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Article L231-21 of the French Monetary and Financial Code

The directors of a management company are liable to two years’ imprisonment and a fine of 750,000 euros if they carry out their duties without the company’s authorisation from the Autorité des marchés financiers, or after this authorisation has been withdrawn.

Original in French 🇫🇷
Article L231-21

Est puni d’un emprisonnement de deux ans et d’une amende de 750 000 euros le fait, pour les dirigeants de la société de gestion, d’exercer leurs fonctions sans que celle-ci ait obtenu l’agrément de l’Autorité des marchés financiers, ou après le retrait de cet agrément.

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