The Regulatory Practice of the French Financial Markets Authority, 2006-2011. From Substantive to Procedural Financial Regulation?

16 Pages Posted: 30 Jun 2015 Last revised: 30 May 2017

See all articles by Thierry Kirat

Thierry Kirat

Université Paris Dauphine

Frédéric M. Marty

Research Group on Law, Economics and Management (UMR CNRS 7321 GREDEG) / Université Nice Sophia Antipolis; OFCE; Center for Interuniversity Research and Analysis on Organization (CIRANO)

Date Written: March 30, 2015

Abstract

Fraud and misconduct in the financial market became in the recent years a key issue of regulation in the context of financial crisis. The paper investigates the French financial supervisor (Autorité des marchés financiers) sanctions policy and practices. It argues that the Autorité des marchés financiers has made a shift over time from a substantive to a procedural regulation of finance. This change consists in departing from a sanction of observed outcomes in the market and, instead, to assess the performance of internal-organizational schemes of financial firms. Therefore the new AMF policy and practice involve a process of legalization of organizations; it also gives evidence of a process of delegation of regulation at the level of financial firms themselves.

Keywords: Finance, regulation, sanction, procedure, sociolegal analysis

JEL Classification: K

Suggested Citation

Kirat, Thierry and Marty, Frédéric M., The Regulatory Practice of the French Financial Markets Authority, 2006-2011. From Substantive to Procedural Financial Regulation? (March 30, 2015). Available at SSRN: https://ssrn.com/abstract=2623442 or http://dx.doi.org/10.2139/ssrn.2623442

Thierry Kirat (Contact Author)

Université Paris Dauphine ( email )

Place du Maréchal de Tassigny
Paris, Cedex 16 75775
France

Frédéric M. Marty

Research Group on Law, Economics and Management (UMR CNRS 7321 GREDEG) / Université Nice Sophia Antipolis ( email )

250, rue Albert Einstein
Valbonne, 06560
France

HOME PAGE: http://hp.gredeg.cnrs.fr/marty/

OFCE ( email )

69 Quai d'Orsay
Paris 75004
France

Center for Interuniversity Research and Analysis on Organization (CIRANO) ( email )

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Montreal H3C 3J7, Quebec
Canada

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