On January 30, 2010, the "Commission des sanctions" (Sanction Commission) of the French Financial Markets Regulator ("Autorité des Marchés Financiers" -AMF) has sanctioned, by administrative fines, two fund managers to have used inside information, what constitutes a breach of insider trading prohibited by the "Code monétaire et financier" (French Monetary and Financial Code). On Field probation, the "Conseil d’Etat" (French State Council) admits that without direct evidence, the regulator may settle for a body of evidence from which it follows that the action on the market of those prosecuted may restrict explained by the detention of the information in question. But concretely, the Council of State considers that the only information provided to managers do not back the transaction (an IPO) and do not constitute an implicit revelation. The sanction decided by the regulator is broken.
In the Unites States, the Federal Act, the Interstate Wire Act, is now performed by the Department of Justice as that only prohibiting sports betting and not poker online. In addition, States have to make arrangements if they want to liberalize the game of poker online. In February 2012, there is that many States have explicitly maintained the ban, only having liberalized and permits issued for Nevada.
Comparison of various models of risk regulation in order to understand how those systems shape the relationship between law and science and how they attempt to overcome the public’s distrust of science-based decision making in the EU.
The European Commission, sensing potential anticompetitive behaviour in the pharmaceutical sector, conducted an inquiry into this sector, and adopted its final report on the matter on July 8th 2009. The Commission’s suspicion was that anticompetitive behaviours could be slowing down the entry of generic drugs into national markets, whereas the burden of drug spending on public finances and public health policy make rapid generic entry an important issue. The Commission concluded that delays are due in part to pharmaceutical companies’ behaviour, especially as concerns the use they make of their intellectual property rights.
However, on the other hand, one may also sustain that the strategic use of an acquired legal right is no less than legitimate, and that public health policy is a matter for national regulation. Indeed, it is for Member States, rather than European competition law, to determine the level of healthcare coverage that their society is financially willing to bear.
Thierry Fossier holds a doctorate in law from the Université Panthéon-Assis (Paris 2). He defended his thesis on the subject of Civil proceeding applied to personal and family law in 2001. (...)
After a video recording of his first conference devoted to the relations between Regulation and Supreme Courts, The Journal of Regulation published a book on the future of the audit, based on another conference. This present document, written in French worked with KPMG, from conference co-hosted with this company and the "Ecole de Droit de la Sorbonne", is devoted to the debates around banking regulation and its impacts. The challenge is to enable the persons concerned, that is to say to all citizens to express their opinion on an issue that concerns them directly, but whose technical dimensions, real or serviced, stand them aloof.
FRENCH
Après sa vidéo retraçant sa première conférence consacrée aux relations entre la régulation et les Cours suprêmes, le Journal of Regulation a publié un libre sur L’avenir de l’audit, consacré sur la conférence suite. La présente publication, écrite en française, élaborée avec KPMG, à partir de la conférence organise avec celle-ci et l’Ecole de Droit de la Sorbonne, est consacrée aux Débats autour de la régulation bancaire et ses impacts. L’enjeu est de rendre les personnes concernées, c’est-à-dire tous les citoyens, aptes à exprimer leurs opinion sur un sujet qui les concerne tous directement mais dont la technicité, réelle ou entretenue, les tient à l’écart.
Cass R. Sunstein is a prominent Law & Economics teacher (first at the University of Chicago, then at Harvard). Not only has he written reference handbooks on Regulation, he was also the one who inspired the Regulation policies of Obama. In his 2013 book Simpler, he expresses his stance: to be better, public policies need to be simpler.
In this essay, Sunstein explores how behavorial economics might lead to improve public decision-making processes. He bases its stances upon his experience as the Administrator, from 2009 to 2012, of the US Office of Information and Regulatory Affairs; that is why anyone who cares about Regulation should read it and ask themselves if simplicity, as the author states, may or may not be an actual leading principle for an effective government.
The OIRA, under the supervision of the Office of Management and Budget placed within the Executive Office, reviews the draft Regulations that are prepared by the cabinets of various rulemaking agencies. In this view, the OIRA can be regarded as a sort of custodian of the quality of Regulation throughout the US; conversely to the mainly consultative functions granted to the Conseil d'Etat in France, the OIRA's opinions are binding. Hence, a draft project shall not be issued nor be enforced without its prior consent. Part of OIRA's defining mission is also to centralize all the information held by diverse people within the executive branch, as to enable its access and circulation between all the rulemaking agencies responsible for elaborating and producing binding regulations.
Simpler is dedicated to the detailed study of the main decisions taken under Sunstein's decisive influence by the OIRA in the Regulation field during Obama's first mandate (2009-2012). Before taking up government functions, Sunstein focused part of his academic work on the interactions that are the most likely to occur between behavioral economics, law and public policy. To him, "a general lesson is that small, inexpensive policy initiatives, informed by behavioral economics, can have big benefits" (p. 41). He namely provides that "without a massive reduction in its current functions, government can be far more effective, far less confusing, far less counterproductive, and far more helpful if it opts, wherever it can, for greater simplicity" (p. 11).
This reference to 'simplicity', from which the name of Sunstein's essay stems, aims at translating all the efforts done by public authorities, under the supervision of the OIRA, to issue rules that were clearer and more accessible than before and that provided their subjects (whether they are citizens, companies, or federal administrations) a greater freedom in the choices they were able to make.
Throughout his book and with a little help from the various situations he had to face during his term at the OIRA, Sunstein shows that there is a virtuous relationship between a better information of the agents (whether they are the authors or the subjects of the norms at stake), a greater simplicity in public decision-making process and a better quality of the regulations meilleure qualité de la réglementation in force in a State. This paper hence aims to sum up the main points of the essay (I.), before making a few comments about it (II.).
In February 2011, the "Autorité de régulation des jeux en ligne" (ARJEL – French Online Gambling Regulatory Authority) has asked Pokerstars to shut down its Home Games, which the online gambling site has agreed to do. After that,the regulator has written to all operators to remind them that any modification of their platforms must be submitted to it for prior approval. This appoval has been given on may, 12, 2011. The Home Game is reserved to players, which account member has been validated by Pokerstar.
ITALIAN
Relazione tematica (Scommesse): L’autorità francese di regolazione dei giochi on line (ARJEL) ha omologato il The Home Games’ Pokerstars, dopo aver annullato
Durante il mese di febbraio 2011, la "Autorité de régulation des jeux en ligne" (ARJEL – l’Autorità francese di regolazione delle scommesse online) ha richiesto alla società Pokerstars di interrompere il suo Home Games e la società si è conformata a tale richiesta. Successivamente, l’Autorità di regolazione ha scritto a tutti gli operatori ricordando che ogni modificazione della loro piattaforma dovrà essere sottoposta alla sua autorizzazione. Il 12 maggio 2011, è stata concessa questa autorizzazione. The Home Game è dunque riservato a degli utenti, il cui account è stato controllato e confermato da Pokerstars.
The Morocco is overhaul its system of financial regulation. The Dahir related the Regulatory and Public Offering Authority was approved by the Council of the Government on April, 11 2012. The Conseil déontologique des valeurs mobilières (CDVM) - Council for the Code of Ethics in Securities is now called l’Autorité Marocaine du marché des Capitaux (AMMC) (the Moroccan Authority of capital markets). The Bill justifies the change of name and the use of the word "authority" by the wish expressed to ensure the independence of the Regulatory Authority and the reference to its monitoring power. This is takes the form of new powers for the Regulatory Authority which allows it to require information and sanction infringements. The Regulatory Authority establishes the standard form that any corporation interest in conducting a public offering must complete to receive the approval from the Regulatory Authority. The use of inside information is prohibited. The Bill organises the regular dissemination of information on the initiative of companies which conducted a public offering.
On April 10, 2012, the Italian Ministry of Economic Development, Mr Corrado Passera, declared that the frequencies of digital terrestrial television (DTT) have a significant economic value and that it is not fair that the State, which owns it, gives them for nothing. This is why Mr Corrado Passera will implement the policy decision announced by the Council President, Mario Monti, who want to organise auctions to sell these frequencies to the highest bidder. "The auctioning will be made by frequency packages". The model of auctioning will be the same as that followed for the 4th generation mobile phone frequencies. In France, the frequencies are sold in telephony, but not in audiovisual material.
