37

While procedure has received growing attention in the banking and financial sectors, its role is nonetheless complex. Indeed, procedure performs very different functions: first it ensures the legitimacy of norms and sanctions; it is then exploited by national and international regulators who use procedure as a way to level practices and structures among economic operators. Furthermore, the procedure has become a true instrument of structural governance that leaves important questions unanswered: what is the legitimacy of these procedural rules, both at the stage of their sources and that of their sanction?