Food for thoughts

June 18, 2020

Organization of scientific events

Comme les précédents cycles consacrés au thème général de la Compliance et visant à construire un "Droit de la Compliance", ayant vocation comme eux à être publiés dans la série Régulation & Compliancecoéditée entre le Journal of Regulation & Compliance (JoRC) et les Éditions Dalloz, ce cycle continue d'approfondir un aspect particulier de cette branche du Droit en train d'être inventée, s'étant appliqué avant même d'avoir été conçu. 

L'année universitaire 2020/2021 donne lieu à deux cycles complets et distincts de colloques, l'un approfondissant un concept-clé du Droit de la Compliance, à savoir les "buts monumentaux", tandis que l'autre silonne un phénomène aux multiples racines et conséquences : "La juridictionnalisation de la Compliance. 

La Juridictionnalisation de la Compliance  est peut-être aussi ancienne que les mécanismes de Compliance eux-mêmes. 

 

Ces diverses conférences auront lieu dans plusieurs lieux, selon la part prise par les très nombreuses structures universitaires qui cette année encore apportent leur concours au Journal of Regulation & Compliance (JoRC) pour la réalisation du cycle. Il en résultera deux ouvrages, l'un en langue française : La Juridictionnalisation de la Compliance, l'autre en langue anglaise : Juridictionnalization of Compliance. 

Ce cycle de conférences La Juridictionnalisation de la Compliance débutera en octobre 2020 et se prolongera jusqu'en octobre 202.

 

June 18, 2020

Publications

This working document, "The Dreamed Compliance Law", is the basis for an article, written in French, "La compliance" (Compliance), inserted in the collective work to be published under the direction of Jean-Baptiste Racine, Le Droit économique du XXIème siècle (The XXIe century Economic Law , in the Serie Droit & Economie LGDJ-Lextenso, 2020.

________

 

No one can know what the Law of the 21st century will be. Pretending to know it is just not to realize its ignorance. Why then writing about it, since the future is always surprising?

One can only write about the unknown part of the Law of tomorrow. If the future is then modeled on what was written, so much the better for the prophet, a tribute that can, for example, be paid to Pierre Godé!footnote-1813 who described in 1999 what was going to be 10 years later "Law of the future" constituted by Environmental Law!footnote-1804. If the future denies the author or if its contours in no way follow the lines of the written word, this is not serious since the writing of the Law, even if it has the specificity of being partly prescriptive in that it has the power to write the future, a normative pen that rounds up letters!footnote-1805, it participates in all writing: above all to be that of a dream.

Lévi-Strauss argued that teaching is defined as dreaming out loud. Teaching and describing the Law of a century that we will never know gives even more freedom to dream about it. This freedom increases when the object is a branch of Law in the process of being born, state of the stammering "Compliance Law" of which some still maintain, as it was made for Regulation Law, that there is not existing. The hand can then, as it pleases, trace its beautiful or hideous features: what face will Compliance Law have, as soon as we assume that it will exist?

It may as well be a nightmare (I) as a happy dream (II).

It is up to us to choose in which category this branch of Law will flourish. Because what we can be sure of is this fulfillment. It is certainly already taking sides to presuppose the very existence of Compliance Law. Not only to consider it possibility with hostility because to be an enemy of something or someone is already to recognize their existence. Before that, two objections radically block the very existence of Compliance Law and their shadow remains in the future of it!footnote-1809.

Firstly, it is said that Compliance does not come under Law, but for example only ethics since it would consist in keeping well in companies which care about the interest of others or the planet, for example by spontaneous care of the environment; Compliance being a crystallization of social responsibility, the one for which we have our conscience, we express our "raison d'être" and we are not accountable!footnote-1807. Or it would consist in technologically putting in place tools for capturing technical information using data storage and processing methods. Compliance is then a sub-category of "Data Regulation"!!footnote-1814, a mechanical concept in which Law is no more present. In these two perspectives, Compliance Law cannot exist, no more tomorrow than it would exist today. These two radical conceptions, completely entrusting Compliance mechanisms to everyone except lawyers, do not make sense because it suffices to note the development of judgments and laws to measure the legal phenomenon already present!footnote-1808.

Second, there would be many Compliance mechanisms but insufficient to constitute a branch of Law. Indeed we would find Compliance in Company Law, Labor Law, Financial Law, Banking Law, Criminal Law, Administrative Law, European Law, International Law, etc.

These classic branches, which have been formed for so long, depending on the point of view adopted, would gain in modernity or be threatened with decay by this kind of extension which will be Compliance. There would thus be as many "little legal sectoral rules" as there are branches of law. These new internal developments would be like a new bud, on which care should be taken - if the tree regains its strength - or a weed to be eradicated - if the French garden loses its perspective.

Thus the matter being scattered as many as specialist lawyers, often criminalists or specialists in banking and Financial Law, then tomorrow all specialists in all branches of Law, this could constitute the most radical obstacle to the constitution of Compliance Law. Indeed, we would come back to confuse Compliance and the "modernization" of Law itself as a whole, since it would only be a question of perfecting each of the classic branches of the legal system.

If we keep in this half-sleep that is any projection in the future the hope of a constituted branch of Law, we must discard these two perspectives of annihilation, either in the total absence of Law or in recovery by all Law. To dismiss the sorrowful spirits who see no future in Compliance and keep only its enemies in the space of this article, let us assume that Compliance Law will exist in the 21st century. In what form and by what means, in the palm of which institutions, in the shadow of which legal system? Since it is a question of projecting ourselves onto the black screen of our nights of dreamy lawyers, let us take the current state only as a trailer. Like the one developed by the genius who by the contempt not only brought down into the flames of hell the cinema which has become a consumer industry with which producers force-feed us but offered us the vision of its future. What is what we see today the trailer? We let our imagination run wild since the trailer films are autonomous works compared to the film which follows them.

We have no idea what will happen and what we are watching from the brief and violent current images of Compliance Law, the cinema of which rather makes a hero of the whistleblower!footnote-1811 and a character of the narrow and ridiculous importance of the compliance officer!footnote-1812, does little to help us. But if we force the features of the present lineaments, the alternative of this Law in childhood is therefore that of a nightmare (I) or an idyllic solution for difficulties that will increase (II).

Everything will depend on the concept that we will retain of Compliance Law. Because the script is not written, because Compliance Law is a Law with a political dimension, that it is defined by the ambitions that we can claim to have by setting monumental goals that we are going to achieve, a claim that will make it one major branch of the Law of tomorrow, or we can abandon any claim, lower our heads and arms, and reject any claim. It is then that the power of Compliance Law, which will be no less great, will turn against us, human beings, as in a nightmare.

 

1

Mélanges Pierre Godé, off-trade book, 2019. 

3

It is in particular the idea of the movement of analysis of Law & Literature which poses that by telling the past in one way or another, by thus inventing it, Law, and in particular the Judge, invents the future and being written, creates it. On this movement which was powerful in the United States, v. Cabrillac, R. et Frison-Roche, M.-A., Droit et Littérature, à paraître. 

4

See infra I. Compliance Law as nightmarish octopus. 

5

On the fact that "social responsibility" makes it possible not to be legally responsible, cf. Supiot, A., Du nouveau au self-service normatif: la responsabilité sociale des entreprises, 2004; this is not the subject of this article and this question will not be developed here.

6

See, for instance, ..., Replace Regulation by norm by Regulation by Data, 2020. 

7

See, for instance, Frison-Roche, M.-A., Compliance Law (monography), 2016 ; Compliance Law, 2020. 

8

On what the cinema does with the whistleblower, with the availability of trailers and extracts from the films, see Frison-Roche, M.-A., introduction of the article The impossible unicity of the legal category of whistleblowers, 2019. 

9

Frison-Roche, M.-A., ... (retrouver sur LinkedIn). 

June 17, 2020

Thesaurus : Doctrine

Full reference: Salah, M. M., The Legal Framework for New Silk Roads: a Globalized Law at the Service of a Global ambition. When China Discovers the Virtues of Globalization of Law, International Business Law Journal, n°3, 2020, p. 319-351

This article is available for Sciences Po's students via the Drive in the folder MAFR Regulation et Compliance

June 17, 2020

Thesaurus : Soft Law

Full reference: White Paper on Leveling the Playing Field as Regards Foreign Subsidies adopted by European Commission on 17th of June 2020, 49p.

Read the report

June 10, 2020

Thesaurus : Doctrine

Full reference: Fasterling, B., "Criminal Compliance - Les risques d'un droit pénal du risque", Revue internationale de droit économique, 2016/2 (t.XXX), p. 217-237

Read the article.

June 10, 2020

Thesaurus : Doctrine

Full reference : Quéméner, M., Dalle, F. and Wierre, Cl., Quels droits face aux innovations numériques ? Législations, jurisprudences et bonnes pratiques du cyberespecac. Défis et protections face aux dérives du numérique, preface by Agathe Lepage, Gualino-Lextenso, 223 pages, 2020.

 

Read the back cover.

 

Read the table of contents.

 

Read the preface.

May 28, 2020

Publications

Full reference: Frison-Roche, M.-A., L'impossible unicité juridique de la catégorie des "lanceurs d'alertes" ("The impossible legal unicity of the category of "whistleblowers""), in Chacornac, J. (dir.), Lanceurs d'alertes, regards comparatistes, ("Whistleblowers, comparative perspectives"), Publications of the Centre français de droit comparé ("French Comparative Law Center"), May 2020, Volume 21, p.13-31. 

 

Read the article (in French).   

Read the general presentation of the collective book in which this article is published

Read the bilingual working paper which had served of basis for this article. 

Read the presentation of the conference "Les lanceurs d'alertes: glose" (Whistleblowers: glose") and especially the slides elabored for the colloquium organized by the Centre français de droit comparé ("French Comparative Law Center") on 23th of November 2018 under the direction of Jérôme Chacornac

____

Introduction of the article

"Whistleblowers". This is a new expression. Which is a great success. Barely heard once, we hear it everywhere ...

A topic not of course or knowledge test, but rather a topic of daily conversation. Because it is spoken to us every day, in more or less gracious terms. For example President Donald Trump on October 1, 2019 declared to the press "want to question" the whistleblower who would have illegally denounced him and would not, according to him, have the right to conceal his identity, proof in this according to him of the lying character of his assertions against him, while his lawyer indicates on October 6, 2019 that he is not speaking on behalf of a single whistleblower thus taken to task but of a plurality of people who gave information against the President of the United States. Even the most imaginative screenwriters would not have written such brutal and rapid twists and turns. Spectators, we are waiting for the next episode, secretly hoping for the escalation.

And precisely if we go to the cinema, it is still a whistleblower whose dedication and success, we are told about, even the drama, for the benefit of global society, and in particular democracy, since the secrets are fought for the benefit of the truth. The Secret Man designates Mark Felt as the first whistleblower. Returning to what we often present as being a more "serious" media!footnote-1391, we listen to France-Culture and here is another story told by a historian who worked as an archivist on events that political power would have liked to keep hidden by possibly destroying their traces but which its trade led to preserve: here it is expressly presented to the studious listeners like a "whistleblower" .... While the same radio tries to find the one who could well be, as in a kind of contest the "first whistleblower"!footnote-1727? .... This rewriting of History can be defended because ultimately what did other Voltaire do for Calas, or Zola for Dreyfus?

It is also a subject of legislative discussion since in the United States the Dodd-Frank law of 2010 inserted in the law of 1934 which established the Securities & Exchanges Commission a complete device of remuneration and remuneration of the whistleblowers, whereas after having developed flexible but guiding lines in this regard in 2012!footnote-1698, the European Commission published on November 20, 2018 the text of what will become a Directive intended to give a unified European status to the character, in the system gradually developed to protect the one who was presented in 2018 as that "cannot be punished for having done what is right".

In Europe, the Directive first approved by a Resolution of the European Parliament on April 16, 2019 on the protection of persons denouncing breaches of Union Law and then adopted on October 7, 2019 (Directive of the European Parliament and of the Council of European Union on the Protection of Persons who Report Violations of European Union Law, different title, it should be noted, will have to be transposed into the laws of the Member States within the next two years. , since only "violations of Union Law" are targeted, but the character of the "whistleblower" is more generally targeted: he is "whole"!footnote-1699.

In short, the whistleblower is a star!footnote-1390. A sort of historical figure, covered in blows and glory, going from Voltaire to Snowden, both of whom find themselves embodied on the screens!footnote-1681 ....,

Consecrated by law, which associates with it a legal regime of protection to such an extent that, like a Nessus tunic, it is this legal regime which will define the character and not the reverse. When we read the law of December 9, 2016 relating to transparency in the fight against corruption and the modernization of economic life, known as "Sapin 2", we notice that the Legislator makes much of this character, since 'he dedicates its chapter II to him!footnote-1682: "From the protection of whistleblowers", and that it is by his very protection that he formally opens the door of Right to him.

But why a plural? Admittedly when we read the recitals of the Community Directive of October 7, 2019 on the protection of whistleblowers!footnote-1702, it is only a list of all the subjects on which it is a good idea to protect them, which therefore prompts us to see in this plural only the index of this non-exhaustive list of subjects which it is good to tell us, a sign of the lack of definition of who should alert us. Reading the French law known as "Sapin 2" makes it less severe but more perplexing. Indeed, this plurality referred to by the title of the chapter devoted to "whistleblowers", there is no longer any question in the rest of the law, in the very definition which follows, article 6 which opens this chapter devoted to "whistleblowers" offering the reader immediately a singular since it begins as follows: "A!footnote-1684 whistleblower is a person ...". No mention of diversity. The art of legislative writing would however have required that the qualifying article not only be singular but that it should not yet be undefined. Stendhal if he had still deigned to have the law for bedside book would have wanted to find at the beginning of chapter a sentence like: "The!footnote-1683 whistleblower is a person ...".

Thus seem to contradict themselves within the law "Sapin 2 the very title which presents the character, in that it uses a defined plural (the) while the defining article which presents it is in the undefined singular (one). ...

Here is a first reason not to advance any more but in a very careful way, in this "step by step" that constitutes a reading word for word: a gloss. This consists of taking the expression itself literally. The second reason for this technical choice is that the gloss is well suited to the introduction of a collective work, thus allowing more targeted developments to take place in other contributions, on the techniques, the difficulties and the limits of this protection, or on its history, or the reasons for the arrival in French law of these whistleblowers and the way they develop, or not, elsewhere.

I am therefore going to content myself with taking this already legal expression to the letter: The (I) whistle (III). blowers (II). 

 

 

 

May 15, 2020

Publications

Full reference : Frison-Roche, M.-A., Avocat et Compliance - L'avenir du personnage et de son outil : Droit, Humanisme et Défense ("Attorney and Compliance - the future of the character and his tool: Law, Humanism and Defense),article of synthesis fo the collective publication "Compliance", Dalloz Avocat, March 2020, April 2020, June 2020, Dalloz Avocat, June 2020, p.321-324

Read the synthesis article (in French).

Read the editorial of the March 2020 Issue, presenting the problematic : "The Attorney, Vector of Conviction in the New Compliance System"

 

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Summary of the article: In the future, the place of lawyers in compliance mechanisms, including in Ex Ante, will develop for three reasons, which emerge from all of the contributions. First of all because Compliance is a matter of Law, a lawyer is a lawyer and in the future it is a matter of Law and not on technical terms that Compliance demands its meaning and legitimacy. Then because Conformity must be defined in relation to the person, the lawyer expresses the humanist conception of the rules and Compliance Law will only be tolerable in the future if it is for "monumental goal" of protection of the person. Finally, because Compliance with ordinary repression, that the lawyer in his heart defends and must be and remain at the center of Compliance Law.

______

May 7, 2020

Thesaurus : Soft Law

Full Reference: Autorité des marchés financiers (AMF), Cartographie 2020 des marchés et des risques, Risques et tendances, July 2020

Read the 2020 Risk and Markets Map

April 24, 2020

Publications

This interview was conducted in French with Olivia Dufour, for an article published in French in the digital publication Actualité Juridique.

Its subject is  the confrontation between the current health crisis situation and the Compliance Law. 

 

Summary. After defining Compliance Law, distinguishing the procedural and poor definition and the substantial and rich definition, the starting point is to admit the aporia: the type of health crisis caused by Covid-19 will be renewed and it is imperative to prevent it, even to manage it, then to organize the crisis exit. Public Authorities are legitimate to do so, but because this type of crisis being global and the State being consubstantially linked to borders, States are hardly powerful. Their traditional International Law shows their  limits in this current crisis and one cannot hope that this configulration will improve radically.

In contrast, some companies and markets, notably the financial markets, are global. But the markets are not legitimate to carry out such missions and counting on the generosity of certain large companies is far too fragile in front of the "monumental goal" that is the prevention of the next health crisis, crisis which must never happen.

How to get out of this aporia?

By Compliance Law, basis of, in a literal and strong sense, the "Law of the Future". 

We need to be inspired by the Banking and Financial Compliance Law. Designed in the United States after the 1929 crisis to tend towards the "monumental goal" of the absence of a new devastating crisis in the country and the world,  this set of new legal mechanisms gave duty and power of supervision, regulation and compliance to market authorities and central bankers. These are independent of governments but in constant contact with them. Today, they claim to have as first priority the fight against climate change. Now and for the future, they must also be given the responsibility and the powers to prevent a global health disaster, similar to a global ecological disaster, similar to a global financial disaster. This does not require a modification of the texts because their mandate consists in fighting instability. Stability must become a primary legal principle, of which the fight against monetary instability was only a first example. By the new use that central banks must make of it by preventing and managing health crises, Compliance Law will ensure that the future will be not catastrophic.

April 15, 2020

Thesaurus : Doctrine

Full reference: Chacornac, J. (ed.), Lanceurs d'alerte: regards comparatistes (written in French), Editions de la Société de Législation Comparée, Vol. 21, avril 2020, 192 p.

Read the fourth of cover (in French)

 

This book follows the conference organized by the Centre français de droit Comparé on 23rd of November 2018

Read the presentation of Marie-Anne Frison-Roche's article: L'impossible unicité de la catégorie des lanceurs d'alerte, which is the introduction of the book

 

 

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April 8, 2020

Thesaurus : Doctrine

Référence complète : Dreyfus, S.,L., American Extraterritoriality : A Contrarian View, in International Financial and White Collar Crime, Corporate Malfeasance and Compliance, CHRONIQUE, RTDF n°1, 2019, pp. 2-4.

 

 

Les étudiants de Sciences po peuvent consulter l'article via le Drive, dossier "MAFR - Regulation & Compliance".

April 1, 2020

Thesaurus : Doctrine

Full reference: Merabet, S., Vers un droit de l'intelligence artificielle (written in French), coll. Nouvelle Bibliothèque des Thèses, Volume 197, Dalloz, 509p.

March 23, 2020

Publications

Without any request, on his or her newsfeed, those who surfs on the social network built by Facebook, has found on 23 of March 2020, in the morning, the following message :

« X (prénom de l'internaute), agissez maintenant pour ralentir la propagation du coronavirus (COVID-19) Retrouvez les actualités des autorités sanitaires et institutions publiques, des conseils pour ralentir la propagation du coronavirus et des ressources pour vous et vos proches dans le Centre d’information sur le coronavirus (COVID-19)" ("X (user's name), act now to slow down the spread of the Coronavirus (COVID-19). Find the health authorities and public institutions' news, advices to slow down the spread of the Coronavirus for you and your entourage in the Information Center about Coronavirus (COVID-19) »).

This corresponds to the more general declaration done the same day by Kang-Xing Jin, director of Health at Facebook, who declares : "In response to the coronavirus outbreak, Facebook is supporting the global public health community’s work to keep people safe and informed. Since the World Health Organization declared the coronavirus a public health emergency in January, we’ve taken steps to make sure everyone has access to accurate information, stop misinformation and harmful content, and support global health experts, local governments, businesses and communities.".

Thanks, Facebook to indicate how to do ; by the way, thanks to having invited me to do it. By the way, is it really an « invitation » ? Since the expression is « act now ». Just miss the exclamation point, and the pointed finger of Uncle Sam for « war effort »!footnote-1770.

If in Law, we can consider « invitation », it would be not to the "invitation" that in the past Bank of France did to shareholders banks to refinance a bank which risks to be soon into difficulties that we could consider, invitation from which the invited cannot really escape. No, obviously no, it is just the same message that you and me can write on our Facebook pages to tell similar things about the same purpose ! But, Facebook would be, like you and me, editor of contents ?

Questions and difficulties which encourage to proceed to the legal analysis to know under which title Facebook posted such a message.

The first hypothesis is that this firm has acted spontaneously, following its « Corporate Social Responsibility » (I) If it is the right qualification, with regards to the content of the message, legal consequences are important because this firm, without generalizing to others, by the expression of its care of common good, shows, by transitivity, that it is an editor.

The second hypothesis starts from the observation that Facebook is a « crucial digital operator ». In this perspective, the firm is constraint to Compliance Law (II). It is the reason why, it is constraint by specific obligations, that excludes the spontaneous message emission qualification. If it is the right qualification, with regards to the content of the message, legal consequences are also important and of a totally different nature. Indeed, the qualification leads to develop the relation between the obligation to fight against fake news and malicious websites towards those of redirecting towards public websites, benefiting for the operator of a reliability presumption.

Read the developments below.

March 22, 2020

Publications

This working paper is the basis for an article in the French Law Journal Le Clunet.

 

When we compare the terms "Compliance" and "Extraterritoriality", it is often with dissatisfaction, even anger and indignation. On the momentum, after having expressed a principle of disapproval of such a merger, attention is focused on how we can fight against it, to break the link between Compliance and Extraterritoriality. But do we have to go so fast? Is this negative initial assessment correct?

Indeed, thus gone, it is frequently explained that the binding mechanisms of Compliance are suffered, that they come from abroad!footnote-1750, that they apply with efficiency but in an illegitimate way, without agreement of the one who must submit to it, whose resistance is therefore certainly ineffective but nevertheless justified. In the same spirit, when we start to shell the cases, like so many scars, sort of rosary, even crown of thorns, BNPP case!footnote-1718, Astom case!footnote-1717, etc., the wounds not yet closed turn into reproaches made against the rules, public authorities, even reproaches made against named people.

We are leaving this kind of complaint against X, which targets what would be this appalling "Compliance", this Law which would be both hostile and mechanical which would not have been able to stay within the limits of borders, Compliance being thus placed in contrast to sovereignty and protection, which presuppose staying within its limits!footnote-1716 and being able to protect companies from abroad. More concretely, this presentation targets more directly the United States, which uses "the legal weapon", slipped under what is then designated as "the artifice of the Law" with extraterritorial scope. But this effect would in reality be the very object of the whole: their hegemonic will to better organize at least a global racket, notably through the Foreign Corrupt Practices Act (FCPA) and at best a world government through notably the embargoes.Those who believed otherwise would be naive or foolish. This silences the opponents because who likes this costume? So the world would be put in a ruled cut; what the mafia could not have done, Compliance Law would have obtained, offering the whole world to the United States thanks to the extraterritoriality of its national Law.

Compliance Law would thus become the very negation of Law, since it has the effect, even the purpose (barely concealed by strategic, powerful and shameless States), of counting borders for nothing, whereas Public International Law, in that it is built between the sovereign subjects of law that are the States presupposes the primary respect for borders to better exceed them while Private International Law takes the same postulate to better welcome foreign Law in situations presenting a foreign element!footnote-1726. Jurists believed in the force of Law; by Compliance, we would return to the sad reality that only the powerful, here the United States, dominate and - ironically - it is under the pretext of Law that they do it. It would be necessary to be well duped, or accomplice, to see there still legal where there is only the balance of powers. When one is more intelligent or skilful than that, one understands that the "small" can only be "subject" to the Compliance Law, one would have to be powerful to be the normative source and its enforcement agent. It is then towards this mis-named Department of Justice (DoJ) that the fearful, hateful and resigned glances turn. 

If you see it that way, what should you do then? The answer is obvious: react!

It is necessary to save the sovereignty, France, companies, the Law itself. If that is how the question is posed, how can we disagree? It is therefore necessary to destroy the Compliance Law and the extra-territoriality of American Law which had found this "Trojan horse", an expression so frequently used. This is the basis for the administrative reports available, for example the Berger-Lellouche!footnote-1719 parliamentary reports and the Gauvainfootnote-1720 report. Both of them broadly develop the two preceding claims, namely that the extra-priority of compliance mechanisms is illegitimate and harmful, since it is a mechanism invented by the Americans and harming the Europeans, or even invented by the Americans to harm Europeans, the description being made in much more violent terms than those used here. The description seems acquired, the reflections therefore relate to the remedies. The reaction is most often to "block" the Compliance Law in its extraterritorial effect.

But without discussing the effectiveness of the remedies proposed downstream, it is necessary to return to this description so widely shared made upstream. Because many elements on the contrary lead to affirm that ComplianceLaw first of all and by nature can only be extraterritorial and that it must be. Whether or not the State in which it was created has malicious intentions. The description which is made to us most often describes particular cases from which we draw generalities, but we cannot reduce Compliance Law to the already cooled cases, as BNPP case, or to the always hot case of the American embargo on Iran. Furthermore, one cannot take the issue of embargoes and draw conclusions, legitimate for it, but which would apply to the whole of Compliance Law. The fact that theCompliance Law is a branch of Law at the stage still of emergence can lead to this confusion which consists in taking the part for the whole, but it is very regrettable because what is justified for the embargoes does not is in no way relevant for all Compliance Law, of which precisely the Law of embargoes is only a small part, even an abusive use. This overlapping is not often perceived, because the definition of Compliance Law and its criterion are not clearly enough defined, namely the existence of a "monumental goal"!footnote-1725, which does not exist in an embargo decided unilaterally by an order decreed by the President of the United States, but which exists in all other cases and fully justifies extraterritoriality, extraterritoriality which is even consubstantial with Compliance Law (I).

Once we have distinguished the embargoes, as an atypical, sometimes even illegitimate part, of Compliance Law, we should continue this work of distinction by emphasizing that the United States has certainly invented Compliance Law!footnote-1721 but only developed a mechanical concept for the prevention and management of systemic risks. Europe has taken up this systemic conception of the protection of systems, for example financial or banking, but superimposed another conception, drawing on its deep humanist tradition!footnote-1722, whose protection of personal data is only an example and whose monumental goal is the protection of the human being. This primary concern then justifies the European use of Compliance mechanisms to interfere with global objects regardless of their location, especially the environment, and to block the entry onto the ground of objects that enter, which is contrary to Competition Law but builds a legitimate barrier under this Compliance Law, in the indifference of an extraterritorial origin (II).

Indeed, this branch of the new Law which is Compliance Law is not reducible to Competition Law!footnote-1723, any more than it is not reducible to a method. It is a substantial, extraterritorial Law because the "monumental goals" which give it substantial unity are extraterritorial. This can directly contribute to the future of a Europe which on the one hand will be able to pursue, in an extraterritorial manner, monumental humanist goals, in the field of the environment or the protection of personal information or access to the Law (in particular by the technique of compliance programs) and which, on the other hand, by the techniques of traceability of products!footnote-1724, will have the means not to bring in products manufactured in an indecent manner, except in countries which do not grant value than in Competition Law to enter the WTO.

 

 

Read the developments below.

 

March 20, 2020

Thesaurus : 03. Conseil d'Etat

Référence complète : C.E., 20 mars 2020, Président de l'Autorité des marchés financiers et Arkea Direct Bank

 

Lire la décision

March 18, 2020

Publications

Référence générale : Frison-Roche, M.-A., L'avocat, porteur de conviction dans le nouveau système de Compliance, Dalloz Avocat, mars 2020.

This editorial opens a thematic collective publication about Compliance.

A synthetic article on all the contributions, published in May 2020, mirrors it: "Attorney and Compliance - The future of the character and his tool: Law, Humanism and Defense"

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English Summary of the article (written in French) : 

If we perceive Compliance Law as an aggression of the private company and a binding set of mechanisms that have no meaning and added value for it, then the attorney has a utility: to defend the business. It can do so not only during the sanctions phase, but also to prevent it.

But this function is not central.

He and she becomes so if we understand Compliance Law as being a body of substantial rules, pursuing a "monumental goal": the protection of the person, goal injected by political bodies and taken up by the operator. From this, the company must convince everyone to take it back, inside the company and outside. In a general and contradictory debate, the attorney carries this conviction, because he and shed is always convincing those who in the end judge (market, public opinion, etc.) that is their raison d'être.

 

Read the article

 

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Read the Working Paper underlying this article, with the technical references and all the articles serving as the basis for all the assertions in this article

 

 

 

 

 

March 18, 2020

Teachings : Banking and Financial Regulatory Law, spring semester 2020

Résumé de la leçon sur le Droit de la Compliance : La Compliance, ne serait-ce que par ce terme même, est un mécanisme nouveau dans les systèmes juridiques européens, venant en convergence du Droit de la concurrence, du Droit financier et du Droit du commerce international. L'on considère généralement qu'il provient du Droit financier et du Droit américain, qui développe ainsi d'une façon extraterritoriale ses conceptions juridico-financières. 

Est ainsi en train de naître un Droit de la Compliance. 

Il pourrait être celui qui disciplinerait l'économie numérique, laquelle croise étroitement l'économie bancaire et financière, qu'elle renouvelle.

Pour en mesurer l'importance et le développement, qui ne font que commencer, le plus probant est de commencer par sa dernière manifestation en Droit français, à savoir la promulgation en France le 9 décembre 2016 de la loi dite "Sapin 2", suivant de peu la loi du 21 juin 2016 sur les abus de marché et suivie de peu par la loi du 27 janvier 2017 sur le devoir de vigilance des sociétés mère.

 

 

Revenir à la Présentation générale du Cours de Droit de la Régulation bancaire et financière.

Revenir à la Bibliographie générale du Cours de Droit de la Régulation bancaire et financière

Revenir aux bases avec le Dictionnaire bilingue du Droit de la Régulation et de la Compliance.

Revenir au plan général du Cours de Droit de la Régulation bancaire et financière

Se reporter à l'ensemble des documents de support pour le Cours de Droit de la Régulation bancaire et financière. 

 

Accéder aux slides servant de support à la leçon sur la régulation internalisée dans les opérateurs bancaires et financiers par l'émergence du Droit de la Compliance.

 

 

Voir ci-dessous la bibliographie de base et d'approfondissement sur le Droit de la Compliance

March 5, 2020

Conferences

Référence : Frison-Roche, M.-A., La mesure de l'effectivité et de l'efficacité des outils de la compliance (conception, présentation et modération des débats), in Les outils de la Compliance, Journal of Regulation & Compliance.

Voir les autres thèmes, autres dates et autres manifestations particulières du cycle dans son ensemble. 

 

Cette conférence sert d'appui à la réalisation d'un ouvrage plus global portant d'une façon générale sur Les outils de la Compliance.

 L'ouvrage Compliance Tools sera publié en même temps. 

 

Présentation de la Conférence : Après avoir examiné différents outils spécifiques, comme La cartographie des risques ou Les incitations, et avant d'en aborder d'autres comme ceux relevant de la a Compliance by Design, celle-ci méritant  aussi d'être examinée avec quelque distance dans sa prétention à être la solution à tout enjeu de compliance, il convient de regarder comment l'on mesure l'efficacité de tous ces outils de Compliance. En effet, puisque toutes les techniques sont des "outils", ils ne prennent sens qu'au regard d'une finalité qu'ils doivent atteindre effectivement. Cette effectivité doit être mesurée, et cela dès l'Ex Ante, l'entreprise devant en permanence donner à voir l'effectivité de la performance des outils de la Compliance.

Mais autant les normes prolifèrent, les discours se multiplient, les engagements sont pris, autant les techniques de mesure de l'effectivité de l'ensemble semblent assez faibles. Non pas que les sujets de droit astreints aux obligations de Compliance ou désireux de réaliser les buts systémiques ou de bien commun visés par la Compliance ne désirent pas en avoir, mais ces instruments de mesure semblent encore les moins construits, souvent déclaratifs ou de type discursifs, ou trop mécaniques. Dès lors, est-ce en partant du but que l'on cherche à atteindre que l'on doit mesurer l'efficacité des outils de Compliance, sans que cela transforme les tâches qui pèsent de grè ou de force sur les opérateurs en obligation de résultat ? Ou est-ce en demeurant en amont, par une seule "conformité" à ce qui leur est demandé, comme comportement et comme organisation structurelle, que les entreprises donnent à voir qu'elles ont effectivement rempli leur tâche, sans plus se soucier des effets produits sur la réalité des choses, cette réalité que ceux qui ont conçu la norme avaient en tête ?

Cette question a des implications majeure en terme de charge de preuve et de responsabilité, impliquant des organisations plaçant la confiance, coeur de la Compliance, plutôt dans des instruments technologiques connectant des data ou plutôt dans des personnes ayant le sens du bien commun. Cette question est aujourd'hui ouverte.

 

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March 4, 2020

Teachings : Sectoral Regulation Law

Le droit sectoriel de la régulation énergétique constitue un monde en soi, alors même que l'économie générale et la vie sociale ne peuvent pas fonctionner sans l'énergie, laquelle est elle-même très multiple et que l'énergie est en points de contact, voire en intimité, avec le Politique. Il en résulte la nécessité d'assimiler de nombreuses règles d'intelligibilité qui interférent en même temps et qui varient. 

Il convient de voir plus longuement ces règles d'intelligibilité, de voir les questions ouvertes, car il est faux de qualifier ce secteur de "mature" (ce que l'on faisait il y a 10 ans), puis de prendre une décision de justice pour s'exercer au commentaire. 

Pour comprendre ce droit sectoriel, qui est le reflet de la complexité technique de celui-ci et des enjeux politiques, il faut y retrouver la trace de la variété des moyens et des usages énergétiques, l'électricité ayant toujours une place particulière notamment par son lien avec le nucléaire. La construction d'un Droit européen de l'énergie paraît impossible en raison des liens de celle-ci avec le Politique, alors même que les liens tout aussi fort que l’Énergie a avec l'environnement appelle une telle construction. La Loi du 17 août 2015 sur la "transition énergétique" cherche à trouver une voie médiane.

Une fois cela fait, apparaissent un certain nombre de questions ouvertes, notamment :

  • Faut-il souhaiter plus de principe concurrentiel dans le secteur énergétique ?
  • Entre Régulation énergétique et Régulation environnementale, où est le nucléaire ? 
  • Pourquoi des Golden Shares dans les entreprises énergétiques "nationales" ?
  • L'avenir de la Régulation énergétique est-il dans le numérique , 

Cela permet enfin de déboucher sur l'étude d'une question technique : 

 

Renégociation de l'Accès au tarif de l'Energie Nucléaire

Commentez l'arrêt du Conseil d’État du 20 mars 2013, Association "Robin des Toits"

 

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Accéder aux slides servant de base à la leçon.

 

Consulter la bibliographie générale du Droit commun de la Régulation

Consulter le  Dictionnaire bilingue du Droit de la Régulation et de la Compliance

 

March 4, 2020

Teachings : Banking and Financial Regulatory Law, spring semester 2020

Résumé de la leçon : Après avoir vu précédemment les règles techniques qui gouvernent la sanction et la prévention des Abus de marché, il convient pour mieux comprendre les décisions et les conflits de revenir sur la tension permanente et peut-être définitive qui marque les principes et la place de la répression dans le Droit de la régulation bancaire et financière : dans le même temps qu'elle est un outil presque ordinaire de la Régulation, puisque la répression des abus de marché assure l'intégrité et le fonctionnement des marchés financiers, la répression ne peut et ne doit se soustraire à ce avec quoi elle entretient un lien de filiation : le Droit pénal. Dès lors et par exemple, alors qu'au premier titre, l' efficacité est son premier souci, au second titre, les droits de la défense et le souci des secrets demeurent, tandis que la nature régalienne du Droit pénal trace un cercle par nature national alors que la Régulation financière est au mieux mondiale, au moins européenne. 

Il convient de reprendre cette question à travers une perspective plus générale, notamment à travers le Droit pénal et le droit européen.

En effet, dans le même temps et parce qu'il s'agit de mécanismes qui ne peuvent pas faire sécession avec le système juridique, sa structure et ses fondements, l'on  pourrait penser que la répression en matière bancaire et financière est une déclinaison du droit pénal général, qu'elle en emprunte et en respecte les principes généraux, concevant des infractions spéciales pour les besoins qui lui sont propres. Ainsi, tout ce qui caractérise le Droit pénal , l'élément intentionnel de l'infraction, le caractère restrictif de l'interprétation des textes, le principe de la personnalité des délits et des peines, le système procédural indissociable des règles substantielles (comme les charges de preuve ou le principe non bis in idem) devrait s'appliquer dans des infractions générales qui concernent le secteur , comme l'escroquerie ou l'abus de confiance comme dans les infractions plus particulières, comme l'abus de biens sociaux, voire des infractions spécifique comme le blanchiment d'argent.

Mais et tout d'abord, par souci d' efficacité , le droit a tout d'abord développé un système de répression qui a emprunté d'autres méthodes, imprégnées avant tout du souci d' efficacité . En outre, le droit a organisé une sorte de double jeu répressif, par un droit administratif répressif à la disposition des régulateurs, qui prend assez souvent distance par rapport au droit pénal classique, lequel continue pourtant de s'exercer.

Les tensions ne peuvent qu'apparaître. A l'intérieur du droit pénal , dont les principes sont assouplis alors que la rigidité du droit pénal est dans sa nature même, dans l'articulation du droit pénal avec le droit administratif répressif , guidé par le service efficace de l'ordre public de marché, les Cours constitutionnelles tentant de garder un équilibre à l'ensemble. 

Il faut sans doute prendre acte que contrairement aux principes classiques, le droit pénal financier n'est plus autonome du reste de la régulation , la répression devient objective, l' efficacité est son critère et ses objectifs sont systémiques. La loi dite "Sapin 2" le manifeste en internalisant tout le dispositif répressif dans les opérateurs eux-mêmes, devenant à la fois les assujettis et les agents d'effectivité de la Régulation .

 

Accéder aux slides servant de support à la leçon sur les principes et la place de la répression dans le Droit de la Régulation bancaire et financière.

 

 

Voir ci-dessous la bibliographie spécifique au thème de la répression. 

 

Revenir aux bases avec le Dictionnaire bilingue du Droit de la Régulation et de la Compliance.

 

Documentation de base, spécifique à la leçon

sur les fondamentaux de la répression en Régulation bancaire et financière

 

Doctrine

 

Textes

 

 

Jurisprudence

 

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Approfondir par la Bibliographie générale du Droit de la Régulation bancaire et financière

Revenir à la présentation générale du Cours

 

 

Feb. 20, 2020

Thesaurus : Doctrine

Référence complète : Mounoussamy, L., Le smart contract, acte ou hack juridique ?, in Petites Affiches, n°37, 20 février 2020, pp. 12-19.

 

Résumé par les Petites Affiches : Dans cet article, l'auteur analyse l'arrivée du smart contract, système innovant né du développement des nouvelles technologies, dans un environnement juridique déjà structuré. Il commence par définir la nature du smart contract, et le positionne dans cet ensemble juridique mondialisé. Il en présente les impacts et les perspectives de développement, les forces et les faiblesses ainsi que l'intime relation que noues les technologies informatiques et le droit. Le smart contract est un outil dont l'utilisateur définira s'il viendra disrupter le contrat ou le parfaire.

Feb. 5, 2020

Teachings : Banking and Financial Regulatory Law, spring semester 2020

Résumé de la leçon : L'Europe est avant tout et pour l'instant encore une construction juridique. Elle fut pendant longtemps avant tout la construction d'un marché, conçu politiquement comme un espace de libre circulation (des personnes, des marchandises, des capitaux). C'est pourquoi le Droit de la Concurrence est son ADN et demeure le coeur de la jurisprudence de la Cour de justice de l'Union européenne, qui tient désormais l'équilibre entre les diverses institutions, par exemple la Banque Centrale Européenne, dont les décisions peuvent être attaquées devant elle. Mais aujourd'hui le Droit de l'Union européenne se tourne vers d'autres buts que la "liberté", laquelle s'exprime dans l'immédiat, notamment la "stabilité", laquelle se développe dans le temps. C'est pourquoi la Banque y prend un si grande importance. 

En outre, face aux "libertés" les "droits" montent en puissance : c'est par les institutions juridiques que l'Europe trouve de plus en plus son unité, l'Europe économique et financière (l'Union européenne) et l'Europe des droits humains (le Conseil de l'Europe au sein duquel s'est déployée la Cour européenne des droits de l'Homme) exprimant les mêmes principes. C'est bien à travers une décision prenant appui sur le Droit de la concurrence que la Commission européenne le 18 juillet 2018 a obligé Google à concrétiser le "droit d'accès" à des entreprises innovantes, apte à faire vivre l'écosystème numérique, tandis que le Régulateur financier doit respecter les "droits de la défense" des personnes qu'il sanctionne.

Aujourd'hui à côté de l'Europe économique se développe en même temps par des textes une Europe bancaire et financière (on ne sait pas si par le Droit - par exemple le droit de la propriété intellectuelle - existera une Europe industrielle).La crise a fait naître l'Europe bancaire et financière. L'Union bancaire est issue de Règlements communautaires du 23 novembre 2010 établissant des sortes de "régulateurs européens" (ESMA, EBA, EIOPA) qui donnent une certaine unité aux marchés financiers qui demeurent nationaux, tandis que les entreprises de marché, entreprises privées en charge d'une mission de régulation, continuent leur déploiement selon des techniques de droit privé. L'Union bancaire est née d'une façon plus institutionnelle encore, par trois piliers qui assurent un continuum européen entre la prévention des crises, la résolution des crises et la garantie des dépôts. En cela, l'Europe bancaire est devenue fédérale. 

Sur les marchés de capitaux, des instruments financiers et des titres, l'Union européenne a utilisé le pouvoir que lui confère depuis la jurisprudence Costa et grâce au processus Lamfallussy d'une sorte de "création continuée" pour injecter en permanence de nouvelles règles perfectionnant et unifiant les marchés nationaux. C'est désormais au niveau européen qu'est conçu la répression des abus de marché mais aussi l'information des investisseurs, comme le montre la réforme en cours dite "Prospectus 3". A l'initiative de la Commission Européenne, les textes sont produits en "paquet" car ils correspondent à des "plan d'action " . Cette façon de légiférer est désormais emprunté en droit français, par exemple par la loi dite PACTE du 29 avril 2019. Cette loi vise - en se contredisant parfois - à produire plus de concurrence, d'innovation, à attirer l'argent sur des marchés dont l'objectif est aussi la sécurité, notion d'égale importance que la liberté, jadis seul pilier du Droit économique. Conçue par les but, La loi est définitivement un "instrument", et un instrument parmi d'autres, la Cour de Justice tenant l'équilibre entre les buts, les instruments et les institutions.

La question du "régulateur" devient plus incertaine : la BCE est plus un "superviseur" qu'un "régulateur" ; le plan d'action pour une Europe des marchés de capitaux ne prévoit pas de régulateur, visant un capitalisme traditionnelle pour les petites entreprises (sorte de small businesses Act européen)

 

 

Accéder aux slides servant de support à la leçon sur la construction juridique de l'Europe bancaire et financière.

 

Se reporter au Plan complet du cours

 

 

Revenir aux bases avec le Dictionnaire bilingue du Droit de la Régulation et de la Compliance.

 

Documentation spécifique à la leçon :

Documentation sur les textes et les institutions : 

 

Documentation sur la jurisprudence : 

 

Approfondir par la Bibliographie générale du Droit de la Régulation bancaire et financière

 

Revenir à la présentation générale du Cours. 

 

Feb. 4, 2020

Conferences

Complete reference : Frison-Roche, M.-A., The tools of Compliance and the Theorie of Climates, in "Geographical pregance in Compliance Tools" (Les outils de la Compliance et la Théorie des climats, in La prégnance géographique dans les outils de la Compliance), February 4, 2020, Nice. 

 

Conference SummaryStarting from Montesquieu's "climate theory", affirming that human beings would be of a different nature in different places of the world, which therefore requires different rules of government according to these places, a theory which echoes the geographical confinement that Pascal operated on the Laws, we can think that, as with any rule, Compliance legal rules, which ensure compliance of the behavior of human beings to the rules, this will vary depending on whether we are below or beyond the Pyrenees. But on this geographical dimension so natural one can on the contrary and at first doubt. Indeed, by presenting it as a simple process, which artificial intelligence based on algorithms could fully take care of, by its absence of substance this dimension loses all relevance. Except falling into the other excess consisting in posing that everything is only a question of "pure compliance culture" or that this is only the dressing of a pure balance of power, between geographical areas, for example the United States and Europe, and in this Law of palisade geo-politics is to such an extent that it would have devoured Law.

It is necessary to keep the measure of things and on the contrary organize in a second time a kind of triptych and firstly find what comes from the accumulation of technical and immutable information, secondly what comes from local phenomena but requieres global standards of compliance which can be technically attached because of their "crucial nature" and thirdly also assume "political pretensions of monumental goals" which contest the borders and the branches of the Law which guard these. 

If we manage to do this, then Compliance Law not only manages to get rid of what undermines it, that is, its mechanical temptation offered by technology and its disappearance by political power, keeping substance without being violent. . Indeed by respecting geography the West does not have to dictate "its" law. On the contrary, it must take concrete lying to the Kanak Law, which does not define the Law as what is stated and applied, but as a 'path'. Thus in the technique of responsible investments, because the Law of Compliance is teleological, the Subject of law, that is to say the company (which is in position, for example that invests) does not prohibit but organizes the transition so that the beneficiary of the device is not himself sanctioned, for example abandoned to corruption, but accompanied towards the exit of the system. The integration of time and the concept of 'duration', common to compliance law and regulation law (the Law of Compliance being the internalisation of Regulations in entities capable of implementing them) involving the articulation between the territory and duration (which is not permitted by Competition Law).
 

 

Read the presentation of this conference on the Geographical pregnance in Compliance Tools 

See the other conferences of the complete cycle on Compliance Tools.

Read the general presentation of the conferences cycle.

 

Read the working paper which is the basis of this conference

 

Consult the slides on which the conference is based (in French).

 

Summary : Starting from Pascal's "climate theory", one might think, as with any rule, Compliance, which ensures that human behaviour conforms to the rules, it varies, depending on whether one is "below or beyond the Pyrenees". . But of this geographical dimension so natural, on the contrary and at first one can doubt. Indeed by presenting Compliance as a simple process, which artificial intelligence based on algorithms could fully support, by its absence of substance this geographical dimension loses all relevance. Except to fall into the other excess of asking that everything is only a matter of 'compliance culture' or that it is the dressing of a pure balance of power, between geographical political areas, for example the United States and Europe, and in this Law of façade the geo-politics is at this point all that it would have devoured Law.

We need to keep Reason, instead organizing a kind of tryptic and find what is the accumulation of technical and immutable information, which is local phenomena but to which standards of global Compliance can be technically attached because of their "crucial nature" and also assume "political pretensions of monumental goals" that challenge the borders and branches of Law that guard them.

If we manage to do this, then not only  Compliance Law manages to get rid of what undermines it, that is its mechanical temptation offered by technology and its disappearance by political power, keeping substance without being violent. . Indeed by respecting geography the West does not have to dictate "its" Law. On the contrary, it must take concrete conception, borrowing to Kanak Law, which does not define Law as what is stated and applied, but as a 'path'.

Thus in the technique of responsible investments, because Compliance Law is teleological, the subject of law, that is to say the company (which is in position, for example to invests) does not prohibit but organizes the transition so that the beneficiary of the device is not himself sanctioned, for example abandoned to corruption, but accompanied towards the exit of the system of corruption. The integration of time and the concept of 'duration', common to Compliance Law and Regulation Law (the Law of Compliance being the internalisation of Regulations in entities capable of implementing them) involving the articulation between the territory and duration (which is not the rule of Competition Law). 

Jan. 29, 2020

Teachings : Banking and Financial Regulatory Law, spring semester 2020

Résumé de la leçon n°1. La "Régulation" ne se confond pas avec la "réglementation". Elle constitue un "Droit" spécifique, dont la "réglementation" n'est qu'un outil, comme le sont les lois, les décisions de justice, etc., qu'ils soient obligatoires (hard Law) ou pris en considération par ceux qui sont concernés (soft Law). La "Régulation" ne se confond pas davantage avec la "Supervision", avec laquelle elle se cumule, en matière bancaire et financière. Ainsi, en-deçà des multiples Codes, par exemple le Code monétaire et financier, ce sont avant tout les Autorités de régulation et de supervision qui fabriquent et font vivre ce "Droit de la Régulation bancaire et financière". 

Il convient donc de débuter par les institutions françaises : l'Autorité des marchés financiers (AMF) et l'Autorité de contrôle prudentiel et de résolution (ACPR).

Ces autorités sont elles-mêmes ancrées non seulement entre elles et entremaillées au niveau européen, dans des relations internationales constantes, mais encore elles sont ancrées dans le système juridique français, lequel se déploie entre les deux ordres de juridictions, juridictions judiciaires et juridictions administratives, substantiellement unis autour des principes constitutionnels, et s'ancre dans l'ordre de l'Union européenne. Mais de fait, parce que la banque, et plus encore la finance, ne sont pas contenus dans les frontières des systèmes juridiques, le Droit américain, plus proche du Droit britannique (Common Law) que du Droit européen continental (Civil Law) dont la France et l'Allemagne demeurent l'expression, demeure la source première d'influence. 

Après avoir fixé quelques définitions et avoir rappelé le raisonnement privilégié en Droit de la Régulation, prenant l'une puis l'autre, la description de l'AMF, qui succéda à la COB, née en 1967 par copie de la SEC américaine, suppose que l'on expose son statut, sa composition, ses pouvoirs et les contrôles dont elle est l'objet.

De nombreux modèles institutionnels existent et on les expérimente les uns après les autres. Le secteur des banques et des assurances continue d'être régulé par une Autorité adossée à la Banque de France, l'ACPR, dont il convient de faire une semblable description. 

 

Regarder les slides servant de base à la leçon n°1 relative aux institutions bancaires et financières de régulation et de supervision

 

Revenir aux bases avec le Dictionnaire bilingue du Droit de la Régulation et de la Compliance.

 

Documentation spécifique à la leçon :

 

Approfondir par la Bibliographie générale du Droit de la Régulation bancaire et financière

 

Revenir à la présentation générale du Cours. 

Se reporter au plan général du Cours.