Subsection 5: Penalties

I. – The Board shall examine the investigation or inspection report drawn up by the departments of the Autorité des marchés financiers or the request made by the Chairman of the Autorité de contrôle prudentiel et de résolution. Subject to Article L. 465-3-6, if it decides to initiate sanction proceedings, it notifies the persons concerned of the objections. It forwards the statement of objections to the Enforcement Committee, which appoints…

Where an institution mentioned in Article L. 370-1 of the Insurance Code and offering the operations mentioned in Articles L. 3334-1 to L. 3334-9 and L. 3334-11 to L. 3334-16 of the Labour Code has breached one of the provisions mentioned in the second paragraph of Article L. 370-2 of the Insurance Code, the Autorité des marchés financiers, on its own initiative or following a referral from the competent authorities,…

Where the AMF Enforcement Committee has imposed a financial penalty that has become final before the criminal court has given a final ruling on related facts, the criminal court may order that the financial penalty be deducted from the fine it imposes.

Where proceedings are brought pursuant to Articles L. 465-1 to L. 465-3-3 , the Autorité des marchés financiers may exercise the rights of a civil party. Failing this, the Chairman of the Autorité des marchés financiers or his representative may be present at the court hearing and may file submissions and develop them orally.

Any breach by financial investment advisers as defined in article L. 541-1 of the laws, regulations and professional obligations applicable to them is subject to sanctions imposed by the Enforcement Committee in accordance with the procedures set out in I, a and b of III and IIIa to V of article L. 621-15.

Any failure by the external valuation experts referred to in article L. 214-24-15 to comply with the laws, regulations and professional obligations applicable to them is subject to sanctions imposed by the Enforcement Committee in accordance with the procedures set out in I, a and b of III and IIIa to V of article L. 621-15.