*This article is an automatic translation of the original article, provided here for your convenience. Read the original article. – CE, Section, 6 June 2008, CM CIC Securities, No. 300619 – CE, Sect., 6 June 2008, Société Tradition Securities et Futures, No. 299203 In terms of financial market regulation, investment service providers (ISPs) are subject to very strict professional obligations because of their responsibilities for the stability and security of financial markets. However, the accountability of acts committed by the employees of such providers to the legal entity remains a delicate legal issue. At a time when all the regulatory institutions in the financial sector have initiated a global reflection on the security of markets following the Kerviel affair, the judgment
CASE COMMENT : PUBLIC SECTOR - REGULATION AGENCY - POWER TO DISCIPLINE - SANCTION TOWARDS CORPORATIONS
Regulators’ disciplinary power: The Council of State holds corporation, in the case of financial market regulation, liable for fault when its employee causes wrongdoing if the corporation is not able to demonstrate the efficiency of its internal control and countermeasure procedures (Tradition Securities et Futures)
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