Section 7: Investment recommendations produced or disseminated as part of a journalistic activity

In accordance with the last paragraph of Article 20 of 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, are not subject to the provisions of Commission Delegated Regulation (EU) 2016/958 of 9 March…

The association mentioned in 1° of article L. 621-31 is formed by the persons listed in the same 1°, in accordance with the law of 1st July 1901 relating to the contract of association. Only persons in the categories listed in the same 1° may join. The association draws up a code of conduct. This code defines the specific rules intended to ensure compliance by members of the association when…

The association referred to in Article L. 621-32 either takes action on its own initiative or is informed by the Autorité des marchés financiers of facts likely to constitute a breach by a member of the rules of the code of conduct referred to in the same article. Notwithstanding Articles 42 et seq. of Act 86-1067 of 30 September 1986 on freedom of communication, when the Autorité de Régulation de…

The association may impose one of the following sanctions on member companies, their publication director or, failing that, their legal representative, depending on the seriousness of the breach: 1° A warning ; 2° a reprimand 3° Compulsory insertion of a notice or press release in the publication concerned; 4° Broadcast of a statement on air. The Association may also temporarily or permanently exclude one of its members. This measure may…

Each year, the association draws up a report on its activities. It submits this report to the Autorité des marchés financiers, which provides its observations and recommendations on the association’s activities in its annual report.