French Business Law - French Legislation

Article L421-20 of the French Monetary and Financial Code

November 8, 2023

Investment firms and credit institutions authorised in a Member State of the European Union or in a State party to the Agreement on the European Economic Area other than France to execute orders on behalf of third parties or to deal on own account may become members of a regulated market referred to in Article L. 421-1: a) Directly, by establishing a branch in mainland France, the French overseas departments,…

Article L422-1 of the French Monetary and Financial Code

November 8, 2023

I. – Any regulated market in a Member State of the European Union or in another State party to the Agreement on the European Economic Area that operates without requiring the actual presence of natural persons may offer, in mainland France, Guadeloupe, French Guiana, Martinique, Reunion Island, Mayotte and Saint-Martin, the means to access this market. II. – When the Autorité des marchés financiers has clear and demonstrable grounds for…

Article L423-1 of the French Monetary and Financial Code

November 8, 2023

The public may not be solicited, in any form whatsoever and by any means whatsoever, directly or indirectly, for transactions on a foreign market for financial securities other than a regulated market of a State party to the Agreement on the European Economic Area, negotiable futures contracts or any financial products unless the market has been recognised under conditions laid down by decree and subject to reciprocity.

Article L424-1 of the French Monetary and Financial Code

November 8, 2023

A multilateral trading facility is a multilateral facility under which multiple third-party buying and selling interests in financial instruments are brought together under non-discretionary rules in order to conclude transactions in those instruments. It operates in accordance with the provisions of this Chapter. The system shall have at least three significantly active members or users, each of whom has the ability to interact with all others in price formation. The…

Article L424-2 of the French Monetary and Financial Code

November 8, 2023

The operator of the multilateral trading facility establishes the rules of the facility. These rules, which are transparent and non-discretionary, ensure fair and orderly trading and set objective criteria for the efficient execution of orders on the system. They shall also set the conditions for admission of members in accordance with the provisions of Article L. 424-5. The rules of the system and any amendments thereto shall be approved by…

Article L424-3 of the French Monetary and Financial Code

November 8, 2023

Without prejudice to Titles III, IV or V of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories, and Article 53 of Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories, the Autorité des marchés…

Article L424-4 of the French Monetary and Financial Code

November 8, 2023

The operator of the multilateral trading facility shall establish transparent rules concerning the criteria for determining which financial instruments may be traded on its facility. When a financial instrument mentioned in 1 or 2 of II of Article L. 211-1, admitted to trading on a regulated market, is also traded on a multilateral trading facility without the issuer’s consent, the issuer is not subject to any financial reporting obligations towards…

Article L424-5 of the French Monetary and Financial Code

November 8, 2023

The rules of the multilateral trading facility shall lay down the conditions for admission to membership of the facility, based on objective criteria, in a transparent and non-discriminatory manner. Without prejudice to the provisions of Article L. 531-10, multilateral trading facilities may admit as members, in addition to investment firms and credit institutions, persons who: a) Are of sufficiently good repute ; b) have a sufficient level of trading ability,…

Article L424-6 of the French Monetary and Financial Code

November 8, 2023

For the purposes of this section, “small and medium-sized enterprises” means companies whose average market capitalisation has been less than an amount set by decree on the basis of end-of-calendar-year listings over the last three calendar years.

Article L424-7 of the French Monetary and Financial Code

November 8, 2023

The Autorité des marchés financiers shall register a multilateral trading facility as a small and medium-sized enterprise growth market at the request of its operator, after verifying that at least 50% of the issuers whose securities are admitted to trading on the facility are small and medium-sized enterprises at the time of its registration as a small and medium-sized enterprise growth market and in any subsequent calendar year, and that…

Call Us + 33 1 84 88 31 00

Call Us + 33 1 84 88 31 00

Book IV: Markets

Article L421-20 of the French Monetary and Financial Code

Article L422-1 of the French Monetary and Financial Code

Article L423-1 of the French Monetary and Financial Code

Article L424-1 of the French Monetary and Financial Code

Article L424-2 of the French Monetary and Financial Code

Article L424-3 of the French Monetary and Financial Code

Article L424-4 of the French Monetary and Financial Code

Article L424-5 of the French Monetary and Financial Code

Article L424-6 of the French Monetary and Financial Code

Article L424-7 of the French Monetary and Financial Code

Contact a French lawyer now

Contact a French Business Lawyer

Do you need French-law advice?
Contact our Lawyers in France.

Call + 33 1 84 88 31 00.

Our attorneys will contact you promptly within 24h. All information exchanged through this website will be communicated to attorneys only, and will remain confidential.

We Solve Legal & Tax Issues in France

Book IV: Markets

Contact a French lawyer now

Contact a French Business Lawyer

Do you need French-law advice? Contact our Lawyers in France.

Our attorneys will contact you promptly within 24h. All information exchanged through this website will be communicated to attorneys only, and will remain confidential.

We Solve Legal & Tax Issues in France

Useful links

You have a question in French Business Law?

Do you need French-law advice?
Contact our Lawyers in France.