Book V: Service providers

For the application of II of Article L. 561-32, the persons mentioned in Article L. 561-2 shall put in place an internal control system adapted to their size, the nature, complexity and volume of their activities and provided with sufficient human resources.

For the persons mentioned in 1° to 2°e, 6°, with the exception of financial investment advisors and providers of participative financing services in respect of their activities mentioned in Article L. 547-4, and 6°a of Article L. 561-2, the system defined in Article R. 561-38-3 shall include at least: 1° Procedures defining the organisation of the internal control system and the internal control activities that these persons carry out to…

Where the persons referred to in the first paragraph of Article R. 561-38-2 use an external service provider pursuant to Article R. 561-38-2, they shall ensure that their internal control system also covers the activities they entrust to this service provider.

At least once a year, the board of directors, the supervisory board or any other body exercising supervisory functions of the persons mentioned in the first paragraph of Article R. 561-38-4 is informed of the activity and results of the internal controls mentioned in that same article, as well as of the shortcomings mentioned in 1° of that article or observed by the national or foreign supervisory authorities. The latter…

The parent undertaking of a group mentioned in I of Article L. 561-33, which has as a subsidiary or branch at least one person mentioned in 1° to 2°e, 6°, with the exception of financial investment advisors and providers of participative financing services in respect of their activities mentioned in Article L. 547-4 , and 6° bis of Article L. 561-2 or belonging to an equivalent category under foreign law,…

For the persons mentioned in 3° to 5°, 7° to 17° of Article L. 561-2, financial investment advisers and providers of participative financing services mentioned in 6° of Article L. 561-2, the system defined in Article R. 561-38-3 shall include at least: 1° Procedures defining the internal control activities that these persons carry out to ensure compliance with the obligations laid down in Chapter I of this Title ; 2°…

The procedures for applying this section with regard to the nature and scope of internal procedures, the rules for organising internal control and the content of the reports on internal control provided for in Articles R. 561-38-6 and R. 561-38-7, as well as the deadline and procedures for forwarding them to the supervisory authority, are specified as necessary: a) By an order of the Minister responsible for the economy for…