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Policing the Markets. Inside the black box of securities enforcement

Prof. Pan conducts research on financial regulation, capital markets, corporate governance and international law. Among his many professional activities, he directs the Chatham House City Series and frequently speaks about international financial and corporate law issues across North America, Europe and Asia. Prof. Pan is a member of The American Law Institute. Before joining Cardozo, Prof. Pan was an attorney for several years with Covington & Burling in Washington, DC, where he practiced corporate, securities and international law. He also was a Jean Monnet Lecturer in Law at Warwick University, England, and a visiting fellow in international law at Cambridge University, England. He is currently serving as an Academic Fellow in the Office of International Affairs at the U.S. Securities and Exchange Commission in Washington, DC.

Like the previous cycles devoted to the general theme of Compliance and aiming to build a "Compliance Law", intended like them to be published in the Regulations & Compliance collection, this cycle addresses a particular aspect of this branch of Law in progress. to develop, which was applied even before it was conceived. The Compliance mechanisms having preceded the conceptualization of this way of doing things, the "Compliance Tools" having been the subject of the previous cycle of conferences, this new cycle addresses what characterizes Compliance : Les  buts monumentaux de la Compliance (Monumental Goals of Compliance) .

This cycle of scientific manifestation will take place in parallel with the cycle of conferences on the theme of  La juridictionnalisation de la Compliance (Juridictionalisation of Compliance)

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The notion of "monumental goals" was proposed in 2016!footnote-139. It is central in the compliance mechanisms in that they can only claim to constrain and cost those in which they are inserted in that they tend to achieve goals whose substantial quality is to be "monumental" . This notion is not self-evident, having to be justified, detailed, put into perspective and concretely illustrated, a series of conferences organized by numerous universities is therefore devoted to it.  

These various conferences will be held in several places, according to the part taken by the various university structures which bring their support to the Journal of Regulation & Compliance (JoRC) for the realization of the cycle. This will result in two collective books, one in French: Les buts monumental de la Compliance, the other in English: Compliance Monumental Goals.

This cycle of colloquia Compliance Monumental Goals will take place between April 2021 and November 2021.

 

📅 Colloquium of May 17, 2021: Public norms and Compliance in time of crisis: monumental goals put to a test, co-organized by the Journal of Regulation & Compliance (JoRC) and the Montpellier University Law School, under the scientific direction of Marie-Anne Frison-Roche, Pascale Idoux, Antoine Oumedjkane and Adrien Tehrani: more information about this manifestation here

 

📅 Colloquium of September 16, 2021, Compliance Monumental Goals: Radioscopy of a Notion, co-organised by the Journal of Regulation & Compliance (JoRC) and Saclay University, under the scientific direction of Christophe André, Marie-Anne Frison-Roche, Marie Malaurie and Benoît Petit  : more information about this manifestation here

 

📅 Colloquium of October 14, 2021: Compliance and Proportionality, co-organised by the Journal of Regulation & Compliance (JoRC) and the IDETCOM of Toulouse University, under the scientific direction of Marie-Anne Frison-Roche and Lucien Rapp: more information about this manifestation here

 

📅 Colloquium of November 4, 2021: Effectivity of Compliance and international competitiveness, co-organized by the Journal of Regulation & Compliance (JoRC) and the Centre de recherches en Economie et Droit de l'Université Paris II, under the scientific direction of Laurent Benzoni, Bruno Deffains and Marie-Anne Frison-Roche: more information about this manifestation here 

 

The technical modes of registration are specific to each colloquium. 

 

The Journal of Regulation & Compliance (JoRC) benefits from the partnership of : 

🏫 L’École d’Affaires Publiques de Sciences Po,

🏫 Le Département d’Économie de Sciences Po,

🏫 L' École de Droit de l'Université Panthéon-Sorbonne (Paris I),

🏫 L’École doctorale de Droit privé de l'Université Panthéon-Assas (Paris 2),

🏫 La Faculté de droit et de sciences politiques de l'Université de Montpellier

🏫 Le Centre Perelman de l'Université Libre de Bruxelles,

🏫 Le GREDEG de l'Université de Nice,

🏫 La Fédération de recherche "L'Europe en mutation" de l'Université de Strasbourg

🏫 Le Centre Louis Josserand de la Faculté de Droit de Lyon III.

🏫 La Faculté de droit et de sciences politiques de l'Université de Toulouse-I-Capitole,

🏫 L'école de droit de l'Université de Clermont-Ferrand.

🏫 Le centre de recherche Droit-Dauphine de l'Université Paris-Dauphine

🏫 L'École des hautes études commerciales de Paris (HEC Paris)

 

The cycle is supported by :

• La Chambre de Commerce et d'Industrie de Paris.
• L'Ecole de Formation du Barreau de Paris. 

 

 

 

Full Reference : Frison-Roche, M.-A.,Attorney's Professional Secret & Filter mechanism in balance with fighting Money Laundering: constitutional analysis in favor of Attorney's Secret, Newsletter MAFR - Law, Compliance, Regulation, October 9, 2020.

 

Summary: By its judgment of September 24, 2020, the Constitutional Court of Belgium released an essential judgment which considers:
- Compliance Law which imposes obligations on entities to fight against money laundering and the financing of terrorism is legal requirements which must be analyzed on the basis of these goals
- the national transposition law is "broader" than the transposed European texts since it is anchored in the Constitution
- the provisions of the law imposing the declaration of suspicion on an employee of the Attorney or on a Compliance Officer concerning information covered by the professional secrecy of the Attorney, the basis of Democracy, must therefore be canceled.
This reasoning is remarkable and very solid.
It is not unique to Belgium.

 

Lire par abonnement gratuit les autres News dans la Newsletter MAFR - Law, Compliance, Regulation

Le 24 juin 2019, le Régulateur irlandais a publié un rapport visant à participer à la consultation publique lancée par le ministère de la Communication, portant à la fois sur la façon dont il convient de transposer la directive européenne sur les services audiovisuels  et sur la perspective d'une loi nationale sur la "régulation des contenus dommageables sur les plateformes en ligne".

Pour le Régulateur, le rapprochement des deux actes législateurs offre une opportunité d'une régulation globale des "médias en ligne", offrant à l'internaute une "sécurité" que la simple transposition de la Directive ne permet pas. Ainsi la seconde loi complétera la première.

Pour le Régulateur, la loi nationale à adopter doit permettre au Régulateur de donner une pleine sécurité à l'internaute irlandais ("online safety"), en retirant les contenants violents ou dommageables (le terme harmful est difficile à traduire par un seul mot en français) et en l'avertissant à propos de ceux-ci. 

Comme l'explicite le rapport (p.52) :

The BAI considers that the following four strategic objectives and responsibilities are relevant for an online safety regulator operating within the new media regulatory structure: • Rectifying serious harms occurring to Irish residents through their use of online services. • Ensuring that individuals and members of groups that are frequently subject to harmful online content can fully benefit from digital technology and social media. • Reducing online harms by introducing online safety rules for online platforms. • Promoting responsibility and awareness of online safety issues among the general population and industry. To fulfil these objectives and responsibilities, the BAI considers that the Online Safety Regulator could have the following three functions:

1. Operating a statutory mechanism to remove harmful online content that directly affects Irish residents (Rectification of Harm)

2. Developing and enforcing an online safety code for Irish-resident online platforms (Minimisation of the potential for Harm)

3. Promoting awareness of online safety issues among the public and industry (Preventing Harm). Ensuring that online services play a more effective role in tackling online safety issues can provide wide, “collective” benefits to large numbers of individuals simultaneously.

Visant expressément Youtube et Facebook, qui en Europe ont choisi de se localiser en Irland, le Régulateur demande une Régulation des plateformes de partage de vidéos qui doit, à travers un Code s'appliquant à eux, permettre de régir leur activité qui se déploie à travers toute l'Europe. Ce Code aurait vocation à rappeler en premier le principe de la libre expression. Tout en organiser la "sécurité en ligne" de l'internaute.

Le Régulateur irlandais des Médias sera en charge de cela. Et puisque les opérateurs sont localisés en Irlande, ses conceptions et ses actions auront donc un effet européen : comme le dit le Président de l'Autorité de Régulation lui-même : " This is a particularly important issue for this country, given that many of the majoar international platforms are based her. Ireland has a unique opportunity - and responsability - to lead the debate and chart the way forward in relation to online safety and regulation". 

 

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"to lead" ?

Il n'est pas certain que les autres régulateurs nationaux ni la Commission européenne partagent une telle conception irlando-centriste de la régulation euroréenne des médias.

 

 

Main information

A French Bill on banking and Financial Regulation was registered with the Presidency of the “Assemblée Nationale” (the lower house of the French Parliament, the National Assembly) on December 16th 2009, and plans for the creation of a council on financial regulation and systemic risk.

This article will be printed soon in a book ouvrage of collection "Droit et Economie" de LGDJ (Lextenso édition), CONCURRENCE, SANTE PUBLIQUE, INNOVATION ET MEDICAMENT

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