Book III: Services

Investment services providers, other than portfolio management companies, authorised in France, intermediaries authorised by the Autorité de contrôle prudentiel et de résolution for clearing, administration or custody of financial instruments, and market undertakings authorised to provide the investment services referred to in Articles 8 and 9 of Article L. 321-1, shall adhere to a securities guarantee mechanism. The purpose of this mechanism is to compensate investors in the event that…

Subject to the provisions below, the Deposit Guarantee and Resolution Fund manages the securities guarantee mechanism. Where applicable, articles L. 312-5 to L. 312-15, 3°, 4°, 5°, 7° and 9° of article L. 312-16 and article L. 312-18 apply to this mechanism, in particular to its financing. For the application of the first paragraph of Article L. 312-5, the securities guarantee mechanism shall be implemented at the request of the…

An order of the Minister responsible for the economy, issued with the assent of the Autorité des marchés financiers, determines the maximum amount of compensation per investor, the procedures and deadlines for compensation and the rules relating to customer information. The Autorité de contrôle prudentiel et de résolution, in conjunction with the Autorité des marchés financiers, shall determine the formula for apportioning the annual contributions payable by the institutions referred…

Two members representing members of the securities guarantee scheme that are not credit institutions participate with voting rights in the Supervisory Board of the Deposit Guarantee and Resolution Fund, except when the latter takes decisions concerning the deposit guarantee and surety guarantee schemes. The two representatives mentioned in the previous paragraph are subject to the disqualifications set out in article L. 500-1.

The portfolio management companies referred to in Article L. 532-9, which provide the investment services referred to in Article L. 321-1 or register the units or shares of the undertakings for collective investment they manage in registered form, adhere to a guarantee mechanism separate from that referred to in Article L. 322-1. The purpose of this mechanism is to compensate investors in the event of unavailability of financial instruments or…

Subject to the provisions of Articles L. 322-7 to L. 322-10, the Deposit Guarantee and Resolution Fund manages the investor guarantee mechanism instituted by Article L. 322-5. Articles L. 312-5, L. 312-6, L. 312-8, L. 312-8-1, L. 312-9 to L. 312-15, 3°, 4°, 5°, 7° and 9° of Article L. 312-16 and Article L. 312-18 apply to this mechanism. For the application of these articles, the Autorité des marchés financiers…

Portfolio management companies which are members of the guarantee mechanism referred to in Article L. 322-5 shall provide it with the financial resources necessary for the performance of its duties. Subject to the provisions below, article L. 312-7 applies to this mechanism.

Any member who fails to pay his dues to the Fonds de Garantie des Dépôts et de Résolution shall be liable to the penalties provided for in Article L. 621-15 and to late payment penalties paid directly to the Fonds de Garantie des Dépôts et de Résolution in accordance with the procedures laid down by its internal regulations.

1. A decree issued by the Minister for the Economy, with the approval of the Autorité des marchés financiers, shall set the compensation ceiling, the compensation terms and deadlines and the rules governing customer information. 2. The orders referred to in 3° and 5° of Article L. 312-16 applicable to members of the Fonds de Garantie des Dépôts et de Résolution under the mechanism referred to in Article L. 322-5…

A member representing the members of the guarantee mechanism mentioned in article L. 322-5 participates with voting rights in the Supervisory Board of the Deposit Guarantee and Resolution Fund, except when the latter takes decisions concerning the deposit guarantee mechanism, the investor guarantee mechanism mentioned in article L. 322-1 or the surety guarantee mechanism. This representative is subject to the incapacities set out in article L. 500-1.