the Journal of Regulation

Sept. 16, 2015

Events

Symposium of the Journal of Regulation : INTERNET, SPACE OF INTERREGULATION (in French : INTERNET, ESPACE D’INTERRÉGULATION)

Attendance at this conference can be validated under the continuing education of lawyers of Paris Bar.

After the holding of this conference, a French-written book will be published in the Regulations Series, edited by Marie-Anne Frison-Roche, in the French Publisher Dalloz.

Initially the Regulation assumes the consideration of technical objects (telephone, airplane, train, wheat, currency, electricity, etc.). This practical perspective opposes the abstract view of competition law that neutralizes objects by their monetary evaluation and the elaboration of a "fair price" obtained by the meeting of supply and demand in a market.Thus, each technical object has developed specific regulation as in a cottage garden: banking regulation, financial regulation, railway regulation, telecommunications regulation, power regulation, gaming regulation, horse races regulation, and so on. The body of rules and institutions were built, unique to each object, more effective than the behemoth that is the State in charge of all these so different objects and pursuing so many objectives that it was criticized for its inefficiency.

But different technical objects are not isolated from each other. As financial products have long taken the other items as "underlying". More Internet has introduced a novelty that could be radical.

Indeed, the Internet allows a circulation seems unhindered benefits that fall most often regulated sectors (financial services, health service, audiovisual services, etc.). Moreover, new objects appear, the "connected objects" whose creation is based on the Internet's ability to set effective relationship hitherto separate sectors, eg telecommunication and health services (the "connected health ).

Therefore, the Internet, which is often presented as a regulatory desert, appears as a jumble of different regulations, which contradict or are deformed by passing in the virtual world and crossing or even clashing with other regulation. So Internet would appear at first glance as a "space of interregulation".

The conference of 16 September 2015 dedicates its morning to draw up a diagnostic for measuring the "needs" of the Internet interregulation, so that the afternoon will allow to develop some "solutions" to interregulation. On this occasion, we can measure whether it will adapt traditional regulations because of new technologies and new uses, or more radically rethink sectoral regulations and regulatory law because Internet

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Europe

European Securities and Markets Authority (ESMA)

http://www.esma.europa.eu/
ESMA
CS 60747
103, rue de Grenelle
75345 Paris Cedex 07, France
+33 1 58 36 43 21
info@esma.europa.eu

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May 15, 2014

02. European Union

Regulation of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments

Complete reference : Regulation EU n°600/2014 of the European Parliament and of the Council of 15 Mai 2014 on markets in financial instruments and amendin Regulation EU n°648/2021.

Read the Regulation.

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Feb. 26, 2013

05. Court of Justice of the European Union

Decision of 26 February 2013, Åkerberg Fransson

To read the judgment.

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April 8, 2015

Doctrine

MIF II : Les nouvelles exigences en matière de protection des investisseurs

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Dec. 15, 2014

Breaking news

The European Directive of 22 October 2014 on non-financial information and commitments to diversity taken by large enterprises credits autoregulation of power to create collective wealth

The European Directive of 22 October 2014 ot the European Parliament and of the Council as regard disclosure of non-financial and diversity information by certain large undertaking and groupe comes from afar.

Some present it as a step of an "irrestible rises of Corporate Social Responsabilité. This text would be a a "step forward" and a "strong signal".

It is true the Directive of the European Parliament and the Council follows a consultation conducted for several years by the European Commission on the subject of Social Responsibility. Whatever might have said the "stakeholders", the Directive contains the same lines tham the European Commission Communication of 13 April 2011, adopted on 25 October 2011 on the topic.

It is difficult today to oppose "Hard Law" and "Soft Law": Law hardens gradually. Thus, from the "communication", we went to the "resolutions", whose status remains uncertain, both a communication firmer but less binding than a law, since resolution is only for its author ... Thus Parliament in its resolutions of 6 February 2013 'resolved' to design an "inclusive" vision of the corporate action, to dance together profitability and social justice. To get by, it must suffice to say that the Social Responsibility Company is "multidimensional" ... Guidelines of the European Commission (non-binding) will explicit. Wait and see.

Following a series of obligations on information that companies must make available "to the public and authorities." Thus, companies must do the work instead of public authorities themselves. The provisions relating to non-financial information are mandatory and standardized. They are particularly demanding on the environment.

But when the text provides more substantial obligations, such as making the activity business less polluting, the Directive simply ask the member states to encourage companies to adopt "best practices" in the field. The market itself is incitative, in particular for making boards of large corporations more diverses. Because the principle is the belief that "investor access to non-financial information is a step towards achieving the goal of effective .... Europe in the use of resources," in a regulatory context of a "smart, sustainable and inclusive" growth".