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 withfinancial 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 publishedanonymized. The most frequently sanctioned market participants are listed and assetmanagement companies. From 2012 to 2016, 32 settlements complemented the legalarsenal. They are by law quicker, target less severe regulatory breaches without guiltrecognition mostly by asset management firms, and result in less severe sanctions.
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