It regulates not only financial markets and also insurance companies.
It presents its mission in its website :
"FINMA's mandate is to protect creditors, investors and policy holders and ensure the smooth functioning of the financial markets. Through consistent supervision and predictable regulation, we make an important contribution to safeguarding the stability and good reputation of the Swiss financial centre, and consequently to enhancing its competitiveness."
Some says that defining Compliance is a theoretical and non useful exercice that should be left aside to tackle the study of concrete technical cases. However, to be able to use Compliance tools, it is first necessary to have a clear, firm and simple idea of what is Compliance. Moreover, the future of this new branch of law intensely depends on the definition we choose to use.
Compliance Law gives to some crucial private firms new responsibilities such as the one to fight against global dangers or the one of saving the planet. In this, Compliance Law can be perceived as a kind of new deal between the private sector and public authorities, with the only difference that this time the consent of the private sector is not required.
Some would say that the concretization of such projects is the duty of the State and that private firms, if they must respect the rules, do not have to find a way to concretize a "monumental goal". However, the world face new and systemic dangers in the face of which the State alone is powerless, technically or geographically, and against which crucial companies can act.
It is not about, as some advocate to put human being aside of Compliance Law by letting machines decide. It is about placing the human being and its protection at the heart of Compliance Law. In this, Compliance Law can become a new humanism.
Available in several languages, the document is titled: Dynamic telecoms market requires modern legal bases.
End of the document, the Confederation reports that it raises that State presence in the capital of Swisscom is legitimate (information that hasn't perhaps belong in a consultation document).
The consultation document intends to proceed with a progressive review". A first step of review will take place late 2015.
First, it will focus on international roaming, for which Swiss prices are too high but for which the ceiling price technique is rejected, the protection of youth or the need for market participants to register including Internet players.
In addition, the consultation focuses on increasing access to networks, including passive infrastructure, to increase competition. It is envisaged to grant the Federal Communications Commission (ComCom) ex officio powers.
Other issues will be discussed after 2015, for example universal service and neutrality in order to "not to break the dynamics of investment."
Operators have already protested about the narrowness of the consultation, in particular because the issue of optical fiber is not asked!footnote-5.
It is often argued that energy because it is a matter of sovereignty and because it is rooted in the territory, returns to the State. But it is resolutely towards Europe that Michel Derdevet pulls the whole system.
Probably by conviction, by will of a strong Europe and because there has economic power only when propped on energy. However, an energy system that is up by networks as in energy, we never doubted the convergence between the container and the content, meaning that the energy source is irrelevant whitout being carried, whitout being 'provided to users.
This construction of the networks is political and it is in terms of "mesh" that the report Michel Derdevet just submitted to the President of the Republic, François Hollande, presents a European project. In a way, it is not "revolutionary", as it is to finally fulfill the will of those who conceived Europe in 1945 through the coal, steel and energy, to a common Europe from which built the industry, not only for the reconstruction of Europe but for its economic dynamism and its common security policy.
In this, the European network of the transportation of electricity is essential. Yet it is to be done because the legislation of the European Union rather liberalized energy markets whitout building Europe of energy, leaving remaining national specificities. The result is what Michel Derdevet rightly called "inertia".
He therefore proposes the establishment of an "European industrial project." In this context, Michel Derdevet requires better definition of "model of norms and regulation", aiming in particular the structure of tariffs that include or not the R & D according to the Member States, claiming the alignment of the tasks of network operators and a price guarantee for users, which would facilitate investment. He stressed that national regulatory differences hinder the development of smart grids (and therefore the European market). Without a convergence of regulations, interoperability is not optimal, as it would allow Europe to be a major global player in energy.
Michel Derdevet therefore advocates regulation that goes to both a stronger European articulation, but at the same time which must be more "decentralized", for users to make better use of new uses of energy through the action of regulators they are close.
It is true that we are very far off ...
This is why the author asks what one favors "regulatory convergence". This is not only to harmonize rules but also to redirect them to detach the competitive prism to direct them to the long-term financing.
It is true that Europe's energy, without which a single industrial space can hardly be, can not actually do if the regulation does not resolutely takes over the principle of competition, competition remaining in the moment of exchange, while the Regulation is in the long term and what to take to designate as "industrial policy" which is nothing but a form of expression of the Political.
So what Michel Derdevet request, what ever that finally the arrival of a political Europe, the need for it finds its place in the global competition.
Supervision and regulation authorities' impartiality and independence are conditioned to the fact that their members do not have any conflict of interest with the sector that they supervise or regulate. Such an absence of conflict of interest is necessary to guarantee a climate of trust between the authority and operators. This supposes that regulation and supervision authority members do not cumulate functions of operator and of regulator/supervision during but also after their mandate in the regulation/supervision authority because the anticipation of a future hiring can influence present decisions.
On 2nd of August 2019, the executive director of the European Banking Authority (EBA) informed the authority of its willingness to become PDG of the Association des marchés financiers en Europe, lobby of the financial sector. EBA approved this perspective. However, "Change Finance", a civil coalition, sized the European Mediator explaining that such a professional reorientation created an inevitable conflict of interest. The European Mediator reacted on 7th of May 2020 through a recommendation saying that although EBA took preventive measures, theses measures are not sufficient with regard to the risks. In this recommendation, the European Mediator also made some general propositions to manage future conflicts of interest:
The interdiction for senior managers to have positions able to create a conflict of interest for two years.
The information of senior managers and candidates to senior managers positions of the actual rules.
The implementation of internal procedures blocking access to confidential information to the member who notified its willingness to occupy later a position able to constitute a conflict of interest with its current position.
In a letter of 28th of August 2020, the president of EBA told to the European Mediator that he accepts these remarks and propositions.
In this particular case, we can draw three lessons:
The difficult articulation between independence/impartiality (necessary for trust) and regulator/supervisor expertise. The European Mediator and the ABE are agree that the interdiction to get some positions must be limited in time.
The necessity that everyone can anticipate rules correctly.
Released in 2011, this special issue focuses on "Supervision" in terms of systemic risk, while the last was on "Regulation" under the same theme.
In order to prevent the next crisis, the will appears to extend the supervision, including on "non-banks", such as insurance companies, and to strengthen it, particularly with regard to the means of control, surveillance and punishment powers of supervisory Authorities.
Complete reference: Revue d'Économie Financière, Le risque systémique - 2. Repenser la supervision, n° 101, mars 2011, Paris, 288 p.
This conference aims to better understand the legal mechanisms for international regulatory mechanisms of water, especially in view of climate change, to articulate the role of states and private investment contracts, to understand the legal nature of water as a "resource" but also as "human right" especially in view of the determination of its price, and to mesure the legal consequences of globalization on the matter.
Season 2 Episode 3 of the British version of the series "Criminals" features the character of Danielle. Danielle is a mother which has decided to hunt down pedophiles on social networks in order to trap them and show to the world their acts. Danielle insists on the efficiency of her action with regard to the police and justice that she finds unproductive. In the episode, Danielle is accused of defamation by the police. While policemen try to explain to Danielle the importance of using a regular procedure and to respect the Rule of Law aiming to prove its accusations, she makes efficiency her only principle. According to her, her methods get results (on the contrary of those used by the police which respect procedures) and those she accuses to be pedophiles do not deserve defense rights.
We can learn three lessons from Danielle's story:
If Compliance Law is just a process of application of mechanical rules, then Rule of Law is not salient face to the principle of efficiency. But, if Compliance Law is defined by its "monumental goals" and that the respect of Rule of Law is erected in "monumental goal", then efficiency and Rule of Law become compatible and congruent.
The digital space must be disciplined by crucial digital firms supervised by public authorities, like in France or Germany for hate speeches and disinformation.
Compliance Law, and Law in general, must be pedagogue towards individuals as Danielle which do not understand why their behaviors are reproachable.
The activity of money laundering is detrimental not only in itself but also because it permits the development and the sustainability of other criminal activities such as drug trafficking, weapon trafficking or human beings selling. Fighting against money laundering could permit to indirectly fight against these underlying activities, by the way very difficult to fight. Thus, the fight against money laundering has become a "monumental goal", which justifies the adoption of tools sometimes much more powerful than those used by classical criminal Law. For the sake of efficiency, the legal obligation to prevent money laundering is given to every body able to do it, as banks, real estate agents or gaming society, under the penalty of sanction.
On 10th of August 2020, the Luxembourgish financial market supervisor convicts the International Bank of Luxembourg to pay a fine of 4,5 millions of euros because of weaknesses detected in its process of fight against money laundering. However, when the sanction has been pronounced, the bank had already remedied the weaknesses identified. It is important to observe that what is important for Compliance Law, it is not that a non compliant behavior is punished but rather that the crucial firm modifies its behavior in order to being more efficient in the realization of the "monumental goal", only concern of the public authority. Thus, an Ex Post sanction against the crucial operator is not an end in itself and can be justified only if it permits to incite the crucial operator to act or rather to desincite to do anything. Compliance Law is an Ex Ante legal system.
Online gambling is becoming a worldwide phenomenon. Whether it be card games, lotteries, or betting on sports games and races, more and more customers flock towards websites that operate games of chance online, often without any sort of government control or supervision. Customers are attracted to the facility and privacy of these services, and especially the higher rate of return on their outlay than provided in physical casinos or betting services. However, physical gambling and betting are amongst the most universally regulated sectors: cultural and public policy differences play a very significant role in explaining the differences in regulation found in this sector.
FRENCH
Article: Une analyse comparative de la régulation des jeux en ligne
Jouer en ligne est désormais un phénomène mondial. Qu'il s'agisse des jeux de cartes, des loteries, ou des paris sportifs et hippiques, de plus en plus de clients affluent vers des sites Internet qui organisent des jeux de chance et de hasard sur Internet, souvent sans aucune forme de supervision ou de contrôle étatique. Les clients sont attirés par la facilité et la confidentialité de tels services, et surtout le taux de retour plus élevé sur leurs mises que dans un casino ou service de pari physique. Cependant, les jeux d'argent physiques sont parmi les secteurs les plus régulés: les différences culturelles et d'ordre public jouent un rôle important dans l'explication des différences dans la régulation de ce secteur.
GERMAN
Artikel: Vergleichende Analyse der Regulierung von Online-Wetten
Online-Wetten sind dabei eine weltweites Phänomen zu werden. Ob Kartenspiele, Lotterien oder Sportwetten: mehr und mehr Kunden strömen auf die Seiten von Online-Wettmachern, die ihr Geschäft oft ohne jegliche staatliche Kontrolle oder Aufsicht betreiben. Gelockt werden die Kunden durch die Vertraulichkeit und Mühelosigkeit der Online-Spiele, aber auch durch die höheren Returns auf ihren Einsatz im Vergleich zu traditionellen Casinos. Allerdings gehören Glücksspiele und Casinos zu den weltweit am stärksten regulierten Sektoren: kulturelle und politische Unterschiede spielen jedoch eine große Rolle bei der Erklärung der Unterschiede in der Regulierung in diesem Bereich.
POLISH
Artykuł: Analiza porównawcza regulacji gier na Internecie.
Grać na Internecie stało się światowym fenomenem. Czy chodzi o gry w karty, loterie lub o stawienie pieniędzy na zakłady sportowe lub wyścigi hippiczne, coraz więcej konsumentów przybywa na strony internetowe firm, które oferują gry hazardowe, często bez jakiejkolwiek formy nadzoru czy kontroli państwowej. Klientów przyciąga łatwość i poufność usług, a szczególnie wyższa stawka procentowa niż ta proponowana w klasycznym kasynie lub firmach przyjmujących zakłady na gry hazardowe. Pomimo, że gry na pieniądze należą do sektorów ekonomicznych najbardziej uregulowanych, odmiennosci kulturowe, jak również różnice w polityce porządku publicznego, odgrywają ważną rolę w wyjaśnianiu różnic związanych z regulacją tego sektoru gospodarki.
SPANISH
Un análisis comparativo sobre la regulación del juego en el Internet
El juego en el Internet se ha vuelto un fenómeno mundial. Ya sean juegos de cartas, loterías, o apuestas sobre partidos deportivos y carreras, es más y más la cantidad de consumidores que se dirigen hacia sitios web que operan, frecuentemente sin control o supervisión del gobierno, los juegos sobre el Internet. La facilidad y privacidad que ofrecen estos servicios atraen a muchos consumidores, especialmente considerando la gran tasa de rendimiento que reciben aquí en comparación con los casinos físicos o los servicios de apuestas. No obstante, los juegos físicos y las apuestas se encuentran entre los sectores con la mayor cantidad de regulación a nivel mundial: diferencias de culturas y políticas públicas juegan un papel muy importante para explicar las diferencias entre la regulación existente en este sector.
