The Directive innovates and improves the UCITS’ single market in three ways: first by recasting the 1985 Directive on UCITS in order to implement a simpler and harmonized regulatory framework (therefore improving UCITS’ marketing and investors’ protection) ; second, by providing for more cooperation between national and supranational regulators in order to secure and supervise UCITS’ single market ; third, by integrating the Directive into the Lamfalussy process as to ensure that its provisions be well-conceived, concurrently implemented by Member States and efficiently controlled by regulators.
FRENCH
La directive innove et améliore le marché interne des OPCV de trois façons : tout d’abord en réformant la Directive de 1985 sur les OPCVM de manière à instaurer un système de régulation plus simple et harmonisé (améliorant ainsi l’activité des OPCVM et la protection des investisseurs) ; en second lieu, elle met en place un meilleure coopération entre régulateurs nationaux et supranationaux de façon à sécuriser et mieux superviser le marché des OPCVM ; enfin, elle intègre la Directive dans le processus Lamfalussy afin de s’assurer de la qualité de ses dispositions, de sa transposition simultanée par les Etats Membres et de son contrôle effectif par les régulateurs européens.
GERMAN
Dank der OGAW Richtlinie von July 2009 richtet sich der Europäische Aktionsplan für Finanzdienstleistungen schritterweise nach mehr Liberalisierung sowie Regulierung der Binnenmarkt.
Die OGAW Richtline führt drei Reformen ein: Erstens wird die vorherige Richtlinie von 1985 verbessert, damit die Regulierung von OGAW leichter und harmonischer wird (und infolgedessen, damit der OGAW Betrieb und der Investorensschutz besser funktionnieren). Zweitens wird die Zusammenarbeit zwischen nationale- und europäische Regulierungsbehörde gefördert, um den OGAW-Markt sicherer zu machen. Und letztens wird die Richtlinie im Lamfalussy- Verfahren integriert. So werden die Qualität der Anordnungen der Richtlinie, ihre gleichzeitige Umsetzung der Richtlinie von Mitgliedstaaten und ihre tatsächtliche Überwachung auf der EU-Ebene gewährleistet.
SPANISH
Una Directiva visionaria sobre los OICVM: un nuevo paso hacia un mercado interno liberal, pero regulado en el sector de servicios financieros
La Directiva innova y mejora el mercado interno de los OICVM de tres formas: la primera, al relanzar la Directiva de OICVM de 1985 para poder implementar un marco regulatorio mas simple y harmonizado (lo cual mejora las acciones de los OICVM y la protección de los inversores); la segunda, al proveer más cooperación entre los reguladores nacionales y supranacionales para asegurar y supervisar el mercado de los OICVM; y la tercera, al integrar la Directiva en el proceso Lamfalussy para asegurar la calidad de sus disposiciones, su transposición simultanea para los Estados Miembros y su control eficaz por los reguladores europeos.
In Belgium, in December 2008, the Flemish Region issued a decree tariffing the injection into the electricity in the distribution network. The Belgian Energy regulator, the "Commission de Regulation de l’Electricité et du Gaz" (CREG – Belgian Regulatory Commission for Electricity and Gas), which has federal jurisdiction, challenged this Decree in the Constitutional Court; the regulator considered that the Region has no jurisdiction to establish such a tariff. By the decision of July 12, 2012, the Court gives reason to the regulator and cancels the order adopted by the Region, stating the need for a federal jurisdiction to adopt such tariff, in this case the jurisdiction of the regulator.
Complete reference : HODGE, Graeme A, BOWMAN, Diana M., MAYNARD, Andrew D. (eds), International Handbook on Regulating Nanotechnologies, Elgar Publishing, 2010, 640 p.
In the field of the competition law, due to the lack of ex-ante regulation device, the European Commission sued Microsoft for abuse of dominant position, in that the company refused to disclose to its competitors certain information on interoperability and to allow the use for the development of competing products.
The decision of sanction of the Commission of 24 March 2004 had established the abuse of dominant position by such behaviour and had chosen as a sanction the appointment of an independent trustee that can access the source code and ensure access to competitors.
The Commission, by decision of 12 July 2006, accompanied the operative part of the decision by a penalty payment. The Court of first instance of the European Union, seized by Microsoft for annulment, confirms the operative part of the decision, especially in view of the innovation criterion, but decreases the amount of the penalty payment.
Regulator, Otoritas Jasa Keua - Indonesia Financial Services Authority (OJK) established in this form at the end of 2014, aims to make new arrangements for financial institutions to provide funds to companies in a more wider than previously, in particular for the sole purpose of allowing companies to invest or to have working capital.
Financial institutions are now deduce that this change in financial regulation will produce itself an increase in the economic development of Indonesia.
► Full Reference: Journal of Regulation & Compliance (JoRC), Centre de recherche sur la justice et le règlement des conflits (CRJ) and Centre de recherche en économie (CRED) of University Paris Panthéon-Assas (Paris II), Compliance: Obligation, devoir, pouvoir, culture, ("Compliance: obligation, duty, power, culture"), Salle des Conseils, University Panthéon-Assas, Place du Panthéon, 12, Paris, June 13 & 14, 2023.
To registrer for a physical presence: anouk.leguillou@mafr.fr (the number of places is limited, you will be asked to confirm 48 hours before). To register for a online presence: ClickHERE
🧮The event takes place in the buildings Salle des Conseils of the Panthéon-Assas University (Paris II), Place du Panthéon, 12, 75005 Paris, on 14 June 2023 from 9:00 to 18:30.
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► Presentation of the theme: "The "Obligation" is at the heart of many disciplines. Compliance techniques very often take the form of obligations. But to mention only the first questions that come to mind and in cases, especially those that are referred to the courts, it is paradoxically not so much Contract Law and Tort Law that have been used, since Compliance Law is on the one hand often assimilated to the mass of applicable regulations and its unilaterality characteristic of Regulatory Law, the branch of Law that Compliance Law extends, and on the other hand it is often associated with ethics, morality, a shared culture, everything that seems to distance it from Obligation.
The notions of "duty" and "commitment" are increasingly taking their place in Compliance Law, although their scope is still uncertain. This is why, beyond the multiplicity of "compliance obligations", one may ask whether there is an "obligation to comply", what its definition would be and its relationship with everything that, in Compliance Law, is not one obligation.
It is the topic of this conference and the articles that will follow to identify what will be this hypothesis, which is becoming more and more frequent and could become the standard.
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Method chosen to deal with the topic: For contributing to what will later become the book on the Compliance Obligation, constituting its first chapter aimed at identifying what could be a definition of Compliance Obligation, the method is not to start from the legal instruments of compliance but rather for each of the contributors to draw on their discipline, which they has mastered technically, in order to project it and formulate what, on the basis of this previous mastery and according to his or her own conception, is or should be, or should not be, the Compliance Obligation.
Each speaker gives a half-hour presentation on his topic, which is followed by a 15-minute debate.
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The proceedings of this colloquium will form the basis of the first chapter in the books:
🎤Gilles Lhuilier, professor at the ENS of Rennes, director of the department Droit, Economie, Gestion
🎤Etienne Maclouf, professor of gestion at the Panthéon-Assas University (Paris II)
🎤Stéphane Mouton, professor of Law at the Toulouse 1-Capitole University
🎤Jean-Baptiste Racine, professor of Law at the Panthéon-Assas University (Paris II)
🎤René Sève, director of the Association française de philosophie du droit - AFPD and of the Archives de Philosophie du Droit - APD
🎤Marta Torre-Schaub, director of research at the CNRS,Institute of legal and philosophical sciences of the Sorbonne, University Panthéon-Sorbonne (Paris I)
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🔻 read a detailed presentation of the manifestation below:
Professor Salomão Filho served as a visiting fellow at the Max Planck Institute for Foreign and International Law in Hamburg (1993) and at Yale Law School through the John M. Olin Fellowship for Studies in Capitalism (1994-1995). He is Full Professor of Law at University of São Paulo Law School (2002) and visiting professor at the Institut d’Études Politiques, Paris. He is Vice President of the Market Arbitration Panel of the Brazilian Mercantile & Futures Exchange and São Paulo Stock Exchange (BM&FBovespa) and a member of the Arbitration and Mediation Center of the Chamber of Commerce Brazil-Canada.
