EU directive on financial markets regulation (24 november 2010) transposed in France

Dépêches JurisClasseur | LexisNexis en France. Supervision bancaire et financière: autorités de surveillance, 16 mai 2013

The statutory instrument (décret n° 2013-388 du 10 mai 2013) adapted the monetary and financial code to incorporate the EU directive on financial regulation. What I find fascinating is that before the financial crisis of 2008, people laughed at the idea there will be a financial regulation authority at EU level that will supervise national authorities and markets. Two years later, the idea became a directive; five years -at least for France-, it is a reality embedded in national legislation. Towards federalism?

the other aspect that is fascinating is to see the regulatory movement at national level being replicated at EU level: authorities are created to 1) receive information, 2) edict norms, 3) and impose sanctions. The EU: a power to impose sanctions that can bypass perceived national inefficiencies! Given that some of those sanctions could be construed as criminal charge in light of the ECHR article 6’s caselaw, I wonder why there is so little fuss about the FMEA’s powers…

About Audrey Guinchard

Senior Lecturer @ University of Essex (UK)
This entry was posted in Corporate Responsibility, Council of Europe, Countries - France. Bookmark the permalink.

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