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Introduction à la sémantique de la régulation juridique. Des concepts en jeu.

Rating agencies are private companies that assess the risk of defaulting payment by debtors. As such, the rating of a borrower affects the value of the debt security it issued and that is to circulate in the markets. That is why the activity of credit rating agencies is critical to the security of financial instruments and the functioning of financial markets, but also to the whole global credit system. For instance, an AAA rating guarantees security to investors. Rating agencies helps building trust in financial markets and in the banking system. Henceforth, since everyone relies on them as they save people's time from seeking on their own information on securities or on those who issue them on the marks, international rating agencies have become crucial operators.

'Rating' has also become a business, which is now concentrated within the hands of three undertakings (two American and one French). It has often been said that these three are conflicted. Some have indeed brought up the fact as they have provided the markets with unreliable information (especially about subprime and securitization) prevented them to self-discipline, which eventually participated in the global spread of risks and defaults.

The difficult history between the rating agencies, whether they are considered as mere businesses, crucial operators or as companies undertaking a public service, which eventually led to implement a specific Regulation in the immediate aftermath of the financial crisis, shows how the information is a public common. This justifies the intervention of the Financial Regulator, namely to better protect the consumer. Should we go further on? Some have mentioned the idea of ​​nationalizing the business and hand it over to Government institutions (or at least public ones). This is, however, no longer on the agenda, as many conflicts of interests may arise since rating agencies keep on rating the paradoxical debtors that States are.

Translated Summaries

ENGLISH

On November 4, 2010, the French telecommunications regulator obliged a fiber optic network operator to obey certain conditions for the access to civil engineering infrastructures that it had not accepted in its contracts with the civil engineering infrastructure operator. The Court of Appeals of Paris confirmed this ruling on June 23, 2011 on the grounds that the civil engineering operator required all fiber optic network operators to behave identically.

 

FRENCH

Par une décision du 4 novembre 2010, le régulateur français des télécommunications avait obligé un opérateur de réseau fibre, pourtant titulaire de contrats, à observer des contraintes contenues dans l’offre “accès au génie” qu’il n’avait pas acceptées. La décision est approuvée par la Cour d’appel de Paris le 23 juin 2011, car l’opérateur du génie civil a besoin de comportements homogènes de la part de tous les opérateurs de fibres optiques.

SPANISH

El principio de los estándares de la neutralidad (el ejemplo de estándares de contabilidad)

El tema de la neutralidad trae a luz un cierto número de ideas preliminares.

Para comenzar, la figura de Buda viene a mente, porque él sólo expresa la naturaleza interminable que es el tema de la neutralidad, ya que al pensar en el hecho de que él no piensa en absolutamente nada, Buda aún así piensa en algo. También me hace pensar el intento constante de la música contemporánea de alcanzar una forma de neutralidad: pero este objetivo permanece inalcanzable, porque es evidente que la búsqueda de lo neutral, en un sonido o un timbre, probablemente nunca se podrá encontrar.

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Other translations forthcoming.

Other translations fortcoming.

In its thesis, the author shows the legal side of the opening to competition in the telecommunications, postal services and energy sectors. The analysis is conducted at European level and not at national States level. The author not only highlights the decisive role of the European Commission, which obtained the consent of the national bodies through co-regulation, but the book highlights a distinct European institutional dynamics. This takes the form of European sectoral agencies, which could become in the future regulators. Strengthening European can in the future, according to the author, take the form either of a even stronger involvement of the European Commission, or a consecration of these European sectoral agencies emerging.

L'expérience britannique en matière d'autorités administratives indépendantes