Dec. 31, 2019
Academic Titles and diplomas (for more details, s. general CV,) :
♦ Full professor of University, first Class.
♦ Major (first place) of the Agrégation des Facultés de Droit en droit privé et sciences criminelles (French National recruitment Contest for recrutement of University Professors in Private and Criminal Law), 1991,
♦ PHD in Law, Paris Panthéon-Assas University, Summa Cum Laude ; thesis published.
♦ Master in Private Law, Panthéon-Sorbonne University, Cum Laude
♦ Bachelor in Philosophy, Sorbonne University,
♦ Master in Procedural Law, Panthéon-Assas University, Summa Cum Laude
Fonctions in 2019 :
♦ Full professor of University at Sciences po (Paris)
♦ Director of the Journal of Regulation & Compliance (JoRC)
♦ Owner of Marie-Anne Frison-Roche Conseil (MAFR Conseil)
5 Courses given in 2019/2020 :
Dec. 30, 2019
MAFR TV : MAFR TV - definition
Dec. 27, 2019
Law by Illustrations
La fable de La Fontaine
Un mal qui répand la terreur,
Mal que le Ciel en sa fureur
Inventa pour punir les crimes de la terre,
La Peste (puisqu’il faut l’appeler par son nom),
Capable d’enrichir en un jour l’Achéron,
Faisait aux Animaux la guerre.
Ils ne mouraient pas tous, mais tous étaient frappés :
On n’en voyait point d’occupés
À chercher le soutien d’une mourante vie ;
Nul mets n’excitait leur envie ;
Ni Loups ni Renards n’épiaient
La douce et l’innocente proie ;
Les Tourterelles se fuyaient :
Plus d’amour, partant plus de joie.
Le Lion tint conseil, et dit : « Mes chers amis,
Je crois que le Ciel a permis
Pour nos péchés cette infortune.
Que le plus coupable de nous
Se sacrifie aux traits du céleste courroux ;
Peut-être il obtiendra la guérison commune.
L’histoire nous apprend qu’en de tels accidents
On fait de pareils dévouements.
Ne nous flattons donc point, voyons sans indulgence
L’état de notre conscience.
Pour moi, satisfaisant mes appétits gloutons,
J’ai dévoré force moutons.
Que m’avaient-ils fait ? nulle offense ;
Même il m’est arrivé quelquefois de manger
Je me dévouerai donc, s’il le faut ; mais je pense
Qu’il est bon que chacun s’accuse ainsi que moi ;
Car on doit souhaiter, selon toute justice,
Que le plus coupable périsse.
– Sire, dit le Renard, vous êtes trop bon roi ;
Vos scrupules font voir trop de délicatesse.
Et bien ! manger moutons, canaille, sotte espèce,
Est-ce un péché ? Non, non. Vous leur fîtes, Seigneur,
En les croquant, beaucoup d’honneur ;
Et quant au berger, l’on peut dire
Qu’il était digne de tous maux,
Étant de ces gens-là qui sur les animaux
Se font un chimérique empire. »
Ainsi dit le Renard ; et flatteurs d’applaudir.
On n’osa trop approfondir
Du Tigre, ni de l’Ours, ni des autres puissances,
Les moins pardonnables offenses.
Tous les gens querelleurs, jusqu’aux simples Mâtins,
Au dire de chacun, étaient de petits saints.
L’Âne vint à son tour, et dit : « J’ai souvenance
Qu’en un pré de moines passant,
La faim, l’occasion, l’herbe tendre, et je pense
Quelque diable aussi me poussant,
Je tondis de ce pré la largeur de ma langue ;
Je n’en avais nul droit, puisqu’il faut parler net. »
À ces mots, on cria haro sur le baudet.
Un Loup quelque peu clerc, prouva par sa harangue
Qu’il fallait dévouer ce maudit animal,
Ce pelé, ce galeux, d’où venait tout leur mal.
Sa peccadille fut jugée un cas pendable.
Manger l’herbe d’autrui ! quel crime abominable !
Rien que la mort n’était capable
D’expier son forfait. On le lui fit bien voir.
Selon que vous serez puissant ou misérable,
Les jugements de cour vous rendront blanc ou noir.
Dec. 24, 2019
MAFR TV : MAFR TV - case
French Financial Markets Authority decision of 11 December 2019 sanctioning the Bloomberg press organ for disseminating false information on the financial market: here, the ethical obligation converges with Financial Law
Watch the video commenting on the decision of the Commission des sanctions of the Autorité des marchés financiers - AMF (French Financial Market Authority Sanctions Commission).
Read the decision.
In 2015, a document supposedly emanating from the Vinci company reached the Bloomberg media announcing unexpected catastrophic results. The two journalists who received it immediately published it without checking anything, the Vinci listed shares losing more than 18%. It was a rude forgery, which a basic check would have established, a check which the journalists had not done.
4 years later, the Bloomerg company is punished for the breach to "disseminate false information" on the financial market, by a decision of the Sanctions Commission of the Autorité des Marchés Financiers (French Financial Markets Authority) of December 11, 2019.
The company being sued argued that it was up to journalists to be accountable and not to itself, because on the contrary the firm had implemented both detection software and a code of conduct, even though there was no legal rule constraining it. In consequence, it would not possible to pursue it.
But the AMF Sanctions Commission stresses that, independently of this, it is a general rule of ethics for journalists that obliges them to verify the authenticity of the documents they publish, which they did not, whereas an elementary check would have allowed them to measure that it is a rude forgery.
In addition, the Sanctions Commission refers to the European Regulation on market abuses which in its article 21 targets the special status to be reserved for press freedom and the special status of journalists, but associates this ethical obligation to verify documents . However, the Sanctions Commission notes that this obligation, which was targeted by both the journalists' ethics and the reference text of Financial Law, was completely ignored by the two journalists. It is therefore up to the press agency to be accountable and to be punished.
However, the media entreprise maintained that the balance between the principle of freedom of the press and the principle of freedom of opinion on the one hand and the principle of the protection of the financial market and of investors against false information disseminated requires an interpretation of the European Union Law, which must oblige the Sanctions Commission to ask a preliminary question to the Court of Justice of the European Union.
The Sanctions Commission dismisses this request because it considers that the European texts are "clear", which allows the Sanctions Commission to interpret them itself. And precisely the European Regulation on market abuse in its article 21 provides for the exception in favor of the press and journalists but compels them to respect their ethics, in particular the verification of the authenticity of documents. In this case, they did nothing. They are clearly the authors of a breach attributable to the company.
In a less clear case, one could consider that this balance between two principles, both of public interest, is delicate and that an interpretation by the Court of Justice would always be useful.
Indeed and more fundamentally, does Financial Law remain an autonomous Law, putting first the objective of the preservation of the integration of the financial market and the protection of investors or is it the advanced point of an Information Law protecting everyone against the action of any "influencer" (category to which Bloomberg belongs) consisting in disseminating inaccurate information (notion of "misinformation")?
And that is not so "clear" ....
Dec. 24, 2019
MAFR TV : MAFR TV - case
video : Par sa décision du 11 décembre 2019 sanctionnant l'organe de presse Bloomberg pour diffusion de fausses information sur le marché financier, la Commission des sanctions de l'Autorité des marchés financiers fait converger l'obligation déontologique des journalistes et le Droit financier
Dec. 19, 2019
Reference Frison-Roche, M.-A., Le droit de la compliance pour réguler l'internet (Compliance Law to Regulate the Internet), Interview given in French to Sylvie Rozenfeld, Expertises, December 2019, p.385-390.
Summary. Law seems increasingly powerless to stem the social disorder generated by the Internet. For Marie-Anne Frison-Roche, Law professor and specialist in Regulatory Law, the solution is to be found in Law, and more particularly in Compliance Law. This specific Law is already applied in the banking and finance sector, or in the area of personal data. As it has done for green finance and through the GDPR, Europe could impose a compliance system which internalizes concern for the individual in large digital operators. It is up to them to put in place the means and bear the cost, such as the right to be forgotten erected by the CJEU. Marie-Anne Frison-Roche does not offer anything revolutionary, she is content to take elements of positive law that already exist and to correlate them.
Read the interview (in French)
Read the presentation of the official Report for the French Government about which this interview is given:: The contribution of Compliance Law to the Governance of Internet.
Dec. 19, 2019
Complete reference : Frison-Roche, M.-A., Legal Theory of Risk Mapping, center of Compliance Law, 2019.
This is an English translation of an article published in French, Théorie juridique de la cartographie des risques, centre du Droit de la Compliance, Recueil Dalloz, 2019, p.
This article written in English is based on a working paper, written also in English, with additional developments, technical references and hypertext links. It is accessible here.
Summary. The act of mapping risks is not currently defined by Law. It is only described in special laws. While risks mapping is central to preventing in Ex Ante the occurrence of crises or behaviors from which the occurrence is excluded, no legal regime is available, due to the lack of a legal definition available. This legal definition is proposed here in 5 stages, starting from special laws and specific cases to go towards a general conception. Risk mapping then appears as a concern for others taken care of willingly or by force by crucial operators, through a new subjective right: the “right to be alarmed”, the map being the structural counterpart of the character of the whistleblower. Two articulated systems of Compliance Law.
Read below the article written in English below.
Dec. 19, 2019
Complète Reference : Frison-Roche, M.-A., Théorie juridique de la cartographie des risques, centre du Droit de la Compliance (Legal Theory of Risk Mapping, center of Compliance Law), D.2019, chronique Compliance, p.
Summary : The act of mapping risks is not currently defined by Law. It is only described in special laws. While risks mapping is central to preventing in Ex Ante the occurrence of crises or behaviors from which the occurrence is excluded, no legal regime is available, due to the lack of a legal definition available. This legal definition is proposed here in 5 stages, starting from special laws and specific cases to go towards a general conception. Risk mapping then appears as a concern for others taken care of willingly or by force by crucial operators, through a new subjective right: the “right to be alarmed”, the map being the structural counterpart of the character of the whistleblower. Two articulated systems of Compliance Law.
Read the article, published in French.