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Research on the EU regime of risk regulation for pharmaceuticals and foodstuffs based on an institutionalist approach to supranational risk regulation.

Full reference: Frison-Roche, M.-A., The control by regulator of the essential infrastructure manager's investment plan: example of electric network and the notion of "doctrine", Newsletter MAFR - Law, Compliance, Regulation, 24th of August 2020

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Summary of the news

On 31st of July 2020, the Commission de Régulation de l'Energie (CRE and French energy regulator) has examined the investment plan of the French electric network manager (RTE) as it does every year. This investment plan is an economic document but it also contains societal purposes, especially the adaptation of the electric network in order to integrate renewable energies. 

The control by the CRE is not a financial control. The crucial operator (RTE) is free to decide the way it wants to manage its budget. The CRE just advices on the financial side by recommending for exemple to be more flexible in its financial strategies. The true CRE's control is about the investment plan's general orientations, the methodology of needs analysis and crucial operator's investment choices which must be aligned with those of the regulator.

Such a control leads to the emergence of an "investment doctrine" from the side of the crucial operator, mixing its own choices and the regulator's guidelines. Beyond this, the elaboration of the investment plan is the result of a true co-writing between the regulator and the firm which discuss together, exchanges points of view and methods. Such a method, expressing a kind of coregulation, could be used in other sectors. 

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On 31 May, 2012 Mr Jörg Asmussen member of the Executive Board of the European Central Bank, said at a Conference behind closed doors in Frankfurt that the situation of Europe requires the establishment of an integrated supervisory banking in the euro area on the more systemic banks, which we can assess the number to 25. To do this, they should be supervised directly by a supranational regulatory authority and not by their national authority. Reuter was in favour of this statement. The European Central Bank spokesman confirmed the quote.

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Definitive ratification of the 'three-strikes' riposte system concerning illegal downloading as part of the Hadopi II Act

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.

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