Comment Letter: The NYSE and the End of the Structural Separation between Regulatory and Commercial Interests of the Exchange

The NYSE transformed into a for profit entity in 2006. As part of the approval process, the NYSE agreed to structurally separate the regulatory function from the business function. In doing so, the NYSE created NYSE Regulation, a non-profit with an independent board, to handle most regulatory matters. During the comment period, a spirited debate arose over the ability of a for profit company to carry out a regulatory mission. Some suggested that the regulatory function was incompatible with a "for profit" motive and that NYSE Regulation should be spun off. Others accepted the proposed structure but called for additional changes designed to reduce the possible influence of the public holding company over the regulatory function. In the end, the SEC approved the structure but with a number of prophylactic safeguards including the requirement that NYSE Regulation have a board consisting of all independent directors (save the CEO) and that directors from the for profit holding company could not make up a majority of the board. More recently, however, the NYSE has proposed to end the structural separation of the two functions and instead put in place a functional separation. The proposal would result in the termination of the delegation agreement between the Exchange and NYSE Regulation and the creation of both a Regulatory Oversight Committee of the Board of Directors of the Exchange and the creation of a Chief Regulatory Officer. This letter examines the history of the separation of the two functions and critiques the NYSE's proposal.

Playas y paseos marítimos. El nuevo paisaje urbano de Benidorm (1956-1986)

Esta comunicación recorre la evolución del paisaje urbano de Benidorm, como ciudad vertical (acotado entre dos fechas clave: 1956 y 1986), con la aprobación de su PGOU, inspirado en un urbanismo funcionalista (CIAM), enfocado a un turismo de masas en aumento año tras año. Acontecimientos, turismo y planeamiento justificaban las diferentes ampliaciones urbanas de Benidorm, sometidas a constantes modificaciones y que se reflejaba en una libertad a través del análisis y relación entre el nuevo skyline vertical (de bloques y rascacielos de uso privado) y el tándem paseo marítimo-playa (de espacios urbanos de uso público). Para este seguimiento se hace necesario conocer cómo se construye la propia ciudad y, en particular, sus nuevos frentes marítimos que constituyen la postal más importante de cualquier ciudad turística litoral –su imagen–, la que se publicita como reclamo: la fachada que se extiende tras sus playas y cuyo éxito depende de la capacidad de articulación los espacios públicos que entrelazan la trama urbana con su frontera marítima.

El sueño de un barrio y la problemática del ensanche: la obra inconclusa de Benalúa de Alicante (1883-1896)

El presente artículo describe la construcción de Benalúa, según proyecto del arquitecto José Guardiola Picó (1883), una de las áreas más singulares de la ciudad de Alicante -España-. Se realiza una exposición cronológica desde su concepción, documentando las tramitaciones legales que conllevaron su aprobación, hasta el cese en sus funciones de la Sociedad Anónima Los Diez Amigos, promotora y constructora del barrio (1896), sin finalizar con éxito el proyecto emprendido. Del estudio se concluyen tanto los aspectos más relevantes que caracterizaron el desarrollo de las obras del barrio como las causas que propiciaron el abandono de la Sociedad, siendo éstas exclusivamente económicas, con especial interés en la problemática que llegó a generar el proyecto y ejecución del Ensanche de Alicante.

Una aproximación a los instrumentos económicos de las leyes del suelo del 2008 y 2015. ¿Hacia un cambio en el modelo de desarrollo en España?

Tras la aprobación del Real Decreto Legislativo 2/2008 –Ley del Suelo–, nos encontramos ante un modelo territorial y un modelo de desarrollo, que acaba con el arcaico patrón de ciudad dispersa, encontrándose, no obstante, ante las gravísimas consecuencias espaciales generadas por la denominada “burbuja inmobiliaria”, unida a una crisis de consecuencias insospechadas, en el ámbito de la denominada globalización económica, de la que nuestro país no ha logrado sustraerse con Leyes vacías de instrumentos económicos que se han transferido a las Comunidades Autónomas, nos hallamos ante una oportunidad perdida fruto de una no siempre bien calculada descentralización. De este modo, en el presente artículo nos aproximamos a la importancia que muestran los denominados “instrumentos económicos” en la normativa que recoge los pormenores relacionados con el “suelo”, en España, en la primera de nuestras Leyes, la de 1956, en la de 2008 y en el recién aprobado Texto Refundido de la Ley del Suelo y Rehabilitación Urbana –Real Decreto Legislativo 7/2015–, en el ámbito estatal. Para ello, tras definir y valorar los enfoques conceptuales relativos al “suelo” y sus tipologías, se concretan y estudian los instrumentos económicos que se recogen en la Ley del Suelo española y su relación con las nuevas formas de “hacer ciudad”.

New York, April 1990: A Photographic Record

Aquestes fotografies de Nova York i de Boston, totes en blanc i negre, es van fer en abril del 1990, amb una cambra rèflex Asahi Pentax Spotmatic II amb objectiu de 50 mm, tot fent servir negatius Kodak Safety Film 5063. El Museu de la Universitat d’Alacant en conserva una col·lecció completa; vuitanta-set còpies fotogràfiques de 32 x 24 cm amb tintes Ultrachrome sobre paper Ilford Gold Fibre Silk de 310 gr/m² realitzades al “Estudio Paco Mora” de València l’any 2015, amb digitalització prèvia a partir dels negatius originals mitjançant un escàner Haselblad Flextight X 1 a una resolució de 3.200 punts per polzada.

Souvenir de Paris, novembre 1973

Aquestes fotografies de París, totes en color, es van fer en novembre del 1973 amb una cambra rèflex Asahi Pentax Spotmatic II amb objectiu de 50 mm, tot fent servir diapositives Orwo, Kodak i Agfa. El Museu de la Universitat d’Alacant en conserva una col·lecció completa; 147 còpies fotogràfiques de 32 x 24 cm amb tintes Ultrachrome sobre paper Ilford Gold Fibre Silk de 310 gr/m² realitzades al “Estudio Paco Mora” de València l’any 2015, amb digitalització prèvia a partir de les diapositives originals mitjançant un escàner Haselblad Flextight X 1 a una resolució de 3.200 punts per polzada.

Notebook on logarithms, ca. 1714-1718, 1747

This notebook is missing at least one page, as it begins in the midst of a problem. It contains extensive notes on logarithms and various related examples, problems, and calculations. Prince made notes on the addition, subtraction, multiplication, and division of logarithms, as well as some notes on navigation. The last two pages of this notebook contain a draft of a letter from Prince to an unnamed gentleman in London, thanking him for his financial support. This is believed to have been written in June 1747, when Prince arrived in Portsmouth, England "without one six pence in [his] pocket & without Hat, Coat, Breeches, Shirts, Stockings or shoes fit to come up to London with." In the letter, he thanks this donor for his support and describes in detail his situation and the challenges facing him in leaving the Navy and beginning missionary work. He refers several times to Dr. Philip Bearcroft, the Secretary of the Society for the Propagation of the Gospel, who was responsible for his approval as a Missionary to the Moskito tribe.

Letters from William Tudor to his father, William Tudor,

Three letters written from Paris and Bordeaux. Tudor again writes of his approval of Bonaparte, and offers observations on the weather, crops, and culture of France.

Will, 1747, June 24

Handwritten copy of Last Will and Testament of Andrew Bordman II, with an approval of the document by Samuel Danforth, Judge of the Probate of Wills, Middlesex County. The document provides detail on the inheritance of Bordman's wife Elizabeth.

A Minor Change?: A Case Study of Carleton Place's Integration of Minor Variance Procedures into Ontario's Development Permit System

The Development Permit System has been introduce with minimal directives for establishing a decision making process. This is in opposition to the long established process for minor variances and suggests that the Development Permit System does not necessarily incorporate all of Ontario’s fundamental planning principles. From this concept, the study aimed to identify how minor variances are incorporated into the Development Permit System. In order to examine this topic, the research was based around the following research questions: • How are ‘minor variance’ applications processed within the DPS? • To what extent do the four tests of a minor variance influence the outcomes of lower level applications in the DPS approval process? A case study approach was used for this research. The single-case design employed both qualitative and quantitative research methods including a review of academic literature, court cases, and official documents, as well as a content analysis of Class 1, 1A, and 2 Development Permit application files from the Town of Carleton Place that were decided between 2011 and 2015. Upon the completion of the content analysis, it was found that minor variance issues were most commonly assigned to Class 1 applications. Planning staff generally met approval timelines and embraced their delegated approval authority, readily attaching conditions to applications in order to mitigate off-site impacts. While staff met the regulatory requirements of the DPS, ‘minor variance’ applications were largely decided on impact alone, demonstrating that the principles established by the four tests, the defining quality of the minor variance approval process, had not transferred to the Development Permit System. Alternatively, there was some evidence that the development community has not fully adjusted to the requirements of the new approvals process, as some applications were supported using a rationale containing the four tests. Subsequently, a set of four recommendations were offered which reflect the main themes established by the findings. The first two recommendations are directed towards the Province, the third to municipalities and the fourth to developers and planning consultants: 1) Amend Ontario Regulation 608/06 so that provisions under Section 4(3)(e) fall under Section 4(2). 2) Change the rhetoric from “combining elements of minor variances” to “replacing minor variances”. 3) Establish clear evaluation criteria. 4) Understand the evaluative criteria of the municipality in which you are working.

Energizing the Oak Ridges Moraine? Analyzing the Policy Implications of Three Wind Energy Developments on the Oak Ridges Moraine and their Potential Impact on the Coordinated Land Use Planning Review through the Involvement of First Nations and Environmental Non-governmental Organizations

This research explores the policy implications of the approval of three wind energy projects on the Oak Ridges Moraine, and their impact on the Coordinated Land Use Planning Review process. Specifically, it focuses on the involvement of First Nations and environmental non-governmental organizations (ENGOs). This research was conducted through analyzing submissions to the Coordinated Land Use Planning Review, related legislation and policy, Environmental Review Tribunal hearing documents, and interviews with key informants. This research culminates in a number of recommendations to the Coordinated Review informed by the analysis.

Novos anticoagulantes orais : uma revisão sobre os perfis de eficácia e segurança e as características relevantes para aplicação na prática clínica

Trabalho Final do Curso de Mestrado Integrado em Medicina, Faculdade de Medicina, Universidade de Lisboa, 2014

Patenting Strategies of the EU Pharmaceutical Industry -Crossroad between Patent Law and Competition Policy. Research Papers in Law, 1/2011

From the Introduction. The pharmaceutical sector inquiry carried out by the European Commission in 2008 provides a useful framework for assessing the relationship between the patent system on the one hand and competition policy and law on the other hand. The pharmaceutical market is not only specifically regulated. It is also influenced by the special characteristics of the patent system which enables pharmaceutical companies engaged in research activities to enter into additional arrangements to cope with the competitive pressures of early patent application and the delays in drug approval. Patents appear difficult to reconcile with the need for sufficient and adequate access to medicines, which is why competition expectations imposed on the pharmaceutical sector are very high. The patent system and competition law are interacting components of the market, into which they must both be integrated. This can result in competition law taking a very strict view on the pharmaceutical industry by establishing strict functional performance standards for the reliance on intellectual property rights protection granted by patent law. This is in particular because in this sector the potential welfare losses are not likely to be of only monetary nature. In brief, the more inefficiencies the patent system produces, the greater the risk of an expansive application of competition law in this field. The aim of the present study is to offer a critical and objective view on the use or abuse of patents and defensive strategies in the pharmaceutical industry. It shall also seek to establish whether patents as presently regulated offer an appropriate degree of protection of intellectual property held by the economic operators in the pharmaceutical sector and whether there is a need or, for that matter, scope for improvement. A useful starting point for the present study is provided by the pharmaceutical sector competition inquiry (hereafter “the sector inquiry”) carried out by the European Commission during the first half of 2008. On 8 July 2008, the Commission adopted its Final Report pursuant to Article 17 of Regulation 1/2003 EC, revealing a series of “antitrust shortcomings” that would require further investigation1.

Priorities for the Juncker Commission: Policy recommendations and advice from the research team at CEPS. CEPS Special Report No. 92, 22 October 2014

In the months leading up to his nomination as President of the European Commission by the European Council in June 2014 through to his approval by the European Parliament in mid-July and finally his approval at a second special summit in August, CEPS’ researchers have closely followed the travails of Jean-Claude Juncker. We have also carefully studied his fundamental restructuring of the College in re-grouping commissioners around seven project teams, each headed by a vice-president. In our view, these changes promise to improve internal coordination, policy-making and transparency of rule-making and hopefully will reduce the personalisation of portfolios. This Special Report brings together under a single cover a series of 14 separate commentaries prepared by senior CEPS researchers, offering their assessment of these profound changes underway and their policy advice to the new commissioners from the perspective of their field of specialisation.

The Standard of Proof in EC Merger Control-Conclusions from the Sony BMG Saga. IES WORKING PAPER 4/2008

One of the most important developments in EC competition policy during 2006 was the Court of First Instance’s (CFI) Impala v. Commission judgment annulling the European Commission’s approval of the merger between the music units of Sony and Bertelsmann. It harshly criticized the Commission’s Decision because it found that the evidence relied on was not capable of substantiating the conclusion. This was the first time that a merger decision was annulled for not meeting the requisite legal standard for authorizing the merger. Consequently, the CFI raised fundamental questions about the standard of proof incumbent on the Commission in its merger review procedures. On July 10, 2008, the European Court of Justice overturned Impala, yet it did not resolve the fundamental question underlying the judicial review of the Sony BMG Decision; does the Commission have the necessary resources and expertise to meet the Community Court’s standard of proof? This paper addresses the wider implications of the Sony BMG saga for the Commission’s future handling of complex merger investigations. It argues that the Commission may have set itself an impossible precedent in the second approval of the merger. While the Commission has made a substantial attempt to meet the high standard of proof imposed by the Community Courts, it is doubtful that it will be able to jump the fence again in a similar fashion under normal procedural circumstances.