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Concept
Muraille de Chine (finance)
Résumé
A Chinese wall or ethical wall is an information barrier protocol within an organization designed to prevent exchange of information or communication that could lead to conflicts of interest. For example, a Chinese wall may be established to separate people who make investments from those who are privy to confidential information that could improperly influence the investment decisions. Firms are generally required by law to safeguard insider information and ensure that improper trading does not occur.
Bryan Garner's Dictionary of Modern Legal Usage states that the metaphor title "derives of course from the Great Wall of China", although an alternative explanation links the idea to the screen walls of Chinese internal architecture.
The term was popularized in the United States following the stock market crash of 1929, when the U.S. government legislated information separation between investment bankers and brokerage firms, in order to limit the conflict of interest between objective company analysis and the desire for successful initial public offerings. Rather than prohibiting one company from engaging in both businesses, the government permitted the implementation of Chinese-wall procedures.
A leading note on the subject published in 1980 in the University of Pennsylvania Law Review titled "The Chinese Wall Defense to Law-Firm Disqualification" perpetuated the use of the term.
There have been disputes about the use of the term for some decades, particularly in the legal and banking sectors. The term can be seen both as culturally insensitive and an inappropriate reflection on Chinese culture and trade, which are now extensively integrated into the global market.
In Peat, Marwick, Mitchell & Co. v. Superior Court (1988), Presiding Justice Harry W. Low, a Chinese American, wrote a concurring opinion specifically in order "to express my profound objection to the use of this phrase in this context". He called the term a "piece of legal flotsam which should be emphatically abandoned", and suggested "ethics wall" as a more suitable alternative.
Source officielle
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