Dissertations / Theses on the topic 'Market self-regulation'

The diploma thesis focuses on the problems of regulation of financial intermediaries and reviews the contemporary situation in the financial market of the Czech Republic. In the introductory part subjects that can provide financial services and circumstances under which these services are possible are defined. The introduction also outlines the framework for controlling, its planned development, state institutions supervising this process and the up-to-date state of self-regulation by the financial intermediaries themselves. The main part of the thesis is devoted to contemporary key topics in the field (mis-selling, providing of misleading or incomplete information, reinsurance, promotion of excessive trading, low expertise, reward system etc.), supervision by the state and the attitude of financial intermediaries to these activities.. The aim of the thesis is to find a functional relationship between the set of rules defined by legislation and the internal self-regulatory system of the financial intermediaries.

The UK government has sought to make changes to commercial property leasing practices. This has been the case since the recession of the 1990s. Industry self-regulation using an industry code of practice has been the vehicle for these changes. However, the code has had little direct success in changing practices. This is despite repeated threats of legislation as a constant backdrop to this initiative. The focus for this research is on the role of the industry bodies in the code initiative. They have been central to self-regulation in commercial leasing. Thus, the aim is to investigate the role of industry bodies in the process of institutional change. The context is industry self-regulation. The specific setting is commercial leasing. The main industry bodies in focus are the British Property Federation and Royal Institution of Chartered Surveyors. An existing model of institutional change forms the framework for the research. A chronological narrative is constructed from secondary data. This is analysed, identifying the actions of the industry bodies within the conceptual stages of the model. The analysis shows that the industry bodies had not acted as convincing agents of change for commercial leasing. In particular there was a lack of theorisation, a key stage in the process. The industry bodies did not develop a framework necessary to guide their members through the change process. These shortcomings of the industry bodies are likely to have contributed to the failure of the Code. However, the main conclusion is that, if industry self-regulation is led by government, then the state must work with industry bodies to harness their potential as champions and drivers of institutional change. This is particularly important in achieving change in institutionalised environments.

This dissertation consists of three empirical analyses examining the interactive and evolving nature of government regulations and how the regulated industries respond to the changes in the regulatory climate. Using the U.S. pulp and paper mills as an example, the three essays bring together a number of strands of literature in environmental economics and policy studies discussing how changes in the U.S. environmental policy are shaped by industry concerns and which strategies firms choose in order to adjust to the changes in policy. Essay 1 examines if, in addition to the standard input factors, indirect costs associated with tax and environmental policies affect papermakers’ ‘stay put’ investment decisions. The findings suggest that state environmental stringency has a negative impact on investments, but it is statistically insignificant and higher taxes do not deter investments. The Essay 2 studies whether voluntary abatement and prevention efforts at pulp and paper mills affects regulatory stringency they face. The analysis tests the hypotheses of ‘responsive regulation’ and whether regulators are driven by numerical pollution targets or budgetary constraints. The findings suggest that voluntary pollution abatement and prevention have greater impact on regulatory stringency than government budgets. Finally, Essay 3 analyzes the relationship between pollution prevention (P2) policy instruments and adoption of P2 modifications. The study tests the hypotheses of whether P2 policy instruments have positive impact on P2 adoptions. The results suggest that the policy instruments have different effects on different types of P2 modifications and that regulatory and political threat is a strong predictor of P2 adoptions.

After the initial excitement about the Internet as a space outside of governmental control has evaporated and courts in several states have applied national laws to ‘Cyberspace’, there is now a consensus among scholars that regulators have in principle the authority and capacity to regulate the Internet. Nevertheless, the application of the established tools of regulation - legislation and adjudication - to the current challenges to copyright regulation posed by the Internet has proven to be ineffective and produced undesirable side effects. Although market self-regulation has been suggested as a more efficacious approach to regulating the Internet and has proven effective in content regulation and Internet governance, the market has so far been unsuccessful in providing an effective and efficient remedy to the challenges to copyright regulation. The purpose of this thesis is to examine a novel approach to regulation and analyse its benefits and limitations. The novel approach defies the conceptualisation as co- and self-regulation, but introduces the solution from outside the regulated environment through entrepreneurship and innovation, and relies on the forces of the market to become effective. In this thesis, I analyse the regulatory systems implemented by two private organisations, Noank Media and Creative Commons, in China’s reportedly ineffective copyright law environment and find that their market-based and innovative approach to regulation can be understood as a form of social entrepreneurship. Social enterprises have been claimed to deliver social goods more effectively and efficiently than governmental intervention, because they are said to rely on local knowledge, to be driven by the demand of the stakeholders, and to be focused on social value creation. Based on quantitative and qualitative fieldwork with Noank Media’s and Creative Common’s stakeholders in China I analyse to what extent these two enterprises managed to successfully leverage the assets of social entrepreneurship. I conclude that while the novel approach has demonstrated the potential to produce more effective and more efficient regulation, it does not automatically result in Better Regulation. Further efforts are required to ensure participation, transparency, and public accountability, and to avoid regulatory fragmentation.

A tese a ser defendida é a de que a autorregulação institucionalmente estruturada e legitimada pela regulação é um eficiente arranjo para tratar as falhas e riscos inerentes ao mercado de bolsa. O trabalho se inicia com a descrição da atual estrutura da autorregulação do mercado de bolsa, destacando seu novo formato institucional decorrente do processo de desmutualização e abertura de capital das entidades administradoras do mercado de bolsa e concluindo pela necessidade de adoção de novas perspectivas sobre o tema que transcendam o aparente antagonismo entre concepções liberais e intervencionistas. A partir dessa premissa, o trabalho apresenta uma visão panorâmica da evolução histórica da autorregulação do mercado de bolsa e considerações sobre os conceitos de autorregulação em outras áreas do conhecimento, a fim de identificar suas variações e seus elementos mais marcantes que constituirão a base a partir da qual serão apresentadas as novas perspectivas de análise do tema. As perspectivas propostas enfocam a natureza jurídica da autorregulação do mercado de bolsa como atividade paraestatal destinada a concretizar o modelo teórico neoclássico de justa formação dos preços segundo a livre atuação das forças de oferta e demanda e, também, melhorar os padrões de conduta praticados no mercado. Para tanto, o trabalho propõe que as decisões tomadas no âmbito da autorregulação se pautem por critérios materiais baseados nas premissas teóricas da concorrência perfeita e na exigência de cumprimento dos deveres derivados da boa-fé objetiva (informação, lealdade e proteção). Por fim, é apresentada uma especulação teórica, preliminar e não definitiva, denominada teoria palco-platéia, que visa situar o desenvolvimento da estrutura de autorregulação do mercado de bolsa como parte de uma questão essencial de interação entre indivíduo e sociedade representada nas diversas situações comunicativas envolvidas nos processos decisórios individuais e coletivos que modelam os padrões de conduta e as instituições públicas e privadas.
The thesis to be defended is that the institutionally structured self-regulation and legitimized by the regulation, is an efficient array to treat flaws and risks inherent of the exchange market. The paper begins with a description of the current self-regulation structure of the exchange market, highlighting its new institutional format, due to the demutualization process and IPO of the entities that manage the exchange market, and concluding with the need of the adoption of new perspectives regarding the subject-matter that transcend the apparent antagonism between liberal and interventionist conception. From this premise, the paper presents an overview of the history of self-regulation of the exchange market and considerations on the concepts of self-regulation in other areas of knowledge, for the purpose of identifying its variations and its most striking elements that will form the basis from which the new perspectives of analysis of the matter will be presented. The proposed views focus on the legal nature of the exchange markets self-regulation as a parastatal activity that seeks to achieve the neoclassic theoretical model of fair pricing, according to the free action of forces of supply and demand, and also improve the conduct standards in the market. Therefore, the paper proposes that decisions made within the self-regulation should be guided by material criteria based on theoretical postulations of perfect competition and in the requirement of the obligations derived from the objective good faith (information, loyalty and protection). Lastly, a preliminary and not final, theoretical speculation is presented, denominated stage-audience theory, which aims to situate the development of the self-regulation structure of the exchange market, as part of an essential matter of interaction between individual and society represented in various communication situations involved in individual and collective decision-making, which shape the standards of conduct, and public and private institutions.

This thesis concerns the development of the self-regulation of advertising in Sweden from 1950 until 1971. Self-regulation was initiated in the 1930s due to a business desire to regulate fair competition in marketing, and while it initially was a minor operation, the 1950s and 1960s were characterized by extensive development. When self-regulation was overtaken by state policies in 1971, it included several interlocking systems, of which parts survived the introduction of the state regime. The thesis’ aim has been to analyze how the rapid regime transitions in the self-regulation regime can be understood. The existing literature identifies four major transitions that occurred during the studied time period. To understand them, the thesis has studied the policy processes leading up to these transitions. Focus has been on the business interest organizations that controlled the regime and their regulatory strategies. Theoretically, the analysis has departed from the hypothesis that tensions between these organizations, due to their members’ different market interests and varying levels of exposure to regulation and public badwill, to a significant degree informed their strategic choices as well as policy outcomes. The results show that the policy processes preceding the regime transitions were characterized by internal tensions, whereby organizations representing advertisers, and to a lesser degree media carriers, due to their members’ higher level of exposure to regulation and public badwill, successfully supported stronger market policing, while ad agencies, being less exposed, as well as a peak industry organization for the proliferation of marketing largely opposed such measures, preferring a more lenient regulation. However, due to increased exposure to regulation and bad will, the ad agencies finally abandoned their opposition and took the lead in regulatory innovation through the introduction of an extensive clearance program that survived the launch of the state regime, becoming a key component in the co-regulatory structure that followed.

Encara que a Bòsnia i Hercegovina hi hagi un marc legislatiu que ofereix disposicions legals per a garantir la llibertat d’expressió, la seva aplicació real és molt dificultosa a causa dels comunistes i dels llegats de guerra. I és que la divisió ètnica i les pressions polítiques dins del sistema judicial, així com la influència política en els mitjans de comunicació, en perjudiquen l’exercici autèntic. Malgrat que en l’era actual, els mitjans de comunicació digitals predominin com a principal font per al consum de les notícies, fet que afavoreix la llibertat d’expressió i al pluralisme, la classe política coacciona aquest dret humà i genera un estat d’alerta i por mitjançant l’obertura de procediments legals contra els mitjans de comunicació, els periodistes i altres actors. La tesi analitza el panorama dels mitjans a Bòsnia i Hercegovina i tracta de temes relatius al finançament i a la propietat dels mitjans de comunicació, l’estret vincle entre la premsa i els partits polítics, la falta de coordinació entre els diversos suports mediàtics arreu del país, el marc legislatiu i sobre els organismes reguladors i autoreguladors dels mitjans. Un dels aspectes més rellevants en relació al marc legislatiu dels mitjans de comunicació va ser la despenalització de la difamació, que va ser transferida del Codi Penal al Codi Civil. Però malgrat aquest canvi, encara s’observa l’efecte dissuasiu per al lliure exercici del dret a la llibertat d’expressió, que s’evidencia en les altes compensacions exigides i en un nombre molt elevat de demandes presentades per polítics, tant en contra de periodistes com en contra de l’oposició. Aquest fet, ha cridat l’atenció d’aquesta investigació. Al mateix temps, els polítics no esgoten tots els recursos per a minimitzar el dany que les lleis els permet sobre la difamació. I és que no sol·liciten una retractació pública o disculpa, ni acudeixen als òrgans d’autoregulació, sinó que es dirigeixen directament als tribunals. L'estudi realitza una investigació extensa sobre la literatura local i internacional i sobre els casos de difamació davant els tribunals a Sarajevo i Banjaluka, així com dels casos presentats davant l'organisme d'autoregulació i el Consell de Premsa, amb l'objectiu d'oferir una explicació sobre el concepte de difamació i una anàlisi sobre les tendències mundials i les tendències actuals a Bòsnia i Hercegovina en relació a l'exercici de la llibertat d'expressió. Fins ara, aquest dret no ha estat objecte d’estudi ni a investigacions ni a anàlisis, possiblement, perquè els mitjans de comunicació es mostren reticents a informar sobre temes vinculats a personatges públics i perquè, en general, s’ha desestimat la Llei de Mitjans a B-H. Així, és un tema que encara ha de guanyar força com a àrea d’investigació.
Aunque en Bosnia y Herzegovina exista un marco legislativo que ofrece disposiciones generales para garantizar la libertad de expresión, la implementación real de este derecho resulta problemática debido a los comunistas y legados de guerra. Y es que la división étnica y las presiones políticas dentro del sistema judicial, así como la influencia política en los medios de comunicación, perjudican su ejercicio (pleno) en el país. En la era actual, los medios de comunicación online predominan en el consumo de las noticias, hecho que favorece a la libre expresión de ideas y al pluralismo. Aun así, en distintas ocasiones, la clase política coacciona este derecho humano y genera un estado de miedo mediante la apertura de procedimientos legales contra los medios de comunicación, periodistas y otros actores. La tesis analiza el panorama de los medios en Bosnia y Herzegovina y abarca problemas relativos a su financiación y propiedad, el vínculo entre la prensa y los partidos políticos, la falta de coordinación entre los distintos soportes mediáticos en las diversas partes del país, el marco legislativo para los media y sobre los organismos reguladores y de autorregulación. El aspecto más relevante en cuanto a la legislación sobre medios de comunicación fue, entre otros, la despenalización de la difamación, que fue transferida del Código Penal al Código Civil. A pesar de este cambio, todavía se observa un efecto disuasorio para con el libre ejercicio del derecho a la libertad de expresión, que se refleja en las altas compensaciones exigidas y un elevado número de demandas. Esta investigación llama la atención del incremento de demandas presentadas por políticos, tanto en contra de periodistas como de oponentes políticos. Al mismo tiempo, los políticos no agotan todos los recursos para minimizar el daño que permiten las leyes sobre difamación. No solicitan una retractación pública o disculpa, ni acuden a los órganos de autorregulación, sino que acuden directamente a los tribunales. El estudio realiza una investigación extensa sobre la literatura local e internacional y los casos de difamación ante los tribunales en Sarajevo y Banjaluka así como de los asuntos presentados ante el organismo de autorregulación y el Consejo de Prensa, con el fin de ofrecer una explicación sobre el concepto de difamación y un análisis de las tendencias mundiales y de las tendencias actuales en Bosnia y Herzegovina sobre el ejercicio de la libertad de expresión. Hasta ahora, este tema no ha sido objeto de estudio en investigaciones y análisis, posiblemente, porque los medios de comunicación son reacios a informar sobre temas relacionados con personajes públicos y porque, en general, se ha desestimado la Ley de Medios en B-H. Es un tema que aún debe hacerse espacio en las áreas de investigación.
Legislative framework in Bosnia and Herzegovina offers provisions that ensure the right to freedom of expression; however, their implementation is problematic due to communist and war legacies. Divisions along ethnic lines, political pressures on judiciary and political influence on the media landscape plague the exercise of freedom of expression in the country. In the era when online media are increasingly taking over the leading position of news consumption there are more options for enjoying freedom of expression, and better opportunities to have pluralism in media. However, in Bosnia and Herzegovina, political figures exercise pressures on enjoying this human right and create chilling effect by bringing numerous lawsuits against media outlets, journalists, and others. The thesis discussed the media landscape in Bosnia and Herzegovina, and troubles regarding financing of media outlets, problematic media ownership, lack of coordination among outlets from different parts of the country, affiliations to political parties, legislative framework for media and regulatory and self-regulatory bodies. The most important issue in terms of media laws was among other the decriminalization of defamation thus defamation was transferred from criminal into civil law, but today the chilling effect is still reflected in high compensations and a great number of lawsuits in general. The thesis notices that political figures bring most defamation lawsuits before courts, either against journalists or against their political opponents. At the same time, political figures do not exhaust all other remedies of minimizing damages which they could do based on defamation laws, they do not ask for a retraction or apology, nor do they turn to the self-regulatory body, they go directly to court instead. The study conducted an extensive research of local and international literature, defamation cases before the courts in Sarajevo and Banjaluka as well as the cases before the self-regulatory body, the Press Council, in order to offer explanation of the concept of defamation, analysis of global trends and of the current trends in Bosnia and Herzegovina regarding the exercise of freedom of expression. This complex topic has not so far been the topic of many researches or analyses possibly because media outlets are often reluctant to report about these issues related to public figures and because media law in B-H in general has been a rather neglected field and it is yet to gain momentum as a field of research.

Šiame darbe aptariant socialinių ir ekonominių struktūrų ypatumus pagrindinė analizė sutelkiama ties esminiu – savireguliacijos - principu. Pasitelkus socializmo, istoricizmo, psichologizmo, racionalizmo, biurokratinės ir verslinės tvarkos teorijas analizuojama kaip savireguliacijos mechanizmo principas veikia įvairiose visuomenės struktūrose. Aptariant bendrus šių teorijų bruožus siekiama atskleisti ir bendrus jų principus bei prigimtį. Kiekvienos teorijos mechanizmas funkcionuojantis pagal savus dėsnius tarnauja vienai ar kitai tvarkai. Vienos teorijos yra sureguliuojančios, t.y., jos būtinos ten, kur netinka savireguliacinė tvarka, o kitos yra spontaniškos prigimties ir joms negalioja su-tvarkymo mechanizmas. Centralizuoto valdymo siekis yra sukontroliuoti bendros tvarkos principų laikymąsi. Egzistuoja prieštara ir perskyra tarp centralizuoto valdymo ir saviregualicijos – savivaldos principų. Tie būdai, kurie tinka susireguliuojančiai tvarkai palaikyti, negali būti pritaikomi ir reguliuojančioje tvarkoje, todėl viena tvarka negali būti pakeista kitu tų pačių reikalų tvarkymo būdu. Savireguliacinis mechanizmas yra būdingas toms tvarkoms, kurioms negalioja su-reguliuojančios tvarkos būdas, tačiau tuo pačiu šios tvarkos visada yra koegzistuojančiame santykyje. Kai viena tvarka įgyja kitos tvarkos bruožų ji praranda savo esmines funkcijas. Iracionalumo principu paremtos teorijos priskiria vienai tvarkai kitos tvarkos bruožus. Šiame darbe aptariama socialinių ir ekonominių... [toliau žr. visą tekstą]
In this paper, in which the structure of the social and the economic aspects are being discussed, the main analysis is based on the fundamental principal of self-regulation. Using theories of socialism, historicism, psichologism, rationalism, bureaucratic and business order the analysis of how the mechanism of self-regulation behaves in different social is being proceeded. In order to find out about the nature and the features of these theories, several discussions are being processed. Each single feature of a theory is dependant on some orders. Some theories are controlling which means they are required when self-regulation order is not appropriate. The others have spontaneous nature and no rules of the controlling mechanism can be applied to them. The purpose of centralist order is to control the following of the rules of the main order. There are the face off and distinction between the principles of centralist order and self-regulation (self-control). The methods that can be applied to the self-controlling order can never be applied to the controlling order and because of that, one order can not be replaced to another. Self-regulation mechanism is inherent to the orders to which the controlling order can not be applied. But at the same time, these two orders are always in a co-existent relationship. When one of them takes over some features from another, it loses its’ key functions. Theories based on the principal of irrationalism attribute the features of one order... [to full text]

Thesis (Ph. D.) -- University of Maryland, College Park, 2006.
Thesis research directed by: Agricultural and Resource Economics. Title from t.p. of PDF. Includes bibliographical references. Published by UMI Dissertation Services, Ann Arbor, Mich. Also available in paper.

Made available in DSpace on 2016-04-26T20:30:36Z (GMT). No. of bitstreams: 1 Regulacao e Auto Regulacao no Mercado de Capitais Brasileiro.PDF: 673161 bytes, checksum: 9ab570c96f0d0a0ee56517005213a4f4 (MD5) Previous issue date: 2005-08-08
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This work intends to bring a contribution for the debate about the adequacy of the current regulation system of the Brazilian capital markets and to propose a solution for its enhancement, with the intention to increase the number and the quality of the transactions held in such market, and to make them safer for investors. In this context, it will only be analyzed the aspects of regulation and self-regulation in the segment of the financial system governed by Law nr. 6385/76, as amended, i.e., aspects exclusively related to the national securities market. The purpose hereby proposed is to present and discuss, in a comprehensive manner, the legal aspects related to regulation and self-regulation in the Brazilian capital markets, from the comprehension of the concept of regulation and its related aspects, including its characteristics and limits, as well as the characteristics of the regulatory power in our capital markets, demonstrating that the exercise of regulatory function by the Executive Power is legally valid in the Brazilian juridical system. The topic of self-regulation was analyzed bearing in mind not only its general characteristics, but also its specific characteristics related to the Brazilian capital markets, including the legal rationale for the exercise of self-regulation power by private entities, the relationship between the Brazilian Securities Commission (Comissão de Valores Mobiliários) and mentioned entities, the analysis of the Stock Exchanges activities and the analysis of factual events related to self-regulation in the securities market of Brazil. Thus, the intention hereby was to demonstrate that the safer and more adequate alternative for the development of the Brazilian securities market is a greater balance between regulation and self-regulation, with the increase of the participation of self-regulation in our capital markets.
Este trabalho tem por objetivo trazer uma contribuição para o debate em torno da adequação do atual sistema de regulação do mercado de capitais brasileiro e apontar uma solução para sua melhora, de forma a aumentar o número e a qualidade das operações realizadas em referido mercado e torná-las mais seguras para os investidores. Nesse contexto, somente serão analisados os aspectos da regulação e da auto-regulação no segmento do sistema financeiro disciplinado pela Lei nº 6.385/76, conforme alterada, ou seja, aspectos relativos exclusivamente ao mercado de valores mobiliários nacional. A finalidade aqui proposta é apresentar e discutir, de forma abrangente, os aspectos jurídicos relacionados à regulação e à auto-regulação no mercado de capitais no Brasil, partindo da compreensão do conceito de regulação e dos aspectos a ele relacionados, incluindo suas características e limites, bem como as características do poder regulamentar em nosso mercado de capitais, demonstrando que o exercício de função normativa pelo Poder Executivo é juridicamente válido no ordenamento jurídico brasileiro. O tema da auto-regulação foi analisado tendo em vista não apenas suas características gerais, como também suas características específicas no mercado de capitais brasileiro, incluindo a fundamentação legal do exercício do poder de auto-regulação por entidades privadas, a relação entre a Comissão de Valores Mobiliários e referidas entidades, a análise das atividades das Bolsas de Valores e a análise de casos concretos atuais pertinentes à auto-regulação no mercado de valores mobiliários no Brasil. Assim, pretendeu-se demonstrar que a alternativa mais segura e adequada ao desenvolvimento do mercado de valores mobiliários brasileiro é um maior equilíbrio entre a regulação e a auto-regulação, com o aumento da participação da auto-regulação em nosso mercado de capitais.

Les systèmes juridiques d’aujourd’hui diffèrent passablement de ceux en vigueur il y a quarante ans. L’affirmation est applicable notamment aux domaines économiques qui se trouvent sous l’empire de ce qu’on connaît comme régulation. En effet, un simple regard sur le droit contemporain montre, d’une partie, un éclatement d’entités nouvelles qui ont pour mission la création, la surveillance, voire l’application du droit, et, d’une autre partie l’existence des aménagements dans la conception et l’application des normes qui régissent une certaine activité ; le développement de la soft law, de l’autorégulation, des normes internationales, parmi d’autres exemples, font partie desdits aménagements. Ce phénomène, nommé nouvelles formes de régulation, fortement plébiscité par une partie de la doctrine juridique il y a quelques années, est désormais remis en cause. Même si la régulation constitue un phénomène à vocation universelle, nous avons décidé de mettre les marchés financiers au centre de notre analyse. Cela parce que les secteurs régulés présentent une diversité de situations, de modalités d’action et de fondements qui empêchent une analyse d’ensemble. On a dit dans ce sens, que la légitimité de la régulation et des règles qu’elle pose ne peut pas être envisagée de manière abstraite ; elle doit être appréciée dans les rapports entre ses normes et l’objet régulé. Les marchés financiers sont, dans ce contexte, un laboratoire privilégié concernant l’expérimentation des nouvelles formes de régulation, ils se trouvent aux origines de leur usage et c’est précisément dans ces marchés que la remise en cause des nouvelles formes de régulation s’est posée. Notre étude concerne l’usage des nouvelles formes de régulation dans l’encadrement des marchés financiers dans six pays : la France, l’Angleterre, les États-Unis et trois pays latino-américains : le Mexique, la Colombie et le Chili. Les raisons de ce choix sont les suivantes. D’abord, il nous semble légitime d’aborder les législations qui se trouvent à l’origine des phénomènes ici analysés. Le modèle américain s’impose, mais aussi le modèle anglais, car il a été, pendant un moment, l’exemple le plus poussé du libéralisme économique, donc, des origines des nouvelles formes de régulation. La France était aussi une référence indispensable. En effet, comme nous voulons le montrer, la France est l’exemple le plus parfait de la quête d’un aboutissement de la logique de la régulation et de la systématisation, même si inachevée, du droit régulateur. Nous avons choisi le Mexique à cause de la taille de son marché financier, la Colombie, parce qu’elle a entrepris des réformes juridiques remarquables, et le Chili, car il est le pays le plus stable politiquement et économiquement dans le sud de l’Amérique latine
The legal systems of today are different than those that came into force 40 years ago. The assertion is applicable particularly to the economic areas under that a kind of law, known as regulatory systems. Indeed, a simple look at the contemporary law shows first; a rise in new entities which have the power of creation, the monitoring and the application of law and second; the existence of adjustments in the design and implementation of the standards that govern an activity, the development of soft law, self-regulation and standards, among other examples. This phenomenon, named new forms of regulation, which a few years ago was strongly praised by a part of legal doctrine, is now being questioned. Even if the regulation constitutes a universal phenomenon, we decided to focus in the financial markets. This is because the economic sectors under the regulatory systems have a diverse situations in terms of action and their fundamentals that hinders a comprehensive analysis. In this sense, it has been said that the regulatory systems rules legitimacy cannot be considered abstractly. This must be assessed by the relations between its standards and regulated objects. Financial markets are, in this context, a privileged test case concerning the experimentation of new forms of regulation. In these markets we found the origins of the use of soft law, self-regulation and other new forms of regulation, and it is precisely in the financial markets where that the disputes about the efficacy and the legitimacy arise about new forms of regulation. Our study concerns the use of new forms of regulation within the framework of the financial markets in six countries: France, England, the United States and three Latin American countries: Mexico, Colombia and Chile. The reasons for this choice are as follows. Firstly, it seems valid to look at the legislation where the new forms of regulation came from. The American model is needed, but also the English model, because it was, for a while, the more thorough example of economic liberalism, therefore a source of new forms of regulation. France is also an indispensable reference. Indeed, as we want to show it, France is the most perfect example of the quest for a culmination of logical regulation and systematization of regulatory law. We have chosen Mexico because of the size of its financial market; Colombia because it has undertaken remarkable legal reforms linked with the new forms of regulation and Chile, because it is the most stable country both politically and economically in the South of Latin America

The original purpose of this thesis is to explore the possibility of setting up a school in Aotearoa (New Zealand) that operates according to the principles and philosophies of Summerhill School in Suffolk, England. An examination of Summerhill School is therefore the purpose of this study, particularly because of its commitment to self-regulation and direct democracy for children. My argument within this study is that Summerhill presents precisely the type of model Māori as Tangata Whenua (Indigenous people of Aotearoa) need in our design of an alternative schooling programme, given that self-regulation and direct democracy are traits conducive to achieving Tino Rangitiratanga (Self-government, autonomy and control). In claiming this however, not only would Tangata Whenua benefit from this model of schooling; indeed it has the potential to serve the purpose of all people regardless of age race or gender. At present, no school in Aotearoa has replicated Summerhill's principles and philosophies in their entirety. Given the constraints of a Master's thesis, this piece of work is therefore only intended as a theoretical background study for a much larger kaupapa (purpose). It is my intention to produce a further and more comprehensive study in the future using Summerhill as a vehicle to initiate a model school in Aotearoa that is completely antithetical to the dominant neo-liberal philosophy of our age. To this end, my study intends to demonstrate how neo-liberal schooling is universally dictated by global money market trends, and how it is an ideology fueled by the indifferent acceptance of the general population. In other words, neo-liberal theory is a theory of capitalist colonisation. In order to address the long term vision, this project will be comprised of two major components. The first will be a study of the principal philosophies that govern Summerhill School. As I will argue, Summerhill creates an environment that is uniquely successful and fulfilling for the children who attend. At the same time, it will also be shown how it is a philosophy that is entirely contrary to a neo-liberal 3 mindset; an antidote, to a certain extent, to the ills of contemporary schooling. The second component will address the historical movement of schooling in Aotearoa since the Labour Party's landslide victory in 1984, and how the New Zealand Curriculum has been affected by these changes. I intend to trace the importation of neo-liberal methodologies into Aotearoa such as the 'Picot Taskforce,' 'Tomorrows Schools' and 'Bulk Funding,' to name but a few. The neo-liberal ideologies that have swept through this country in the last two decades have relentlessly metamorphosised departments into businesses and forced ministries into the marketplace, hence causing the 'ideological reduction of education' and confining it to the parameters of schooling. The purpose of this research project is to act as a catalyst for the ultimate materialization of an original vision; the implementation of a school like Summerhill in Aotearoa. A study of the neo-liberal ideologies that currently dominate this country is imperative in order to understand the current schooling situation in Aotearoa and create an informed comparison between the 'learning for freedom' style of Summerhill and the 'learning to earn' style of our status quo schools. It is my hope to strengthen the argument in favour of Summerhill philosophy by offering an understanding of the difference between the two completely opposing methods of learning.

The unprecedented turbulence and uncertainty experienced in global economic and financial markets because of the 'credit crunch' has had a damaging impact on consumer confidence. Trust and credibility have been eroded as many customers feel let down by the banks suggesting the need for banks to rebuild constructive dialogue and long-term, meaningful relationships with their customers again. Though financial service, in this case, is considered a utilitarian service, based on the fact that money is needed to support people‘s daily activities, the present state of financial service has suggested the need for banks to appeal to consumers‘ emotions with the aim of improving their reputation. Also, the competition within the industry also could suggest the need to adopt an emotionally appealing advertisement strategy as emotions are known to play an influential role in building robust brand preference. This study builds on the communication theory, meaning transfer theory and consumer involvement theory, to understand the messages the banks are sending out and to elicit consumers‘ emotional reaction. One thousand, two hundred and seventy-four UK bank advertisements in nine national newspapers were content-analysed to identify the emotional appeals presented by the banks. The perception of these appeals and their associated meanings were sought through semi-structured interviews with 33 participants in London and Luton. The results of the analysis indicated that UK Banks are utilising emotional appeal in their advertisements to reach out to the consumers to convince them to upgrade their account, to open an additional account or switch their account. The most predominantly used appeals were relief and relaxation followed by excitement and happiness or satisfaction with the bank, and finally, security and adventure. However, variations were found in different financial products that employed emotional appeals. It was found that high-involvement products such as mortgages and loans used fewer emotional appeals. Both bank groups - high street banks, including the big four (Barclays, HSBC, Lloyds and RBS) and non-high street banks, such as the new entrants, supermarket brands, and online banks were using emotional appeals. However, it is acknowledged that the communication strategies between these banks could be different as the non-high street banks are more likely to repeat and publish the same messages across many newspapers, instead of publishing different emotionally appealing advertisements. Though consumers acknowledged these emotional appeals in the advertisements, they were more concerned about their relationship with the banks as they don‘t rely on advertisements to make a financial decision. Rather, recommendations from families, friends and associates and also branch location are more important when deciding on which bank to choose. The lack of congruency between financial services and emotional appeals in advertisements is also observed as customers are more likely to be persuaded by rational appeals however this study has not completely ruled out emotional appeals in bank advertisements as the use of both types of appeals is recommended. The study provides important theoretical and managerial contributions to understanding how the consumers understand meaning-embedded advertisements produced by the banks. Managers will be able to consider the implications of advertisements in enhancing their brand equity and building relationships with customers in anticipation that, by word of the mouth and established relationship, their bank‘s reputation will be enhanced. Limitations of the study and opportunities for future research are identified.

1 ABSTRACT Stock Exchange The contents of the notion "stock exchange" change in time. Factors inducing these changes are intertwined and influence each other. The introduction of modern telecommunication technologies in 1980s brought about a process of change in the notion of "stock exchange". This factor mainly influenced the territorial aspect of said notion. Modern communication technologies allowed for integration of capital markets within Europe. This integration required unification of legislation in EU Member States. The crucial piece of Czech legislation implementing European norms in the area of stock exchange markets is the Act No. 256/2004 Coll. on Business on Capital Market. The greatest influence on the notion of "stock exchange" has had the transposition of the EU MiFID directive into that act in 2008. The changes introduced by this directive have led to vacating tne notion of "stock exchange" in legal terms with the term itself being replaced by "operator of the regulated market". Over the past decade the supervision and regulation on both European and national levels have undergone substantial changes. The changes and innovation in the investment instruments market have called for changes in institutional setting of supervision and regulation. These changes in supervision and regulation have...

Dans un contexte d'instabilité économique, force est de constater que les remises en question du libéralisme économique s'intensifient, mettant ainsi l'accent sur l'importance de la réglementation pour la protection des investisseurs ainsi que l'efficience des marchés financiers. Souvent associés aux conséquences d'un manque d'encadrement, les fonds de couverture représentent des cibles de choix pour ceux qui cherchent à expliquer l'effondrement majeur des marchés, tout en prônant un interventionnisme accru des autorités gouvernementales. Pour mieux comprendre les tenants et aboutissants de cette industrie, la présente étude propose une vue d'ensemble des caractéristiques fondamentales des fonds de couverture, tant sous l'angle de leur structure organisationnelle que de leur encadrement réglementaire. À cet égard, il importe de jauger les principaux enjeux découlant des règles applicables à l'administration d'un fonds, particulièrement sur le plan de la transparence informationnelle et au niveau de la gouvernance interne. Ces deux éléments constituant les pierres angulaires de la présente analyse, notre étude offrira finalement une réflexion sur l'approche réglementaire à privilégier, et ce, en tenant compte des particularités des fonds de couverture. Dans un même ordre d'idées, le rôle des divers intermédiaires professionnels sera abordé afin d'élargir notre compréhension de la question sous étude. L'objet de cette étude n'est pas d'apporter une solution complète et définitive à ces enjeux, mais bien d'offrir des pistes de réflexions pouvant servir de balises à une étude subséquente de la question, laquelle devra par ailleurs tenir compte du rôle assumé par les fonds de couverture ainsi que du statut particulier qu'ils occupent sur les marchés financiers.
In a context of economic instability, economic liberalism is being questioned particularly with respect to the importance of regulation for investor protection and efficiency of financial markets. Hedge funds, which are often associated with the consequences of a lack of regulation, represent perfect targets for those seeking to explain the major collapse of markets and who advocate increased interventionism of governments. To better understand the ins and outs of this industry, this study provides an overview of the fundamental characteristics of hedge funds, both in terms of their organizational structure and their regulatory framework. In this regard, it is important to gauge the key issues arising from the rules applicable to the administration of a fund, particularly in terms of transparency and internal governance. Those elements constitute the two comerstones of this analysis and our study will address the regulatory approach to foster, taking into account the specific characteristics of hedge funds. Moreover, the role of various intermediaries will be addressed in order to broaden our comprehension of the question being examined. The purpose of this study is not to provide a complete and definitive solution but to offer some ideas that may serve to further study of the issue, which study should consider the role of hedge funds and their place in financial markets.