FRANCE-The French financial markets council (CMF) has appointed State Street’s Monique Bourven to replace Jean-Francois Lepetit as its chairman.

Bourven assumes the roles of CMF chairman on a short term basis, and, therefore, will retain her present responsibilities at State Street. Bourven is a principal of State Street Global Advisors and chairman and CEO of State Street Banque SA. She is also a director of State Street Gestion SA and chairman of State Street Vie (Life Insurance Company).

Bourven joins the CMF’s 15 members which are appointed by the Finance Ministry for a four-year term. The CMF regulates and supervises regulated markets and clearing houses, authorises investment service providers and approves tender offers. The council represents investors, financial intermediaries and financial service employees.

Lepetit leaves CMF to become chairman of the Commission des operations de bourse (COB). COB is the regulatory agency appointed by the government to oversee the protections of investors, the adequacy of information given to investors, and the correct operation of financial instruments in the markets. Lepetit will serve a six-year term as chairman.

The French minister of economy and finance, Francis Mer, announced in July intentions to merge the CMF and the COB, but plans will not be put to parliament until spring 2003.


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