Section 4: Powers

In accordance with the conditions laid down by decree in the Conseil d’Etat, the Autorité des marchés financiers may : 1° Delegate to market undertakings and, where applicable, to clearing houses the supervision of the activity and transactions carried out by members of a regulated market and by investment services providers that have transmitted orders to that market. This delegation is the subject of a memorandum of understanding. It may…

In the context of the inspections and investigations referred to in Articles L. 621-9 and L. 621-9-1, professional secrecy may not be invoked against the Autorité des marchés financiers or, where applicable, against the market undertakings or clearing houses, supervisory bodies, persons or authorities referred to in Article L. 621-9-2, where they assist the Autorité des marchés financiers, except by court officers. For the purposes of this sub-section, statutory auditors…

The investigators and auditors may, for the purposes of the investigation or audit, ask to be provided with any documents, regardless of the medium used. Investigators and auditors may summon and interview any person likely to provide them with information. They may access business premises. They may obtain explanations on the spot under conditions laid down by decree in the Conseil d’Etat.

When the persons and entities mentioned in II of Article L. 621-9 provide their services on the Internet, investigators and auditors may, in order to access the information and elements available on these services, use an assumed identity without being held criminally liable. A decree of the Conseil d’Etat shall specify the conditions under which investigators and auditors shall make their findings in such cases.

For the purposes of investigating market abuse as defined by Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (Market Abuse Regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC, investigators may obtain disclosure of data stored and processed by telecommunications operators, under the conditions and subject to the…

Any person summoned or heard has the right to be assisted by counsel of his choice. The procedures for summoning the person or for receiving his or her explanations on the spot and the conditions under which this right is exercised are determined by decree of the Conseil d’Etat.

For the purposes of investigating offences defined in Articles L. 465-1 to L. 465-3-3 and acts that may be classified as property offences and sanctioned by the Enforcement Committee of the Autorité des marchés financiers pursuant to Article L. 621-15, the liberty and custody judge of the judicial court in whose jurisdiction the premises to be visited are located may, at the reasoned request of the Secretary General of the…

At the request of a court hearing an action for damages, the Autorité des marchés financiers may transmit to the court any investigation or inspection reports in its possession, the production of which is relevant to the resolution of the dispute.