Search results (607 cards)

Advanced search

The "Conseil constitutionnel" (French Constitutional Council), on the occasion of the control of the "Loi de finance rectificative" (amending finance law) adopted, may make rules relating to the regulation. Thus, a Senate amendment had slipped into legislation a tax of 5% on the resale of a television channel, when it had been obtained by the purchaser on account of the assignment for the benefit of a licence conferred by the State free of charge. The provision is considered non-compliant with the Constitution in that it does not have enough in connection with the organization of the finances of the State and that it pursues another goal: here to avoid that an operator plays with the mechanisms of regulation for purely financial purposes. This struggle by the Council against the "legislative cavaliers" didn’t mean that a measure of this type is later taken by a law, since such concern can be justified.

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.

Main information

Provisions of the financial reform bill (Dodd Bill) currently being examined by the United States Congress would empower the Commodities Futures Trading Commission (CFTC) to implement limits on speculation on energy futures and derivatives, as well as to impose a much stricter declaratory and supervision regime for over-the-counter trades in futures and derivatives in general.

ENGLISH

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.

TRANSLATED SUMMARIES

The translated summaries are done by the Editors and not by the Authors.

ENGLISH

“Global Financial Integration, Thirty Years on. From reform to crisis” combines many academic contributions on international financial governance, that each offer original and in-depth analysis of the financial crisis’ causes. To safeguard the authors’ legal and economic reasoning, the bibliographical report has been divided in three parts and will be brought to The Journal of Regulation’s readers in three successive issues . The following report analyses the third part of the volume.

Other translations forthcoming.

Main information

The European Commission proposes a package to enhance consumer protection and strengthen consumer confidence in financial services, comprising deposit guarantee schemes, investor compensation schemes, and insurance guarantee schemes. The proposals were sent to the European Parliament and the Council of Ministers for consideration.

Main information

The European Court of Justice upheld German regulations on Bovine Spongiform Encephalitis (BSE, or ‘mad cow disease’) testing, which were more stringent than those required by the European Union, on the grounds that Member States are alone legitimate to determine the level of public health protection they guarantee their citizens.

This Recommendation is an international instrument to address regulatory policy, management and governance as a whole-of-government activity that can and should be addressed by sectoral ministries, regulatory and competition agencies. A copy of the Recommendation can be obtained here.