Section 1: Authorisation of investment services providers

The AMF may withdraw the authorisation of a portfolio management company at the company’s request. It may also be decided by the AMF on its own initiative if the company no longer fulfils the conditions or undertakings to which its authorisation or a subsequent authorisation was subject, or if the company has not made use of its authorisation within a period of twelve months, or if it has not been…

Any portfolio management company which has decided to dissolve early before the end of this period remains subject, until the end of its liquidation, to the supervision of the Autorité des marchés financiers, which may impose the sanctions provided for in article L. 621-15, including deregistration. It may only refer to its status as a portfolio management company by stating that it is in liquidation. Notwithstanding the provisions of 4°…

A portfolio management company may be struck off the list of approved portfolio management companies as a sanction by the Autorité des marchés financiers. Deregistration entails the liquidation of the legal entity if it has its registered office in France. In the case of branches of companies having their registered office outside the European Economic Area, this deregistration entails the liquidation of the branch’s balance sheet and off-balance sheet items….

The AMF shall specify the conditions for applying Articles L. 532-10 to L. 532-12. In particular, it shall determine the procedures for publicising decisions to withdraw authorisation or deregister.