he is doing its job. Something which remains outside.
This means that Regulation occupies its technical regulatory services but doesn't affect its own work of invest bank president.
We can rejoice, since it shows that Regulation doesn't impede free enterprise and the operator's choice. One might worry if Regulation should have an "educational" function wanting influence how the president himself decides. In this case, Regulation must cease to be a kind of expensive elevator music.
It is not sure that regulators and supervisors have the same understanding
It is often argued that energy because it is a matter of sovereignty and because it is rooted in the territory, returns to the State. But it is resolutely towards Europe that Michel Derdevet pulls the whole system.
Probably by conviction, by will of a strong Europe and because there has economic power only when propped on energy. However, an energy system that is up by networks as in energy, we never doubted the convergence between the container and the content, meaning that the energy source is irrelevant whitout being carried, whitout being 'provided to users.
This construction of the networks is political and it is in terms of "mesh" that the report Michel Derdevet just submitted to the President of the Republic, François Hollande, presents a European project. In a way, it is not "revolutionary", as it is to finally fulfill the will of those who conceived Europe in 1945 through the coal, steel and energy, to a common Europe from which built the industry, not only for the reconstruction of Europe but for its economic dynamism and its common security policy.
In this, the European network of the transportation of electricity is essential. Yet it is to be done because the legislation of the European Union rather liberalized energy markets whitout building Europe of energy, leaving remaining national specificities. The result is what Michel Derdevet rightly called "inertia".
He therefore proposes the establishment of an "European industrial project." In this context, Michel Derdevet requires better definition of "model of norms and regulation", aiming in particular the structure of tariffs that include or not the R & D according to the Member States, claiming the alignment of the tasks of network operators and a price guarantee for users, which would facilitate investment. He stressed that national regulatory differences hinder the development of smart grids (and therefore the European market). Without a convergence of regulations, interoperability is not optimal, as it would allow Europe to be a major global player in energy.
Michel Derdevet therefore advocates regulation that goes to both a stronger European articulation, but at the same time which must be more "decentralized", for users to make better use of new uses of energy through the action of regulators they are close.
It is true that we are very far off ...
This is why the author asks what one favors "regulatory convergence". This is not only to harmonize rules but also to redirect them to detach the competitive prism to direct them to the long-term financing.
It is true that Europe's energy, without which a single industrial space can hardly be, can not actually do if the regulation does not resolutely takes over the principle of competition, competition remaining in the moment of exchange, while the Regulation is in the long term and what to take to designate as "industrial policy" which is nothing but a form of expression of the Political.
So what Michel Derdevet request, what ever that finally the arrival of a political Europe, the need for it finds its place in the global competition.
China begins to emerge from an administered economy. This applies as well to public services as to its method of financing of the economy. That is why is noteworthy the decision of listing of the subsidiary of Chinese subsidiary of the postal service, dedicated to postal express and logistic. Indeed, the Chinese financial regulator, the China Securities Regulatory Commission (CSRC) admitted on 4 may the listing of this one on the Chinese financial market. But, not only the purpose is to list an activity, certainly competitive, but organically attached to a public service, but also it's about to list a very important company. This occurs, and then while few Chinese companies are currently listed. In a single event, a double movement occurs: confidence in the mechanism of the financial market and the growing liberalisation of public services.
On 7 June 2012, in Copenhague, at the Institute of International Finance (IIF) analysed the impact of the new regulatory regime on banks, credit and systemic risk and the new challenges facing Europe. He took act that Zero growth is expected, european unemployemt is at 10%, many firms have difficulties to finance new projects and spending for innovation is down. I said that European leaders need to do more, even if they have already done much. They are obtaining a new fiscal compact, which requires very strict rules on government deficits and agreed on a close coordination of our national economic policies, notably though the "European semester" including a collective right to review the annual budget of each Member State before it is finalised. But to restore the citizens’ trust, Regulation must be developped.
The British Advertising Standards Authority (ASA) announced on September 1st, 2010 a revision to the Committee of Advertising Practice Code (the CAP Code), in order to handle consumer complaints and sanction non-compliant advertising on British websites. These new rules will be effective from March 1st 2011.
FRANCAIS
Le British Advertising Standards Authorithy (ASA — organisme britannique d'autorégulation de la publicité) a annoncé le 1er septembre 2010 une révision au Committee of Advertising Practice Code (The CAP Code — le Code des bonnes pratiques dans la publicité), afin de pouvoir répondre aux plaintes des consommateurs relatives aux publicités non-conformes sur les sites Internet britanniques, et de les sanctionner. Ces nouvelles règles entreront en vigueur le 1er mars 2011.
GERMAN
Die British Advertising Standards Authority (ASA - die britische Selbstregulierungsbehörde für die Werbebranche) hat am 1. September 2010 verkündigt, dass der Committee of Advertising Practice Code (the CAP Code - die Richtlinien für Qualitätsregeln in der Werbewirtschaft) so verändert wird, dass er für das Empfängnis und die Behandlung von Verbrauchersklagen gegen Internet-Werbungen zuständig wird. Diese Regel wird erst am 1. März 2011 im Kraft treten.
SPANISH
El British Advertising Standards Authority (la Autoridad británica de la autorregulación publicitaria) extiendo el CAP Code (el código des buenas prácticas publicitarias) para cubrir las publicidades que se encuentran en sitios de web británicos
El British Advertising Standards Authority (la Autoridad británica de la autorregulación publicitaria) anunció el 1 de septiembre 2010 una revisión al Committee of Advertising Practice Code (the CAP Code – el código des buenas prácticas publicitarias), para poder responder a las quejas y sanciones sobre las prácticas publicatarias no-conformes sobre los sitios de web británicos. Estas nuevas reglas entrarán en vigor el primero de marzo del 2011.
Rating agencies are in the eye of the cyclone, due to the ambiguity of the situation: by their status, they are simple operators but by their role are almost regulators. Governing the markets, the banks can not for the moment dispense with them. However, the rating market is oligopolistic. On August 1, 2012, the association of German public banks complained that the prices practiced by rating agencies are monopoly pricing. What is remarkable is that this a complaint is made not to the European Competition Authority, the Commission, but to the European Banking Authority (EBA). Thus, regulation is a tool and a wider tool more than is the competition.
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.
It was expected that the CEO of the Citigroup Bank receive for 2011 a salary of 15 million, a part immediately, and the other part deferred, and approximately 155 times the average earnings of employees, and while the Citigroup stock price fell from 45% in 2011. Consulting firms advised shareholders to express an unfavourable opinion to this draft resolution, presented in the General Assembly by the Board of Directors of the Bank under the Dodd-Frank Act. Two Consulting firms advised to deliver a negative vote, believing that compensation was disproportionate. Shareholders followed this advice.This is the second time that a such disapproval is expressed.
