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L’autorité de régulation des marchés financiers en France : entre État et marché

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  • Sabri Boubaker
  • Florence Labégorre

Abstract

[eng] The financial markets watchdog in France : between state and market . The French legislator is asking the financial markets watchdog AMF to heighten scrutiny over publicly disclosed information and to ensure its meaningful and materially accurate content. How does the AMF enforce its rules when it has neither the power nor the legitimacy of the Parliament ? We attempt to answer this question by analysing the historical, the institutional and the sociological roots of the regulator’s authority. Results show that the increasing independence of the regulator (from the government) and its proximity to the financial market undermine both its political and juridical legitimacy. . Classification JEL : G18, G19, K22 [fre] En France, le régulateur a été chargé par l’État de veiller à la bonne information des investisseurs. Il ne dispose toutefois en la matière ni des moyens, ni de la légitimité a priori du législateur. Comment parvient-il alors à imposer ses exigences informationnelles ? Nous mettons à jour, à travers une étude documentaire, les fondements historiques, institutionnels et sociologiques de l’autorité du régulateur. Les résultats semblent indiquer que l’indépendance croissante du régulateur vis-à-vis de l’État et sa proximité grandissante à l’égard du marché fragilisent respectivement sa légitimité politique et juridique. . Classification JEL : G18, G19, K22

Suggested Citation

  • Sabri Boubaker & Florence Labégorre, 2007. "L’autorité de régulation des marchés financiers en France : entre État et marché," Revue d'Économie Financière, Programme National Persée, vol. 89(3), pages 163-181.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2007_num_89_3_4296
    DOI: 10.3406/ecofi.2007.4296
    Note: DOI:10.3406/ecofi.2007.4296
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    References listed on IDEAS

    as
    1. Philippe Dessertine, 1997. "La commission de contrôle des marchés dans la normalisation comptable : comparaison entre la COB et la SEC," Comptabilité - Contrôle - Audit, Association francophone de comptabilité, vol. 3(1), pages 69-87.
    2. Dominique Bessire, 2003. "Gouvernance d'entreprise : que cache le discours sur la transparence ?," Working Papers 2003-3, Laboratoire Orléanais de Gestion - université d'Orléans.
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    More about this item

    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G19 - Financial Economics - - General Financial Markets - - - Other
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G19 - Financial Economics - - General Financial Markets - - - Other
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law

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