Chapter VII: Participative finance service providers

For the authorisation procedure for the service providers mentioned in Article L. 547-1, the Autorité des marchés financiers shall assess the completeness of the application within twenty-five working days of receiving an application for authorisation. It shall involve the Autorité de contrôle prudentiel et de résolution in this assessment where the applicant’s programme of operations includes facilitating the granting of loans. If the application is not complete, the AMF will…

Where the provider of equity crowdfunding services asks the AMF to withdraw its authorisation, it shall transfer the existing contracts to another provider of equity crowdfunding services authorised to provide such services in France, subject to the agreement of its clients and the recipient provider. Where the AMF withdraws the authorisation of an equity crowdfunding service provider, at its request or ex officio, its decision shall be notified to the…

The activity of providers of participative financing services referred to in article L. 547-4 relates exclusively to offers of shares in cooperative societies constituted in the form of a public limited company covered by article 11 of law no. 47-1775 of 10 September 1947 on the status of cooperation.

For the purposes of Article L. 547-5, the provider of participative finance services shall include the overheads incurred by the activity mentioned in Article L. 547-4 in the calculation of the prudential requirements of Regulation (EU) 2020/1503 of 7 October 2020.