The amount of the fines was relieved of 1

Drawing lessons from the financial crisis, the President of the authority of des marchés financiers (AMF), Michel Prada, finds "it essential that either put in place a form of supervision of all markets, including the gentlemen 's". Two weeks of the end of its mandate, it also provides a list of priority projects which will have to tackle his successor.

Has the regulation not been taken to court by the financial crisis

The magnitude of the crisis, it is difficult to argue that regulation has fully played its role! The crisis originated in the development of activities of market little, or not regulated, which promoted the accumulation of uncontrolled risks and that nobody had really identified. In a context of non-intervention, it was not easy to sound the tocsin. Some regulators, including the MFA, have expressed their fears and issued warnings, but they remained a minority and are probably not expressed with sufficient force.

Should not the regulation be viewed now at the supranational level

Regulators have reacted quickly enough when the crisis is triggered. They have worked hard to develop action plans, which helped to develop a consensus on the scope of the regulation. It now covers all of the activities that involve financial stability and the integrity of the markets. Regulators have become aware of the danger of non-organized markets and their infrastructure. All of the securitisation chain since the conditions for the issuance of the credit until its commercialization through the arrangement, notation, upgrading and management of the risk should be taken in hand. To all these problems, the international organization of the of securities commissions (IOSCO) has developed a programme of work. I believe that the reaction of the regulators has been quick and responsive. It is consistent with the desire of Governments to implement better global governance.

Which agency you think in the best position to coordinate this action

I only am not the best position to determine who could best coordinate these changes. But I remain a strong supporter of the financial stability and its role of impulse and coordination Forum.

At the national level, should be considered a fusion between AMF and the control of banks and insurance authorities

You know, I am not in favour of the merger of all national regulatory authorities in a single entity. Because such a model is itself potentially enabling internal conflicts of interest. It also poses problems of governance and administrative efficiency. Some foreign examples that followed this path have not shown their superiority during the crisis, no more than they had done before. I am more attracted by a device in which coexist on one side the prudential supervision of intermediaries, and the other an authority which ensures the integrity and efficiency of the market. It is the model seems intelligent once organized a close cooperation between the "prudential" pole and the pole "markets".

How can you resolve the lack of transparency and control by mutual agreement Is this the end of the non-regulated markets

The philosophy of the MIF directive gives way to the development of non-regulated markets. But it is essential that either put in place a form of supervision of all markets, including the over-the-counter. When the crisis exploded, nobody knew where the risks were. It took months to identify them. This is not acceptable. All financial activities must be submitted to a certain degree of supervision.

In the current circumstances, do you think that the establishment of a transaction under the sanctions procedure is still possible

I am more that never favourable to a procedure of transaction. With regard to sanctions, we already made significant developments in recent months. The amount of the fines was relieved of 1.5 to 10 million euros in the case of offences without direct profit. We have put in place a procedure to challenge for and introduced the representation of the College during the sessions of the commission of the sanctions. It remains two innovations to implement: the possibility of recourse to the College and the introduction of the procedure of transaction. It does not put in question the opportunity to punish, but to allow in some cases to act faster and less than formalism.

What sites are you going to leave to your successor

The passage of relay with my successor will be done in quite exceptional circumstances. It will be him in the short term to continue the crisis management that much mobilized us lately, including management for third parties to which we had to implement emergency tools in several specific cases. Even if a certain relaxation has materialized in the markets these days, we are still not free of difficulties. Longer term, my successor will have to carry out the construction of the marketing of financial products which is a major issue. It will also manage the rise of alternative trading systems that destabilize conventional market enterprises in depth and involve new issues at the level of monitoring and the operation infrastructure, including inbranch. My successor may also need to manage, perhaps faster than we realize, major financial transactions and the problem of the transparency of the information that is associated with them. It will have to do this in the report of the working group chaired by Bernard Field. At the international level, it will be to relaunch the European dynamic which has taken, to my great regret, far behind. I am still not favourable to the establishment of a European regulator. My preference goes to a network in which CESR European regulators Committee could play a central role in the condition to obtain legal recognition and with real powers.