Les dangers de l’incohérence réglementaire

LONDRES – Dans la soupe à l’alphabet des institutions travaillant à la réglementation des marchés financiers mondiaux, le FLMC – pour Financial Markets Law Committee – ne compte pas parmi les plus célèbres. Dans la mesure où cette entité est basée exclusivement à Londres, née d’une initiative de la Banque d’Angleterre il y a 20 ans, et où la plupart de ses membres sont des juristes, la plupart des banques n’en ont tout simplement jamais entendu parler (bien que certaines d’entre elles soient représentées au sein de son Conseil). Or, les services fournis par le FMLC ne se sont jamais révélés plus nécessaires qu’aujourd’hui.

La mission du FMLC consiste à identifier et à proposer des solutions aux problématiques d’incertitude juridique sur les marchés financiers, susceptible de créer des risques à l’avenir. Comme l’a récemment démontré un rapport du FMLC, la déferlante de nouvelles réglementations mises en place depuis la crise financière mondiale – pour beaucoup piètrement planifiées ou incohérentes selon les États – nous laisse avec un paysage désordonnée d’incertitudes juridiques.

Songez aux contraintes de capital intéressant les banques. L’accord de Bâle III, qui permet à ses adhérents d’accroitre la liquidité de toutes les banques et de réduire leur endettement, est ainsi considéré comme une norme solide en certaines régions du monde. Or, d’autres ailleurs le considèrent comme un strict minimum qu’il serait possible de compléter par des règles supplémentaires. Une telle « super-équivalence », sorte de « placage à la feuille d’or » pour employer un terme plus accessible, génère des incohérences entre les juridictions, facilitant ainsi l’arbitrage réglementaire.

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