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The Regulatory Practice of the French Financial Regulator, 2006-2011 – From Substantive to Procedural Financial Regulation

Author

Listed:
  • Thierry Kirat

    (IRISECREP - Institut de recherche interdisciplinaire en socio-économie - Centres de Recherches et d'Etudes Politiques - Université Paris Dauphine-PSL - PSL - Université Paris sciences et lettres - CNRS - Centre National de la Recherche Scientifique)

  • Frédéric Marty

    (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique - UniCA - Université Côte d'Azur)

Abstract

Fraud and misconduct in financial markets have recently become a key regulatory issue against the backdrop of the financial crisis. This paper investigates the sanctions policy and practices of the French financial regulator, Autorité des Marchés Financiers (AMF). It argues that, over time, the AMF has shifted from substantive to procedural regulation of finance. This shift consists in departing from sanctions based on observed outcomes in the market and, instead, assessing how the internal organizational schemes of financial firms actually perform. The AMF's new policy and practice involves a process of legalization of organizations; it also evidences a tendency to delegate regulation to financial firms themselves.

Suggested Citation

  • Thierry Kirat & Frédéric Marty, 2015. "The Regulatory Practice of the French Financial Regulator, 2006-2011 – From Substantive to Procedural Financial Regulation," Post-Print halshs-01232704, HAL.
    • Handle: RePEc:hal:journl:halshs-01232704
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    Cited by:

    1. Laure Batz, 2023. "Financial market enforcement in France," European Journal of Law and Economics, Springer, vol. 55(3), pages 409-468, June.
    2. Frédéric Marty, 2016. "Professions réglementées du droit et aiguillon concurrentiel: réflexions sur la loi du 6 août 2015 pour la croissance, l'activité et l'égalité des chances économiques," GREDEG Working Papers 2016-12, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.

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