Pending issues in the review of the European market abuse rules. ECMI Policy Brief No. 19, February 2012

The legislative package on market abuse proposed in 2011 comprises two documents: a draft regulation, which will largely replace the existing market abuse directive (MAD) and the level 2 measures; and a new directive dealing with criminal sanctions. Market abuse rules are needed to ensure market integrity and investor confidence, to allow companies to raise capital and contribute to economic growth, thereby increasing employment. In this ECMI Policy Brief Carmine di Noia argues that rules on market abuse should be technically well-designed, proportionate and crystal-clear, but also subject to more efficient supervision than before

Designing institutions for financial stability: Regulation and supervision by objective for the Euro area

In this paper, we discuss pros and cons of different models for financial market regulation and supervision and we present a proposal for the re-organisation of regulatory and supervisory agencies in the Euro Area. Our arguments are consistent with both new theories and effective behaviour of financial intermediaries in industrialized countries. Our proposed architecture for financial market regulation is based on the assignment of different objectives or "finalities" to different authorities, both at the domestic and the European level. According to this perspective, the three objectives of supervision - microeconomic stability, investor protection and proper behaviour, efficiency and competition - should be assigned to three distinct European authorities, each one at the centre of a European system of financial regulators and supervisors specialized in overseeing the entire financial market with respect to a single regulatory objective and regardless of the subjective nature of the intermediaries. Each system should be structured and organized similarly to the European System of Central Banks and work in connection with the central bank which would remain the institution responsible for price and macroeconomic stability. We suggest a plausible path to build our 4-peak regulatory architecture in the Euro area.Financial regulation, supervisory authorities, european financial integration

Financial Regulation and Supervision in the Euro Area: A Four-Peak Proposal

In this paper, we discuss pros and cons of different models for financial market regulation and supervision and we present a proposal for the re-organisation of regulatory and supervisory agencies in the Euro Area. Our arguments are consistent with both new theories and effective behaviour of financial intermediaries in industrialized countries. Our proposed architecture for financial market regulation is based on the assignment of different objectives or "finalities" to different authorities, both at the domestic and the European level. According to this perspective, the three objectives of supervision - microeconomic stability, investor protection and proper behaviour, efficiency and competition - should be assigned to three distinct European authorities, each one at the centre of a European system of financial regulators and supervisors specialized in overseeing the entire financial market with respect to a single regulatory objective and regardless of the subjective nature of the intermediaries. Each system should be structured and organized similarly to the European System of Central Banks and work in connection with the central bank which would remain the institution responsible for price and macroeconomic stability. We suggest a plausible path to build our 4-peak regulatory architecture in the Euro area.

A viaxe de estudos de Castelao a Europa

[Resumo] Despois dunha breve introdución sobre as características dos libros de viaxes, o artigo dedica a primeira á narración das circunstancia nas que Castelao inicia a viaxe para estudar a arte en tres países da Europa central. Na segunda parte, analízase a oportunidade da publicación do Diario escrito por Castelao en 1921, vinte e sete anos despois da morte do autor, dado o carácter de texto confidencial e que descobre a súa falta de formación teórica sobre os movementos artísticos contemporáneos. Na terceira parte, coméntase o texto escrito o día 25 de xullo na cidade de Bruxas, contrastándoo co redactado nunha crónica xornalística polo escritor cubano, Alejo Carpentier, sobre mesma cidade. Ambos textos son a expresión dunha experiencia sobre Bruxas de dous intelectuais de orixe e vida moi diferente

Semantic Matchmaking as Non-Monotonic Reasoning: A Description Logic Approach

Matchmaking arises when supply and demand meet in an electronic marketplace, or when agents search for a web service to perform some task, or even when recruiting agencies match curricula and job profiles. In such open environments, the objective of a matchmaking process is to discover best available offers to a given request. We address the problem of matchmaking from a knowledge representation perspective, with a formalization based on Description Logics. We devise Concept Abduction and Concept Contraction as non-monotonic inferences in Description Logics suitable for modeling matchmaking in a logical framework, and prove some related complexity results. We also present reasonable algorithms for semantic matchmaking based on the devised inferences, and prove that they obey to some commonsense properties. Finally, we report on the implementation of the proposed matchmaking framework, which has been used both as a mediator in e-marketplaces and for semantic web services discovery

Aportaciones del catálogo gallego al apartado de Chistes y anécdotas de ATU

De los 666 tipos y subtipos que componen el Catálogo tipolóxico do conto galego 43subtipos llevan la marca Noia para clasificar aquellos cuentos que no están registradosen el ATU ni en el AT y que tampoco aparecen en los catálogos regionales de cuentosque consultamos. En este artículo me voy a referir exclusivamente a los 31 clasificadoscon números Noia en el apartado de «Chistes y anécdotas» [«Jokes and Anecdotes»](1204*A-1951*A), en general, piezas breves que todavía circulan en las comunidadesrurales de Galicia y de otros territorios de la península ibérica. Analizo por qué se haneliminado algunos de estos números Noia y por qué se han mantenido 23 distribuidosen diversas secciones del apartado. Ocho relacionados con el ámbito eclesiástico que serefieren al comportamiento inadecuado de uno de sus miembros (obispo, papa, cura), lamayoría sobre la mala conducta de un cura lujurios

Lo "chiamavano Dignità”: prime note su tecnica e politica a margine del d.l. n. 87/2018, conv. in l. n. 96/2018 = "They called him Dignity": first notes on technique and politics in the margins of the legislative decree n. 87/2018, conv. in l. n. 96/2018. WP C.S.D.L.E. “Massimo D’Antona”.IT – 381/2018

This paper aims to analyse the so-called “Dignity Decree”, the first legislative act of the new Italian government in the field of the labour law. In particular, it focuses on the changes introduced in the matter of temporary contracts and unlawful dismissal. Through a comparative study with the political choices of the previous governments, the article shows how the decree does not represent “the Waterloo of temporary employment”, nor does it constitute an overturn of the spirit of the “Jobs Act”

Financial Market Regulation: The Case of Italy and a Proposal for the Euro Area

The objective of the present work is to sketch a proposal for the re-organisation of regulatory arrangements and supervisory agencies in the European financial markets. This proposal is formulated in light of the evolution of the role of intermediaries and aims at speeding the ongoing process of integration of financial markets in the Euro area. It is based on previous experiences in the matter of financial regulation at both national and international level. We start by reviewing objectives and theoretical models for the regulation of financial systems. We then move to highlight some features of financial market regulation in Italy that we consider somehow problematic as a consequence of the recent evolution in the financial intermediaries, instruments and markets. A proposal is then formulated for a new configuration for supervising the domestic financial market through the assignment of different objectives or "finalities" to different authorities. This perspective would thus entrust the three objectives of supervision -- stability, transparency and proper behaviour, competition -- to three distinct authorities designed to oversee the entire financial market regardless of the subjective nature of the intermediaries. We think that our proposal could be transferred (with some benefit) to the Euro area. This requires to explicitly address what is probably the weakest point and the more evident problem of the European Union construction, that of who takes care of financial stability. In particular, one has to re-examine the issue of the need for a lender of last resort and of the proper relationship of the European Central Bank with other financial market regulators. We propose to establish a European System of Financial Supervisors, with three distinct independent authorities (plus the ECB) at the European level. They will provide incentives for and co-ordinate the work of the three corresponding national authorities in each member country.

Contes et légendes étiologiques dans l’espace européen

Kabakova, Galina (ed.): Contes et légendes étiologiques dans l’espace européen. París: Pippa / Flies France, 2013, 304 p

Contes de la femme convoitée et calomniée. À propos de la classification de contes-nouvelles

Sous le terme ‘Romantic’ ou ‘Réalistic’ la section « Romantic Folktales (Novelle) » inclute des contes de nature différente ; quelques-uns ayant une forte coïncidence avec des types des « Magic Tales » et suivant la variation des personnages, ils coïncident aussi avec les « Religious Tales ». Je parlerai des caractéristiques des contes rassemblés dans la section « Romantic Folktales », de certains aspects spécifiques et des éventuels traits communs qu’ils ont avec des contes d’autres sections : en spécial avec celle des merveilleux (Magic Tales). Dans la seconde partie de cet article, je comparerai plusieurs versions de contes merveilleux et romanesques de différentes régions de la Péninsule Ibérique traitant du thème de la chasteté [K2112] et de la fidélité [K2110.1] de la femme (712-Crescencia, 881-Oft-Prouved Fidelity et 883A-The Innocent Slandered Maiden) dans les versions orales et les versions écrites rassemblées dans des textes écrits depuis le Moyen-Âge jusqu’au commencement du XXème siècle.***Sota l’adjectiu «romàntic» o «realista» la secció «Romantic Folktales» (Novelle) inclou rondalles de diferent naturalesa; algunes d’elles tenen una forta coincidència amb els tipus dels «Magic Tales» i, seguint la variació dels personatges, coincideixen també amb els «Religious Tales». En aquest article parlaré de les característiques de les rondalles incloses en la secció «Romantic Folktales», de certs aspectes específics i d’altres trets eventuals que tenen en comú amb rondalles d’altres seccions: especialment amb les rondalles meravelloses (Magic Tales). En la segona part d’aquest article, compararé diverses versions de rondalles de diferents parts de la península Ibèrica que tracten el tema de la castedat [K2112] i de la fidelitat [K2110.1] de les dones (712-Crescencia, 881-Oft-Prouved Fidelity i 883A-The Innocent Slandered Maiden) en les versions orals i escrites recollides en textos escrits des de l’edat mitjana fins a principis del segle XX