Les commissions des valeurs mobilieres : etude comparative
Institution:
Paris 5Disciplines:
Directors:
Abstract EN:
Urged by the securities' industry boom, the states have made their financial systems evolve from a self-regulated to a regulatory mode and have created securities and exchange commissions. The analysis of their genesis and of the legal texts instituting them will provide us with a typology helpful to enlighten their legal nature, fruit of the alchemy between a uniting with the administrative sphere and a certain organic and functional independance thanks to financial, material and legal (i. E : cooperation) means. In order to achieve their missions, which are complementary to thoses of the other authorities (banking and professional authorities) intervening in the securities' field -where certain problems of jurisdiction between them can emerge-, most of them have an individual regulatory power (authorisation of professionals and activities). Its study will bring to light a dichotomy between the u. S-british pyramidal model based on the type of activities, accepted by the european directive on investment services, and the french structure focused on the status of the person providing the service. Moreover, they have a general regulatory power covering a large spectrum, from issuing regulations and making recommandations to using a real legislative initiative power, and some of them have shown a blameworthy imperialism in its operation. In controlling the respect of authorisations and regulations, they have the rights to examine the public companies and intermediaries' information and the most powerful of them supervise the actors themselves. As a logic consequence of this prerogative, they generally are empowered with an investigation ability to
Abstract FR:
Le developpement de l'epargne en valeurs mobilieres, tant a l'echelon national qu'international, a conduit les etats a faire evoluer leurs systemes financiers de l'autoregulation a la reglementation, et a creer des commissions des valeurs mobilieres. L'etude de leur genese et des textes les instituant permet d'en degager une typologie utile a la precision de leur nature juridique; savant dosage entre rattachement a l'administration et independance tant organique que fonctionnelle, rendue possible par des moyens financiers, materiels et juridiques (cooperation). Pour accomplir leurs missions, complementaires de celles des autres autorites (bancaires et professionnelles) intervenant dans le domaine boursier -ou, en pratique, certains chevauchements de competences peuvent se produire-, la plupart jouissent d'abord d'un pouvoir reglementaire individuel (agrement des acteurs et des activites). Son analyse revelera une dichotomie entre la structure pyramidale anglo-saxonne, inspiratrice de la directive europeenne sur les services d'investissement (d. S. I), qui se base sur les activites exercees, et l'organisation multipolaire francaise qui s'attache au statut des acteurs. Il se double d'un pouvoir reglementaire general qui va de l'ediction de reglements au sens strict a la faculte de donner avis et interpretations, voire a l'exercice d'un veritable pouvoir d'initiative legislative pour certaines, dont quelques unes s'engagent d'ailleurs sur la voie d'une derive imperialiste condamnable. Afin de veiller au respect des autorisations delivrees et des regles edictees, les commissions assurent souvent un controle de l'information emanant des societes faisant appel public l'epargne