Chapter I: Offences relating to financial instruments

It is punishable by two years’ imprisonment and a fine of 750,000 euros to direct, in law or in fact, an undertaking which engages in collective investment in transferable securities without having been authorised or which continues its activity despite the withdrawal of authorisation.

I. – Directors of the management company of a fonds commun de placement, a fonds de placement immobilier, a fonds professionnel de placement immobilier, a fonds de financement spécialisé or a fonds commun de titrisation are liable to two years’ imprisonment and a fine of 15,000 euros if they fail to arrange for the appointment of the fund’s auditor in accordance with the terms of article L. 214-8-6. II. –…

The penalties provided for in Articles 313-1, 313-7 and 313-8 of the Criminal Code shall apply to any person who fails to comply with the obligations set out in the last paragraph of Article L. 214-42 as it read prior toOrder 2011-915 of 1 August 2011 relating to UCITS and the modernisation of the legal framework for asset management and in the last paragraph of Article L. 214-170.

Any final conviction against the directors of the management company or those of the custodian, pursuant to article L. 231-3, I and III of article L. 231-4, or articles L. 231-5 and L. 231-7, automatically entails the termination of their duties and their inability to perform said duties. The court hearing the liability action provided for in article L. 214-28 may, at the request of any unitholder, order the dismissal…

Promoters of a specialised finance fund or securitisation mutual fund are liable to two years’ imprisonment and a fine of €750,000 if they invest in units of this fund without the approval of the fund management company or the approval of the Autorité des marchés financiers.

A de facto or de jure manager of an undertaking for collective investment in real estate or a professional undertaking for collective investment in real estate is liable to two years’ imprisonment and a fine of 750,000 euros if he or she invests in units or shares of this undertaking without it having been authorised or if he or she continues to do so despite the withdrawal of authorisation.