In this Article, the authors retrace the history and development of France's securities markets. The authors find that the French markets have become dynamic and diverse in the wake of their modernization. In contrast to the passivity of the United States regulatory regime, the authors demonstrate that the role of French regulators is more aggressive and intrusive. The authors also note that, through directives seeking to coordinate the policies of member states, the European Economic Community serves as the world's leading securities regulator. The authors conclude that French securities laws have been successful in improving disclosure and market efficiency. But they recommend that France establish clearer lines of authority and control between its regulatory agencies and make them more accountable to free markets. Finally, the authors recommend greater cross-cultural understanding between states as a means of achieving the common worldwide interest in greater abundance and prosperity through free markets.
Keith D. Nunes, Louis Vogel, Chris X. Linn, and Peter C. Kostant,
French & SEC Securities Regulation: The Search for Transparency and Openness in Decisionmaking,
26 Vanderbilt Law Review
Available at: https://scholarship.law.vanderbilt.edu/vjtl/vol26/iss2/1