Les intermédiaires financiers - on parle alors de courtiers en ligne - peuvent utiliser le réseau internet pour recevoir des ordres d'achat et de vente de leur clientèle, pour leur faire parvenir toute information et toute proposition d'opérations à réaliser. Et ils peuvent tenir des sites permettant à leurs clients de réaliser les opérations qu'ils souhaitent accomplir ou permettent à leurs clients de consulter un certain nombre d'informations, notamment les cours de bourse et les opérations qui sont en cours de réalisation. Préalablement à la passation d'ordres de bourse par Internet , et afin de protéger l'investisseur non professionnel, le prestataire et le donneur d'ordre sont tenus de suivre et de respecter plusieurs étapes . En effet, l'utilisation d'Internet dans la passation des ordres de bourse ne dispense pas le prestataire de services d'investissement - courtier en ligne - de son obligation d'établir avec le donneur d'ordre, deux conventions imposées par la réglementation, conventions pouvant être néanmoins réunies en un même document : une convention d'ouverture de compte ; une convention de service écrite. / Financial intermediaries - brokers are referred to as online - can use the Internet to receive orders for the purchase and sale of their customers, to send them any information and any proposed operations to be performed. And they can keep their sites that allow customers to complete the transactions they wish to do or allow their customers to access a number of information, including stock prices and transactions that are underway. Prior to the execution of trading orders via the Internet, and to protect non-professional investor, the provider and the payer are required to monitor and follow several steps. Indeed, Internet use in the awarding of stock orders does not absolve the provider of investment services - online broker - from its obligation to establish with the client, two conventions imposed by the regulations, conventions can still be gathered in one document: a convention account opening, a written service agreement.

Legal aspects of activities of an investment intermediary Abstract This thesis deals with the institute of an investment intermediary and selected legal aspects associated with its activities. The aim of the thesis is mainly to define an investment intermediary, its role in the capital market and to analyze some of the duties connected with its activities. The first chapter of the general part of this thesis is devoted to the concepts of the capital market, the services provider in the capital market and the investment service and ancillary service. The current legislation regulating provision of the investment services and activities is outlined. The second chapter conceptually defines investment intermediary and puts it into the context of the capital market. Some problematic issues related to the conceptual characteristics of the investment intermediary are noticed in this part. Especially, the requirements related to the professional competence of the investment intermediary are analyzed in this part and the conclusion in an inappropriate setting of these requirements is presented to the readers. Chapter three analyzes a very frequent cooperation of an investment intermediary and another entity, the tied agent. Certain problematic aspects of this cooperation are noticed, as well as their negative impact...

Legal regulation of consumer credit in the Czech republic Abstract This diploma thesis deals with the topic of consumer credit distribution in the Czech Republic. Recently, the European level of regulation of the provision and intermediation of consumer credit has undergone a major change. In connection with that also individual Member States had to transpose the revolutionary Directive 2014/17/EU which extends consumer protection to loans concerning real estate. This was executed in the Czech Republic by the adoption of the Act No. 257/2016 Sb., which came into effect on 1 December 2016. The paper is divided into four parts, in which the author describes and evaluates the current state of consumer credit distribution regulation. For this purpose, the provisions of the Act and their interpretation using accompanying documents are subject to analysis and evaluation of their conformity with the objectives of the regulation. The first part describes the historical context and development of consumer credit from the beginnings of the western civilization to the present state, focusing on the European Union as the originator of our national consumer credit legislation. The second part is devoted to general aspects of consumer credit provision, especially the scope of the Consumer Credit Act and other general...

Complex social problems are at the forefront of our awareness. We are witnessing intensifying political, social and environmental challenges and waning confidence in our ability to engineer solutions. We are also seeing a proliferation of large scale, multi-agency interventions that seek change at the level of systems, and through which actors pursue adaptive learning as a means to develop effective solutions. Proponents assert that the prediction and control on which conventional program design and evaluation are based are not available under complex conditions. They propose instead that learning through experience in a program’s own context can create more responsive, impactful and sustainable interventions. These ideas offer a potentially transformative opportunity. However, they need to be complemented with a better understanding of implementation - the ‘ways of doing things’ that bring them to life. This study focused on developmental evaluation as an example of an adaptive learning (AL) approach for the development of innovative social interventions. The study was informed by ‘sensemaking’ theories and research in organizational learning, knowledge mobilization and program evaluation. Through an exploratory lens and a mixed methods design, this study sheds light on the role of specialized intermediaries in an AL process; how the role is performed in practice; and what this implies for adaptive learning in the domain of social interventions. The study documents how an intermediary can help actors navigate recognized challenges of developing interventions under complex and dynamic conditions. The findings have implications for how an AL process is understood and implemented. They provide an empirical contribution to an emerging field of study on the design of AL systems, to support future research and real-world practice as AL approaches become mainstream.

Avaliaram-se os efeitos da administração do extrato seco de maracujá (Passiflora incarnata), veiculado na dieta, sobre a morfologia dos hepatócitos de juvenis de tilápias do Nilo (Oreochromis niloticus). Peixes isolados (86,50 &plusmn; 10,17 g) receberam durante 28 dias ração comercial extrusada (32% PB - 2% biomassa) contendo o extrato diluído em alginato de sódio nas doses 0 (controle), 50, 100 e 200 mg/Kg, (n = 6 peixes/tratamento), registrando-se diariamente o consumo. No início e ao final do experimento cada indivíduo foi exposto (30 minutos) à reflexão da própria imagem em espelho (presença virtual de um coespecífico - estresse social), sendo a seguir anestesiado (2-fenoxietanol 0,5 mL/L) para realização de biometria e coleta de sangue (veia caudal) para determinação dos níveis plasmáticos de glicose e cortisol. Após 28 dias todos os animais foram sacrificados para remoção do fígado e obtenção de fragmentos utilizados na contagem de células e avaliação da morfometria do citoplasma dos hepatócitos (H/E), observando-se também as reservas de glicogênio hepático (PAS). Visando a comparação dos efeitos do estresse social natural com aquele empregado no experimento, seis peixes provenientes de um grupo de 30 indivíduos foram também sacrificados e utilizados como referência (valores basais) para avaliação dos parâmetros histológicos. Os dados foram submetidos a ANOVA, utilizando-se o proc mixed SAS 8.0 (p<0,05) para os parâmetros consumo de alimento, ganho em peso e bioquímica sangüínea (cortisol e glicose) e GLM SAS 8.0 (p<0,01) para a contagem de células e morfometria dos hepatócitos. Verificou-se que os pesos e os comprimentos iniciais não diferiram, que o consumo de alimento não foi alterado pela adição do extrato e que todos os peixes, independentemente do tratamento, cresceram significativamente. Os níveis de cortisol e de glicose também não diferiram inicialmente entre os grupos e não foram alterados pela presença do agente ou pela adição do extrato. Porém, observou-se um aumento significativo da glicose e redução dos níveis de cortisol em todos os peixes. A adição do extrato nas diferentes doses provocou aumento crescente e significativo da área citoplasmática e redução do número de células em todos os animais, com destaque para a dose 100 mg/Kg. O mesmo não ocorreu nos peixes do grupo controle, cujas áreas citoplasmáticas foram significativamente menores, em decorrência de um menor acúmulo de glicogênio hepático. Embora os efeitos do agente estressor empregado não tenham sido detectados pela análise dos parâmetros bioquímicos sangüíneos, verificou-se que este procedimento provocou alterações metabólicas que contribuíram para a depleção dos estoques de glicogênio no fígado. Este efeito parece ter sido revertido nos peixes que receberam a dieta contendo o extrato de maracujá que, por meio de mecanismos não elucidados neste trabalho, contribuiu para a manutenção ou aumento dos estoques de glicogênio hepático. Concluiu-se que o extrato de maracujá veiculado na dieta, na dose de 100 mg/Kg, protege juvenis de tilápia da depleção dos estoques de glicogênio hepático causada pelo estresse social. / Effects of Passion fruit (Passiflora incarnata) dry extract administration on hepatocyte morphometry of juveniles Nile tilapias (Oreochromis niloticus) were investigated. Male isolated fish (86,50 &plusmn; 10,17 g) were daily fed (28 days) with extruded commercial ration (32% crude protein - 2% biomass) containing the extract diluted in sodium alginate in graded doses 0 (control), 50, 100 and 200 mg/Kg (n= 6 animals/treatment), registering daily consumption. At the start and after 28 days of experiment each fish was displayed to the reflection of own mirror image (30 minutes) in order to simulate the virtual presence of a coespecific (social stress). Then the animals were anesthetized (2-fenoxietanol) for biometric measures and blood collection (caudal vein) for determination of the plasmatic levels of glucose and cortisol. After 28 days the animals were sacrificed for removal of liver fragments samples used to histological examination (cytoplasmic area and number of cells - HE stained; hepatic glycogen supplies - PAS stained). Aiming the comparison of the natural social stress with that utilized in this experiment, six fish from a group of 30 individuals were also sacrificed and used as reference (basal values) for the histological parameters evaluation. Food consumption, weight gain and sanguine biochemist parameters (cortisol and glucose) were submitted to ANOVA, SAS 8.0 proc mixed (p<0,05) and data of cells counting and hepatocyte morfometry to the same test, using SAS 8.0 GLM (p<0,01). The initial weights and lengths were similar, the food consumption was not modified by the addition of the extract and all the fish grew significantly during the experiment. Initial levels of cortisol and glucose were also similar between groups and did not modify by the stressor agent or treatments with the extract. However, a significant increase of glucose and reduction of cortisol levels were observed for all the fish. The addition of different extract doses provoked significant and noticeable increase of the cytoplasmic area and reduction of the cells number, mainly for 100 mg/Kg dose. In the control group cytoplasmatic area was significantly minor due to lesser hepatic glycogen accumulation. The stressor agent did not affect sanguine biochemists parameters but seems to lead metabolic alterations that had collaborated with the depletion of liver glycogen supplies. This effect seems to have been reverted in the fish that received the diet contend Passion fruit extract that, by means of a mechanism not elucidated in this experiment, contributed for the maintenance or increase of hepatic glycogen supplies. It was conclude that Passion fruit extract diet inclusion at 100 mg/Kg dose protects the tilapia against the hepatic glycogen depletion caused by social stress.

Carlos Fuentes est un géant des lettres hispano-américaines, ayant à son actif une œuvre abondante et diverse, de fiction et de réflexion. C’est un Fuentes multiple qui apparait ainsi dans ses écrits : cosmopolite, intermédiaire culturel, intellectuel et auteur de fictions. Qu’est-ce qui relie ces différents « métiers » les uns aux autres ? Sous ces divers « masques », quel est le visage de Fuentes, l’écrivain ? A partir de quelle écriture ? Pour répondre à ces interrogations, nous étudions ce qui est au coeur de la réflexion et de la création fuentésiennes, la question de la centralité. Fuentes se demande en effet quelle est la place dans le monde pour les cultures hispano-américaines, traditionnellement considérées comme secondaires, voire marginales, par l’Occident et les États-Unis. Nous montrons, dans notre étude, que la réussite de Fuentes est de placer l’Amérique espagnole et le Mexique, son pays, au centre du monde, respectivement dans son œuvre de pensée et dans son œuvre de fiction. Comment procède-t-il ? Par l’interculturalité : d’un côté, en envisageant la culture espagnole en tant qu’héritage pour la culture hispano-américaine, et de l’autre, en mettant en scène l’interrelation de la culture mexicaine et des cultures du monde. Afin de montrer l’intention de centralité dans l’œuvre de Fuentes, nous avons adopté, dans le cadre d’une critique interprétative, une approche comparatiste qui analyse le dialogue des éléments culturels « étrangers » et hispano-américains, en faisant appel à l’historiographie, l’histoire des mentalités, l’anthropologie et la philosophie. Nous montrons ainsi que, au service de son intention de centralité, Fuentes invente une poétique de l’interculturalité à l’œuvre aussi bien dans ses fictions que dans ses écrits de pensée. / Carlos Fuentes, author of a rich and wide-ranging work of fiction and intellectual reflection, is one of the greatest living writers of the Latin American literature. Through his work Fuentes appears to be quite multiple: cosmopolitan, cultural intermediary, intellectual essayist and fiction novelist. But what do really bind together those different functions? Which true face beneath those various “masks” does Fuentes exhibit as a writer? What type of writing does he elaborate? In order to answer those questions, we study and look at the very heart of Fuentes’s thinking and creation, that is to say the matter of centrality. Fuentes wonders indeed what role do the Hispanic-American cultures play in the world, traditionally considered as secondary, not to say out sided, both by the Occident and the United States. Our research reveals that the greatest achievement of Fuentes is to have located the Hispanic-American and the Mexican culture, his culture, in the centre of the world, respectively in his work as an essayist and as a fiction novelist. How does he proceed? The key is the interculturality: first considering the Spanish culture as a cultural inheritance for the Hispanic-American culture, then pointing at the interrelation of the Mexican culture and the world cultures. Within an interpretative critic, as we sought to show the intention of centrality in the work of Fuentes, we have carried out a comparative method that analyses the dialogue between “foreign” cultural elements and Hispanic American ones. We have requested the historiography, the history of mentalities, the anthropology and the philosophy in order to do so. Hence, we have demonstrated that while putting the centrality in the heart of his intention, Fuentes succeeded in inventing a poetic of interculturality for his work, both within his fiction and essays.

L’enjeu de cette thèse porte sur la théorisation d’une conception de la pratique architecturale que l’on propose de définir par sa valeur expérimentale et son approche située. À cette catégorisation s’associe une manière autre de faire projet partagée aujourd’hui par de nombreux praticiens oscillant entre champs disciplinaires, formats et supports de travail. Ceux-ci ne travaillent plus « à distance » et ne suivent plus le processus classique de projet (analyser, concevoir puis construire des objets). Ils s’immergent et travaillent avec, pour et sur un contexte qu’ils «mettent au travail» par leurs actions et productions. Ce travail de recherche invite, «depuis l’intérieur» d’une pratique et d’une expérience, à lire et analyser autrement ces pratiques qui redéfinissent les méthodes et formats classiques de l’architecture ; puis, dans une visée plus opératoire, de penser la démarche de projet qui s’associe à ces approches fondant une culture du projet singulière. Cette thèse prend comme point de départ une pratique collective, celle de YA+K, structure que j’ai participé à cofonder. Ancrant ma réflexion dans la pratique, je commence par développer le récit-critique d’un corpus de projets qu’a réalisés YA+K (installations, résidences et workshops) ce qui permet d’esquisser un certain nombre d’entrées et de questionnements qui structurent la suite de la recherche. Dans un second temps, je tente de situer notre approche dans une généalogie de pratiques et de praticiens. Ensuite, pour réinscrire cet héritage dans une contemporanéité et l’actualité d’une discipline et d’une profession, j’identifie plusieurs enjeux majeurs contemporains qui touchent l’architecture — les évolutions des villes, le rapport aux techniques et la fragilisation d’une discipline et d’une profession — et qui composent son contexte de développement actuel. À chacune de ces entrées, j’associe une réflexion théorique introduisant plusieurs entrées de lecture ainsi que trois axes de réflexion majeurs : penser et travailler la condition urbaine au travers du concept d’urbanisme intermédiaire, penser un rapport aux technologies fondé sur les valeurs et conception du Do It Yourself et enfin la nécessité de repenser la démarche de projet au regard de la crise actuelle que connaît la discipline architecturale. Enfin, nourri de ces trois temps réflexifs, j’élabore trois propositions théoriques proposant de penser autrement la démarche de projet : penser le site(s) et non le contexte, par l’étude du workshop appréhender autrement le processus de projet et ces ruptures classiques (entre penser et faire notamment) et enfin tenter de redéfinir la production architecturale en affirmant sa valeur expérimentale et ses formats multiples. / This thesis aims to develop a new conception of architectural practice defined by its experimental value and an in situ approach. At the same time, practitioners from various fields whose work is based on different working formats share a new way to conceive of ‘the project’. They no longer work remotely following the traditional project process – analysis, design and construction. They immerse themselves working for, with and on a context, using actions and productions to set the context to work. This research invites the reader to explore and critically analyse a redefinition of traditional architectural methods and formats, linked to this approach. This thesis takes as its starting point the work of YA+K– interdisciplinary group that I co-founded in 2011. Using my experience within our practice, I first critically analyse a group of projects produced by YA+K (installations, residences and workshops). I then outline several issues that provide the structure of the manuscript, and follow this by situating our approach in a genealogy of practices and practitioners. Then, in order to position this research in its current professional and disciplinary context, I identify several challenges now faced by the architectural field – the evolution of cities, the relationships between practitioners and techniques, and the fragility of the discipline and profession. For each of these points, I develop a theoretical framework, incorporating three major lines of reflection: 1) thinking and working in the urban context through the concept of intermediary urbanism, 2) thinking in relation to technologies based on a DIY approach, and 3) the need to reshape the approach to architectural projects in light of the current crisis in the profession. Lastly, I draw on lessons from these lines of thought in order to articulate three theoretical proposals offering ways to reconceptualise the approach to architectural projects: 1) think around the site(s) and not the context, 2) conceive of different approaches to projects and their classical conflicts (in particular between thinking and doing) through the use of workshops, and 3) try to redefine architectural production, emphasising its experimental value and multiple formats.

O presente estudo versa sobre a caracterização de certos profissionais e instituições do mercado de valores mobiliários como gatekeepers. Trata-se de figura construída no Direito estadunidense, tendo os debates sobre o assunto ganhado força após as duas crises financeiras norte-americanas dos anos 2000. Em breves linhas, a atuação dos gatekeepers consiste na imposição de deveres de acompanhamento, fiscalização e de observância do ordenamento jurídico, a serem cumpridos pelos profissionais e instituições que prestam serviços a emissores e a investidores no mercado de valores mobiliários, sob pena de responsabilização. A justificativa para o acréscimo de deveres a tais profissionais e instituições, além daqueles intrínsecos ao exercício regular de suas atividades, é a elaboração de uma estratégia de regulação mais eficiente para o mercado de valores mobiliários, tanto com escopo de prevenção quanto de aplicação de sanções por ilicitudes. Partindo da experiência norte-americana, averiguamos como, no Brasil, as corretoras, as distribuidoras e os agentes autônomos de investimento, em sua atividade de intermediação de operações entre investidores no mercado secundário, em bolsa ou em balcão organizado (considerados como mercados organizados pela regulamentação nacional), comportam-se como gatekeepers na forma da lei e das decisões administrativas. Por fim, verificamos os pontos de convergência e de diferença entre o emprego dos gatekeepers no Direito brasileiro em relação ao que se discute sobre o tema em seu regime jurídico de origem / The instant study addresses the characterization of certain securities market professionals and institutions as gatekeepers. It considers the construction made by United States Law, having the debates over the issue being amplified after the two financial crises faced by this country in the 2000s. Briefly, gatekeeper performance consists of the imposition of surveillance, inspecting and compliance duties, to be observed by the professionals and institutions that provide services to issuers and investors in the securities market, under the threat of liability. The rational under the addition of duties to the aforementioned professionals and institutions lies in the design of a more efficient regulation strategy for securities market, aiming to enhance prevention as well as enforcement. Considering the findings of United States Law on the subject, this study investigates how, in Brazil, brokers, dealers and tied investment agents, in their service providing activities of intermediating transactions between investors in secondary markets, either in exchange or in over the counter systems (deemed as organized markets under Brazilian regulations), conduct themselves as gatekeepers as required by law and by administrative rulings. Lastly, it analyses the contact points as well as well as the differences between the employment of gatekeepers in Brazilian Law, pursuant to the debates held under its original legal system

O presente estudo versa sobre a caracterização de certos profissionais e instituições do mercado de valores mobiliários como gatekeepers. Trata-se de figura construída no Direito estadunidense, tendo os debates sobre o assunto ganhado força após as duas crises financeiras norte-americanas dos anos 2000. Em breves linhas, a atuação dos gatekeepers consiste na imposição de deveres de acompanhamento, fiscalização e de observância do ordenamento jurídico, a serem cumpridos pelos profissionais e instituições que prestam serviços a emissores e a investidores no mercado de valores mobiliários, sob pena de responsabilização. A justificativa para o acréscimo de deveres a tais profissionais e instituições, além daqueles intrínsecos ao exercício regular de suas atividades, é a elaboração de uma estratégia de regulação mais eficiente para o mercado de valores mobiliários, tanto com escopo de prevenção quanto de aplicação de sanções por ilicitudes. Partindo da experiência norte-americana, averiguamos como, no Brasil, as corretoras, as distribuidoras e os agentes autônomos de investimento, em sua atividade de intermediação de operações entre investidores no mercado secundário, em bolsa ou em balcão organizado (considerados como mercados organizados pela regulamentação nacional), comportam-se como gatekeepers na forma da lei e das decisões administrativas. Por fim, verificamos os pontos de convergência e de diferença entre o emprego dos gatekeepers no Direito brasileiro em relação ao que se discute sobre o tema em seu regime jurídico de origem / The instant study addresses the characterization of certain securities market professionals and institutions as gatekeepers. It considers the construction made by United States Law, having the debates over the issue being amplified after the two financial crises faced by this country in the 2000s. Briefly, gatekeeper performance consists of the imposition of surveillance, inspecting and compliance duties, to be observed by the professionals and institutions that provide services to issuers and investors in the securities market, under the threat of liability. The rational under the addition of duties to the aforementioned professionals and institutions lies in the design of a more efficient regulation strategy for securities market, aiming to enhance prevention as well as enforcement. Considering the findings of United States Law on the subject, this study investigates how, in Brazil, brokers, dealers and tied investment agents, in their service providing activities of intermediating transactions between investors in secondary markets, either in exchange or in over the counter systems (deemed as organized markets under Brazilian regulations), conduct themselves as gatekeepers as required by law and by administrative rulings. Lastly, it analyses the contact points as well as well as the differences between the employment of gatekeepers in Brazilian Law, pursuant to the debates held under its original legal system

Standard asset pricing theories suggest that only systematic risk is priced. Empirical studies report a relationship between idiosyncratic volatility or risk (IVOL) and asset price. The most common explanation for this anomaly is that households under-diversify creating a Bad Model problem. This paper uses an Intermediary Asset Pricing Model (IAPM) as a way to control for under-diversification in evaluating the relationship between IVOL and asset price. We find that IVOL premia is lower in an IAPM. Our findings indicate that under-diversification can explain the anomaly partially.