The regulatory practice of the French financial regulator, 2006-2011. From substantive to procedural financial regulation?
Kirat, Thierry; Marty, Frédéric (2015), The regulatory practice of the French financial regulator, 2006-2011. From substantive to procedural financial regulation?, Journal of Governance and Regulation, 2015, 4, p. 441-450
TypeArticle accepté pour publication ou publié
Journal nameJournal of Governance and Regulation
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Abstract (EN)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.
Subjects / KeywordsFinancial market; substantive regulation; procedural deterrence; legalization of organization
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