Europeans need in this area remain passive

A week after the meeting of the twenty most powerful Heads of State of the planet, the new President of the authority of des marchés financiers (AMF), Jean-Pierre Jouyet, expressed in "Les echos" his global vision of the new global regulation of markets in gestation. It announces in consultation next two proposals: the lowering of the threshold for automatic triggering of a takeover bid from 33.33 to 30 and the new strategic plan of the authority.

What lessons are you getting G20

The G20 has fulfilled its mission laying the foundations of a new international financial order in redefining architecture and streamlining regulation around the IMF and the new financial stability Board. The principles of an out of the crisis are clearly set out. Never a meeting of this nature has obtained results comparable since the agreements of the Louvre and the Plaza of the end of the 1980s, and still they were that the changes. I've never seen with declarations of principle which went far in technique and in the details. Now, the Finance Ministers and regulators must transform the test actually defining the application of these principles.

The G20 has identified all the causes of the crisis

The crisis has shown the insufficient regulation of markets. The g-20 clearly identified three new areas of regulation which it has decided to act: the accounting standards, which must be less pro-cyclical. remuneration, which must not become an additional factor of risk; offshore centres, which must be to obtain sufficient information to end regulatory havens.

In the execution of these guidelines, is unanimity really appropriate

There will be differences in implementation between countries and especially regional blocs. This is not a surprise that the approach in the United States, in Europe or in China is not the same. But he agreed after the g-20 that the bulk of the devices comply with issued standards. In Europe, Finance Ministers meeting in Prague, last weekend, had a very consensual discussion on the future European supervision, based on the Larosière report, except for some such as the United Kingdom and the Czech Republic. The report recommends that macro prudential supervision is attached to the European Central Bank (ECB) and binding powers are granted to the three committees European regulators of banks and insurance markets. He will return to the June European Council to endorse this device. This means that a new regulatory framework could enter into force fairly quickly.

Is this possible without the accession of the British

It is in the interest of continental Europe as well as of the place in London to dispose of the more homogeneous regional block possible. Our British friends do not want their market authority to be placed under the authority of the ECB. They are a matter of sovereignty. My feeling is that the separation is not blurred. Regulators are all members of the financial stability Forum, renamed by the g-20 financial stability. I think that there is a possibility to advance in any case. Not prevent those who want to advance to, through inter alia the implementation of reinforced cooperation mechanisms. More generally, I am satisfied that there are opportunities for those who adopt the more clear rules. There will be no premium attractiveness to lax regulations. Investors will emphasize the geographic block that will provide the most reassuring regulation. It is this block which will remove the dividends of this investment the reconvened.

Have you identified weaknesses in the decisions of the g-20

Step in the g-20 itself, but rather in the draft of the European Commission on "hedge funds" Fund of alternative investments, Editor's note. According to this text, the regulation of these entities would essentially pass through the control of the managers of hedge. I do not think that this system be sufficient because it does not guarantee the monitoring of all products (Fund themselves) and other stakeholders (stakeholders, auditors, upgrader...). In a pure and perfect model, should be more vigilant on solvency, risk control and marketing of the Fund. The French position is the same as that of the Germans. There is therefore also subject to cooperation strengthened between countries of the Union. I do not wish to be found with a free delivery and recognition device without having the opportunity to properly identify what there is in the "box". It should not be a scandal of the kind caused by the Madoff fraud from happening again. For this reason, I consider that too flexible position in the matter of the Commissioner for the internal market, Charlie McCreevy, poses a risk. The alternative is a useful tool, but which must be regulated and transparent.

What is your religion about short sales

I argued in favour of more rigour in the delivery of titles for enhanced food requirements and execution of transactions of this nature always at the highest price. Indeed, very pragmatically, the President of the Securities and Exchange Commission (SEC), Mary Shapiro, goes in the same sense as we. Europeans need in this area remain passive.

The Americans also took a serious advantage in the clearing of OTC financial products...

This is true. The Europeans must take the problem without delay. It would be highly detrimental to the competitiveness of the European places that we do not create own euro-zone compensation structures. The issue of this major battle will play in the coming months.

Is what chance there that LCH Clearnet and Eurex agree on the subject

I call on the responsibility of these two players. Nothing will happen without them. There is no structural or regulatory obstacle that prevents it. It is a matter of will.

What are the MFA sites

In the wake of the G20 and monitoring of the Larosière report, clearly new fields of jurisdiction open at the MFA. Already, I can imagine a strengthened regulation which is not accompanied by a power of supervision and sanctions. It is the international credibility of the MFA, not to mention its effectiveness. Moreover, it seems to me essential to strengthen the control of the marketing of financial products offered to savers. It is the subject of a further mission entrusted by the Government to Bruno Delétré. In this area, regardless of the choice of the public authorities, the MFA, which provides know-how savings, has an important role to play. On these issues, among other things, we will develop a strategic plan to be submitted to consultation by the end of June.

You have to adapt the rules on the public appeal to the savings. Are there other important regulatory changes in preparation

Yes. We will soon submit instead a reflection on public offerings to better prevent creeping acquisitions of control of companies. We propose to lower the threshold for automatic triggering of a takeover bid from 33.33 to 30. This will also be merit to us in line with European regulations.