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The pay affected by the first hundred American companies to their best paid corporate officersrepresent more than 2 billion, notably because they include stock options. For the moment, the provision of the Dodd-Frank Act requiring companies to publish the ratio between the remuneration of the officers and the average remuneration of employees, whose the Securities Exchange Commission (SEC) must control effectiveness, is not currently observed.

It quarrels on the best model of banking regulation, but the key is to determine the criteria against which we fight. However, two representatives of the Bank of England, during the global meeting of central bankers in Jackson Hole in the US, have appointed what they believe to be the relevant criterion: simplicity. In a short intervention, they stressed that the North American banking regulation would make about 30,000 pages and 60,000 pages for the European Union. Entitling their speech "Dog and Frisbee", they said that it is equivalent to require that a dog learns Newton's laws before catching the Frisbee. Under these conditions, many would would like to return to Glass-Steagall Act, the mere fact that this law was simple.

The French telecommunications and postal regulator (ARCEP ­– Autorité de regulation des communications électroniques et des postes) has prepared a project of pricing of mobile call termination, that is to say the amount that an operator must pay to reach another user. Thus, when a subscriber of Orange mobile calls a subscriber of Free mobile, Orange gives money to Free. Inversely, when a subscriber of Free mobile calls a user of Orange mobile, Free gives money to Orange. The regulator notes that Free mobile, new entrant, have less subscribers than the three operators, and will therefore receive less money than the others. It's the reason why, it justify to his advantage a temporarily higher pricing, the time it finds its place in the competitive market of mobile phone. On April 12, 2012, the European Commission publicly expressed that the principle of an asymmetric pricing policy is insufficient. The French telecommunications and postal regulator (ARCEP – Autorité de regulation des communications électroniques et des postes) has responded by standing that the principle of asymmetrical pricing was not sufficient and that justifications will be provided.

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.). 

Two North American representatives to the Congress introduce a Bill organising exchanges of information between private undertakings, mainly the Internet Service Providers, social networks, search engines and the National Security Agency (NSA). The purpose is to protect sites against cybercrime, espionage, etc. Undertakings expressed their disagreement regarding the previous project aims at organising the access to their data stored in favour the FBI (the Federal Bureau of Investigation) to serve the security of the country, are this time in favour of the Bill, because it protects their systems, but the associations of the defence of fundamental freedoms are opposed, by referring to the fourth amendment, which protects every citizen of any non-motivated order for seizure. Fixed on April, 23 2012, the confrontation have since been gained strength, the registration to vote was cancelled and postponed sine die.

This article will be printed soon in a book ouvrage of collection "Droit et Economie" de LGDJ (Lextenso édition), CONCURRENCE, SANTE PUBLIQUE, INNOVATION ET MEDICAMENT

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.

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 published on April 11, 2012, a follow-up and summary report of on the application of the third directive "Anti-Money Laundering " which gives a community value to on international standards adopted by the Financial Action Task Force (FATF). This is to protect the financial system against the money laundering. The report assesses the effectiveness of the application of the directive and points out the need for change. The Commission requests that the standards for the detection of risk of money laundering are better targeted and oriented in the gambling sector. It also suggests that tax offences be regarded as offences of money laundering. As individuals, the report requires to banks and other professionals to increase their due diligences requirements. It also covers the "persons politically exposed", that is - to say those may be corrupt. The report finally requests a special assessment on the application of the Directive to independent legal professionals, including lawyers, subject to the legal obligation to report .

After an assessment critical rating agencies, on their role in the crisis, on the concentrated nature of the market of the notation, the report published on 18 June 2012 by the French Senate proposes a series of action to "detoxify" the system. It indicates with the same voluntarism that there is no fatality, it proposes that central banks resumed their role more firmly, that the States publish a call for tenders to encourage the emergence of a new European private actor to which the methodology will be imposed, we diversified the notes, we disciplined " ex-post" agencies by the game of responsibility, that we loosened the power of the agencies on the democratic entities, including States, that can prevent conflicts of interest.