Laws Of Member States Research Articles

Ethics in sports industry: when does sports autonomy become an excuse for animal abuse?

Abstract Money pushes sports to extremes. As the rewards for success grow, so does the pressure, with sportspeople pushing themselves ever harder. In equestrian sports, this can mean pushing the horse as well, too often to the point of abuse. This article discusses the beautiful side of equestrianism as well as its darker side, which is a bitter reality for many competition horses. It sets out a comparison of legal standards for equine animal welfare (at the level of international law, EU law and national laws) as well as those coming from sports laws. It also examines dependencies between animal protection rules under EU law and animal protection rules under the laws of individual EU Member States concerning equestrian sports. It aims to answer the questions of whether equestrian sports constitute a general exemption to their being considered animal abuse and on what grounds this exemption might be changed in the future.

Опыт Европейского союза в формировании принципа верховенства права и верховенства закона в Европейском союзе

This paper examines the EU’s experience in establishing the principle of the rule of law and the supremacy of law within its framework. The focus on maintaining the rule of law in member states has become a central issue for the EU in recent years. The necessity for a robust legal framework that ensures fair and predictable regulation of social interactions and hierarchical structure is crucial for the integrity and proper functioning of society. This study aims to analyze the reasons behind the EU’s emphasis on the rule of law, the challenges it faces, and the measures taken to address these challenges. Any researcher studying the concept of the rule of law inevitably encounters the question: why has the European Union (EU) in recent years placed such a strong emphasis on issues of upholding the rule of law in its member states? The answer to this question is fairly straightforward: as members of society, people require a system of rules and norms that regulate interactions among them and establish a certain hierarchy. Without such rules and standards, society would be unable to maintain its integrity and ensure normal coexistence. European integration continually strives to improve the lives of all member states by addressing common issues. Nevertheless, the European Union is now facing a crisis of the rule of law in some member states due to corruption and an ineffective judicial system. Through sustained commitment and collaboration, the EU can enhance the rule of law, thereby fostering a more just and stable European society.

재보험계약원칙(PRICL) version 1.0에 대한 약간의 검토

In 2010, the European Principle of Insurance Contracts (PEICL) stipulated that PEICL did not apply to reinsurance contracts. The reason was that the insurance contract law of most EU member states completely excluded the application of the insurance contract law to reinsurance contracts. Accordingly, the project group led by the private sector began to write the Reinsurance Contract Law Principles (PRICL). The goal of this work is to provide a unified soft law for contract law to the reinsurance market. This project has a similar purpose to the restatement promoted by the American Legal Association (ALI) and has a similar writing format. ALI's restatement is intended to enhance the clarity and simplification of the law, accommodate social needs, and encourage the performance of academic and scientific legal work useful in trials. Project Group published its achievements so far in 2019. It was named PRICL version 1.0. PRICL Project Group planned to complete the work until the end of 2023, but failed to complete it due to COVID-19 pandemic and other reasons. Korea occupies a significant portion of the global insurance(and reinsurance)market. Nevertheless, the author regret the lack of research on PRICL in Korean academia. This paper briefly introduces the basic matters of PRICL's preparation process and version 1.0. As well as the provisions to be added in the future, a detailed review of the entire article is required.

Alternative Legal Bases for Processing Health Data for Scientific Research Purposes

The processing of health data for scientific research purposes requires a legal basisunder Article 6 and a justification under Article 9 (2) GDPR by way of an exceptionto the general prohibition in Art. 9(1) of the processing of special category data.Consent tends to be highly advocated for in this regard, in both literature and practice.However, the GDPR permits an alternative option: processing for scientific researchpurposes based on Union or Member State law which provides for suitable andspecific safeguarding measures. This paper undertakes an in-depth examination ofthe ‘research exception’ in Art. 9 (2) (j) GDPR permitting the processing of healthdata for scientific research purposes, thoroughly considering its elements and itsimplications. It refers to examples of Member State implementing legislation andthe proposed European Health Data Space Regulation for illustration purposes andargues that if implemented faithfully, Art. 9 (2) (j) strikes a better balance betweenthe interests of the various stakeholders than consent, which is overall burdensomeand may hinder research. Finally, in light of the uneven implementation of theGDPR’s research exception by the Member States which creates considerable legaluncertainties and results in barriers to the free flow of research data across the EU,this paper calls for a harmonised implementing Union law in this regard.

THE ENFORCEMENT OF SETTLEMENT AGREEMENTS UNDER THE OHADA UNIFORM ACT ON MEDIATION

On 23 November 2017, OHADA member states adopted the Uniform Act on Mediation. The Act lays down rules relating to mediation of disputes which, if successful, ends in a settlement agreement. Settlement agreements that are not freely respected by the parties will have no effect unless they are forcefully executed. Forceful execution is made with the help of a court or notably public who are empowered to insert an executory formula on the agreement after verification of its regularity. These local authorities involved in the enforcement process rely on domestic laws of member states which vary from state to state. This has the effect of tainting the harmonization process intended by the OHADA lawmaker and may be inimical to investors. This raises the problem of the suitability of the Act to dispute settlement as regards enforcement of settlement agreements. With the help of qualitative and comparative analysis, this article brings to limelight the intricacies of the enforcement of settlement agreements under OHADA. It concludes that enforcement of settlement agreements is rendered simple and rapid but faces serious drawbacks which could be alleviated by setting up OHADA mediation institution to oversee the entire mediation process, besides other recommendations.

Accession of the EU to the ECHR: A more developed fundamental rights low for the EU after the Lisbon Treaty?

The Treaty of Lisbon introduced important changes in the protection of human rights in the EU, the most important of which lie in the changes in Article 6 of the Treaty on the European Union. These provisions indicate that the EU Charter of Fundamental Rights is now legally binding, having the same status as primary EU law, and that the EU "shall accede" to the European Convention on Human Rights (ECHR). Since the entry into force of the Treaty of Lisbon, the Charter has been referred to on numerous occasions by the European Court of Justice and now acts as the main source of human rights in the EU. This article examines the import of this case law, some of which are ground-breaking and controversial, as well as how the higher profile for human rights under the Charter is likely to change the nature of the EU’s relationship with the ECHR. The article also examines the complex procedure for the EU’s accession to the ECHR, which is now underway, highlighting particularly significant aspects of this process. The article concludes with some general reflections about the status of human rights protection in the EU, suggesting that this has become one of the most significant areas of EU law that has had, and continues to have, a crucial impact on the EU’s relationships with its Member States, the EU and international law.

Libertarian principles of labor law in the member states of the Eurasian Economic Union

Objective: to define libertarian principles of labor law, to establish their place in the system of labor law, and to identify problems related to their implementation in the law enforcement practice of EAEU member states.Methods: dialectical approach to cognition of social phenomena, allowing to analyze them in historical development and functioning in the context of the totality of objective and subjective factors, which predetermined the following research methods: formal-legal, comparative-legal, and method of specific sociological research.Results: based of natural-law and libertarian concepts of legal understanding, the author formulates a definition of the “libertarian principles of labor law” concept as guiding ideas that embody freedom and underlie the labor law construction. The author determines the vector of its further development in the regulation of labor and associated relations. The main libertarian principles of labor law are proposed and analyzed: a) freedom of labor force movement; b) freedom of labor and the right to work; c) prohibition of forced labor; d) freedom of contract (specified as the principles of freedom of labor contract, freedom of collective bargaining, agreement); e) freedom of association; f) freedom of collective bargaining, freedom of choice in discussing issues within the sphere of labor, voluntariness of the parties’ taking obligations (as the main principles of social partnership). The study results are expressed in theoretical conclusions and assessment of labor legislation of the EAEU countries in terms of the libertarian principles of labor law completely reflected and guaranteed in them.Scientific novelty: the paper is the first to analyze libertarian principles of labor law as a separate group of principles of labor law in the EAEU member states and to reveal the legal nature and system of libertarian principles of labor law.Practical significance: the main provisions and conclusions of the article can be used in scientific, pedagogical and law enforcement activities when considering issues related to the consideration and resolution of labor disputes, in overcoming gaps and legal conflicts in labor legislation.

Access to garden-plots with reference to the Model Law of the CIS Member States

The paper is dedicated to the analysis of the Appellate decision of the Leningrad Regional Court dated August 11, 2021, No. 33-3839/2021 in which the court concluded that the residents of the garden village have rights to access to individual land plots on the basis of an easement type encumbrance established in relation to the roads of the village as a result of the division of the original land plot. In support of its position the court refers, among other, to the Model Law “On Limited Property Rights”, approved on November 27, 2015, by the Inter-Parliamentary Assembly of the CIS Member States. At the same time the case is remarkable not only for its reference to the Model Law, but also for the fact that in its resolution a commendable attempt was made to find answers to questions about the allowability (non-allowability) of the alienation of general purpose land plots in garden villages and gated communities separately from individual land plots in these villages and communities; for the qualification of the restriction established by a cadastral engineer in the process of dividing a land plot and displayed as a special note in the Unified State Register of Real Estate. In addition the case allows to reflect on the allowability of using Model Laws to resolve cases in Russian courts; on the presence (absence) of provisions on so-called “legal easements” in the Federal Law of July 29, 2017, No. 217-FZ “On Gardening and Horticulture by Citizens for Their Own Needs and on Amendments to Certain Legislative Acts of the Russian Federation”; on the possibility to establish a “private” easement in relation to one’s property, including the process of dividing one’s land plot; on the most effective ways to protect owners of individual land plots in garden villages and gated communities in the events of conflicts with owners of general purpose land plots in these villages and communities.

Codification of general principles of administrative law

On the basis of the method of historical and comparative legal analysis the experience of codification of the general principles of administrative law of the CIS member states has been studied. The vast majority of codification was carried out by adopting the German model of legislative regulation of administrative procedures. The analysis of reception required the reference to its source — the German model of partial codification of the General Part of Administrative Law. As a result of the study, three models of interaction of the general principles of administrative law and their codification have been identified. The first model is marked by the development of the judicial doctrine of the general principles of administrative law and their subsequent codification. The second model is distinguished by the codification of the general principles of administrative law with the necessity of their subsequent development in the judicial and scientific doctrine. The introduction of the general principles of administrative law by borrowing a foreign codified act due to the resistance of local law, as well as the lack of judicial and scientific doctrine, can create conditions for the emergence in administrative law of a significant gap between “law in books” and “law in action”. In addition, the third model, characterised by the absence of codification of the general principles of administrative law and their differentiated regulation in sectoral laws, has been identified. It has been established that the effectiveness of the general principles of administrative law depends not only (and even not so much) on their legislative consolidation, but on the intensity and quality of judicial activism in the relevant legal system. Moreover, in some legal systems a significant contribution to the identification and development of general principles of administrative law is made by constitutional courts, in other legal systems — by administrative courts.

Međunarodni standardi ljudskih prava i prinudna psihijatrijska zaštita - razvoj i pogled iz Srbije

Unlike the interpretation of the UN Committee on the Rights of Persons with Disabilities (hereinafter: CRPD Committee), which prohibits any deprivation of liberty on the basis of mental disability, the laws of member states continue to allow and implement involuntary psychiatric measures. The recent objection by the CRPD Committee to the adoption of a legally binding document at the Council of Europe level, which aims to regulate the protection of the human rights and dignity of individuals with mental disorders, could potentially have negative consequences. At this point, a legally binding agreement is more significant than a complete prohibition on placement in psychiatric institutions without consent or the exclusion of substitute decision-makers from providing consent for treatment. This is supported by Serbian legislation, which has certain deficiencies in the procedures for the placement and treatment of individuals with mental disorders. Involuntary measures should be applied only in exceptional cases, and a legally binding document that reflects genuine state consensus could be beneficial for creating laws and ensuring protection for those subjected to involuntary psychiatric measures.

CEPEJ Gudelines for Mediation Resolving Administrative Disputes – A Comparison between Council of Europe States and Ukrainian Perspectives

The status of Ukraine as a candidate country for the European Union membership reinforces the need for comparative analysis between Ukrainian regulations and law of other EU Member States as well as European regulations. One of the fields of comparative law is a development of mediation for disputes covered by administrative law. It has already been a subject of interest and promotion to both – The EU and the Council of Europe, since European standards of democracy provide for state cooperate with citizens/individuals. The aim of this article is, to examine the main provisions, recommendations and best practices of the CoE member states, and to analyse the current practice and existing gaps in Ukraine in order to develop a proposal for effective implementation in the light of the most recent CEPEJ Guidelines promoting mediation to resolve administrative disputes. A comparative overview of this type of mediation regulations may be considered as novum. As for methodology, the paper is dominated by the logical-linguistic and comparative method. So far – though Ukrainian legal system is quite compatibile with the examined CEPEJ gudelines and provide for inter-branch solutions – the development of administrative and court-administrative mediation is quite resilient and there is still much to be done not solely with legal regulations, but also „mediation culture” in such field.

Make It Stringent: A Plea for an Unfair Terms Regulation

The Unfair Terms Directive (UTD) is one of the most important pieces of EU private law, yet its understanding and implementation in the Member States is quite diverse. Despite the abundance of preliminary rulings on the Directive, the Court of Justice of the European Union (CJEU) has not managed to bring uniformity into its interpretation. The main reason is the legislative form chosen, which is that of a directive, allowing Member States very wide discretion in transposing its rules into their national law. This has given rise to sharp differences between Member State laws. The result is uncertainty, legal fragmentation, and an uneven playing field in the Union.To remedy this situation, we suggest a recast of the UTD and its transformation into a regulation. This would have several benefits. First, the scope, depth and the effects of unfair terms control would be the same in all Member States. Second, the Court of Justice of the European Union would no longer have to take account of the complex background of the different national laws when responding to references for preliminary rulings; instead, it could directly declare a certain clause as being incompatible with the Regulation and decide on its consequences. Third, the Annex of the Directive could be made binding, which would further enhance legal certainty and the effectiveness of the control. Finally, as the Regulation would fully harmonize the standard of unfair terms control, with the result that clauses compatible with it could be used throughout the Union, without any risk of running afoul of national law. This would give a boost to the integration of the Internal Market.

Make It Stringent: A Plea for an Unfair Terms Regulation

The Unfair Terms Directive (UTD) is one of the most important pieces of EU private law, yet its understanding and implementation in the Member States is quite diverse. Despite the abundance of preliminary rulings on the Directive, the Court of Justice of the European Union (CJEU) has not managed to bring uniformity into its interpretation. The main reason is the legislative form chosen, which is that of a directive, allowing Member States very wide discretion in transposing its rules into their national law. This has given rise to sharp differences between Member State laws. The result is uncertainty, legal fragmentation, and an uneven playing field in the Union.To remedy this situation, we suggest a recast of the UTD and its transformation into a regulation. This would have several benefits. First, the scope, depth and the effects of unfair terms control would be the same in all Member States. Second, the Court of Justice of the European Union would no longer have to take account of the complex background of the different national laws when responding to references for preliminary rulings; instead, it could directly declare a certain clause as being incompatible with the Regulation and decide on its consequences. Third, the Annex of the Directive could be made binding, which would further enhance legal certainty and the effectiveness of the control. Finally, as the Regulation would fully harmonize the standard of unfair terms control, with the result that clauses compatible with it could be used throughout the Union, without any risk of running afoul of national law. This would give a boost to the integration of the Internal Market.

THE DEVELOPMENT OF EAEU LAW TO LAUNDERING OF PROCEEDS FROM CRIME

The article is devoted to the development of the law of the Eurasian Economic Union in the light of countering the legalization (laundering) of proceeds from crime, the financing of terrorism and the financing of the proliferation of weapons of mass destruction. The author analyzes the latest adopted acts of the Union in this area, and also explores the harmonization of the laws of the EAEU member states with the standards of the Financial Action Task Force on Money Laundering. The article emphasizes the importance of the participation of the Eurasian Economic Union in the Eurasian Group on Combating Money Laundering and the Financing of Terrorism and the development of the Eurasian Economic Union’s own jurisdiction in the field of combating the legalization (laundering) of proceeds from crime, the financing of terrorism and the financing of the proliferation of weapons of mass destruction. The author highly appreciated the degree of legal regulation and interaction of the EAEU member states in countering the legalization (laundering) of proceeds from crime and the financing of terrorism when moving cash and (or) monetary instruments across the customs border of the Eurasian Economic Union, and the study also identified gaps in legal regulation and ways to improve union law related to the digitalization of economies, the circulation of non-cash funds and digital currencies.

The LED’s right of access to one’s data: Loopholes on proper access, legality review and data protection authority Accountability

Directive 2016/680 (the Law Enforcement Directive (LED)) provides two procedures for the exercise of the rights of access to one’s data: a direct one under Article 14 LED (directly addressed to the law enforcement authority) and an ‘indirect’ one under Article 17 (3) LED, i.e., via the intermediary of the data protection authority (DPA). In the present paper we will argue that the latter procedure should be the exception and the Article 14 LED procedure should be seen as the default. We will analyse the weaknesses of the Article 17 (3) LED provision and then criticize its, in our opinion, flawed implementation into the national laws of Belgium, France and Germany. We will demonstrate that Article 17 (3) LED, as read in light of Article 15 LED on the restrictions to the right of access, might be interpreted incorrectly to allow for the ‘indirect’ access procedure to be evoked abusively. We will argue that it lacks the explicit language to guarantee the decision-making powers of DPAs when deciding what information to communicate to the concerned data subjects when answering their request. We will demonstrate how the examined Member State laws further restrict the powers of their DPAs, which endangers the effectiveness of the ‘indirect’ access procedure because they do not guarantee the accountability, transparency, and proper legality check by the DPAs which are called on to exercise the right of access indirectly.

Plating the hot potato: how to make intermediate bioenergy carriers an accelerator to a climate-neutral Europe

BackgroundWith sustainable bioenergy in the European energy mix, intermediate bioenergy carriers (IBC) become of growing importance, as they can ensure a more efficient utilisation of biomass feedstocks from agricultural and forest residues. A high potential for market uptake is foreseen for fast pyrolysis bio-oil (FPBO), one of several IBCs. While facing the chicken and egg problem in market entry, the aim of this study was the development of adequate strategies to support market implementation. The case study findings and methodological approach can provide policymakers, industry, and a broader audience with a vision for addressing similar challenges in market adoption of innovations in the bioeconomy and beyond. Therefore, we tested a new PESTEL + I approach and its practical applicability to an IBC value chain.ResultsWith an adopted PESTEL method, we analysed a promising value chain in which FPBO is produced from sawdust in Sweden and Finland, transported to the Netherlands and upgraded and marketed as a marine biofuel. Our results show that the market uptake of IBCs such as FPBO and subsequently produced biofuels is above all driven by the European Renewable Energy Directive II (RED II). In Annex IX Part A, sawdust is listed as a feedstock for advanced biofuels, which can be double counted towards the 14% renewable energy share goal in the transport sector in 2030. To support the use of advanced biofuels in the maritime and aviation sector, the proposal for revision of RED II 2021 contains a new multiplier (1.2x) for fuels delivered to these sectors, while all other multipliers are deleted. These legal European obligations and implementation into national law of member states create strong incentives for many downstream market actors to use advanced biofuel. However, technological challenges for FPBO use still hamper fast market introduction.ConclusionsOvercoming technology challenges and the creation of long-term validity of guidelines and regulatory framework will create stable market conditions, investment security and finally stimulate long-term offtake agreements between feedstock providers, technology developers and downstream customers. The approach and findings can provide a vision to overcome similar challenges in other bioeconomy innovations’ market uptake and beyond.

Lies, liability, and lawful content: Critiquing the approaches to online disinformation in the EU

This article considers legislative approaches to online disinformation in the European Union (EU) and identifies how shifting approaches could undermine applicable fundamental rights standards in the disinformation field. The problem of online disinformation – and its disruptive effects on European elections – has attracted extensive scrutiny at the EU institutional and Member State level. Since 2018, Union institutions have pursued self-regulatory measures for disinformation and have explicitly refrained from including this content in the EU’s intermediary liability regime. A key justification for this approach has been that disinformation generally includes lawful content and that restrictions on lawful content may undermine the right to freedom of expression. As this article maps, however, standards are shifting in the EU legal context regarding online intermediary responsibilities to limit the dissemination of content containing disinformation. This is not only evidenced by a diverse set of Member State laws designed to address misleading electoral communications, but also in several provisions of the Digital Services Act (DSA) which have potential applications in this area. Drawing from relevant case law of the Court of Justice of the European Union (CJEU) and the European Court of Human Rights (ECtHR), this article provides a distillation of key European standards regarding how EU and Member State laws to combat disinformation must ensure compatibility with the right to freedom of expression. This article further considers whether – in light of these standards – divergent legislative approaches to online disinformation in the EU could undermine fundamental rights. Disinformation, Freedom of Expression, CFR, Free Elections, Democracy

ДЕЯТЕЛЬНОСТЬ ПАРЛАМЕНТСКОЙ АССАМБЛЕИ ОРГАНИЗАЦИИ ДОГОВОРА О КОЛЛЕКТИВНОЙ БЕЗОПАСНОСТИ ПО ГАРМОНИЗАЦИИ ЗАКОНОДАТЕЛЬСТВА В СФЕРЕ МИГРАЦИОННОЙ ПОЛИТИКИ И ПРОТИВОДЕЙСТВИЯ НЕЗАКОННОЙ МИГРАЦИИ

A description of the activities of the Parliamentary Assembly of CSTO on migration policy and countering illegal migration from 2010 to 2022 is given. The relevance of the parliamentary dimension of migration policy within the CSTO is confirmed by the situation that develops almost along the entire perimeter of the borders of the CSTO member states. The adopted recommendations on harmonizing the legislation of the CSTO member states in the areas of countering illegal (irregular) migration and human trafficking (2011) are covered; problems of refugees and asylum seekers (2014); creating a positive image of labor migrants (2015); qualifications of acts for various types of human trafficking (2016); pension provision for labor migrants (2016), blocking the channels of international terrorism (2022). The prospects for the rule of law of the CSTO member states in the field of migration security for 2024–2025 are outlined. Recommendations are being developed in the field of combating illegal migration and the Concept of Migration Security of the CSTO member states.

Influencing Companies’ Green Governance Through the System of Legal Liability for Environmental Infractions in China and Brazil: Lighting the Way Toward BRICS Cooperation

As a platform of cooperation among its member states, questions of whether or how the BRICS alliance can influence and shape the global governance system and improve their internal governance systems have often been raised. In the process of exploring the role that the law can play in this context, comparative studies on the laws of the BRICS member states, particularly in the defined areas of cooperation, are an important perspective to be addressed in order to be able to contribute to the improvement of their internal governance systems. However, much work remains to be done on this perspective. This article partially fills this gap by conducting a comparative study related to one of the BRICS areas of cooperation – sustainable development – between two of its members: China and Brazil. Specifically, it compares how both states, as stakeholders, use the legal regime of liability for environmental infractions to influence the green governance of companies. The article, therefore, uses comparative legal methodology, using as its objects of research relevant legal provisions on legal liability for environmental infractions gathered from the legal systems of China and Brazil. The adoption of strict civil liability, liability for environmental damages per se and the extension of criminal liability to legal persons are among the similarities found. As for the differences, it finds that, as a principle, Chinese law shields directors and senior officers from liability toward third parties, while Brazilian law fully extends such liability to these entities; additionally, in the Chinese legal system, the burden of disproving causality between the harm and the activity that caused it falls upon the actor, while the Brazilian legal system adopts a double-standard approach for collective suits and individual suits; and finally, the Chinese law imposes a legal obligation to adopt what, in effect, is close to a corporate environmental management system, while the Brazilian legal system lacks a similar mandate.

How Should Crypto Lending Be Regulated Under EU Law?

The collapse of Genesis is the latest in a cascade of failures of crypto lenders. The last year has seen numerous major crypto lenders, such as Celsius, Voyager and BlockFi, going out of business in domino-like fashion. The failures have revealed the vulnerabilities of crypto-market lenders’ business model, most notably the liquidity and maturity mismatches in their loan portfolios, and their markedly weak corporate governance. The present article explores avenues to regulate crypto lending within the framework of EU financial services regulation. It argues that crypto lenders should be taken as falling within the definition of credit institutions under EU law, and thus, as a result, should be subject to the stringent licensing and prudential requirements introduced by the Capital Requirements Directive and Regulation. Prudential regulation is one of the ways that have been suggested for the regulation of crypto-market operators, alongside the investor protection framework. Taking into account that crypto lenders easily operate on a cross-border basis and that prudential regulation is fully harmonized in the EU, we take an EU-wide perspective and focus our analysis on EU law, rather than member state laws. In addition, prudential regulation can deal with any systemic risk issues with which investor protection regulation cannot deal. However, in order to avoid moral hazard and not give investors the false impression that crypto lenders are safe too-big-to fail institutions, we suggest that crypto lenders should not enjoy the full protection of prudential regulations. In particular, they should not be offered lender of last resort support and they should not be allowed to subscribe into a deposit insurance scheme. Even though it is often said that crypto markets pose no risk to the regulated sector due to limited interconnectedness, it should be noted that due to the high leverage of crypto investors, the real risk to the regulated sector comes from the possibility of crypto investors massively liquidating their positions in other asset markets.