We cannot properly design and build banking regulation, or run it well if you do not have a clear idea of what a bank is and what it is for.
However, it is precisely this criticism has formulated the Managing General of the Financial Services Authority (FSA) September 5, 2012: the banks do not know who they are, what they serve.
Indeed, the regulator imputes many dysfunctional banking system and financial banking to agents that behave like ordinary product vendors, products which are financial products, in exchange for which they receive a commission. In contrary, the regulator believes that the bank does not have a sales business but a service activity: that of serving the interests of his client. It was forgotten, he said, and the cause for many ills.
In a letter to the U.S. Senate Banking Committee Chairman Christopher Dodd, Mr. Cox said that “soft-dollar arrangements create a conflict between a money manager and its clients, compromise a money manager’s fiduciary responsibility by inducing the manager to direct trades to broker-dealers that offer research the manager wants, instead of to the broker-dealer that could best execute the client’s transactions, and encourage overtrading of client portfolios in an effort to generate soft-dollar credits.”
FRANCAIS
Article: Commissions en nature: une pratique génératrice de conflits d'intérêts?
Dans une lettre adressée au Président de la Commission Bancaire du Sénat américain Christopher Dodd, M. Cox écrit que "les pratiques de commission en nature créent un conflit entre le gérant de portefeuille et ses clients ; compromettent la responsabilité fiduciaire du gérant de portefeuille en le conduisant à privilégier les courtiers en valeurs qui fournissent des recherches qui lui sont favorables, au lieu de préférer les courtiers en valeurs qui pourraient exécuter au mieux les transactions de ses clients ; et favorisent une démultiplication des transactions (overtrading) dans le portefeuille géré afin de générer des crédits provenant des accords de commission en nature."
GERMAN
Artikel: Soft-Dollar-Vereinbarungen: verursachen sie Interessenkonflikte?
In einer Brief am Vorsitzender der Bankenkommission des Senates der Vereinigten Staaten Christopher Dodd schreibt Herr Cox: "Soft-Dollar-Vereinbarungen verursache Konflikte zwischen dem Vermögensverwalter und seinen Kunden; Sie gefährden die Verantwortung des Vermögensverwalters, da sie stiften ihm dazu, Brokers zu günstigen, die für ihn vortheilhafte Ergebnisse haben können, anstatt diejenigen, die am besten die Transaktionen seinen Kunden erfüllen würden. Dazu noch fördern solche Vereinbarungen die Überspekulation in Kunden-Portfolios, da durch Soft-Dollar-Vereinbarungen der Vermögensverwalter Profit erzielen kann."
SPANISH
Arreglos de caja de ahorro común en dólares: ¿representan conflictos de intereses?
En una carta al presidente de la Comisión bancaria del Senado americano Christopher Dodd, M. Cox dijo que “los arreglos de caja de ahorro común en dólares crea conflictos entre el administrador del dinero y el cliente, comprometiendo la responsabilidad fiduciaria del administrador al inducir el administrador a privilegiar los agentes en valores que a cambio ofrecen servicios de investigación solicitados por el gerente, en vez de a aquel que está mejor dispuesto para ejecutar el trabajo y las transacciones de los clientes, lo cual motiva la multiplicación de las transacciones (overtrading) de los portafolios de los clientes en un esfuerzo de generar estos ahorros de común en dólares.”
In France, the Minister of Ecology has issued an Order to facilitate the
purchase of electricity generated by wind. The text is being challenged
before the "Conseil d’Etat" (State Council) for illegality, in that it
constitutes state aid. The State Council considers the matter serious
enough to suspend the proceeding and seized the Court of Justice of the
European Union of a preliminary question on 15 May 2012.
FRENCH
En France, le ministre de l’Ecologie a émis une ordonnance afin de faciliter l’achat de l’électricité produite par le vent. Le texte est actuellement contestée devant le «Conseil d’Etat" (Conseil d’Etat) pour cause d’illégalité, en ce qu’elle constitue une aide d’Etat. Le Conseil d’Etat considère que l’affaire suffisamment grave pour suspendre la procédure et saisi la Cour de justice de l’Union européenne d’une question préjudicielle le 15 mai 2012.
The European Commission published its Green Paper on October 13, entitled Audit Policy: Lessons from the Crisis. Without intending to perform a substantial or methodological analysis of this Paper, which is seminal because the avenues it opens up will define the choices that will be made about future mandatory legislation.
SPANISH
Artículo: El auditor, un jugador crucial en los mercados financieros
El Comisionado Europeo publicó su “Informe Verde” el 13 de octubre, titulado Política de Auditoría: Lecciones de la Crisis. Sin pretender funcionar como un análisis substancial o metodológico de este Informe, lo cual es seminal ya que abre un espacio que definirá las decisiones que se harán en la futura legislación obligatoria.
ITALIAN
Articolo: Il revisore, un operatore fondamentale dei mercati finanziari
Il 13 ottobre scorso, la Commissione europea ha pubblicato il suo Libro verde, intitolato “Audit Policy: Lessons from the Crisis” (Policy Audit: Lezioni dalla crisi). Senza pretendere di fare un’analisi approfondita da un punto di vista sostanziale o metodologico, il Libro verde tratta delle questioni che saranno oggetto delle scelte delle future legislazioni nei prossimi anni.
Artigo: o auditor, um ator crucial nos mercados financeiros.
A Comissão Europeia publicou seu “Informe Verde” em 13 de outubro, intitulado Política de Auditoria: Lições tiradas da Crise. Sem pretender realizar uma análise substancial ou metodológica deste Informe, o qual é seminal, pois abre um espaço que definirá as decisões que se tomarão em futura disciplina legislativa.
GERMAN
Artikel: Der Wirtschaftsprüfer, eine wichtige Figur auf den Finanzmärkten
Die Europäische Kommission veröffentlichte am 13. Oktober ihr Green Paper „Wirtschaftsprüfungspolitik: Lektionen aus der Krise“. Ohne eine substantielle oder methodologische Analyse dieses Green Papers unternehmen zu wollen, kann man dieses als bahnbrechend bezeichnen, da es zukünftige verbindliche Gesetzgebung entscheidend beeinflussen wird.
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.
The French Act of 1 February 2012 "to strengthen the ethics of sport and sports rights" has sought to resolve the issue of the use of short excerpts from sports other than broadcast rights holders. Prior to this, only a code of conduct existed, the uncertainty remaining, and also about the dimension of the extract and the support of the extract. The Act is now related to the extract in any medium, including the Internet, and gives the power to establish specific rules to the Conseil Supérieur de l'audiovisuel (CSA)- (French audiovisual regulatory). Furthermore, the Act of May 17, 2011 has extended the right to free diffusion in any event a great interest to the public. The Conseil Supérieur de l'audiovisuel (CSA) – (French audiovisual regulatory) has opened on April 4, 2012, a public consultation. It will be closed on 18 May.
It is sometimes argued that the competitive freedom will destroy the "old regulated world", platforms being the perfect example of this fresh wind, the invention of the adjective "disruptive" which could express a "novelty" before which it is only suitable to bow.
In 2014, the French Constitutional Council justified its decision by referring to "the public order of parking", which the municipality is mistress... The justification given here is to protect the occupant.
Indeed all rideshare drivers will be obliged provide proof that they are subject to health checks, especially on drugs and provide criminel check also.
This is justified because Regulation of an activity implies control of those who exercise it and equal competitors can justify that for the same activity some are removed, especialy in view of the protection of the person transported.
The third new requirement is of a different nature: the driver must prove that it is not in debt to the municipality. Why not, since the infrastructure of the city allows them to exercise the economic activity in question. This is another underlying objective, which lies rather in the idea of an exchange between the city and the one who transports people, the beneficiary of infrastructure should not be otherwise debtor that it enjoys public infrastructure.
The latter provision shows that the "contract" is increasingly not between the carrier and transported - via the virtual platform - but between the very concrete public space and one that circulates and do not live there.
We know the importance of the credit mortgage c in the United States and the place of its failure in the financial crisis of 2008 and those that erupted. The refinancing market of the real estate loans is held by three operators, including Fannie Mae and Freddie Mac. This market is regulated and overseen by the Federal Housing Agency (FHFA). This agency has the power to adjust as needed to lower the principal amount of mortgage debt if market value of purchased assets decline also. But he Federal Housing Finance Agency (FHFA) sought for this purpose by the same firms of refinancing acting at the request of the Government, refused to allow such an adjustment. On July 31, 2012, the Secretary of the Treasury of the United States is expressed "concern" of such refusal, which risk to distressed companies of refinancing of mortgages, including the rescue has already cost so much at the first time.
The European Commission published on April 11, 2012, a follow-up and summary report of on the application of the third directive "Anti-Money Laundering " which gives a community value to on international standards adopted by the Financial Action Task Force (FATF). This is to protect the financial system against the money laundering. The report assesses the effectiveness of the application of the directive and points out the need for change. The Commission requests that the standards for the detection of risk of money laundering are better targeted and oriented in the gambling sector. It also suggests that tax offences be regarded as offences of money laundering. As individuals, the report requires to banks and other professionals to increase their due diligences requirements. It also covers the "persons politically exposed", that is - to say those may be corrupt. The report finally requests a special assessment on the application of the Directive to independent legal professionals, including lawyers, subject to the legal obligation to report .
