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The regulatory practice of the French financial regulator, 2006-2011. From substantive to procedural financial regulation?

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Financial_procedural_regulation_ 2015.pdf (497.6Kb)
Date
2015
Dewey
Sociologie économique
Sujet
Financial market; substantive regulation; procedural deterrence; legalization of organization
JEL code
G.G1.G18
Journal issue
Journal of Governance and Regulation
Volume
2015
Number
4
Publication date
2015
Article pages
441-450
URI
https://basepub.dauphine.fr/handle/123456789/15392
Collections
  • IRISSO : Publications
Metadata
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Author
Kirat, Thierry
status unknown
Marty, Frédéric
15896 Groupe de Recherche en Droit, Economie et Gestion [GREDEG]
Type
Article accepté pour publication ou publié
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.

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