Chapter III: Provisions relating to investment services providers, financial investment advisers, providers of equity financing services and equity financing intermediaries

I.-It is an offence punishable by three years’ imprisonment and a fine of €375,000 for any natural person to provide investment services to third parties as a regular occupation without having been authorised to do so under the conditions laid down in Articles L. 532-1 and L. 532-48 or without being one of the persons referred to in Article L. 531-2. Ia -Any natural person who manages an AIF mentioned…

It is an offence for any manager of an investment services provider other than a portfolio management company or of one of the legal persons or subsidiaries referred to in Article L. 612-26 or for any manager of a market undertaking, a member of a clearing house or a person authorised to carry on the business of custody or administration of financial instruments, failing to respond, after formal notice, to…

Any natural person who fails to comply with one of the prohibitions set out in article L. 531-11 is liable to three years’ imprisonment and a fine of 375,000 euros. The court may also order the posting or broadcasting of the decision in accordance with the conditions set out in article 131-39 of the French Penal Code.

Failure by the persons mentioned in I of article L. 531-12 to observe professional secrecy is punishable by the penalties set out inarticle 226-13 of the French Criminal Code.

Failure by the directors of an investment firm or portfolio management company to draw up an inventory for each financial year and prepare annual accounts and a management report in accordance with the conditions set out in article L. 533-5 is punishable by a fine of 15,000 euros.

Failure by the directors of an investment firm or portfolio management company to request the appointment of the firm’s or company’s statutory auditors or to convene them to the general meeting is punishable by two years’ imprisonment and a fine of 30,000 euros. It is a criminal offence for the directors of an investment firm or portfolio management company, or for any person in the service of such a firm…

Failure by the directors of an investment firm or portfolio management company to publish the annual accounts of the firm or company in accordance with the conditions laid down in Article L. 533-5 is punishable by a fine of 15,000 euros.

Directors of an investment firm or portfolio management company who fail to prepare the accounts of the firm or company in consolidated form in accordance with Article L. 533-5 are liable to a fine of 15,000 euros.

Legal entities held criminally liable, under the conditions set out in article 121-2 of the French Penal Code, for the offences defined in articles L. 573-1 to L. 573-6 shall incur, in addition to the fine set out in article 131-38 of the French Penal Code, the penalties set out inarticle 131-39 of the same code. The prohibition referred to in 2° of article 131-39 of the French Penal Code…

Any person who fails to comply with the obligations laid down in articles L. 551-3 and L. 551-4 shall be liable to five years’ imprisonment and a fine of 18,000 euros. Failure by the manager to comply with the provisions of article L. 551-5 is punishable by two years’ imprisonment and a fine of 9,000 euros. Any statutory auditor, either in his own name or as a partner in a…