Bibliographie sélective OHADA

We develop a conceptual model of contracts as regulatory instruments in over-the-counter (OTC) financial markets. The model is informed by the functional understanding of financial regulation as addressing problems of counterparty risk, liquidity, information and systemic risk and structural understanding of regulation as a process of standard-setting, monitoring and enforcement. The justification of conceptualization contracts as regulatory instruments is found in the nature of the political economy considerations that inform the definition of certain contracts used in OTC financial markets. While many scholars rely on conceptualization of the said contracts as boilerplate, we argue that there exist important qualitative differences between boilerplate and regulatory contracts, which we link to a broader spectrum of interests taken into account in their definition in the process of standard-setting. The model and its application to loan and derivatives markets help to highlight the impact of governance features of the organization developing the contract and the regulatory competition to which the organization is exposed on the scope of the regulatory function. We also use a number of indicators and attributions to examine the effectiveness of regulatory contracts. While the contractual model displays some weaknesses in terms of both standard-setting (conflicts of interest) and enforcement (reliance on delegation) compared to its better established counterpart – the organizational model associated with exchanges – the contractual model helps to account for important self-regulatory features of OTC financial markets and offers suggestions as to how the structure of OTC financial markets can be improved.

Au cours des dernières décennies, les restructurations d'entreprises ont connu une transformation majeure. En plus des restructurations ponctuelles, de type « crise » dans des secteurs de l'économie en déclin, il est possible de constater des restructurations de type « permanent » dont l'objectif principal est la quête de profit et l'augmentation de la productivité de l'entreprise. Perçus comme nuisibles à la rentabilité des entreprises, la syndicalisation, la négociation collective et les moyens de pression, poussent ainsi certaines entreprises à se restructurer. Les restructurations d'entreprises, produit de l'exercice de la liberté d'entreprendre, impliquent des conséquences importantes sur l'emploi des travailleurs, en plus d'affecter à bien des égards leur liberté d'association. Dans cette perspective, il est pertinent de s'interroger sur l'articulation entre la liberté d'entreprendre et la liberté d'association dans le contexte de restructurations d'entreprises. Les différentes théories du droit s'accordent quant à l'importance de la cohérence du système juridique tant à l'interne qu'à l'externe. L'essentiel de notre analyse repose, en conséquence, sur un souci de cohérence du système juridique lors de l'affrontement des libertés d'entreprendre et d'association dans le cadre de restructurations d'entreprises, par le biais, entre autre, de l'étude de la juridicité et de la normativité de ces principes du droit. D'une part, la liberté d'association est un principe du droit à statut constitutionnel, d'ordre public et qui occupe une place importante en droit international. D'autre part, la liberté d'entreprendre est un principe du droit implicite, dont les fondements et la mise en œuvre demeurent ambigus. Pourtant notre étude démontre que la jurisprudence accorde une interprétation restrictive à la liberté d'association et large à la liberté d'entreprendre. Cette réalité accorde à la liberté d'entreprendre une mainmise sur la liberté d'association, particulièrement dans les cas de restructurations d'entreprises. Il n'y a qu'à citer comme exemple le droit de cesser de faire affaire même pour des motifs socialement condamnables, énoncé à plusieurs reprises par la Cour suprême du Canada. Le principe de cohérence du système juridique devrait nous amener à une interprétation plus large de la liberté d'association afin de respecter la hiérarchie des droits et d'autres principes généraux du droit, tels que l'égalité, la dignité et la bonne foi, et ce, même si cette interprétation a parfois pour effet de restreindre la liberté d'entreprendre dans le contexte de restructurations d'entreprises.

Sovereign Wealth Funds have been the new 'rising star' of the global economy for a few years. Host States have reacted to their rise cautiously and have quite frequently cited 'national security' as a justification for maintaining an absolute degree of freedom in regulating their entry into their markets. This thesis is arguing that a substantial proportion of regulatory concerns that surround the operation of SWFs are actually not of a national security nature—at least as perceived by the relevant instruments regulating investment in International Economic Law. As a consequence, the current regulatory framework screening SWFs investments a priori is both legally and normatively problematic and, in fact, it constitutes a form of protectionism. As an alternative, this thesis suggests that SWFs ought to be primarily regulated after their entry into Host States' markets. In that context, a proper conceptualisation of the principle of non-discrimination that takes into account the 'regulatory unlikeness' between SWFs and other market suppliers/investors will allow the Host States to properly regulate them after their entry into their markets. Such a conceptualisation – contrary to usual analyses – draws heavily from International Investment law in order to interpret the relevant provisions of the GATS.

The launching of the T-FTA in June 2015 presents an opportunity for accelerating regional integration in Africa towards the establishment of a single market through deepening COMESA-EAC-SADC integration. This milestone can contribute positively to African development. Nevertheless, it faces different structural and technical challenges, including the risk of aggressive export strategies and unfair trade practices, which may wipe away a substantial part of the integration gains. This could undermine African integration plans and the largely infant industries in Africa, especially since many African countries lack sufficient technical skills, institutional capacity, and the legal framework to deal efficiently and effectively with unfair trade practices and to respond to situations which may require the application of emergency tools to better adapt to economic challenges. Apart from Egypt, Morocco, Tunisia, South Africa and Zambia national Trade Defence Instruments (TDIs) are not well developed. This could further constrain the ambitious African plans of economic integration. The thesis concludes that, although an effective TDI system is crucial for African integration as it can provide the required protection for African infant industries and unlock the potentials of African economic integration, the current African TDI systems are not effective. This is confirmed by the limited resort to TDIs in the African continent and the general perception that an effective TDI system is not a priority on the integration agenda. The concluded T-FTA TDI legal regime is not supportive for African integration plans in the long run. Africa should envisage how to upgrade its TDI system to make better use of the tools available under the WTO to deal with unfair trade measures, including anti-dumping to face dumped imports, countervailing measures to face subsidized imports, and safeguard measures to temporarily suspend concessions in the face of surge in imports. Africa can improve its national and regional TDIs system by learning from more developed TDI systems incorporated by other economic blocks such as the EU, NAFTA, Mercosur, and ASEAN. This thesis submits that the EU TDIs system is the most suitable to the African integration objectives. This submission is made while recognising the different level of development on both sides. The thesis submits that the long-term objective of the T-FTA is to have a regional investigating authority. It draws several recommendations to enhance African TDI system by working on five main categories: (A) The strategic direction; (B) The institutional framework; (C) Enhancing engagements; (D) Application of TDIs; and (E) The supportive factors.

Depuis le milieu du XXe siècle, l'arbitrage commercial international a connu un développement phénoménal et acquis une importance significative dans le monde des transactions commerciales internationales. Il est effectivement devenu la juridiction mondiale la plus acceptable, la plus fiable et la plus usuelle pour résoudre les différends relatifs au commerce et aux investissements internationaux. Toutefois, il a rencontré des difficultés en ce qui concerne les mesures provisoires et conservatoires ce qui explique la tendance des parties à éviter d’y avoir recours devant les arbitres, au profit des juridictions étatiques pour obtenir les mesures d’urgence dont ils avaient immédiatement besoin. L’inexistence d’un régime procédural capable de bien régir cette matière était la raison principale qui a réduit l’efficacité de l’arbitrage. Pourtant, ce fait a changé grâce aux modifications majeures qui ont été apportées à la Loi type de la CNUDCI en 2006. Cette loi a établi un régime arbitral spécifique aux mesures provisoires et conservatoires. À un stade ultérieur, les règlements modifiés récemment par les centres d’arbitrage qui agissent sur la scène internationale ont beaucoup développé ce régime en le mettant en pratique. Maintenant, en présence d’un régime arbitral particulier régissant les mesures provisoires et conservatoires, il est opportun d’en évaluer en profondeur l’efficacité par rapport à celle du régime étatique classique régissant la même matière. Voilà l’objectif de cette thèse de doctorat qui présente nombre des propositions doctrinales et normatives dans le but d’améliorer autant que possible ce régime arbitral récent.

<p>This DPhil thesis enhances existing understandings of collective action through a comparative and empirical study. Empirical analysis of economic, political, juridical, and social dimensions of the Brazilian experience reveals that some central understandings in existing literature are not borne out in this empirical context. In particular, the assertion that low monetary incentives for individuals hinder growth in use of collective action is strongly challenged.</p> <p>The Brazilian experience is contextualised through comparative analysis of three legal traditions of collective action: class actions; collective redress; and civil public actions. The Brazilian system presents a setting with potential for regulatory enforcement of consumer protection law, but rare episodes of consumer compensation or the imposition of punitive damages on corporations. With low monetary incentives, the growth of collective actions is explained by non-monetary incentives and investment in social capital through development of institutional trust and legal institutions.</p> <p>Collective actors develop their organisational infrastructure and perform their roles as representatives through institutional dynamics of concentration, competition, cooperation, and deference. The coexistence of multiple institutional actors in the regulatory space reduces agenda control, increases opportunities for consumer participation, and increases oversight of regulatory capture.</p> <p>The categories of diffuse, collective, and homogeneous individual rights explain the role of law in establishing procedural pathways and special features. This study is broadened through analysis of the legal environment and the potential regulatory impact of collective actions on the social relationships between businesses and consumers. I also evaluate limitations and possibilities regarding access to justice, judicial economy, compensation, and deterrence.</p> <p>This thesis indicates the possibility of developing a socio-legal theory of collective action, which would enhance our understanding of the complex dynamics at play by going beyond analysis of the consumer experience as merely an economic transaction or a legal object, analysing them instead as a complex social relationship.</p>