United States: KL Snapshot #22 - Septembre-Octobre 2018

BANQUE & FINANCE

Hubert de Vauplane – 3 minutes sur... Fintech, blockchain et crypto-monnaies, vidéo du 29 octobre 2018

Kramer Levin lance un nouveau format : tout ce que vous avez toujours voulu savoir sur la Fintech, la blockchain et les crypto-monnaies en 3' chrono par Hubert de Vauplane.

Gilles Kolifrath – 3 minutes sur... le Brexit et les dérivés, vidéo du 29 octobre 2018

Kramer Levin lance un nouveau format : tout ce que vous avez toujours voulu savoir sur le Brexit et les produits dérivés en 3' chrono par Gilles Kolifrath.

Gilles Kolifrath et Jérôme Blanchet – Brexit : les dérivés prennent-ils la tangente ?, in RDBF n° 5 de septembre-octobre 2018

La sortie du Royaume-Uni va soulever de nombreuses problématiques relatives à la poursuite des relations contractuelles existantes entre le Royaume-Uni et les Etats membres de l'Union européenne (l'« UE »). En matière de dérivés, le Brexit sera l'occasion pour les acteurs de marché des Etats membres, plus particulièrement les sociétés commerciales et les sociétés de gestion de renégocier certains portefeuilles de contrats avec leurs contreparties bancaires anglaises. Ces renégociations nécessiteront une analyse approfondie et méthodique de l'ensemble de la documentation contractuelle des Conventions-Cadres existantes.

Jean-Marc Desaché – La raison d'être des sociétés, in Option Finance n°1479 du 1er octobre 2018

Attrait immodéré pour les idées générales, à rebours du pragmatisme anglo-saxon dont elle prétend s'inspirer, la modification du Code civil pour imposer aux sociétés «la prise en compte des enjeux sociaux et environnementaux de leur activité» pourrait bouleverser le droit des sociétés

Pierre Storrer – Qu'est l'encaissement de fonds pour le compte de tiers devenu ?, in Banque et Droit n°181 d'octobre 2018

« A l'heure de la DSP2, et des nouveaux contours de l'exclusion de l'agent commercial, il nous a paru intéressant d'observer le devenir de la notion d'encaissement de fonds pour le compte de tiers »

Pierre Storrer – Sur la loi de ratification de l'ordonnance de transposition de la DSP 2, in Revue Banque n°824 d'octobre 2018

Ce qu'elle dit, ne dit pas ou aurait pu éviter de dire... Faisons un rapide tour de la loi n°2018-700 du 3 août 2018 ratifiant l'ordonnance n°2017-1252 du 9 août 2017 portant transposition de la directive 2015/2366 du Parlement européen et du Conseil du 25 novembre 2015 concernant les services de paiement dans le marché intérieur (DSP2)

Pierre Storrer – Nouveaux services de paiement : le gestionnaire de compte doit-il vérifier le consentement de son titulaire lorsqu'il y donne accès ? in Banque et Droit n°181 d'octobre 2018

(...) On comprend que l'Autorité bancaire européenne est d'avis que les prestataires de services de paiement gestionaires de compte n'ont pas à vérifier le consentement (explicite) donné par un titulaire de compte à l'accès à celui-ci, dès lors toutefois qu'un contrat a été signé entre ce dernier et les prestataires de services d'initiation de paiement (PSIP) ou d'information sur les comptes (PSIC) »

Pierre Storrer – De l'interdiction du blocage géographique et du droit des opérations de paiement in RTDF n°2/3 d'octobre 2018

Le règlement (UE) 2018/302 du 28 février 2018 (...) mérite d'être replacé dans la lignée de la directive sur le commerce électronique, et son principe du pays d'origine, ainsi que dans celle de la directive Services

Hubert de Vauplane – L'activisme des short selling funds, in RTDF n°2/3 d'octobre 2018

L'activisme des fonds d'investissement n'a jamais eu bonne presse en France : accusés de déstabiliser les sociétés et détruire de la valeur, ces fonds sont le plus souvent vus comme des rapaces, un peu comme les « fonds vautours » sur les dettes souveraines de certains pays émergents. Les études récentes et sérieuses sur la création (ou destruction) de valeur des fonds activistes sur les entreprises sont plutôt rares en langue française, même si inversement elles sont assez nombreuses en langue anglaise. Leurs conclusions généralement concordent : ces fonds ne sont pas destructeurs de valeur de façon globale ; quant à savoir s'ils créent de la valeur (pour les actionnaires), les résultats sont plus mitigés, les réponses dépendant d'un certain nombre de facteurs

Hubert de Vauplane – Fongibilité du Bitcoin : l'exemple du « Bitcoin Fork » et des contrats de prêt de Bit-coin, in RTDF n°2/3, in RTDF n°2/3 d'octobre 2018

Le Bitcoin est-il fongible ? La question fait débat au sein de la communauté Bitcoin du fait de la traçabilite des Bitcoins : une grande partie de la communauté Bitcoin considère que le Bitcoin n'est pas fongible du fait de sa traçabilite. Ainsi, un Bitcoin qui aurait été utilisé dans une opération frauduleuse passée se verrait ≪ à vie ≫ frappé du signe du soupçon du fait que ses détenteurs, même de bonne foi, seraient potentiellement visés par des enquêtes de police ou de régulateurs.

Hubert de Vauplane et Tristan Bonneau – France set to enact the first regulatory framework for crypto-asset intermediaries – ICO Alert du 26 septembre 2018

After allowing registration and transfer of unlisted securities through distributed ledgers in 2017 and drafting legislation for initial coin offerings (ICOs) earlier this year, France is contemplating the introduction of a regulatory framework for crypto-asset intermediaries that would solidify its leadership in blockchain and crypto-asset regulation. The amendment3 would, if adopted, add a new category of investment services providers to the French Monetary and Financial Code (MFC), referred to as crypto-asset services providers, which would be subject to either mandatory or optional requirements

Gilles Kolifrath, François Poudelet, Jérôme Blanchet et Linda Sharkey – Banking, Finance & Insurance Letter - Juillet-Août 2018 du 3 septembre 2018

Pierre Storrer – A propos du virement intermédié crée par la DSP2, in Revue Banque n°823 de septembre 2018

Et si la DSP 2 n'avait pas seulement créé un nouveau service de paiement, mais aussi une nouvelle forme de virement ?

Hubert de Vauplane – L'activisme des fonds vendeurs à découvert, in Revue Banque n°823 de septembre 2018

Des fonds activistes américains spécialisés dans des stratégies de ventes à découvert interviennent de plus en plus fréquemment dans des sociétés européennes. Quel est le risque porté par ces stratégies ? Quelle est la position des régulateurs boursiers ?

Gilles Kolifrath – Rapport sur les impacts du Brexit en matière d'activités d'assurance, Haut Comité Juridique de la Place Financière de Paris de septembre 2018

The HCJP established a working group to analyze the consequences of Brexit, particularly for insurance organizations. The group will also make recommendations to ensure the rules between EU Member States are consistent

Hubert de Vauplane, Valentine Barbelivien et Wilfried Robin – French Fintech Report: Exclusive Insights from 11 Leaders in the French Fintech Marketplace, in LendIt, septembre 2018

The French fintech landscape is undergoing a rapid period of growth. According to BlackFin Tech, in the past year the landscape has grown to 350+ fintechs, and in 2017 €240m was invested in French fintechs (this compared to the €140m invested in Q1 2018 alone). Some of this growth is attributed to President Macron, who as stated by Crowdfund Insider, "put a new focus on innovation and fostering a robust startup ecosystem." To help fuel this growth in the fintech sector, the French government is creating a €10bn fintech startup fund, which will be invested over the next three to five years. With a government backing them, what's next for the French fintech ecosystem? We asked our French contacts to share their perspective on fintech in their region. This report shares some of those findings

Hubert de Vauplane – Blockchain, cryptommonnaies, finance et droit : état des lieux, in Revue Lamy Droit des Affaires n°140 de septembre 2018

Tous les grands cabinets de consultants ont publié ces derniers mois des rapports sur les impacts de la blockchain dans les activités financières d'où il ressort que c'est l'une des industries qui devraient être le plus affectées par cette technologie. Au-delà du métier lui-même de la banque, les secteurs qui devraient le plus rapidement voir les effets de la blockchain sont les services de paiement, les activités de marchés, le financement du commerce international, l'identification des clients, les mesures de contrôle sur l'origine des fonds et la lutte contre le blanchiment

FUSIONS & ACQUISITIONS

Reid Feldman – 2017 European Private Target M&A Deal Points Study, ABA d'octobre 2018

Reid Feldman chairs the 2017 European Private Target M&A Deal Points Study, a project of the Mergers and Acquisitions Market Trends Subcommittee, Mergers and Acquisitions Committee of the American Bar Association's Business Law Section. This study presents data on European M&A deals and comparisons with US practice

Protection des données personnelles

Noëlle Lenoir – Protection des données personnelles et responsabilités plurielles, in La Semaine Juridique n°41 du 8 octobre 2018

Le Règlement général sur la protection des données (RGPD) innove en faisant peser sur les opérateurs de traitement des responsabilités le plus souvent conjointes, dans le but de mieux protéger les victimes d'infraction à cette législation. Dans la ligne de la jurisprudence de la Cour de justice de l'Union européenne, de plus en plus d'opérateurs seront qualifiés de « responsables de traitement » avec toutes les obligations qui en découlent, notamment de devoir prouver en cas d'incidents qu'ils ont pris toutes les mesures pour les éviter. Texte pionnier, le RGPD manque parfois de clarté. Il est donc urgent que le juge en Europe clarifie les responsabilités respectives des coresponsables de traitement, opérant le cas échéant à travers le monde. Sans attendre, les entreprises et les associations professionnelles devraient travailler avec les autorités de contrôles, dont la CNIL, à des clauses modèles de contrats à passer, non seulement pour la sous-traitance, mais entre coresponsables de traitement

Noëlle Lenoir – L'extraterritorialité, nouvelle donne de la mondialisation, in Echanges Internationaux ICC Fr n°112 de septembre 2018

Les fondements de l'organisation du droit commercial international mis en place après 1945 sont sérieusement ébranlés. Mais des solutions de substitution existent. L'Europe, en particulier, peut et doit se donner les moyens de défendre ses intérêts dans ce nouvel âge de la mondialisation

Conformité et Enquêtes internationales

Noëlle Lenoir – Corruption internationale - L'espoir placé dans la convention judiciaire d'intérêt public est-il en passe de devenir réalité ?, La Semaine Juridique n°40 du 4 octobre 2018

Cette brève étude analyse la convention judiciaire d'intérêt public (CJIP) conclue entre le Procureur de la République financier et la Société Générale le 24 mai 2018, puis validée par le président du tribunal de grande instance de Paris le 4 juin 2018

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

Authors
 
In association with
Related Topics
 
Related Articles
 
Related Video
Up-coming Events Search
Tools
Print
Font Size:
Translation
Channels
Mondaq on Twitter
 
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
 
Email Address
Company Name
Password
Confirm Password
Position
Mondaq Topics -- Select your Interests
 Accounting
 Anti-trust
 Commercial
 Compliance
 Consumer
 Criminal
 Employment
 Energy
 Environment
 Family
 Finance
 Government
 Healthcare
 Immigration
 Insolvency
 Insurance
 International
 IP
 Law Performance
 Law Practice
 Litigation
 Media & IT
 Privacy
 Real Estate
 Strategy
 Tax
 Technology
 Transport
 Wealth Mgt
Regions
Africa
Asia
Asia Pacific
Australasia
Canada
Caribbean
Europe
European Union
Latin America
Middle East
U.K.
United States
Worldwide Updates
Registration (you must scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions

Mondaq.com (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of www.mondaq.com

To Use Mondaq.com you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.

Disclaimer

The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.

General

Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions