An international approach to stock market offences.

Summary The opening of markets combined with technological developments have favored the foreignness not only of financial reports, but also of financial information. The aberrations brought to the latter, because it is privileged, contribute to the multiplication of connections with regard to stock market offences. This multiplication of connections is accentuated when the law of the causal act and the law of the harmful act are dispersed in geographically disparate places. This dispersion of the constituent elements of the offence exposes the judge to an unequivocal dilemma. At a time when the latter cannot abandon its sovereignty in a field of sovereignty par excellence, the stock market offence denigrates, from now on, the allegiances to state competences. In reality, with the absence of a categorical forum, a judge has no other reference system than the international legal order. At the same time, it is difficult to imagine a state court becoming a jurisdiction of the international community. A coordination between the two orders seems more than ever imminent. The stock market offence in a globalized market by essence relates a rather particular problem. The presentation of this situation reinforces the concern about the gap between the international market, which devours borders, and the criminal law, a space of sovereignty par excellence. In order to avoid this impasse, the "reactionism" of the international community is more consistent with the nature of the offence. This apparent solution, faced with the resistance of internal laws, remains doubtful, which raises the question of its effectiveness.