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Updated: May 9, 2012 (Initial publication: April 17, 2012)

Breaking news

The disproportion of the remuneration of the corporate officers in the United States raises doubts about the ability of the regulator to enforce the Dodd-Frank Act

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.

Updated: July 2, 2012 (Initial publication: June 24, 2012)

Breaking news

The company "Aéroports De Paris " (ADP- Paris Airport) submitted to the market its new "contract of regulation"

Usually the companies in charge of a public service established with the State of the "plan contract". In application of the "Code de l'aviation civile (Civil Aviation Code), the private company "Aéroports De Paris - ADP" (Paris Airports) establishes a "contract of regulation". This one develops "contracts of economic regulation". They must generate visibility for the company and for the customers, set ceilings for the royalty, set quality objectives, respect the just remuneration of invested capital. The new "regulation agreement" concluded between the French State and "Aéroports De Paris - ADP" (Paris Airports) covers the 2011-2015 period, presented as a period of transition towards the profitability of capital. This contract was signed in July 2010. The contract was presented to investors June 27, 2012 in its implementation, "Aéroports De Paris - ADP (Paris Airports) progressing in its profitability.

Updated: May 29, 2012 (Initial publication: May 17, 2012)

Breaking news

The F.B.I. is developing what could become a Bill to allow interceptions of oral communications via the Internet.

In the United States, the Communications Assistance for Law Enforcement Act (CALEA), on 1994 allows some services of the State which justify it, in particular the F.B.I, to carry out telephone tapping. But the technology also allows the transmission of voice by other means than the phone, especially via the Internet. However, wiretapping as a threat to individual liberties, only an Act may extend the powers of listening, on the phone on the modes of transmission of voice on the Internet. In this view, the F.B.I. is developing which is intended to become an extension of the Act of 1994.

Updated: June 25, 2012 (Initial publication: June 16, 2012)

Breaking news

The International Organization of Securities Commissions - IOSCO published a report on 12 June to regulate oil markets.

The real economy is entirely financiarized, it is the same for the oil economy. This is why the G20 has asked to the "Organisation internationale des commissions de valeurs" - OICV (International Organization of Securities Commissions) to reflect back on how oil markets could be regulated, what they are currently not, because the market remains an over-the-counter market. Financial regulators, in a report published on June 12, 2012, suggest that at least the information be controlled, fluctuations in the price of a barrel are reviewed and the functions of "the information agencies," should be inspected, but also the role of traders that communicate them information. Regulation, so shy it is, starts with information. On the matter of oil, transparency is not expected and geopolitics often excludes it.

Updated: June 4, 2012 (Initial publication: May 22, 2012)

Breaking news

The Gambia telecommunications regulatory authority prescribed as mandatory the identification of subscribers to the mobile phone. The deadline for the declaration expires June 15, 2012.

The Gambia has 1.7 million inhabitants and 4 mobile operators. It was common that people use prepaid cards purchased on the street, without revealing their identity. In January 2012, the telecommunications regulatory authority, the Public Utilities Regulatory Authority (PURA) enacted the obligation to identify the holder of a mobile phone; this declaration must be made before June 15, 2015. It is not possible since January to buy prepaid SIM cards and from June, if the identification is not made, the line will be suspended. Associations are protesting, seeing in this device a mechanism for monitoring of the population.

Updated: Sept. 25, 2012 (Initial publication: July 8, 2011)

Sectorial Analysis

II-5.8: The French Electricity Regulator can legitimately use its powers to organize Diffuse Effacement, but oversteps its mandate (ultra vires) when it mandates that intermediaries remunerate the energy supplier

Main information

The technique of “effacement diffus” [diffuse effacement] is when a number of electricity consumers agree beforehand to consume less electricity at certain times (effacement), which allows other consumers to use the network at peak hours. Corporate intermediaries arrange these diffuse effacements, thereby participating in the adjustment system vital to the security of the electricity distribution network. The Commission de Régulation de l’Energie (CRE – French energy regulator) organized the system of “diffuse seffacement” even though this measure was not contained in statute. The Conseil d'Etat (French Council of State)’s Voltalis ruling, handed down on May 3, 2011, recognizes the CRE’s right to organize this system. But, it also deems that the regulator exceeded its powers by mandating that the corporate intermediaries organizing diffuse effacement remunerate the electricity provider.

Updated: Sept. 19, 2012 (Initial publication: May 25, 2012)

Sectorial Analysis

II-2.20: The Italian Conseil d’Etat pays little attention to the role of EC Commission.

Main information

The Italian upper administrative court (“Consiglio di Stato”) ruled that the Autorità per le garanzie nelle comunicazioni (“AgCom” – the Italian Regulatory Authority for electronic communications) is not bound to provide a rigorous justification when issuing decisions not compliant with European Commission’s comments. This judgment is of general interest since, on the basis of a formalistic reasoning, it does not pay adequate attention to the role played by the European Commission in electronic communications’ regulatory proceedings at national level. Under the European regulatory framework (and the multilevel governance system established therein), comments from the European Commission are the main pillar of the horizontal coordination system between the European level and the national level, aimed at creating a competitive common market for electronic communications.

Updated: Dec. 21, 2011 (Initial publication: Dec. 21, 2011)

Doctrine

From copper to fiber: an optimal regulatory policy

From copper to fiber: an optimal regulatory policy

Updated: July 2, 2012 (Initial publication: June 25, 2012)

Breaking news

On 25 June, 2102, The European Securities and Markets Authority (ESMA) published a project to regulate financial derivatives

On June 25, 2012, ESMA has published a draft text to regulate the market for over-the-counter derivatives, providing this text for consultation until September. It is of course ironic "regulating" a system of "over the counter", which consisting an oxymoron: a "over the counter regulated". This is why the European Securities and Markets Authority (ESMA) in a roundabout way. Firstly, its project aims at to bring transparency in the system, which it says that the dysfunction is related to the market is held primarily by bilateral relations between banks. Secondly, it envisages a system of warranties, failure of consideration, brings financial and banking regulation. Thirdly, it aims to better supervise the clearing houses, their status of which would be a "crucial operator" is better recognized.

Updated: Dec. 21, 2011 (Initial publication: Dec. 21, 2011)

Doctrine

What reference costs should be used to regulate access?

What reference costs should be used to regulate access?
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