The techniques of regulation of stock exchange prices: study in comparative law (France, United States, Maghreb countries).

Summary For several years, the financial markets have known a notion in vogue: price regulation. The study tries to analyze this notion by exposing the different techniques in order to achieve this precious objective. There are legitimate techniques of price regulation such as envisaged by the legislator to ensure the continuity of the quotations and the liquidity of the security and illegitimate techniques which ensure fully the objective of regulation but in a direction completely distorted from that wanted by the legislator. The legitimate techniques are, on the one hand, the repurchase of shares, a direct regulatory technique since the objective is constantly cited, and on the other hand, techniques for seeking liquidity. The latter are either, at the time of the IPO of the security, stabilization techniques, or, at the time of listing, a search for liquidity of the security and this by means of animation and liquidity contracts, market making and the counterparty. In spite of this legitimacy, we notice a certain inefficiency of these techniques. As a result, many managers, aware of this inefficiency, manipulate the price either at the time of the stock market introduction or during its listing. In this respect, we note that the dissemination of false and misleading information plays the same role as a material manipulation of the share price by creating an abusive support of the share price in its weakest moments. This observation has been confirmed by several practical cases and resounding financial scandals. In response, the legislator operated several building sites at the same time. These projects aim to restore investors' confidence in the financial markets by ensuring their transparency and efficiency. These efforts are obviously insufficient and require further development both in terms of legislation specific to the financial markets and in terms of corporate governance and the financial economy in general.