Regulatory Reform Research Articles

Farmers and their data: Evaluating the swiss conception of data sharing through the lens of digital farming

Digitalisation has changed agricultural production and will continue to do so. Although digital technology promises to increase the efficiency, productivity and environmental friendliness of agriculture while improving the work-life balance of farmers, new digital farming technologies come with potential negatives, such as privacy and security concerns. In recognition of that fact data is a fundamental part of digital adoption in the agricultural sector, this article analyses Swiss farmers perceptions of data sharing. We apply the Responsible Research on Innovation (RRI) approach to anticipate and discuss farmers' legal and political perspectives on agricultural data and data sharing. These form the foundation of and thus the key to digitalisation in agriculture. Based on a review of the literature and two exploratory interviews on the broader regulatory context of data sharing, Swiss data regulation and management were included as background to this work. This paper, further explores in detail the relationship between farmers' attitudes towards data sharing and their relatively low adoption of digital technologies. Such an analysis is valuable as it provides us with the farmers' perspective on data use and regulations in Switzerland which, though not an EU country, has its own high data-protection standards. More specifically, we assessed Swiss farmers’ perceptions of agricultural data sharing with public and private entities and placed these perceptions within the broader Swiss framework for data regulation. This was accomplished by a survey of 939 randomly selected farmers in the German- and French-speaking parts of Switzerland. From the Swiss farming perspective, we discuss how innovation can respond to societal needs. We conclude that the concerns, risks and vulnerabilities that Swiss famers are currently experiencing with regard to their farm data need to be addressed through a broader regulatory reform of Swiss agricultural data protection if digital farming is to achieve its full potential in Switzerland.

Alleged Violation of Article 17 of Law Number 5 of 1999 Regarding Transportation Management Services for Shipping (Export) of Clear Lobster Seeds, Decision Number 04/KPPU-I/2021 Decision Date 09 June 2022

This study examines the alleged violation of Article 17 of Law Number 5 of 1999 related to the transportation management services for the delivery (export) of clear lobster seeds, based on the Decision of the Business Competition Supervisory Commission (KPPU) Number 04/KPPU-I/2021 dated June 9, 2022. In this case, there are strong indications that several business actors have carried out unhealthy market control practices, which have a negative impact on business competition in the transportation management sector for clear lobster seeds in Indonesia. This study analyzes the impact of the alleged violations on business actors, service quality, innovation, and the development of the national fisheries sector. The conclusions drawn emphasize the importance of law enforcement and regulatory reform to maintain healthy competition in this sector. Recommendations provided include stricter law enforcement, regulatory reform, increased innovation, and protection for small business actors and fishermen affected

Institutional model of the financial services market and its development

In the paper, the institutional model of the financial services market in Ukraine is defined as a complex system that ensures the interaction of its various subjects, regulates their activities and contributes to the stable and effective functioning of the financial sector based on taking into account the role and relationships of public and private organizations, legal and regulatory frameworks, as well as socio-economic factors that affect the functioning of the financial services market. Three stages of the development of the financial services market in Ukraine are highlighted, their characteristics, achievements and challenges are given. The main components of the institutional model of the financial services market are defined. It is shown that high-quality infrastructure and effective debt settlement institutions are critical for maintaining the financial stability of credit institutions. The purpose of the reform of state regulation based on the model of a single regulator is determined, which consists in increasing the efficiency, transparency and stability of the financial market. The advantages of a single regulator based on the NBU are: consolidation of functions, improvement of efficiency, reduction of administrative costs, improvement of coordination, increase of transparency, reduction of duplication. The challenges are: the difficulties of the transition period, the need to maintain specialization and the implementation of management changes. It is shown that the financial ombudsman plays an important role in the system of institutions for professional regulation of financial services markets. At the initial stage of implementation of the said institute, its role as a mediator is critically important for creating an effective mechanism for resolving conflicts and ensuring trust in the financial market. It has been established that the financial ombudsman performs the functions of: an independent mediator based on the principles of neutrality and confidentiality; supports the resolution of conflicts based on the analysis of the situation and the proposal of solutions, improves communication by organizing meetings and ensuring a clear exchange of information; ensures transparency and fairness by clarifying rights and obligations, creating standards for mediation; increases confidence in the financial market on the basis of reducing conflicts and improving the reputation of the financial market.

2024 Election Reflections: Political Ambition and Legal Defeat

The 2024 election in Indonesia faces significant challenges related to political ambitions and legal defeats, which have impacted the integrity and implementation of the election process. Political ambitions from candidates and political parties often lead to violations of election rules, including the spread of misleading information and manipulation of voting results. Legal defeats, such as violations of campaign rules and the inability of law enforcement to handle these cases, undermine public trust in the democratic system and law enforcement institutions. This article examines the impact of these legal defeats and provides recommendations for reforms in election regulations, increased law enforcement, transparency, and political education. Comprehensive reform efforts are needed to ensure fair elections and increase public trust in the democratic process in the future

The effect of hydropower bidding strategy on the iberian day-ahead electricity market

In 2021, the Iberian Electricity Market, which includes Portugal and Spain, experienced a significant increase in electricity prices. On average, prices tripled compared to pre-pandemic levels in 2019, despite stable demand. This trend, though less pronounced in other European markets, has raised concerns about the efficiency and competitiveness of wholesale electricity markets. This study investigates the bidding behavior of non-pumped hydropower plants in the Iberian market, employing a merit order model based on real data from 2019 to 2021. The analysis reveals a clear mismatch between hydropower bid prices and actual production costs. Although this practice is legal, it conflicts with the European Union's goal of promoting fair competition within the internal electricity market.Our findings suggest that aligning hydropower bid prices with 2019 levels could have reduced annual market costs by approximately 2324 million euros under a moderate scenario. This indicates substantial potential for cost savings and improved integration of hydropower. However, this strategy also benefits companies that own these hydropower plants, as they often possess large portfolios and can capitalize on increased market prices through other plants, particularly renewable energy units, which offer electricity at very low prices and have a high likelihood of being dispatched.Furthermore, the study highlights regulatory gaps allowing hydropower plants to price low-cost energy similarly to thermal plants, raising consumer costs and distorting market dynamics. These findings emphasize the need for stronger regulatory oversight and reforms to prevent excessive price inflation by hydropower, which plays a critical role in renewable energy integration and grid stability. Policymakers must ensure fair pricing while compensating hydropower plants for their flexibility and essential contributions to the energy system.

Reconstruction of Death Insurance Regulations for Non-Wage Workers and the Sustainability of the Death Social Security Fund

This journal explores the reconstruction of death insurance regulations for workers who are not wage recipients, aimed at maintaining the sustainability of the death social security fund in Indonesia. The background of this study stems from the challenges faced by non-wage workers in accessing adequate social security benefits, particularly in the event of death, which is a critical aspect of social protection. The objective of the research is to evaluate the current regulatory framework and propose reforms that ensure equitable access and sustainability of the death benefit program for all workers, regardless of their wage status. The study employs a qualitative research method, utilizing legal analysis and case studies to assess the effectiveness of existing regulations and identify gaps that hinder the optimal functioning of the death insurance system. The results indicate significant disparities in the protection provided to wage and non-wage workers, highlighting the need for a more inclusive approach. The proposed regulatory reconstruction emphasizes the importance of expanding coverage, enhancing contributions, and improving the management of the social security fund to ensure long-term sustainability. The conclusions drawn from this research underscore the urgency of regulatory reforms that align with the principles of social justice and financial viability, ensuring that all workers, particularly those who are non-wage recipients, are adequately protected under the death social security program. This study provides a roadmap for policymakers and stakeholders to address the existing challenges and strengthen the social security framework in Indonesia.

Who determined the rules of the game in the Spanish financial reforms, 1970-1990?

ABSTRACT The aim of this paper is to analyze the Spanish regulatory reforms and to identify the key actors involved in the design and implementation of financial regulation and supervision. We examine the educational and professional profile of those at the helm of the main regulatory bodies (Ministers of Finance and the staff of the Bank of Spain) during the transition to democracy. The main hypothesis we wish to test is whether the reforms that took place in the 1970s and 1980s were carried out by people with a substantially different background to the protagonists of the reforms implemented during Franco’s regime. Our results show that the change in the regulators’ profile emerged in the late 1950s, with an increasingly influential role of the Bank of Spain’s Research Department, and that the reforms of the 1970s and 1980s were carried out by people with a solid academic and professional background, predominantly in economics.

From 30- to 5-minute settlement rule in the NEM: An early evaluation

Australia’s National Electricity Market has shifted from 30- to 5-minute settlement (5MS)— a major regulatory reform since its inception. Using a Bayesian structural time-series model over the period 1 October 2021 to 31 May 2022, we demonstrate that despite having no immediate impact on price dynamics, 5MS eventually exerts upward pressure on spot prices over time. Price volatility remains essentially unchanged. Moreover, dispatch-weighted prices (DWPs) for flexible battery generators increase. DWPs for aggregated gas generators barely change, while DWPs for incumbent black coal-fired generators unexpectedly increase. These findings support the notion that the market is gradually adapting to 5MS. For a more effective adaptation, energy policies must be in place to lower entry barriers for flexible, dispatchable generation capacity and reduce market concentrations.

National Nursing and Midwifery Commission Act, 2023 in India: Issues and the Way Forward.

With the recent enactment of the National Nursing and Midwifery Commission (NNMC) Act, 2023, significant changes are anticipated in the scope of practice and autonomy for registered nurses and midwives in India. However, alongside these anticipated advancements, concerns have emerged regarding various aspects of the Act, necessitating critical examination. In this article, we aim to explore expected changes in nursing education and service and concerns about the NNMC Act, providing insights into the implications of the NNMC Act on the regulation and advancement of the nursing and midwifery profession in India. The Act is anticipated to introduce uniform standards, implement entry and exit examinations, recognize midwifery as a distinct discipline, and determine the scope of practice for nurses and midwives. Moreover, the implementation of the Nurse Practitioner Program and guidelines for its limited prescribing authority is anticipated. Concerns exist regarding the composition of the commission and board members, adequate stakeholder representation, lacking provisions for ensuring continued competence, working conditions of nurses and midwives, nomenclature, integrating new terms, and clearly defining roles. These concerns emphasize the need for viable career pathways, uniform cadres, and a streamlined registration system, crucial for advancing nursing and midwifery profession in India. The coexistence of concerns and anticipation highlights the complexity of enacting regulatory reforms in nursing and midwifery. Policymakers can lay the foundation for a comprehensive, inclusive regulatory system that promotes excellence in nursing and midwifery practice, ultimately benefiting both healthcare providers and patients.

Strategies for Dealing with Algorithmic Collusion in the Era of E-commerce

In the rapidly evolving e-commerce landscape, algorithmic collusion has emerged as a sophisticated method for businesses to engage in anti-competitive behavior without explicit agreements. This paper delves into the complexities of algorithmic collusion, examining how modern information technologies facilitate these covert practices. This study underscores the profound impact on market competition and consumer rights by categorizing the different types of algorithmic collusion and analyzing their implementation mechanisms. Furthermore, it highlights the deficiencies in current antitrust frameworks and the urgent need for legal and regulatory reforms. The paper concludes with strategic recommendations to enhance market transparency and fairness, ensuring that technological advancements do not undermine competitive equity.

Pertanggungjawaban Konsultan Pengawas Jasa Konstruksi Terhadap Tindak Pidana Korupsi

This study examines the liability of construction service supervisory consultants in criminal acts of corruption, with a focus on criminal law enforcement mechanisms, forms of liability, and recommendations for strengthening the supervision system and preventing corruption in the construction sector. Using normative legal research methods, this study examines primary, secondary, and tertiary legal materials relevant to the research topic.The approaches used include statute approach, conceptual approach, and case approach. The analysis is conducted qualitatively with descriptive analytical method to produce a comprehensive picture of the problem under study.The results show that the criminal law enforcement mechanism against supervisory consultants involved in corruption involves a complex process, from investigation to court decisions, with the main challenge being proving the involvement of consultants in corruption schemes. The form of liability of supervisory consultants can be in the form of individual, corporate, or in solidum criminal liability, with sanctions that include imprisonment, fines, and state loss recovery obligations.The research also produces recommendations for strengthening the supervision system and preventing corruption, which include the implementation of technology in project supervision, increasing transparency through e-procurement, strengthening the whistleblowing system, improving the quality and independence of supervisory consultants, as well as regulatory reform and law enforcement.The research conclusions emphasize the importance of a holistic approach in addressing corruption in the construction sector, incorporating legal, management, technological and ethical aspects. The implementation of the proposed recommendations is expected to contribute to the creation of a cleaner, more efficient, and higher quality construction industry in Indonesia.

Challenges and Controversies to the European CBAM from a Legal Perspective

The Carbon Border Adjustment Mechanism (CBAM), proposed by the European Union to combat carbon leakage, presents a complex landscape of opportunities and challenges in the realm of global climate governance. This paper explores the problems and controversies surrounding CBAM, including potential WTO incompatibility, violations of UNFCCC principles, and complexities in carbon accounting. It also examines the potential impact of CBAM on developing countries and offers a range of suggested solutions. These solutions encompass designing domestic carbon markets in alignment with the European model, implementing policy and regulatory reforms, fostering China-European bilateral relations, and emphasizing international cooperation and adherence to established legal frameworks. Additionally, at the enterprise level, strategies to invest in green technologies, establish comprehensive carbon accounting systems, and adapt to the evolving low-carbon economy are proposed. By addressing these challenges and embracing these strategies, nations and businesses can contribute to a more sustainable and equitable global climate governance framework.

Assessing the Impact of Derivatives on the 2008 Financial Crisis and the Effectiveness of Subsequent Regulatory Reforms

The 2008 financial crisis was a global financial catastrophe that reflected the misuse of financial derivatives in financial markets, such as credit default swaps, asset-backed securities and collateralized debt obligations, exposing significant weaknesses in the global financial system. These financial instruments were designed to hedge against debt risk, but their lack of transparency and massive misuse ultimately led to the accumulation of systemic risk that accelerated the financial crisis. Since then, regulatory authorities around the world have realized the necessity for stronger regulatory frameworks, and a series of significant reforms have been implemented, such as the Dodd-Frank Wall Street Reform and Consumer Protection Act in the United States, the European Market Infrastructure Regulation in the European Union, and the Basel III international regulatory framework, with the objectives of increasing transparency in financial markets and improving the risk management measures of financial institutions. This paper will explore the role of derivatives in the 2008 financial crisis and examine the effectiveness of these regulatory measures introduced after the crisis in enhancing stability of financial system.

Minibond and earnings management: leveraging the signaling effect of minibond listing

AbstractMinibonds are a hybrid between bank debt and bond issuance introduced in Italy to expand the range of possible financing resources available to unlisted enterprises. This peculiar debt security was introduced as part of a regulatory reform in 2012 to diversify funding sources and facilitate access to capital markets for Small and Medium Enterprises (SMEs). In this study, we investigate whether firms that decide to issue and list a minibond engage in earnings management (EM) to leverage the growth-signaling effect generated by the listing of this security. Listing bonds on a financial market is not mandatory, but a strategic choice. Collecting a sample of 136 minibond listings during 2013–2020, we use panel analysis to show that issuers tend to manage their earnings in the year of listing. We argue that this behavior is undertaken in order to provide a better representation of their economic and financial situation and consequently to better impress current or future stakeholders. Moreover, we also find that larger minibond size partially discourages EM, thus confirming the role of debt as a means of control over management. Overall, we argue that stakeholders should be aware that, even though minibond issuers are sound firms on average, they tend to inflate their earnings in the year of listing in order to reinforce the signaling effect of the quotation.

The Predictive Ability and Profitability of Moving Average Rules in the Saudi Stock Market

Abstract Following the implementation of capital market reforms, Saudi Arabia has opened up its stock market to international investors. This liberalisation has led to the inclusion of the stock exchange into leading global indices, which is expected to lead to an influx of foreign investment. Thus, it is important and timely to examine the efficiency of the Saudi stock market. To that end, this paper conducts a comprehensive investigation of the predictive ability and profitability of a popular trading rule, the moving average rule, using firm-level data for the Saudi stock market over the period 1st January 2008 to 31st December 2017. The results show that the moving average rule has predictive ability; the active rules for a majority of the sample companies outperformed the corresponding passive strategy. Furthermore, the results were economically significant as the rules were profitable even after the consideration of transaction costs. The results also showed that the most profitable moving average rules were those with short-moving average lengths, and that the introduction of a bandwidth, which serves to eliminate weak trading signals, had a positive impact on rule profitability. Importantly, the analysis showed that the most profitable component of the rule related to short selling as these trades resulted in higher profits than the long positions. A disaggregated analysis of sectors showed that the trading rules outperformed the buy-and-hold strategy in all seven industries considered, while the analysis of covariance revealed the importance of careful selection of filter size. Overall, the analysis documents significant inefficiencies in the Saudi stock market and suggests that the employment of a simple trading rule, based on past price data, can yield substantial profits across companies and sectors even in a costly trading environment. These findings suggest that the recent reforms that were implemented to improve the efficiency of the Saudi stock market have been suboptimal, and that further regulatory reform is required.

The Europeanization of Wage Policy and Its Consequences for Labor Politics: The Case of Ireland

This article investigates the transnational labor politics associated with the Europeanization of wage policy, based on process tracing of Irish minimum wage regulation reforms over the past two decades. The policy struggle in Ireland started as an employer-led domestic challenge to market-embedding regulation and was then affected by two EU interventions on wage policy: one with a de-regulatory orientation (during EU-IMF conditionality) and one with a re-regulatory one (with the approval of the EU minimum wage directive). Findings show that differences in collective action undertaken by employers and trade unions to influence wage policy at the national level can be explained by the intersection of each actor’s preferences toward market-constraining or liberalizing labor regulation and their access to supranational (EU-level) institutions and support. This analysis contributes to debates on how transnational opportunity structures can alter labor’s and employers’ local power resources and strategies.

Impact of the thresholds of surgical volume on mortality in oncological digestive surgery: A French National Cohort

ObjectiveTo report the 90-day mortality benefit associated with the implementation of the new regulatory reform on oncological surgical digestive authorizations. Summary background dataNew thresholds in digestive cancer surgery were applied in 2023, accrediting centers for major interventions. No evidence has been provided to support their justification. MethodsAny French adult operated for digestive cancer from January 1, 2019 to December 31, 2021 was included from the PMSI. A 90-day mortality logistic regression was performed by adjusting by age, sex, Charlson score, Frailty index, hospital-volume (<5 or ≥5 interventions/year), emergency intervention, specialty. Results143,582 patients were identified. Of these, 64,268 underwent surgery of one of the subspecialties subject to the new thresholds (stomach N = 8283, liver N = 18,668, pancreas N = 11,220, esophagus N = 3704, rectum N = 22,393).4808 (7.5 %) patients underwent surgery in low-volume centers, distributed as follows: stomach 1757/8283 (22.94 %), liver 970/18,668 (5.19 %), pancreas 895/11,220 (7.98 %), esophagus 672/3704 (18.14 %) and rectum 514/22,393 (2.29 %).In univariate analysis, the 90-day mortality rate was significantly lower in high-volume centers, for all subspecialties, gastric: 127/1757 (7.23 %) vs 330/6526 (5.06 %), p = 0.0004, hepatic: 64/970 (6.6 %) vs 824/17,698 (4.66 %), p = 0.006, pancreatic: 74/895 (8, 27 %) vs 608/10,325 (5.89 %), p = 0.004, esophageal: 58/672 (8.63 %) vs 195/3032 (6.43 %), p = 0.04, rectal 26/514 (5.06 %) vs 639/21,879 (2.92 %), p = 0.005.The multivariate analysis, showed a mortality reduction for high-volume centers: OR = 0.78 CI95[0.71–0.87], p < 0.001. ConclusionThe recent implementation of regulatory decrees appears to be justified. The enforcement of these hospital volume thresholds is likely to contribute to a reduction in postoperative mortality following digestive cancer surgery.

Legal innovations in FinTech: Advancing financial services through regulatory reform

Legal innovations in FinTech: Advancing financial services through regulatory reform

The nexus of tax avoidance and firms characteristics – does board gender diversity have a role? Evidence from an emerging economy

PurposeThis study examines the moderating role of female directors on the relationship between the firms’ characteristics and tax avoidance in an emerging economy.Design/methodology/approachThis study employs the second-generation unit root test and the generalised method of moments (GMM) techniques. The Kao residual cointegration test corroborates a long-run cointegration among variables.FindingsFemale directors demonstrate mixed and unusual findings. No significant impact of female directors on tax avoidance is found. In addition, the presence of female directors does not show any negative or significant moderating impacts on the relationship between leverage, firm age, board size and tax avoidance. However, having more female directors can negatively and significantly moderate the relationship between more profitable firms, larger firms and tax avoidance. These findings show that the board of directors could use the presence of female directors to maximise their opportunistic behaviour, such as to avoid tax.Research limitations/implicationsResearch limitations – The study is limited by considering only 62 listed firms. The scope could be extended to include non-listed firms.Practical implicationsResearch implications – There is increasing pressure for female directors on boards from diverse stakeholders, such as the European Commission, national governments, politicians, employer lobby groups, shareholders, and Fortune and Financial Times Stock Exchange (FTSE) rankings. This study provides input to decision-makers putting gender quota laws into practice. Our findings can help policy-makers adopt regulatory reforms to control tax avoidance practices and enhance organisational legitimacy. Policymakers can change their policy to include female directors up to the threshold suggested by the critical mass theory.Originality/valueThis is the first attempt in Bangladesh to explore the role of female directors in the relationship between the firms' characteristics and tax avoidance. The current study has significant ramifications for bringing gender diversity into practice as a component of good corporate governance.

Telehealth Utilization in Neuro-Oncology: Commentary on a Single Institution Experience After the COVID-19 Pandemic.

During the COVID-19 pandemic, regulatory and reimbursement policy changes provided patients improved access to neuro-oncology by telehealth. Here we discuss benefits and limitations of telehealth use in neuro-oncology. We review utilization of telemedicine services following the COVID-19 pandemic. Utilization of telemedicine by neuro-oncology during the COVID-19 pandemic was 52%, compared to 27-29% for other solid tumors groups. Following the pandemic, between January 2021 and April 2024, telehealth utilization has remained high in neuro-oncology with approximately 30% of all visits completed by telemedicine, compared to 10-15% for other solid tumor groups. The striking difference between telehealth visit utilization in neuro-oncology and general medical oncology even after expiration of the COVID-19 Public Health Emergency expiration and end of pandemic-related restrictions, underscores the potential value of convenient access to care for patients with central nervous system tumors. Given widespread use of telehealth in neuro-oncology, prospective evaluation to determine the safety, usability, and acceptance of video-enabled, telehealth visits is critical. Such data may lead to broader adoption of telehealth, lead to regulatory and reimbursement reform for telehealth sustainability, and improve clinical trial access and accruals.