Professor Hervé Causse released a book of over 800 pages: Droit bancaire et financier (Banking and Financial Law).
Typically, there are "Banking Law" on one side and "Financial Law" on the other, each giving rise to separate books, Banking Law having long since detached from the Commercial Law and do having never really left Civil Law, Financial Law being more subject recently of books.
Typically, there are the "Banking Law" on one side and the "Financial Law" on the other, each giving rise to separate books, banking, having long since detached from the Commercial Law and do having never really left the Civil Law, financial law being more subject recently of books.
In the books of "Banking Law", we find the contracts, transactions (credit), mechanisms (like money), institutions (such as the National Central Bank) and sometimes specific repressive rules.
In the books of "financial law", first of all, we meet financial market, financial transactions (like all securities transactions or takeovers bids), the economy is much more present, the US Law being at home because of extraterritoriality as either model, repressive rules slipping everywhere, to the heart of what appears to be today a branch of law.
The important work of Hervé Causse goes further and corresponds to reality: it merges the Banking and Financial Law.
He does it because his work is based on the life of the sector, that is to say the professionals. In fact, professionals work in banks. Then he describes those who admit and control their activities, that is to say the authorities of supervision and regulation. He goes on to describe to the reader the instruments, financial prowess that the bankers invent.
Thus sucked by financial reality, what is left of the civil commitment of Banking Law? To take just one example, when the author discusses the concept of "banking service" from that of "financial service", he finds the uncertainty of this notions. The Banking Law is thus trying to forget the Civil Code, the “deposition” techniques being one example.
Thanks to the book of Hervé Causse, the reader understands that the rules now being written by those designing financial regulation, these rules must find their bones in the financial regulatory system.
The contract is the main natural and legal instrument of the competitive market. It seems foreign to the regulatory system which, close to the "regulation" (texts) seems more express itself in administrative unilateral acts.
But this division is fading because the contract is an effective tool because it makes gained acceptance recipient of the norm, becoming the preferred instrument of public policy. The Regulator will use it the more so as on the one hand by the contract operators bring him information and on the other hand, operators have the power to disobey him. That is why the contract is a major figure in the Regulatory system.
The self-regulation mechanism goes further, since the Regulatory system itself is built on contractual commitments, exempting exogenous rules and regulator.
The Regulator itself issued the amount of the award to a whistleblower for having providing it with information. Why is that? One would usually take a lower profile when awarding this much money ($17m) to an informer… Conversely, the Regulator immediately and publicly announced it in a press release, which pretty looked like a tender offer for further denunciations. It even included a link for everyone to access the whistleblower program—which is easily funded, since the awards are charged on the fines imposed on the convicted operators thanks to the information given.
The reason for this is that information from whistleblowers is not merely indicative, nor a second-best option; it is central to Regulation, since it leads the Regulator to get information people within the system (i.e., insiders) deliberately chooses to ‘blow’ (in fact, not only do informers blow the whistle—they often immediately provide the Regulator with substantial information).
The press release includes justifications for the Regulator’s behaviour, as the SEC openly considers that rewarding whistleblowers is the most efficient way for the Regulator to open or to resolve investigations. The Director of the SEC’s Division of Enforcement stated indeed that “company insiders are uniquely positioned to protect investors and blow the whistle on a company’s wrongdoing by providing key information to the SEC so we can investigate the full extent of the violations”.
This highlights the ambivalence of insiders. Accordingly, they need to be ‘inside’ the system to be ‘knowledgeable’ and, consequently, obtain privileged information. On the one hand, should they use this information for themselves, then they would face prosecution for market abuse; on the other hand, however, if they use it to stir up the Regulator and shift its attention towards the whistle they’re blowing, then they may earn just as much money, if not more, than if they had behaved in a way that would have led them to prison.
The stage is thus set for the "business of virtue" to thrive.
The President's rationale is this: that environmental regulation is justified because it will prevent many diseases and even death from respiratory failure. However, social programs and Obamacare are the major challenges of his presidency.
Therefore, the discussion is about the relationship between "regulation" and "sector": if the Regulation is related simply to the environment, then the argument of additional financial regulation advanced by firms is relevant.
Indeed, the principle of proportionality being key in regulatory techniques, there is disproportionality between the means and the goal.
But if the charges have to end not only the preservation of the environment but also public health and human lives then more burdens on business are justified.
Thus, depending on whether one attaches one or more goals in a constraint, it justifies more or less charge. Companies have interest in claiming that the regulation serves only one purpose. The state has an interest in claiming that the regulation uses several if it wants additional burden on businesses.
This is the speech that President Barack Obama, whose political maneuvering margins are low, is being built.
Prudential rules on the own funds of banks adopted by the Basle Committee are biding as soon as they will be transposed in a binding legal text.
The new rules of Basel III must take the force of a European directive. This gives rise to a new discussion, nor between the central bank governors (as in Basel), but between Finance Ministers of the European Union member states, in Brussels. On this occasion, each State defends the interest of its banks; the rule advocated by him corresponds to its banking structure or its type of banking business. In any case, the banks, anticipating the application of Basle III, have already integrated the prudential requirements in their accounts, hoping that their State will preserve it.
In The Journal of Regulation the summaries’ translation are done by the Editors and not by the authors
ENGLISH
Bibliographic Report (Book): Libéralisation et services publics : économie postale [Liberalization and Public Services: Postal Economics] by François Boldron, Claire Borsenberger, Denis Joram, Sébastien Lecou, and Bernard Roy.
The authors of Liberalization and Public Services: Postal Economics set out to provide a complete and comprehensive economic study of the challenges and possibilities engendered by the liberalization of the French Postal Service. Using experiences from other countries and industries, as well as taking into account the specificities of France’s postal service, the authors have used economic studies to provide an exhaustive account of what the contours of the postal service of the future may be.
ITALIAN
Relazione bibliografica (Libri) : Libéralisation et services publics : économie postale [Liberalizzazione e Servizi pubblici: economia postale] di François Boldron, Claire Borsenberger, Denis Joram, Sébastien Lecou, and Bernard Roy.
Gli autori di “Libéralisation et services publics : économie postale” (Liberalizzazione e Servizi pubblici: economia postale) cercano di predisporre uno studio economico completo e comprensivo delle sfide e delle possibilità generate dalla liberalizzazione del servizio postale francese. Utilizzando le esperienze di altri paesi e di altre industrie, e prendendo in considerazione le specificità del servizio postale francese, gli autori hanno usato studi economici per definire il possibile futuro del sevizio postale.
The Morocco is overhaul its system of financial regulation. The Dahir related the Regulatory and Public Offering Authority was approved by the Council of the Government on April, 11 2012. The Conseil déontologique des valeurs mobilières (CDVM) - Council for the Code of Ethics in Securities is now called l’Autorité Marocaine du marché des Capitaux (AMMC) (the Moroccan Authority of capital markets). The Bill justifies the change of name and the use of the word "authority" by the wish expressed to ensure the independence of the Regulatory Authority and the reference to its monitoring power. This is takes the form of new powers for the Regulatory Authority which allows it to require information and sanction infringements. The Regulatory Authority establishes the standard form that any corporation interest in conducting a public offering must complete to receive the approval from the Regulatory Authority. The use of inside information is prohibited. The Bill organises the regular dissemination of information on the initiative of companies which conducted a public offering.
In Spain, the liberalization and legalizalisation of online games, provided by the Act for January 2012, was postponed in June 2012. The licensing by the regulator is in preparation. These licenses may relate to all kinds of games including sports betting and casino games, excluding slot machines. But the Spanish tax services informed that an implied condition of approval of an operator candidate for obtaining a licence existed: payment of taxes due in Spain. However, many companies, whose headquarters is located in another country, have high arrears of taxes calculated by the administration. It can be noticed that the fiscal interests of the States is a key element in the regulation of the games, that can interfere with the mechanism, which appears however distinct from the approval by the regulator.
