Section 4: Specific rules concerning third-country companies

In this section : 1° “Third-country firm” means a firm which, if its head office or registered office were situated in a Member State of the European Union, would be either a credit institution providing investment services or engaging in investment activities, or an investment firm; 2° “Home State” means the State in which the third-country firm has its registered office or, if, under its national law, it has no…

I.-A third-country firm establishes a branch in order to provide, in mainland France, Guadeloupe, French Guiana, Martinique, La Réunion, Mayotte or Saint-Martin, the investment services mentioned in Article L. 321-1 and, where applicable, the related services mentioned in Article L. 321-2, to : 1° Non-professional clients ; 2° Clients who have asked to be treated as professional clients; 3° Professional clients and eligible counterparties, in the absence of an equivalence…

A third-country company wishing to open a branch in mainland France, Guadeloupe, French Guiana, Martinique, La Réunion, Mayotte and Saint-Martin must submit an application for authorisation to the Autorité de contrôle prudentiel et de résolution, in accordance with the conditions laid down by decree.

I.-The Autorité de contrôle prudentiel et de résolution shall not grant authorisation to the branch of the applicant third-country undertaking unless the third-country undertaking to which the branch belongs undertakes to perform duties in respect of that branch equivalent to those assigned by Articles L. 533-29 to L. 533-31-5 to the board of directors, the supervisory board or any other body performing equivalent supervisory functions, and to the general meeting,…

The provisions of this section shall not apply where investment or investment-related services are provided by a third-country firm at the sole initiative of the client. Without prejudice to intra-group relationships, where a third-country firm, including through an entity acting on its behalf or having close links with that firm or any other person acting on behalf of that entity, approaches clients or potential clients, those services shall not be…

The Autorité de contrôle prudentiel et de résolution may withdraw the authorisation of a branch of a non-EU undertaking at its request. It may also be decided ex officio by the Autorité if the branch no longer fulfils the conditions or undertakings to which its authorisation or a subsequent authorisation was subject, if the branch has not made use of its authorisation within a period of twelve months, if it…

A decree shall determine the conditions under which decisions to grant, refuse or withdraw authorisation are taken and notified, as well as the reporting requirements applicable to branches authorised in accordance with Article L. 532-48.