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Updated: Sept. 17, 2012 (Initial publication: Sept. 17, 2012)

Breaking news

A l'occasion du Conseil des Ministres des Finances de l'Union Européenne qui s'est tenu à Chypre le 14 septembre 2012, Michel Barnier, Commission européen au Marché Intérieur a développé la proposition de la Commission européenne d'une supervision bancaire confiée à la Banque Centrale Européenne. Les Britanniques ont fait observer que la supervision bancaire européenne ne concernerait que les pays de la zone euro, alors que la régulation bancaire européenne concerne tous les pays de l'Union européenne, ce qui va poser problème, en raison des liens très forts entre supervision et régulation. Le Commissaire européen a répondu qu'il n'y avait pas problème, car l'European Banking Authority, régulateur de l'Union, concevrait les règles, et la BCE les appliquerait, les deux notions étant par ailleurs distinctes. On peut être éventuellement moins confiant que lui.

Updated: Sept. 10, 2012 (Initial publication: July 6, 2012)

Sectorial Analysis

Updated: Sept. 10, 2012 (Initial publication: July 11, 2012)

Sectorial Analysis

Updated: Sept. 10, 2012 (Initial publication: July 2, 2012)

Sectorial Analysis

Updated: Sept. 10, 2012 (Initial publication: Sept. 3, 2012)

Breaking news

Before the rules called Basel III shall apply in Switzerland in 2015, the "Département Fédéral de Finance" (Swiss Federal Department of Finance) of the "Conseil Fédéral Suisse" (Swiss Federal Council) has developed a draft of an ordinance that was subject to public consultation on August 28, 2012. Another text will present later rules about systemic banks. The order will be applicable on the 1st January 2013. But banks, like any anticipator market agent, have not already internalized the rules of Basel III ? In addition, it seems that the criterion of systemic continues to be the size of the agent, but it is not so evident.

Updated: Sept. 10, 2012 (Initial publication: Sept. 2, 2012)

Breaking news

The Royal Bank of Scotland (RBS) is a British Bank controlled to 80% by the State. It is said involved in the case of the Libor. On August 24, 2012, Reuters news agency reported links between the Royal Bank of Scotland (RBS) and the British and North American regulators to stop the intended prosecution through a settlement. The interest is not in the subject of the announcement, but in the formulation. Indeed, the Bank denies the existence of this mutual understanding. Less than a month ago, it claimed that it would face prosecution and a few weeks ago, it claimed that it could be actions of traders and not its own, taken as operators. Today, these are lawyers who reveal the strategy of negotiations with the regulator. Thus, what made the right hand of the Bank, the left hand of the Bank ignores it and can do something else; the essential was to reassure the market.

Updated: Aug. 28, 2012 (Initial publication: Aug. 24, 2012)

Breaking news

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.

Feb. 5, 2014

Doctrine

Feb. 1, 2014

Doctrine

Updated: Jan. 2, 2013 (Initial publication: Jan. 2, 2013)

Breaking news

Le premier janvier 2013, le Pape Benoit XVI a souhaité une "année de paix". Il a pour cela désigné trois obstacle : le terrorisme, la criminalité, mais aussi le "capitalisme débridé". En conséquence, il a souhaité d'advienne un capitalisme sur lequel une régulation puisse avoir prise.