Book IV: Markets

Associations that have been duly registered and have as their express statutory object the defence of investors in financial securities or financial products may take legal action before any court, even by bringing a civil action, in respect of acts that are directly or indirectly prejudicial to the collective interests of investors or certain categories of investors. These associations are : – approved associations, under conditions laid down by decree,…

When several natural persons, identified in their capacity as investors, have suffered individual losses which have been caused by the act of the same person and which have a common origin, any association mentioned in article L. 452-1 may, if it has been mandated by at least two of the investors concerned, bring an action for compensation before any court, on behalf of these investors. The mandate may not be…

Any investor who has given his consent, under the conditions set out in Article L. 452-2, to the institution of proceedings before a criminal court shall be deemed to be exercising the rights of a civil party under the Code of Criminal Procedure. However, service of documents and notifications concerning the investor shall be addressed to the association.

An association taking legal action under articles L. 452-2 and L. 452-3 may bring a civil action before the examining magistrate or the court in the place where the defendant has its registered office or resides or, failing this, the place where the first offence was committed.