History of the Legal High Committee for Financial Markets of Paris

On January 28, 2015, the HCJP has been registered as a non-profit-making association, under the French law of 1901. Created at the joint instigation of the AMF, the French Central Bank and the ACPR, the HCJP represents a real innovation. The French Treasury and the Ministry of Justice joined also very soon the HCJP.

The strengthening of the attractiveness of the Paris financial Center required the introduction of an informal framework for exchange and convergence of interests between the various public and private market players.

The HCJP is inspired by the Financial Market Law Committee (FMLC) in London. It pursues the same desire for consensus and independence from special. Initially entrusted to Michel Prada, Honorary General Inspector of Finance and former Chairman of the AMF, the chairmanship of the HCJP was then handed over to Guy Canivet in 2016, First Honorary President of the Cour de cassation and former member of the Conseil constitutionnel. To date, the HCJP is chaired by Gérard Rameix, Honorary Master auditor of the Cour des comptes and former Chairman of the AMF.

Central secretariat was entrusted to Gérard Gardella, former Judge and previously Société Générale Group’s General Counsel. Originally composed of twelve expert members, the HCJP now has eighteen members (lawyers, academics and other qualified individuals). Task forces gather hundreds of contributors each year.

The work of the HCJP has gained importance, as evidenced by the growing number of reports and proposals that have led to legislative or regulatory amendments.

The role of the AMF and the French Central Bank in the Legal High Committee for Financial Markets of Paris

The creation of a legal committee for fnancial markets was decided in connection with the AMF’s 2013-2016 strategic plan with the aim of re-establishing a bond between market players to participate more effectively in European regulation. Because of their active role in the creation of the HCJP, the French Central Bank and the AMF have the special status of "ex-officio members" of the association. The Franch Banqing supervisory Body, the ACPR, joined the process at its beginning.

As a reminder, the AMF is an independent public authority responsible for ensuring that savings invested in financial products are protected, providing investors with adequate information and supervising the orderly operation of markets. The French Central Bank is organized around three main missions: monetary strategy, financial stability and economic service to the community.

By pooling their material and technical resources within the HCJP, the three entities provide, in addition to financial support, an advisory role within the HCJP. Robert Ophèle, then Deputy Governor of the French Central Bank, saw this committee as an entity where “work would be conducted completely independently and that would enable regulators to have a forum where different ideas in the legal area can be debated”. Gérard Rameix, then Chairman of the AMF, emphasized the role of the HCJP, which must “facilitate coordination between regulatory issues and legal work of an academic character, useful to regulators”.

The AMF, the French Central Bank, the ACPR, The French Treasory and the French Ministry of Justice are therefore full players in the task forces and take part in the HCJP plenary assemblies.