Alain Couret:  Professor of Law at the Sorbonne University（Paris I），Director of the Financial Law Research Center Attorney at Law（CMS-BFL）.The author really wants to thank experts who had kindly helped him，especially concerning points of comparative law：Maître Pierre-Yves Chabert et Maître Kimberly Murphy，attorneys at law the Paris office of Cleary Gottlieb，Maître Reinhard Damman，attorney at law at the Paris office of Clifford Chance，Miss Anastasia Sotiropoulou，demonstrator at the University of Luxembourg，Mr Zhou Quiang，preparing a Ph D at Paris I-Panthéon-Sorbonne University.