Financial market enforcement in France

Laure de Batz

European Journal of Law and Economics, 2023, vol. 55, issue 3, No 2, 409-468

Abstract: Abstract This article puts into perspective enforcement as conducted by the French Financial Market Authority since its creation in 2003 until 2021 with respect to the current state of the literature on financial crimes. The three main channels of action are exhaustively surveyed: sanctions, settlements (since 2012), and alerts (since 2010). The sample is comprised of 393 sanctions standing for cumulated 371 million euros of fines, of 86 settlements standing for cumulated 13 million euros of fines, and of 194 alerts. The article also underlines the complex challenges of information acquisition regarding financial crimes, despite increased efforts of enforcers in terms of transparency. Financial innovations and internationalization of financial markets also contribute to challenge enforcement. This review is supplemented by investigating the translation of regulatory changes into the verdicts for breaking the law, measured as the fines. The results stress that the majority of legal criteria introduced in 2016 were already accounted for, with room for improvement for enforcers and defendants. The ultimate goal of this article is to fuel regulatory debates on how to enforce financial regulations more efficiently in light of the recent history, in a European and globalized context.

Keywords: Financial crime; White-collar crime; Regulation; Enforcement; Financial markets; Information and market efficiency (search for similar items in EconPapers)
JEL-codes: G18 G28 G38 K23 K41 K42 (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (1)

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DOI: 10.1007/s10657-023-09761-0

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