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On June 25, 2012, ESMA has published a draft text to regulate the market for over-the-counter derivatives, providing this text for consultation until September. It is of course ironic "regulating" a system of "over the counter", which consisting an oxymoron: a "over the counter regulated". This is why the European Securities and Markets Authority (ESMA) in a roundabout way. Firstly, its project aims at to bring transparency in the system, which it says that the dysfunction is related to the market is held primarily by bilateral relations between banks. Secondly, it envisages a system of warranties, failure of consideration, brings financial and banking regulation. Thirdly, it aims to better supervise the clearing houses, their status of which would be a "crucial operator" is better recognized.

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This is the drama of the summer and the case of the Mistigri: in what game drag one that will drop the player? Indeed, it pretends to discover that the purely declarative Libor system works by the good of those who declare, namely the banks. If one day a child said that the King is naked... This day was June 28, 2012, when the Financial Services Authority condemned the Barclays for manipulation of course. Since then, is the head, the bulk of support as the other? Thus, the FSA condemns. Well takes it, since the Government asked him to consider a reform of the Libor. On 10 August, the FSA makes first conclusions, to an increase in the powers of the FSA. But the English Parliament responded on 18 August, stating that if the FSA had a little more control this before, nothing would have occurred. Oh, what beautiful summer...

Yaping Liu is an associated professor at Sun Yatsen University (China). She is currently the executive editor of Public Management Review (China), director of department of Public Administration in Sun Yatsen University. (...)

 

ENGLISH 

The word "regulation" is fashionable, and so is what it is supposed to refer to; but the notion actually refers to many different situations, which can be a source of confusion. Of course, regulation is all about improving market functioning; but we also have to admit that the measures that regulation must take to accomplish this are not the same in situations where competition malfunctions, as opposed to situations where there is no competition at all.

But, there must be a preliminary agreement on the goals that regulation must pursue. Specifically, is competition an end in itself, or simply a way to best cause economic actors to unwittingly pursue the public good?

I venture to suggest that we cannot usefully speak about regulation without defining what it is intended to accomplish...

FRENCH

Article: deux régulation?

Le mot « régulation » est à la mode, comme ce qu’il est censé désigner ; mais la notion couvre, en fait, des situations très différentes, ce qui est source de confusion. Il s’agit, certes, de mieux faire fonctionner le marché ; mais on conçoit que les mesures à prendre ne soient pas les mêmes dans les cas où la concurrence fonctionne mal, par opposition à ceux où il n’y a pas de concurrence du tout.  Encore faut-il au préalable s’entendre sur les objectifs poursuivis. Plus précisément, la concurrence est-elle une fin en soi, ou seulement un moyen de voir les acteurs économiques, sans le savoir, oeuvrer au mieux pour le bien public? J’oserai avancer qu’on ne peut traiter utilement de la régulation sans en connaître l’objet ...

GERMAN

Artikel: Zwei Regulierungen?

Das Wort "Regulierung" ist heutzutage modisch, sowie ist, was angeblich hinter dem Begriff steckt; Jetzt aber bezieht sich der Begriff auf viele verschiedenen Situationen, was zu gewisser Verwirrung fürhen kann. Zwar strebt Regulierung danach, das Funktionieren den Märkten zu verbessern. Aber wir müssen annehmen, dass die notwendigen Massnahmen nicht diesselbe sind, wenn der Wettbewerb nicht vollständig läuft, und wenn der Wettbewerb überhaupt nicht existiert. Ausserdem müssen wir uns über die Zielsetzung einigen. Und zwar, ist  Wettbewerb ein Ziel an sich oder ist trägt er nur dazu bei, die Wirtschaftsakteure ungewiss dazu zu veranlassen, zum öffentlichen Allgemeingut beizutragen? Ich behaupte, dass man nicht nützlich über die Regulierung sprechen kann, ohne ihren Gegenstand zu kennen...

SPANISH

¿Dos regulaciones?

La palabra ‘regulación’ está de moda, tal como lo es a lo que se supone que se refiere; pero, de hecho, esta noción se refiere a varias situaciones, lo cual puede dar lugar a cierta confusión. Claro, la regulación se trata de mejorar el funcionamiento del mercado; pero también debemos admitir que las medidas que debe tomar la regulación para cumplir con esto no son las mismas en situaciones donde la competición sufre de un fallo, en contraste con situaciones en donde la competición ni existe.

De todas maneras, debe haber un acuerdo preliminar sobre los objetivos que la regulación debe de seguir. Específicamente, ¿es la competición un fin en sí mismo, o es simplemente una manera de causar que los actores económicos persigan inconcientemente la bien público?

Me atrevo a sugerir que no podemos hablar efectivamente sobre la regulación sin definir qué se supone que debe de lograr.

  

ITALIAN

Articolo : Due regolazioni ?

 

La parola « regolazione » é alla moda così come il suo contenuto. Tuttavia questa nozione si riferisce a molteplici situazioni e ciò può costituire fonte di confusione. Certo, la regolazione consiste nel migliorare il funzionamento del mercato, ma dobbiamo ammettere che i provvedimenti che la regolazione deve attuare al fine di raggiungere questo scopo, non sono gli stessi quando si è in presenza di distorsioni della libera concorrenza oppure quando, in altri contesti, la libera concorrenza non c'è. Pertanto, è necessario che vi sia un accordo unanime sugli obiettivi della regolazione. In particolare, la concorrenza è lo scopo, o semplicemente il mezzo per far in modo che gli operatori economici agiscano involontariamente a fini di bene pubblico? Direi che non possiamo parlare della regolazione senza definire i suoi obiettivi…

 

 

CHINESE

记事：双重监管 ?

“监管”一词是流行的，并且本应也是具有指向的。但事实上，此概念包含的情形具有很大差异性，并会由此导致混淆。诚然，与垄断相比较，监管对于市场运行的确会起到改善作用。然而我们不得不承认在面对不规范竞争时，监管的程度却是不同的。但是监管的必然继续却是世界范围内的初步共识。更确切地说，竞争本身是一种目的，或仅仅是一种对于经济参与者而言无意识地追求公共利益的方式 ?在此，我冒昧地提出由于缺乏对于监管客体的认识进而会致使我们不能够对其进行有效的研究…

 

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.

The ambition of this thesis is to identify the notion of regulation, but strictly limits itself to French administrative law. To do this, the author skilfully identifies the 'act of regulation', created by Independent Administrative Authorities to effectively carry out their regulatory tasks. This is both a functional definition, using the notion of 'mission', and a methodological one, with its permanent reference to Independent Administrative Authorities.

The Algerian population is heavily access the mobile phone. Operators had designed special offers, including the terminal itself and a "pre-paid" said contract, the subscriber having a consumption credit, thereby decreasing by the use. The Algerian Telecommunications regulator, by a decision of March, 7 2012, has purely and simply prohibits this type of offer, while she oversees other type of promotional offers. This prohibition is criticized in that it breaks the dynamics of the market, 95% of the customers do not have the opportunity to access to another service than prepaid subscription and being excluded from access to the mobile terminals. It is advocated by others, that only subscriptions giving rise to payment after the use correspond to a mature market, with creditworthy customers and more complex services. The regulator did not intend to speak on this issue.

Guidelines are already emerging to what extents the financial supports provide by Member States to broadband networks are compatible with the principle of prohibition of State aid. The open public consultation launched the 1st June until September 3, is part of the more general approach of the Commission to change its guidelines for State aid and in the "digital strategy" of the European Union. It asked to those who respond to the consultation to have the concern to conceive aids to remedy market failures, to encourage investment and to introduce new players. By these signs, we measure it is a regulatory approach.

2011, 13 may, n°2011-126 (QPC), Société Système U Centrale Nationale et autre