Sujet à trop d’indéterminations en France, le concept de NCP a nécessité une analyse comparative fondée sur l’expérience italienne afin d’en identifier les contours et, par la suite, d’étudier sa place dans le droit. Il en ressort que les NCP renvoient à une multiplicité de catégories normatives de caractère axiologique et téléologique, servant de stratégie politique et structurant le système juridique. Par ailleurs, l’introduction de la forme programmatique dans les Constitutions modernes mêle l’indétermination de la norme dans son énonciation moderne au droit dans sa déclinaison traditionnelle. Les programmes ont ainsi du mal à trouver leur place dans le droit. Les NCP semblent a priori être privées d’effet juridique ; leur formulation imprécise ne mettrait en place que de simples objectifs. Toutefois, leur développement dans l’espace juridique paraît suffisamment important pour qu’il ne soit pas assimilé à une malfaçon du droit qui entacherait sa pureté. En effet, le concept NCP renvoie à de véritables « normes » constitutionnelles programmatiques dont la normativité reste particulière, signe non pas d’une « crise » du droit mais de son « évolution ». / Still subject to a certain level of vagueness in France, the concept of programmatic constilutional norms (PCN) required acomparative analysis based on the Italian experience in order to identify its trontiers and subsequently study ils place in law. Il appears that the PCN reters ta a multiplicity of normative categories ot axiological and teleological character, serving as political strategy while structuring the legal system. Moreover, the introduction of programmalic form in modern constitutions combines the vagueness of the norm in its modern formulation to the law in ils classical variant. Programs have struggled to find their place in law. The peN seem to be a priori denied of legal effect, their rather vague wordings would only established simple goals. However, their development in the legal space seem important enough 10 avoid PCN to be considered as legal oddities that couk' attend ta the purity of law. Indeed, Ihe concept of PCN connects to real programmatic constitutional norms whose normativity remains peculiar, sign not of a "crisis" of the law, but of its "evolution" .

Machine learning and neural networks have recently become very popular in a large category of domains, partly thanks to their ability to solve complex problems by finding patterns in data, but also due to an increase in computing power and data availability. Successful applications of machine learning include for example image classification, natural language processing, and product recommendation. Despite the potential upside of machine learning applied to financial data there exists relatively few articles published while the ones that do exist exhibit that there exists a potential for the tools that it provides. This thesis utilizes neural networks to price collateralized loan obligations which is a type of bond that is backed by a large pool of corporate loans, rather than being issued by a single company or government like a regular bond. The large pool of corporate loans and structure of a collateralized loan obligation makes it a good candidate for this type of research as it involves regressing a large number of variables into a final single real-valued price of the bond where the relations are not necessarily linear. The thesis establishes a relatively simple model and builds upon this using a state-of-the-art ensemble method while also exploring a volatility scaled loss function. The findings of this thesis are that artificial neural networks can price collateralized loan obligations using only their structural and loan pool data with an accuracy close to that of a human. Ensemble methods outperform non-ensemble methods and boost performance by up to 28% when only considering mean squared error while scaling the loss function with the inverse of market volatility does not boost performance. The best performing model can price a collateralized loan obligation tranche rated AAA with an average absolute error of 0.88 and an equity tranche with an average mean absolute error of 4.67. / Under de senaste åren har maskininlärning samt artificiella neurala nätverk blivit väldigt populära i många olika domäner. Detta är delvis tack vare deras förmåga att lösa komplexa problem genom att hitta mönster i data, men även tack vare en ökning i beräkningskraft samt att tillgängligheten av data har blivit bättre. Några exempel på områden där maskininlärning har applicerats med framgång är klassificering av bilder, språkteknologi samt produktrekommendationer. Trots att maskininlärning skulle kunna erbjuda en stor potentiell uppsida vid lyckad tillämpning på finansiella data finns relativt lite studier publicerade kring ämnet. De studier som däremot är publicerade visar på stora möjligheter inom området. Den här studien använder artificiella neurala nätverk för att prissätta ”collateralized loan obligations” (CLOs), som tyvärr inte har någon bra svensk översättning. En CLO utfärdar obligationer vars underliggande värde härstammar från en portfölj av företagslån, och är därmed ett finansiellt instrument. Strukturen av en CLO och dess underliggande lånportfölj ger upphov till en stor mängd data, vilket gör instrumentet till en bra kandidat för maskininlärning. Studien etablerar ett relativt enkelt neuralt nätverk som sedan används för ett jämföra med en ensemblemetod samt en modifierad loss funktion som tar höjd för volatilitet. Slutsatserna av den här studien är att neurala nätverk lyckas prissätta instrumenten näst intill lika bra som vad en människa skulle kunna göra med befintliga metoder som bygger på Monte Carlo simulering. Däremot är studiens metod inte lika beroende av antaganden som gör den befintliga metoden väldigt känslig. Vidare så bidrar ensemblemetoden som används till att minska det genomsnittliga felet i kvadrat med upp till 28%. Att ta höjd för volatilitet vid inlärning bidar inte till att minska felet.

Thesis (LLD)--Stellenbosch University, 2004 / ENGLISH ABSTRACT: An overview of the historical development of contract law and its underlying theory, spanning from Roman times to the present day, and in Western European and Anglo American systems, shows that the gradually developing will theory dominated in the early nineteenth century. It was, however, also in the nineteenth century that the first cracks in this theory were observed. First, sociological, political and economic factors, brought about by the Industrial Revolution, the rise of socialism and of labour, required a new, more humane approach. Secondly, with the emergence of a new economic system, new technical problems came to the fore: how were problems of mistake, interpretation, implied terms and derogation to be solved, unless reliance was placed, in each case, on untenable fictions? Thus, towards the last quarter of the nineteenth century, an intense and unparalleled juristic debate ensued, mainly in Europe, but later also in England and the United States of America. New approaches, e.g. that a strict and uncompromising declaration be followed, was proposed. The outcome of this debate was the emergence of the so-called confidence theory. The basis of this approach is that, whatever a person's real intention may have been, he so conducts himself as to lead the other party, as a reasonable person, to believe that the first party has assented to the contract as proposed or understood by the second party, the first party is bound by the impression he created. The principle was clearly stated by Blackburn J in Smith v Hughes (1871) LR 6 OB 597, which has since become one of the famous dicta in the law of contract, and forms part of the English law. It should be stressed that the Blackburn approach was not alien to Europe, where the gradual and natural development of the common law was overtaken by codification The French Codification retained the pure will theory. Under the Dutch code, the so-called will-reliance system was developed, akin to the Blackburn approach. In German law, however, the De Groot view was followed: the mistaken party was permitted to 'resile' from the 'contract' but under obligation to compensate the 'innocent' party's negative interest. In South Africa, the basic point of departure is the will theory but supplemented by the confidence theory This system is made possible by our law of procedure, where two remedies, the justus error approach and the contractual consent approach are available. As both these remedies have the same objective, viz. to protect the legitimate interests of the party that was misled, they require the same substantive law requirements. The confidence theory has imbedded itself so deeply in South African, European and English law, that it is now recognized by some as the key, not only to the solution of the dissensus problem, but also in cases of interpretation, supplementation and derogation. The combination of will and reliance are the foundation stones of contractual liability. These two principles have developed (and are still developing) from society's pre-positive, moral, ethical, political, economic, religious and other values, which have been and are still being absorbed in the body of legal rules. This process of development is informed by the norms and rules relating to public policy, public interest, the bani mores and good faith. These norms and rules are recognized and applied in the legal systems of the United States of America, England and Europe. They form part of our law, but unfortunately our courts are extremely conservative in recognizing and applying them. If we wish to obtain and sustain social and contractual justice, more weight should be accorded to these values. / AFRIKAANSE OPSOMMING: 'n Oorsig van die geskiedkundige ontwikkeling van die kontraktereg en die onderliggende teorie daarvan vanaf die Romeinse tyd tot vandag in sowel Wes-Europese as die Anglo-Amerikaanse stelsels, toon aan dat die geleidelik-ontwikkelende wilsteorie in die negentiende eeu die botoon gevoer het. Dis egter ook gedurende die negentiende eeu dat die eerste krake in hierdie teorie waargeneem is. Eerstens het sosiologiese, politieke en ekonomiese faktore, veroorsaak deur die Industriële Revolusie, 'n nuwe, meer menslike benadering geverg. Tweedens het nuwe, tegniese probleme ontstaan met die opkoms van 'n nuwe ekonomiese sisteem: hoe moes probleme soos dwaling, uitleg, stilswyende bepalings en derogasie opgelos word, tensy die oplossing in elke geval op onhoudbare fiksies moes berus? In die laaste kwart van die negentiende eeu het derhalwe 'n intense en ongeëwenaarde juridiese debat ontstaan, hoofsaaklik in Europa, maar later ook in Engeland en die VSA Nuwe benaderings, bv. dat slegs gelet word op die eksterne verklaring ter uitsluiting van enige subjektiewe bedoeling, is voorgestel. Die resultaat van hierdie debat was die ontwikkeling van die vertrouensteorie. Die basis van hierdie benadering is dat wat ookal 'n mens se werklike bedoeling mag gewees het, hy so opgetree het dat die ander party, redelikerwys, oortuig was dat die eerste party toegestem het tot die kontrak soos voorgestelof verstaan deur die tweede party die eerste party dan gebonde is aan die indruk wat hy geskep het. Die beginsel is duidelik gestel deur Blackburn R in Smith v Hughes (1871) LR 6 OB 597. Dit moet benadruk word dat die Blackburn benadering nie vreemd aan Europa was nie, waar die geleidelike en natuurlike ontwikkeling van die gemene reg deur kodifikasie kortgeknip is. Die Franse Kodifikasie het die suiwer wilsteorie behou. Die sogenaamde wils-vertrouens stelsel, soortgelyk aan die Blackburnbenadering, het onder die Nederlandse Kode ontwikkel, maar in Duitsland is die De Groot-benadering gevolg: die party wat homself vergis het, is toegelaat om uit die 'kontrak' terug te tree, maar onder die verpligting om die 'onskuldige' party se negatiewe interesse te vergoed. In Suid-Afrika is die basiese vertrekpunt die wilsteorie, maar aangevul deur die vertrouensteorie. Dit word moontlik gemaak deur ons prosesreg, waar twee remedies, die Justus error-benadering en die wilsooreenstemmings-benadering beskikbaar is. Aangesien beide hierdie remedies dieselfde mikpunt het, naamlik om die regmatige belange van die misleide party te beskerm, verg hulle dieselfde materiële regsvereistes. Die vertrouensteorie is so diep in die Suid-Afrikaanse, Europese en Engelse reg ingebed dat dit nou deur sommige mense erken word as die sleutel, nie alleen tot die oplossing van die dissensus probleem nie, maar ook in gevalle van uitleg, aanvulling en derogasie. Die kombinasie van wil en vertroue is die hoekstene van kontraktuele aanspreeklikheid. Hierdie twee begrippe het ontwikkel (en ontwikkel nog steeds) uit die gemeenskap se voor-positiewe, morele, etiese, staatkundige, ekonomiese, godsdiens- en ander waardes, wat in die regstelselopgeneem en beliggaam is en word. Hierdie ontwikkelingsproses berus op die norme en reëls betreffende openbare beleid, openbare belang, die boni mores en goeie trou en word erken en toegepas in die regstelsels van die VSA, Engeland en Europa. Dit maak deel uit van ons reg, maar ongelukkig is ons howe aartskonserwatief in die erkenning en toepassing daarvan. As ons maatskaplike en kontraktuele geregtigheid wil bekom en volhou, moet groter gewig aan hierdie waardes vergun word.

The purpose of this study was to investigate the capital project financing methods of Texas community college districts, including an analysis of successful general obligation bond elections. A two-phase research approach was used in this analysis. The first part of the research investigation surveyed 65 community college executives and administrators representing 50 community college districts in Texas. College leaders were asked to participate in an online survey regarding finance methods used to fund capital projects. This included leaders who have participated in general obligation bond referendums on their college campuses. Thirty-four out of 65 leaders responded to the survey, which resulted in a 52.3% response rate. The second part of the investigation disaggregated survey response information from district college leaders into two groups: Those who finance capital projects utilizing general obligation bonds (GO bond) and those who use other methods than general obligation bonds to fund capital improvements or renovations. A cross-sectional study was conducted during the second phase, which investigated 12 community college district leaders’ processes and strategies of passing general obligation bond elections from 1998 to 2008. As a follow-up to the survey instrument, 11 interviews were conducted from GO and non-GO bond community college districts. The results from the findings led to the following conclusions. Each community college district is unique in how capital projects are funded. The commonalities that existed among survey participants and the personal interviews conducted were establishing strong community relationships prior to the planning of bond campaigns. The data reinforced the basic premise of building key relationships with civic/business leaders early on in the process. The importance of creating an environment that focuses on open communication and trust in support of the college was a determining factor for winning bond elections. The recommendations that emerged from this study were community college leaders must begin a dialogue to share best practices in capital project funding. Secondly, community college leaders must advocate for an organized system of data collection to record general obligation bond elections from their state agencies. Lastly, an organization for capital project advocacy must be created. / text

This dissertation examines the history of humanitarianism in international relations by tracing the relationship between moral obligation and sovereignty from the 16th century to the present. Its main argument is that moral obligations and sovereignty are mutually constitutive, in contrast to a widely held assumption in international relations scholarship that they are opposed to each other. The dissertation’s main theoretical contribution is to develop a framework, using a genealogical method of inquiry, for understanding the relationship between sovereignty and the shifting boundaries of moral obligation during the Westphalian period. This approach makes it possible to identify both elements of continuity and change in the history of humanitarianism and practices of sovereignty. The first chapter demonstrates how the extant literature on sovereignty and humanitarianism fails to adequately account for how states have participated in the construction of new moral boundaries even as they have sought to assert their own sovereignty. Chapter two lays out the dissertation’s theoretical framework, first by outlining an identity-based understanding of sovereignty in relationship to moral obligation, and then discussing the genealogical method that is used in three case studies. The following three chapters contain the dissertation’s empirical contributions, which are three historical cases that represent pivotal moments in the history of moral obligation and sovereignty. Chapter three examines the assistance offered by Elizabeth I to Huguenot refugees from 1558-1603, and relates England’s moral obligations towards Huguenots to the emergence of a sovereign English confessional state. Chapter four examines the relationship between British abolitionist arguments against slavery in the 19th century, and justifications for the extension of empire. Chapter five examines the emergence and evolution of the Responsibility to Protect (R2P) doctrine since 2001, whose advocates posit a modified conception of sovereignty that is explicitly tied to moral obligation. The concluding chapter discusses how the dissertation accounts for both the rise of humanitarianism and the persistence of sovereignty in international relations, as well as provides some reflections on areas for future research.

Šiame magistro darbe nagrinėjami žalos, padarytos pacientams, atlyginimo teisinio reguliavimo ypatumai, įvertinant Lietuvos valstybės pasirinktą žalos atlyginimo modelį, procedūrinius žalos atlyginimo klausimus, apžvelgiama pacientams padarytos žalos atlyginimo teisinio reguliavimo raida. Taip pat analizuojami mažai nagrinėti pacientams padarytos žalos atlyginimą reglamentuojančių teisės normų konkurencijos bei dualizmo klausimai bei šių normų taikymo skirtumai teismų praktikoje. Darbe analizuojamas pacientams padarytos žalos atlyginimo teisės normų taikymas teismų praktikoje, aprašomi probleminiai aspektai, susiję su šių normų praktikoje taikymu. Šio darbo tikslas yra nustatyti ar Lietuvos Respublikoje galiojantis pacientams padarytos žalos atlyginimo teisinis reglamentavimas yra tinkamas, efektyvus ir ar jis užtikrina sklandų paciento teisės į žalos atlyginimą įgyvendinimą praktikoje. Darbe nustatomi žalos pacientui atlyginimo teisiniai pagrindai, sąlygos, šalys, žalos atlyginimo būdai, taikomos atsakomybės rūšys ir ribos, nagrinėjami procedūriniai klausimai bei atliekamas šių teisės normų ir praktikos palyginimas. Pateikiamos išvados ir rekomendacijos galimam situacijos pagerinimui. / In this master thesis pecularities in legal regulation of damage remuneration caused to patients are analised, assessing the Lithuanian state selected damage compensation model, procedural damage compensation issues and an overview of evolution in legal regulation for remuneration of damages to patients is provided. The issues of competition and dualism in legal acts regulating remuneration of damage to patients and the differences in application of these legal acts in the cases of courts of law are analised, which were examined very little. In this thesis the application of legal acts regulating remuneration of damage to patients in judicial practice are analised, describing problematic aspects related to such application of these legal norms. The aim of this master thesis is to determine wheather the legal regulation for remneration of damages to patients in Lithuanian Republic is relevant, effective and whether it ensures a smooth patient's right to remuneration of damages in practice. In this work legal grounds, conditions, parties, means of compensation of damages, types of liability applied and its‘ limits are identified and procedural issues of compensation of damages to patients are analised, also the comparison of legal norms and judicial practice is carried out. Conclusions and recommendations for possible improvement are as well introduced.

Worldwide energy policies are built on three pillars: ‘cost competitiveness’, ‘security of energy supply’, and ‘environmental responsibility.’ This has brought about the integration of renewable energy sources into national systems with the deployment of policy instruments to make renewable energy sources electricity (RES-E) capable of nearly competing on a commercial basis with traditional forms of electricity generation. At the national level within the EU, there has been much experimentation with different policy instruments with varying levels of success. Nevertheless the EU as a whole will not meet its stipulated renewable energy target. This study challenges the theoretical and abstract evaluation presented in the literature about EU wind power delivery systems and has developed an integrative evaluation framework. This evaluation framework is used in this study to present the views of key stakeholders on their experiences with the performance of key policy instruments (feed-in tariff, and renewables obligation) implemented in three EU Member States namely: Germany, The Netherlands, and United Kingdom. It also challenges the EU-wide harmonised renewable energy policy agenda as proposed in Directive 2001/77/EC. The concept of path dependency of the historical institutional approach was adopted in order to explore the diversity of the wind power industry across the three country cases. An indepth semi-structured interview with fifty-five senior wind power policy makers and experts was conducted to explore the historical emergence, the architect, and the outcome of the support and implementation of the policy instruments. Findings showed that the approach to wind power deployment in the three country cases differs significantly and this has affected the pattern of each country’s wind power policy instrument. Also, the role and contribution of the stakeholder groups to the success of the wind power policy instruments differ significantly in each of the country cases. This helps to explain the performance of the different policy instruments adopted. Concerning the harmonisation of EU renewable energy policy instruments which have received much attention in recent times, this study found that harmonisation based on a single policy instrument is not feasible and may ultimately inhibit the growth of the European wind power market. A harmonised system may cause uncertainties amongst willing investors, thereby causing a withdrawal of further investment in the wind power market. If this happens, Europe may also lose its position as the world leader in the wind power market. Furthermore, national histories demonstrates that Member States have different culture, stakeholder groups, political, and business practices that will influence policy instruments and the likelihood of any policy succeeding. Thus, rather than promoting harmonisation and political market for wind power, it is important that Member States adopt and implement, stable, flexible, and transparent policy instruments that enable wind power and other renewable energy sources to emerge, develop, and go through the R&D stage to a point of maturity where they can compete with other energy sources with limited financial support.

Two central issues in literature discussing legal authority seems to the the questions of what the law has when it has authority and under what conditions the law can be said to have authority. This thesis analyses an answer to these two questions as it has been developed by legal philosopher Joseph Raz. The analysis is conducted through scrutinizing the relation within and between three central concepts in Raz´s theory on legal authority; authority as normative power, the service conception and the obligation to obey. As for the concept of normative power, Raz seems to alternate between defining normative power as the ability to change protected reasons for action and as being a protected reason for action. The question the thesis aims to answer is whether normative power is best understood as the ability to change protected reasons for action or as being a protected reason for action? Raz does not seem to make a distinction between the two and thus, he regards both definitions as plausible. However, the analysis suggests that while it might be plausible to use both definitions as a definition of normative power, they are not interchangeable, but rather seems to represent two different levels of normative power. The analysis of the second concept, the service conception, examines Raz´s statement that justified exclusionary reasons entail a moral obligation to obey the law. Here the thesis asks if a moral obligation to obey is a plausible consequence of justified exclusionary reasons, given Raz´s own definition of obedience. The analysis suggests that a moral obligation to obey is not a plausible consequence of exclusionary reasons being justified and thus, that there seems to be incoherence between the two. Lastly, the thesis asks about the coherence between Raz´s two statements A. that justified exclusionary reasons entail a moral obligation to obey and B. that there is no moral obligation to obey the law. This last question had to be somewhat revised as the first statement (A) had already been suggested to be incoherent by the previous analysis. As such, this last question was revised into asking how the law can have legitimate authority when its legitimacy is tied to a moral obligation to obey, which is denied by Raz? The analysis suggests that these two statements are incoherent and that, as such, it is implausible that the law has the possibility to have legitimate authority at the same time as there exists no moral obligation to obey, as the former is dependent on the latter. The thesis ends in a number of concluding reflections.

<p>Sistem PSO u su&scaron;tini predstavlja model za finansiranje<br />neprofitabilnih usluga prevoza za koje postoji op&scaron;ti javni interes<br />države, regiona ili lokalne zajednice (grada i op&scaron;tine). Operateru se<br />obezbjeđuje nadoknada za javni prevoz tako da ne smije da prelazi<br />iznos koji odgovara neto finansijskom učinku jednakom zbiru<br />efekata i tro&scaron;kova. Univerzalni i op&scaron;teprihvaćeni model za<br />definisanje PSO na željeznici ne postoji pa su u radu definisani i<br />vrednovani socijalni i kvalitativni kriterijumi za održavanje i<br />unapređenje standarda kvaliteta obavljanja PSO, a razvijeni su<br />modeli za utvrđivanje PSO u integrisanim sistemima javnog prevoza<br />putnika, za utvrđivanje tro&scaron;kova operatera i fuzzy model za<br />utvrđianje bilansa poslovanja operatera za prevoz putnika. Sami<br />modeli su testirani da delu saobraćajne mreže u RS.</p> / <p>The PSO system essentially represents a model for financing of<br />nonprofit transport services of a general public interest of state,<br />region or local community (town of municipality). An operator is<br />provided with compensation for public transport service in the way<br />that it not exceeds amount equal to net financial performance as a<br />sum of effects and costs. Since universal and generally accepted<br />model for defining of PSO in regard with railway system does not<br />exists, in practice are defined and are being evaluated social and<br />qualitative criteria for maintaining and improving of quality<br />standards of PSO. There are also developed models for<br />determination of PSO at integrated systems of public passenger<br />transport, for operator costs determination and fuzzy model for<br />determination of operator&rsquo;s business balance in passenger<br />transport. Models are tested at a part of railway network in RS.</p>

L’information constitue l’élément ou l’enjeu de nombreuses règles juridiques en droit financier. Ces règles imposent des obligations d’information aux émetteurs, aux intermédiaires financiers et aux investisseurs. Elles sanctionnent en outre les abus de marché en ce qu’ils constituent des atteintes aux qualités de l’information, et encadrent l’élaboration des opinions émises par les analystes financiers et les agences de notation. Dans un ensemble aussi hétérogène de règles, l’information reçoit diverses qualifications juridiques. La cohérence en la matière provient de la nécessité d’informer l’ensemble des acteurs du risque inhérent aux instruments financiers. L’information peut être étudiée à partir de ses fonctions intellectuelles, comme savoir communicable permettant de connaître le risque attaché aux instruments financiers. Alors que certaines données permettent de décrire le risque d’investissement, d’autres en servent l’appréciation dans la durée en vue de la réalisation de prédictions. Le droit positif évolue ainsi en s’appuyant sur ces deux fonctions intellectuelles de l’information : sa fonction descriptive et sa fonction prédictive. Cette analyse permet de renforcer l’intelligibilité d’un dispositif en évolution constante, qui suppose l’articulation du droit des sociétés, du droit des contrats et du droit répressif. Le droit des instruments financiers peut ainsi faire l’objet d’une analyse ordonnée à partir de l’information comme exigence permettant la prise d’un risque d’investissement. / Information constitutes the element or the stake of many a legal rule in financial Law. These rules dictate disclosure obligations to issuers, financial intermediaries and investors. Furthermore, they sanction market abuses, insofar as they undermine the qualities of the information, and provide a legal framework for the elaboration process of opinions voiced by financial analysts and credit rating agencies. In such a heterogeneous body of rules, diverse legal qualifications are applicable to information. The conistency of the discipline lies in the necessity to inform the participants of the risk inherent to financial instruments. From its intellectual functions, information can be studied as transmittable intelligence permitting a better understanding of the risk financial instruments entail. While some data allows for the description of the investment risk, other data enables its assesment over time in order to realize predictions. Substantive law evolves by drawing on the two intellectual functions of information: its descriptive function and its predictive function. This analysis helps to reinforce the intellegibility of constantly evolving legislation, which implies the joint study of company law, contract law and criminal business law. The law of financial instruments can thus be the subject of an analysis stemming from information as a requirement to the taking an investment risk.