THE REGULATORY PRACTICE OF THE FRENCH FINANCIAL REGULATOR, 2006-2011. FROM SUBSTANTIVE TO PROCEDURAL FINANCIAL REGULATION?

Journal of Governance and Regulation

关键词: Financial Market;    Substantive Regulation;    Procedural Deterrence;    Legalization of Organization;   

DOI  :  10.22495/jgr_v4_i4_c4_p1

学科分类：社会科学、人文和艺术（综合）

来源: Virtus Interpress

【 摘 要 】

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.

【 授权许可】

CC BY-NC