Section 3: Operating conditions for regulated markets and market undertakings

Within a market undertaking, the following persons shall be of sufficiently good repute and possess the knowledge, skills and experience necessary for the performance of their duties: 1° Members of the Board of Directors, the Supervisory Board and the Management Board, the Chief Executive Officer and the Deputy Chief Executive Officers, as well as any other person or member of a corporate body exercising equivalent functions; 2° Persons who effectively…

I.-The persons referred to in Article L. 421-7 must meet the following requirements: 1° They must devote sufficient time to performing their duties within the market undertaking. The number of mandates for the functions mentioned in II that may be exercised simultaneously by one of these persons in any legal entity shall take into account the particular situation and the nature, scope and complexity of the activities of the market…

Market undertakings shall devote adequate human and financial resources to the training of the persons referred to in Article L. 421-7.

I.- Market undertakings of significant importance due to their size and internal organisation, as well as the nature, scale and complexity of their activities, shall set up an appointments committee composed of the persons referred to in Article L. 421-7 who do not hold any of the offices referred to in 1° of II of Article L. 421-7-1 within the market undertaking concerned. The criteria according to which market undertakings…

Market undertakings and their appointments committees shall call on a wide range of qualities and skills when recruiting the persons referred to in article L. 421-7 and, to this end, shall implement a policy favouring diversity within the corporate bodies formed by these persons.

The corporate bodies of a market undertaking made up of the persons referred to in Article L. 421-7: 1° Define and supervise the implementation of a system of governance that guarantees the efficient and prudent management of the market undertaking, and in particular the separation of functions within the market undertaking and the prevention of conflicts of interest, so as to promote the integrity of the market ; 2° Monitor…

Members of the administrative, management and supervisory bodies, managers, employees and agents of market undertakings are bound by professional secrecy.

I.-Persons who are in a position to exercise, directly or indirectly, a significant influence on the management of a regulated market must possess qualities that guarantee the sound and prudent management of that market. Any person who comes to own, directly or indirectly, alone or in concert, a fraction of the capital or voting rights of a market undertaking representing more than one-tenth, one-fifth, one-third, one-half or two-thirds is required…