Financial Sanctions in France – 2004-2016

Abstract

The French Financial Market Authority published 308 sanction decisions from its creation in 2004 until late 2016, mostly resulting in a guilty verdict (90%) associated with
financial fines (94%) and/or with disciplinary sanctions (30%), after long procedures
(2.7 years on average), followed potentially by appeals. Half of them were first published
anonymized. The most frequently sanctioned market participants are listed and asset
management companies. From 2012 to 2016, 32 settlements complemented the legal
arsenal. They are by law quicker, target less severe regulatory breaches without guilt
recognition mostly by asset management firms, and result in less severe sanctions.