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English to French translations [PRO] Bus/Financial - Investment / Securities
English term or phrase:blue-sky laws
Police d'assurance vie en unités de compte. Les assurés peuvent, dans une certaine mesure, joindre leurs propres placements à ceux de la sté d'assurance (états-unienne), mais celle-ci se couvre en cas de pépin, d'où la présence de cet avis :
THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES OR ***BLUE-SKY LAWS*** OF ANY STATE OR OTHER JURISDICTION AND MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, PLEDGED, OR OTHERWISE DISPOSED OF IN THE ABSENCE OF (1) AN EFFECTIVE REGISTRATION STATEMENT FOR SUCH SECURITIES UNDER APPLICABLE LAW OR (2) AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY.
Je comprends que ces blue-sky laws ont pour objet de protéger les investisseurs contre les fraudes : Blue Sky Laws In addition to the federal securities laws, every state has its own set of securities laws—commonly referred to as "Blue Sky Laws"—that are designed to protect investors against fraudulent sales practices and activities.
Pour l'anecdote, une explication - à vérifier ? - de l'origine de l'expression: The term "blue sky law" is said to have originated in the early 1900s, gaining widespread use when a Kansas Supreme Court justice declared his desire to protect investors from speculative ventures that had "no more basis than so many feet of 'blue sky.'" https://www.investopedia.com/terms/b/blueskylaws.asp
Existe-t-il une trad officielle/reconnue en français ? Sinon, je pars provisoirement sur : « ...OU DES LOIS SUR LES TITRES OU DITES « BLUE SKY » (PROTECTION DES INVESTISSEURS) DE TOUT ÉTAT OU AUTRE JURIDICTION...»
à toutes trois et... à lui tout seul pour les idées et commentaires, qui vont dans le sens de mon idée de « protection des investisseurs » comme brève explication à blue sky laws et qui a l'avantage de traduire littéralement la déf. de la SEC. PS: Termium ne reconnaît donc pas les tirets comme signes typographiques ? J'ai retrouvé ma recherche et j'avais effectivement oublié d'essayer en les omettant. Leçon apprise.
Just a quick note re: your comment on my proposed translation -- you wrote, "'antifraude' et 'vente' m'apparaissent limitatifs par rapport à la portée de ces lois..."
But that is exactly what blue-sky laws are: "state securities laws that are designed to protect investors against fraudulent sales practices and activities." http://www.rubiconlaw.com/blue-sky-laws/
"Blue sky laws are state regulations established as safeguards for investors against securities fraud. The laws, which may vary by state, typically require sellers of new issues to register their offerings and provide financial details..." https://www.investopedia.com/terms/b/blueskylaws.asp
They're not more general securities laws. The laws with broader "portée" are federal -- shares that are côtées en bourse, and products like l'épargne boursière (a term I learned by doing a bit of research to respond to your posts, so thanks), are covered by federal laws and SEC regulations.
Blue-sky laws come up mostly in situations like when a local startup is seeking initial investors (i.e. the startup's founders are trying to get local rich people to buy shares).
I'm not sure where this comment came from -- it sounds snarky, but perhaps wasn't intended that way: "Les lois sur les valeurs mobilières sont là pour protéger les épargnants. Peut-être que ça vous semblerait moins incongru si vous viviez en français, dans un pays ou une province francophone."
I lived, studied and worked in France for four years as an adult. One of those years was spent studying Langues Etrangères Appliquées (business and legal translation in three languages, in my case, FR>EN, EN>FR, FR>RU, RU>FR, together with courses in business and law specific to the main countries that speak those languages)...
...And yet it still seems "incongru," as you put it, to associate blue-sky laws with "épargnants."
That might be a relic of being a native EN speaker, since we distinguish between savings (low risk/low yield) and investments (higher risk/potentially higher yield). But it's also because blue-sky laws do not cover the types of valeurs mobilières that "savers" buy: if it's côté en bourse, it's not covered by blue-sky laws (it's covered by federal law and SEC regs instead). These aren't laws of general applicability to valeurs mobilières.
Maybe I understand this word too narrowly, but when you say épargnant, to me it sounds like families setting aside money in savings. But directly buying shares in a private company isn’t something most families do. It’s not savings at all – it’s an investment, and thus a risk. Blue-sky laws protect le petit investisseur.
As for IPOs, someone with more expertise than me will know if there are exceptions, but generally IPOs are not covered by blue-sky laws because by definition an IPO means the shares are offered on a public exchange/côtées en bourse; that makes them subject to SEC regulations and federal law instead.
As for "Un IPO ... est un premier appel public à l'épargne." To me that sounds bizarre: directly buying shares is not "épargne," not savings -- it's investment, and thus risk. Most people/families don't buy stock at IPOs; if they buy it, they buy it indirectly through a mutual fund or similar diversified product, because that is by far less risky.
Ceux qui conçoivent le « droit comparé » comme une introduction possible — et peut-être nécessaire — à la connaissance de civilisations étrangères pourront constater qu'il autorise même une étude comparative des romantismes — et des malhonnêtetés. En France, on dit qu'il faut protéger l'épargnant contre les escrocs prêts à lui vendre la lune. Aux Etats-Unis, c'est le grand ciel bleu qui est le symbole de ce qu'on désire et qu'on ne peut s'approprier. C'est la raison pour laquelle on appelle traditionnellement Blue Sky Laws les lois destinées à protéger l'épargnant contre les séductions de fondateurs de sociétés et d'intermédiaires doués de plus d'imagination que de scrupules. Le professeur Louis Loss avait, il y a quelques années, réalisé l'exploit sans précédent (...) de donner un exposé complet du droit fédéral de protection de l'épargne publique(1). Cet exploit, il le renouvelle brillamment, cette fois-ci avec l'aide d'un de ses anciens étudiants, M. Edward M. Cowett, en présentant une étude synthétique, des Blue Sky Laws et du Uniform Securities Act. https://www.persee.fr/doc/ridc_0035-3337_1958_num_10_2_11902
Eliza, "Ça n'a rien à voir avec l'épargne" ?!?!? Wow! Croyez-le où non, du point de vue des autorités en valeurs mobilières, les investisseurs sont des "épargnants". Un IPO - Initial Public Offering - est un premier appel public à l'épargne. Les lois sur les valeurs mobilières sont là pour protéger les épargnants. Peut-être que ça vous semblerait moins incongru si vous viviez en français, dans un pays ou une province francophone. À défaut, je vous suggère d'explorer les sites de l'AMF France:
Germaine, does Termium really propose "protection de l'épargne" for Blue-Sky laws?! Lord, that has nothing to do with it. This isn't about savings, it's strictly about the purchase and sale of securities.
Lois 'Blue-sky' (Lois fédérales américaines en matière de placement sécurisé de titres)
Explanation: Perhaps repeat an inverted version of the American and add a 'short' explanation without any need to refer to infamous US-Am. fraudsters.
Otherwise, use the 'protection des investisseurs' idea.
-------------------------------------------------- Note added at 4 hrs (2020-02-27 11:50:21 GMT) --------------------------------------------------
I meant individual Federal State - not nationwide - laws...
Example sentence(s):
USA: A blue sky law is a state law in the United States that regulates the offering and sale of securities ostensibly to protect the public from fraud.
CH: Art. 7 Transparence en matière de décompte des transactions . 6 En matière de placements collectifs, les dispositions de la Loi fédérale
More detail: "Blue sky laws are state-level, anti-fraud regulations that require issuers of securities to be registered and to disclose details of their offerings...." https://www.investopedia.com/terms/b/blueskylaws.asp
Eliza Hall United States Local time: 04:24 Works in field Native speaker of: English
Reference comments
9 hrs
Reference: Blue sky laws
Reference information: Amérique du Nord DEF: Laws intended to stop the sale of stock in fly-by-night concerns, visionary oil wells, distant gold mines, and other like fraudulent exploitations. CONT Blue Sky Laws ... The state of Kansas, most wonderfully prolific and rich in farming products, has a large proportion of agriculturists not versed in ordinary business methods. The State was the happy hunting ground of promoters of fraudulent enterprises; in fact their frauds became so barefaced that it was stated that they would sell building lots in the blue sky in fee simple. Metonymically they became known as the blue sky merchants and the legislation intended to prevent their frauds was called Blue Sky Law.
DEF Nom populaire donné à la législation sur le règlement et le contrôle des sociétés de placements, destinée à protéger le public contre des promesses de profits fallacieuses. • loi contre l'escroquerie en matière de sociétés de placement • loi sur la protection de l'épargne • loi sur les châteaux en Espagne (!)
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peer agreement (net): -2
