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| Commission d'Organisation et de Surveillance des Opérations de Bourse | |
|---|---|
| Name | Commission d'Organisation et de Surveillance des Opérations de Bourse |
| Native name | Commission d'Organisation et de Surveillance des Opérations de Bourse |
| Formation | 1960s |
| Predecessor | Conseil National du Crédit |
| Dissolved | 1990s |
| Superseding | Commission des Opérations de Bourse |
| Headquarters | Paris |
| Region served | France |
| Language | French |
| Leader title | President |
| Leader name | René Monory |
Commission d'Organisation et de Surveillance des Opérations de Bourse was a French regulatory agency active in the late 20th century, tasked with supervision of securities markets, oversight of broker-dealers, and the organization of trading venues. It operated within the administrative ecosystem that included institutions such as the Banque de France, Conseil Constitutionnel, Cour de Cassation, and later institutions like the Commission des Opérations de Bourse and Autorité des Marchés Financiers. The commission intersected with prominent actors including Société Générale, Crédit Lyonnais, Paribas, BNP Paribas, and exchanges such as the Paris Bourse and international counterparts like the London Stock Exchange and New York Stock Exchange.
The commission emerged amid postwar reconstruction and modernization efforts linked to policies of the Fourth Republic and Fifth Republic, with precursors in bodies such as the Conseil National du Crédit and regulatory responses to crises exemplified by the Krach boursier de 1929's legacy and later episodes like the Banque de l'Union Parisienne difficulties. Influences included legislation from the Assemblée nationale and debates in the Sénat during the presidencies of Charles de Gaulle and Valéry Giscard d'Estaing. Its evolution paralleled developments at the European Economic Community, the Organisation for Economic Co-operation and Development, and in response to events such as the 1973 oil crisis and the financial liberalizations of the 1980s under figures associated with Jacques Chirac and Michel Rocard. The commission's dissolution and succession by the Commission des Opérations de Bourse reflected reforms inspired by comparative models from the Securities and Exchange Commission (United States), the Financial Services Authority model debates in the United Kingdom, and regional shifts including the creation of the European Securities Committee.
Its mandate rested on statutes enacted by the Assemblée nationale and decrees from the Conseil d'État, drawing authority from legal instruments that interfaced with the Code monétaire et financier and national interpretations of directives from the European Commission and the European Court of Justice. The commission's remit addressed activities by entities such as broker-dealers, investment funds like those managed by Société Générale Asset Management and Crédit Agricole Asset Management, and market infrastructures comparable to Euronext antecedents. It coordinated with the Trésor and ministries like the Ministry of Economy and Finance and its ministerial occupants including Pierre Bérégovoy, Edouard Balladur, and Dominique Strauss-Kahn in policy implementation and crisis response.
Structured with a presidium and collegiate committees, the commission comprised divisions for market surveillance, licensing, listing, and legal affairs, staffed by professionals drawn from institutions such as the Banque de France, Cour des comptes, Inspection générale des finances, and private sector actors from houses like Crédit Lyonnais and Banque Nationale de Paris. Leadership often involved appointees with experience at the International Monetary Fund, the World Bank, and European institutions including the European Central Bank predecessor bodies. Subunits engaged with settlement systems resembling Securities Settlement Systems and clearinghouses comparable to Clearstream and Euroclear.
The commission regulated market conduct, enforced disclosure rules for issuers like Renault and Peugeot, supervised intermediaries including Banque Populaire networks and brokerage firms, and oversaw listing criteria for companies akin to Air France and Total. It monitored operations reminiscent of block trades and corporate actions such as mergers reflecting transactions involving Saint-Gobain and Schneider Electric. It implemented transparency requirements analogous to standards promoted by IOSCO and engaged in rulemaking that affected instruments traded on venues comparable to the MATIF and MONEP derivatives markets. The commission also liaised with international counterparts including the U.S. Securities and Exchange Commission, the Bundesanstalt für Finanzdienstleistungsaufsicht, and the Commissione Nazionale per le Società e la Borsa.
Enforcement mechanisms combined administrative sanctions, licensing revocations, and referrals to criminal authorities such as prosecutors in the Tribunal de grande instance and appeals to the Cour de cassation. Sanctions targeted firms implicated in insider trading scandals, market manipulation, and accounting irregularities involving corporations comparable to historical cases of Société Générale or Crédit Lyonnais. The commission coordinated investigations with police units like the Service central de lutte contre la corruption and financial intelligence units akin to Tracfin, and collaborated with international law enforcement partners such as Interpol and Europol when cross-border misconduct occurred.
The commission worked alongside the Banque de France, the Ministry of Finance, the Cour des comptes, and later the Autorité des marchés financiers framework, while engaging with supranational organizations including the European Commission, the European Securities and Markets Authority, and the International Monetary Fund. It exchanged supervisory information with counterparts in the United Kingdom, Germany, Italy, Spain, and Belgium, and participated in forums like IOSCO and the Financial Stability Forum. Coordination extended to central counterparties and clearing institutions such as Euroclear and Clearstream, and to exchanges including the London Stock Exchange and the Deutsche Börse.
Critiques addressed perceived gaps in enforcement, transparency, and speed of response, with commentators in outlets like Le Monde, Le Figaro, and policy analyses from think tanks including Institut Montaigne advocating reforms. Scandals involving major banks provoked parliamentary inquiries in the Assemblée nationale and calls for consolidation of regulatory powers modeled after reforms enacted with the creation of the Autorité des marchés financiers and the institutional adjustments that mirrored reforms in the United States after deliberations involving the Securities and Exchange Commission and legislative responses such as the Sarbanes–Oxley Act. Subsequent reforms emphasized enhanced cooperation with European bodies like the European Securities and Markets Authority and structural changes reflecting lessons from crises including those of the 1980s French banking sector and the 1997–1998 financial crises.
Category:Financial regulatory authorities of France Category:Defunct organizations based in Paris