Economy

► Full Reference: Y. Feldman,Can the Public Be Trusted?: On the Promise and Perils of Voluntary Compliance, Cambridge University Press, 2025.  - ► Presentation of the book (done by the Author) : "When do citizens voluntarily comply with regulations rather than act out of fear of sanctions? Can the Public Be Trusted? challenges prevailing regulatory paradigms by examining when democratic states can rely on voluntary compliance. Drawing on behavioral science, law, and public policy research, Yuval Feldman explores why voluntary compliance, despite often yielding superior and more sustainable outcomes, remains underutilized by policymakers. Through empirical analysis of policy implementation in COVID-19 response, tax compliance, and environmental regulation, Feldman examines trust-based governance’s potential and limitations. The book presents a comprehensive framework for understanding how cultural diversity, technological change, and institutional  shape voluntary cooperation.". -   📗Read the book

► Full Reference: B. Deffains, "La dette comme fondement de l'obligation de compliance" ("From the Debt to the Compliance Obligation"), in M.-A. Frison-Roche (ed.), L'Obligation de Compliance, Journal of Regulation & Compliance (JoRC) and Dalloz, "Régulations & Compliance" Serie, 2025, pp. 67-82. - 📕read the general presentation of the book, L'Obligation de Compliance, in which this contribution is published - ► Summary of this contribution  (done by the Journal  of Regulation  & Compliance):  The contribution builds on the definition of Compliance in that it requires large companies to contribute to the achievement of Monumental Goals, including the preservation of human rights and systems, e.g. climate system.   This requirement is confronted with the notion of Debt as it results today from classic and new works available in economic science. In fact, in the primitive economy, debt refers not only to exchanges, but also to an ethical and social obligation leading back to the collective. The Economic Analysis of Law has highlighted this situation, where some of the entities involved in a situation benefit from positive externalities, or endure negative externalities on their own, thus creating a situation of debt: this generates an obligation to correct market failure through an obligation to manage risks, as expressed by Compliance Obligation. This implies that economic calculation can be used to quantify this debt, leading to new proposals for biodiversity accounting. The author then highlights the recognition of Debt as the source of an Compliance Obligation. This can be expressed through the classical notion of natural obligation, which can be traced back to the French Civil Code, or through more solidarist or political conceptions of Law, linked to moral responsibility, with the overall moral equilibrium referring to civic duty, superimposed on the accounting equilibrium. The political dimension is very much present, as shown by Grotius and Kant, then Bourgeois (solidarism), Rawls and Sen (social justice), who link the deep commitment of each individual with the group. This sheds light on the essential role played by the State and public institutions in formalising and enforcing the Compliance Obligation, not only to ensure its effectiveness, but also to make everyone aware of its fairness dimension. - 🦉This article is available in full text to those registered for Professor Marie-Anne Frison-Roche's courses -

► Full Reference: G. Wright & L. Chetcuti, US Extraterritoriality: The Trump Card, Institut Montaigne, Explainer, December 2024, 62 p. - 📓read the Explainer - 📓read the English Summary of the Explainer - 📓read the presentation of this Explainer made on the Institut Montaigne's website - ► English Summary of the Explainer (done by the Authors): "Extraterritoriality — the application of national laws abroad — has grown exponentially over the last two decades. In a world characterized by strategic competition and weak international organizations, many countries are turning to law to secure their interests. None more than the United States. There are good and bad uses of US extraterritoriality. It has become a key tool to uphold international law and to safeguard the US’ interests. It has helped to sanction hostile states and combat corruption, money laundering, organized crime and terrorism. It has helped to reduce excessive risk-taking by companies and has been used to manage US-China systemic rivalry. However, the US has also been accused of using it as a way to assert market dominance. Could extraterritoriality be the next Trump Card the United States plays? During his first term, President Trump tightened export controls and expanded US laws to combat human rights abuses. At the same time, he rolled back banking regulations and asked his team to review US laws that created unnecessary red tape. Recently, he warned that he would remove any sanctions that weakened the dollar’s dominant position. The extent to which extraterritoriality is used to exert political pressure on EU countries is unclear. The EU must be better prepared. Companies that fail to comply with US rules risk huge fines, handover of sensitive data and exclusion from the US market. European companies often prefer to comply with US rules, rather than abide by European measures designed to block their application. This poses a direct challenge to the sovereignty of the EU and its member states. Institut Montaigne’s latest issue paper provides a framework for understanding all dimensions of US extraterritoriality and offers decision-makers and businesses a roadmap for an informed response. Understanding the implications of US extraterritoriality is crucial for governments and businesses, and should be integral to the EU's approach to economic security.". -

► Full Reference: M. Duchâtel & G. Wright, China’s Extraterritoriality: A New Stage of Lawfare, Institut Montaigne, Explainer, December 2024, 72 p. - 📓read the Explainer - 📓read the English Summary of the Explainer - 📓read the presentation of this Explainer made on the Institut Montaigne's website - ► English Summary of the Explainer (done by the Authors): "Extraterritoriality – the application of national laws abroad – is gaining traction. In a world characterized by strategic competition and weakened international organizations, many countries are turning to law to secure their interests. This includes China. Extraterritoriality has expanded under Xi Jinping. China no longer sees it as a relic of "the century of humiliation" during which foreign powers imposed consular jurisdiction on Chinese soil. Today, Chinese extraterritoriality has three aims: to defend against foreign interference and sanctions; to legitimize China’s foreign policy actions and strengthen its global influence; and as a way to deploy its public security agenda abroad. China is also exploring a more offensive approach to extraterritoriality in the form of economic sanctions  – though it has yet to use them. A more offensive use will depend on the willingness of the top leadership to employ such tactics during moments of international tension; a stronger international role for the renminbi and lower overall exposure to the dollar; and the countermeasures that third-countries could take to respond to Chinese extraterritorial norms. The EU must act. Europeans need to understand the risks associated with Chinese extraterritoriality and plan accordingly. The EU should continue working with like-minded partners and be ready to deny access to the EU single market in case of abuse. Losing access to the single market would be deeply damaging to China’s interests and constitute a powerful deterrent for the EU. Institut Montaigne’s latest issue paper provides a framework for understanding all dimensions of Chinese extraterritoriality and offers decision-makers and businesses a roadmap for an informed response. Understanding the implications of Chinese extraterritoriality is crucial for governments and businesses, and should be integral to the EU's approach to economic security.". -

► Full Reference: B. Deffains, "Debt as the basis of the Compliance Obligation", in M.-A. Frison-Roche (ed.), Compliance Obligation, Journal of Regulation & Compliance (JoRC) and Bruylant, "Compliance & Regulation" Serie, to be published - 📘read a general presentation of the book, Compliance Obligation, in which this article is published - ► Summary of the article (done by the Journal of Regulation & Compliance – JoRC): The contribution builds on the definition of Compliance in that it requires large companies to contribute to the achievement of Monumental Goals, including the preservation of human rights and systems, e.g. climate system.   This requirement is confronted with the notion of Debt as it results today from classic and new works available in economic science. In fact, in the primitive economy, debt refers not only to exchanges, but also to an ethical and social obligation leading back to the collective. The Economic Analysis of Law has highlighted this situation, where some of the entities involved in a situation benefit from positive externalities, or endure negative externalities on their own, thus creating a situation of debt: this generates an obligation to correct market failure through an obligation to manage risks, as expressed by Compliance Obligation. This implies that economic calculation can be used to quantify this debt, leading to new proposals for biodiversity accounting. The author then highlights the recognition of Debt as the source of an Compliance Obligation. This can be expressed through the classical notion of natural obligation, which can be traced back to the French Civil Code, or through more solidarist or political conceptions of Law, linked to moral responsibility, with the overall moral equilibrium referring to civic duty, superimposed on the accounting equilibrium. The political dimension is very much present, as shown by Grotius and Kant, then Bourgeois (solidarism), Rawls and Sen (social justice), who link the deep commitment of each individual with the group. This sheds light on the essential role played by the State and public institutions in formalising and enforcing the Compliance Obligation, not only to ensure its effectiveness, but also to make everyone aware of its fairness dimension. - 🦉This article is available in full text to those registered for Professor Marie-Anne Frison-Roche's courses -

► Full Reference: M.-A. Frison-Roche, "Les voies d'innovations juridiques face aux nouveaux "défis climatiques" ("Innovative legal solutions to the new "climate challenges""), in C. Arnaud, O. de Bandt et B. Deffains (dir.), Nouveaux défis – Regards croisés : Droit, Économie et Finance. Quel Droit face au Changement Climatique ? (("New challenges – Crossed perspectives : Law, Economics and Finance. What Law in the Face of Climate Change?"), Banque de France (French Central Bank) and CRED/Paris Panthéon-Assas University, Paris, Centre de Conférence de la Banque de France, April 2, 2024 - 🧮See the full programme of this event - 🔲see the slides, basis of this conference (in French) - ► Summary of this conference: In response to the question of how the Law can produce 'innovations' to meet the 'climate challenges', the process is based on the three traditional sources of Law, which are, firstly, laws and regulations, secondly, the commitments of individuals, mainly contracts, and thirdly, court rulings. At first sight, the Law in its traditional conception and practice is weak in the face of climate change. This weakness is inherent in the nature of climate change, which is at once future, global and systemic, in the face of these three sources of Law, which do not address all three dimensions at once. The scale of the legal innovation required to ensure that one or more articulated sources can grasp the future, the global and the systemic is therefore clear. And yet this is what is happening. As far as laws and regulations are concerned, they do not seem very appropriate because they are, by their very nature, a territorial limit, and international treaties are very difficult to negotiate. The interweaving of European regulations, for example the CSRD and the CS3D, which mirror each other, may be more effective. As far as 'commitments' are concerned, a concept which in Law is not very precise outside of contracts and liability cases📎¹🕴️M.-A. Frison-Roche, 📝What a commitment is, in 🕴️M.-A. Frison-Roche (ed.), 📘Compliance Obligation, 2024., contracts are above all a means for companies to fulfill their legal obligations, and a contract always implies a judge. At first sight, however, the judge is the least well placed to respond to 'climate challenges', particularly in France where he is said or wished to be powerless, where he rules on the past and where, especially the civil judge, he settles a one-off dispute between two singular parties. But a major change has occurred with the emergence of a new branch of law: the Compliance Law, a teleological branch of Law whose legal normativity is lodged in the Monumental Goals📎²🕴️M.-A. Frison-Roche, 📝Compliance Monumental Goals, beating heart of Compliance Law, in 🕴️M.-A. Frison-Roche (ed.), 📘Compliance Monumental Goals, 2023. that it pursues, namely the preservation of systems, for example the climate system. In France, the so-called "Sapin 2" law in 2016, followed by the so-called "Vigilance" law in 2017, illustrate this. And the Judge is at the centre of it all. In this global, systemic, extraterritorial perspective, the object of which is the future – Compliance Law is, moreover, rejected by many legal experts – the legislative innovation is major. Indeed, the law of 23 March 2017, known as "Vigilance" designated large companies, because they are "powerful", because they are "in a position to act" to "detect and prevent" breaches of the environment and human rights. The 2017 law copied the "compliance tools"📎³🕴️M.-A. Frison-Roche (ed.), 📘Compliance Tools, 2021. put in place by the Sapin 2 anti-corruption law: risk mapping, plans, alerts, audits, internal investigations, and so on.  Only large companies are subject to the Compliance Law, notably the Vigilance Law, since they are the only ones in a position to act, in this case "parent companies or principals", and borders are no longer limits since the obligation, creating personal liability for the company📎⁴🏛️Conseil constitutionnel (French Constitutional Council), March 23, 2017, decision No. 2017-750 DC, Loi relative au devoir de vigilance des sociétés mères et des entreprises donneuses d’ordre., extends throughout the "value chain". The notion and fact of "systemic dispute" is emerging before the courts. In France, the Paris Court of First Instance has exclusive jurisdiction. European legislation is proving more difficult to draw up, because although it is compulsory to provide information on these "extra-financial" subjects (CSRD), the directive on the duty of vigilance, which has just been adopted, does not go any further than the French law of 2017. On the second point, that of commitments, we are only at the beginning. Judges do not transform ethical statements into "unilateral legal commitments", and vigilance does not transform company law into co-management. But contracts do form a global network through which companies adjust their various legal obligations. This is why arbitrators, the only "global judges", will soon be involved in this systemic litigation📎⁵🕴️M.-A. Frison-Roche (ed.), 📘Compliance Obligation, 2024, of which a chapter is dedicated to "International Arbitration in support of the Compliance Obligation"., and more general case law is to come on "compliance contracts and clauses"📎⁶🕴️M.-A. Frison-Roche, 🚧Compliance contract, compliance clauses, 2022 ; 🕴️M.-A. Frison-Roche (ed.), 📘Contrat and Contract, 2024.. But the most innovative aspect undoubtedly comes from the courts. Perhaps and notably in France because it is from where we least expect it, the civil courts, that the imagination comes, but also the guarding of the great principles of the Rule of Law, because for the moment the case law is reasonable. This innovation has not come about proprio motu: the judges are not taking action, it is the NGOs that are conducting a kind of litigation policy, systematically giving formal notice to the major energy companies, but also to the major banks and insurers on climate issues, alleging non-compliance with their vigilance plans. The interim relief judge at the Paris Court of First Instance must then provide answers in systemic disputes, of which the so-called "Total Uganda"📎⁷🏛️Tribunal judiciaire de Paris (Paris First Instance Civil Court), summary rulings, February 28, 2023, No. RG 22/53943 and 22/53942, Total Ouganda. case is an example. The courts are demonstrating a great deal of innovation. The Court of First Instance's interim relief judge has appointed amici curiae📎⁸🕴️N. Cayrol, 📝L'amicus curiae, mesure d'instruction ordinaire, 2022., the Paris Court of Appeal has set up a specialised chamber📎⁹On the creation on the new 5-12 Chamber, Contentieux émergent – Devoir de vigilance et responsabilité écologique see 🕴️J. Boulard, 💬Contentieux systémique : "Il est important, pour les magistrats, de rester au plus près des réalités" (Systemic litigation: "It is important for judges to remain as close as possible to reality"), March 28, 2024., and training conferences have been set up on this "Emerging Systemic Litigation"📎¹⁰🕴️M.-A. Frison-Roche, 💬"Nous voyons émerger aujourd’hui le contentieux systémique" ("We are now seeing the emergence of the Systemic Litigation"), March 28, 2024 ; 🕴️M.-A. Frison-Roche, Coordination and animation of cycle of conference-debates 🧮Contentieux Systémique Émergent (Emerging Systemic Litigation). . In conclusion, Law is in the process of being rebuilt through a new branch of Law, Compliance Law, whose the very purpose, as an extension of and going beyond Regulatory Law📎¹¹🏛️Conseil d'État (French Council of State) and 🏛️Cour de cassation (French Court of cassation), 📗De la régulation à la compliance : quel rôle pour le juge ? (From Regulation to Compliance: what role for the Judge?), 2024; 🕴️M.-A. Frison-Roche, 🚧The deployment of Regulatory Law through Compliance Law in the European project, 2023 ; 🚧Compliance Law loses the ties of Regulation Law but retains its principles : consequences for companies, 2018 ; 🚧From Regulation Law to Compliance Law, 2017., is to preserve systems, in particular the climate system, in a profoundly renewed role for judges📎¹²🕴️M.-A. Frison-Roche, 📝Le rôle du juge dans le déploiement du droit de la régulation par le droit de la compliance et ;🕴️Fr. Ancel, 📝Quel rôle pour le juge aujourd’hui dans la compliance ? Quel office processuel du juge dans la compliance ?, in 🏛️Conseil d'État et 🏛️Cour de cassation, 📗De la régulation à la compliance : quel rôle pour le juge ?, 2024 ; 🕴️Fr. Ancel, 📝Le principe processuel de compliance, un nouveau principe directeur du procès ?, in M.-A. Frison-Roche (dir.), 📕La juridictionnalisation de la Compliance, 2023 ; 🕴️M.-A. Frison-Roche, 📝Le Juge requis pour une Obligation de Compliance effective, in 🕴️M.-A. Frison-Roche (dir.), 📕L'Obligation de Compliance, 2024.. - 🌐follow Marie-Anne Frison-Roche on LinkedIn 🌐follow Marie-Anne Frison-Roche on Instagram 🌐subscribe to the Newsletter MAFR Regulation, Compliance, Law

🌐 follow Marie-Anne Frison-Roche on LinkedIn 🌐 subscribe to the Newsletter MAFR Regulation, Compliance, Law - ► Full Reference: M.-A. Frison-Roche (ed.), Pour une Europe de la Compliance (For the Europe of the Compliance), series “Régulations & Compliance“, Dalloz, 2019, 124 p.  - This volume is the continuation of the books dedicated to Compliance in this collection. ► Read the presentations of the other books in the series: the following books: 🕴️M.-A. Frison-Roche (ed.), 📕Les outils de la Compliance, 2021 🕴️M.-A. Frison-Roche (ed.), 📕Les Buts Monumentaux de la Compliance, 2022 🕴️M.-A. Frison-Roche (ed.), 📕La juridictionnalisation de la Compliance, 2023 🕴️M.-A. Frison-Roche and M. Boissavy (eds.), 📕Compliance et droits de la défense. Enquête interne – CJIP – CRPC, 2024 🕴️M.-A. Frison-Roche (ed.), 📕L’Obligation de Compliance, 2025 🕴️M.-A. Frison-Roche (ed.), 📕Compliance et Contrat, forthcoming 🕴️L. Laref (ed.), 📕Compliance et vigilance bancaire, forthcoming 🕴️M.-A. Frison-Roche, 📕Le système juridique de l’adressage de l’Internet. Une structure multi-acteurs, gage de durabilité (The Legal System of Internet Addressing. A Multi-Stakeholder Structure, the Pledge of its Sustainability), forthcoming 🕴️M.-A. Frison-Roche (ed.), 📕Le système probatoire de la Compliance, forthcoming   the previous books: 🕴️N. Borga, J.-Cl. Marin and J.-Ch. Roda (eds.), 📕Compliance : l’entreprise, le régulateur et le juge, 2018 🕴️M.-A. Frison-Roche (ed.), 📕Régulation, Supervision, Compliance, 2017 🕴️M.-A. Frison-Roche (ed.), 📕Internet, espace d’interrégulation, 2016 📚Read the presentations of the other titles of the collection. - ► General presentation of the book: This book is written in French. The topic is : “For the Europe of the Compliance“. See below its general presentation in English.  The political dimension is intrinsic to the Compliance Law. Indeed, compliance mechanisms consist of internalizing in certains companies the obligation to implement goals of general interest set by Public Authorities. These public bodies control the Ex Ante reorganization that implies for these companies and punish Ex Post the possible structural inadequacy of these compagnies, becoming transparent for this purpose.  This new mode of governance establishes a continuum between Regulation, Supervision, Compliance (book published in 2017) and renew the links between Companies, Regulators and Judges¹Frison-Roche, M.-A., Compliance, see.  This political dimension must be increased: the Compliance Law of Compliance must today be used to build Europe. One can observe not only the construction of the  European Compliance Law, object-by-object, sector-by-sector, purpose-by-purpose, but also the construction of the European Compliance Law that transcends and unifies them. Becoming independent of American Law and ceasing to be in reaction, even on the defensive, the Compliance Law contributes to the European project, offering it a higher ambition, that Europe can carry and, by this way, can carry the Europe itself, not only to preserve the European economy from corruption or money laundering, but by claiming the protection of nature and human beings. This is why the book describes the “reasons and objectives” of the Europe of the Compliance, which makes it possible to describe, detect and even predict the ways and means. - ► Understand the book through the Table of Contents and the summaries of each article:  🕴️M.-A. Frison-Roche, 📝Avant propos  🕴️K. Lenaerts, 📝Le juge de l’Union européenne dans une Europe de la compliance 🕴️M.-A. Frison-Roche, 📝Un droit substantiel de la compliance, appuyé sur la tradition européenne humaniste   I. LES RAISONS ET LES OBJECTIFS D’UNE EUROPE DE LA COMPLIANCE (THE REASONS AND OBJECTIVES OF THE EUROPE OF THE COMPLIANCE)  🕴️X. Musca, 📝Construire une Europe de la compliance en donnant une meilleure place aux entreprises 🕴️P. Vimont, 📝La place de la diplomatie dans l’avancée d’une Europe de la compliance 🕴️P. Sellal, 📝Les vertus de la compliance : une réponse possible aux faiblesses de l’Union européenne ? 🕴️J.-J. Daigre, 📝Compliance, entreprise et Europe   II. LES VOIES ET MOYENS D’UNE EUROPE DE LA COMPLIANCE  (THE WAYS AND MEANS OF THE EUROPE OF THE COMPLIANCE) 🕴️J.-Cl. Marin, 📝Quels outils pour la construction du droit de la compliance en Europe ? 🕴️M. Canto-Sperber, 📝La compliance et les définitions traditionnelles de la vertu 🕴️T. Bonneau, 📝Compliance et secteur bancaire et financier en Europe 🕴️C. Duchaine, 📝L’Agence française anticorruption, à l’appui de l’Europe de la compliance 🕴️D. Martin, 📝Les contraintes et les vertus de la compliance 🕴️A. de La Cotardière, 📝Construire une Europe de la compliance lisible pour les entreprises -