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How Well Do Federal Regulations Actually Work? The Role of Retrospective Review

Main information

The European Parliament vetoed the agreement between the European Union and the United States on the transfer of financial data from the SWIFT network, on the grounds that such transfers violate privacy rights and are disproportionate to their aim of fighting terrorism.

Translated Summaries

In The Journal of Regulation the summaries’ translation are done by the Editors and not by the authors

ENGLISH:

Nowadays, it’s necessary to define, initially, the framework of an impact survey. An impact survey is an analysis estimating the economic consequences of a bill (in Europe or in the US) in order to limit, reduce or compensate for negative impacts. It requires the prior adoption of the text.

ITALIAN

Nei giorni nostri, è necessario definire, inizialmente, la struttura di una valutazione d’impatto. Una valutazione d’impatto è uno studio che cerca di fare una stima delle conseguenze economiche dell’adozione di una legge (in Europa o negli Stati Uniti) in modo tale da limitare, ridurre o compensare le sue conseguenze negative. Tuttavia questo richiede l’adozione preliminare del testo.

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Other translations forthcoming.

Main information

On December 20, 2011, the European Commission adopted a decision based on the Almark ruling that expounds upon the four conditions necessary so that compensation paid by a State to any state-owned or private company entrusted with the operation of a public service not require prior notification of the European Commission, despite the general prohibition on State Aids. Each state has a wide margin of discretion in the definition of services that could be classified as being services of general economic interest. A communication and de minimis regulation will complete this decision.

Régulation et Tarification des Hôpitaux

The European Commission, following the example of the Obama administration understands the regulation of financial markets through the protection of consumers of financial instruments. It is on this basis that should be analyzing the proposed "package" which the Commission presented the draft on July 3, 2012. The Commission manifests its particular concern for investment details and information of investors. Based on the observation that individuals do not to use the markets only in an intermediated way, the project aims the " organismes de placement collectif en valeurs mobilières " - OPVCM (undertakings for collective investment in transferable securities ). Finally, noting that for the consumers, the insurance product and the product purely financial, is similar the Commission proposes to revise the regulation of the sale of insurance products and insurance mediation.

Full reference : Frison-Roche, M.-A., The practical utility to have a firm definition of "Compliance", Newsletter MAFR - Law, Compliance, Regulation, 10th of August 2020.

Read by subscribing the other news in the Newsletter MAFR - Law, Compliance, Regulation

 

Summary of the news

Some says that defining Compliance is a theoretical and non useful exercice that should be left aside to tackle the study of concrete technical cases. However, to be able to use Compliance tools, it is first necessary to have a clear, firm and simple idea of what is Compliance. Moreover, the future of this new branch of law intensely depends on the definition we choose to use. 

Compliance Law gives to some crucial private firms new responsibilities such as the one to fight against global dangers or the one of saving the planet. In this, Compliance Law can be perceived as a kind of new deal between the private sector and public authorities, with the only difference that this time the consent of the private sector is not required.

Some would say that the concretization of such projects is the duty of the State and that private firms, if they must respect the rules, do not have to find a way to concretize a "monumental goal". However, the world face new and systemic dangers in the face of which the State alone is powerless, technically or geographically, and against which crucial companies can act.

It is not about, as some advocate to put human being aside of Compliance Law by letting machines decide. It is about placing the human being and its protection at the heart of Compliance Law. In this, Compliance Law can become a new humanism. 

 

To go further, read Marie-Anne Frison-Roche's working paper, The Dreamed Compliance Law 

Organised by SASE (Society for the Advancement of Socio Economics) June 23-25 2011, Madrid | Universidad Autónoma de Madrid