Subsection 4a: Administrative composition

The statement of objections, which includes a proposal to initiate the administrative composition procedure, is sent to the accused party in accordance with the conditions set out in the first paragraph of Article R. 621-38. It specifies that the addressee may obtain a copy of the documents in the case file from the Board’s secretariat and be assisted or represented by any counsel of his or her choice. The addressee…

The agreement referred to in the third paragraph of Article L. 621-14-1 shall be signed within four months of the date on which the Autorité des marchés financiers receives acceptance of the proposal to enter the administrative composition procedure.

If the agreement reached is validated by the Board, it is forwarded for approval to the Chairman of the Enforcement Committee, who refers it to one of its sections for approval under the conditions laid down in I of Article R. 621-7. If the agreement reached is not approved by the Enforcement Board, the Board may ask the Secretary General to submit a new draft agreement to the person proposed…

The administrative composition procedure is definitively interrupted : 1° If the person to whom it has been proposed refuses or fails to make a decision within the time limit set in article R. 621-37-2; 2° If no agreement is reached within the time limits set out in article R. 621-37-3 and the second paragraph of article R. 621-37-4; 3° If the agreement is not validated by the college and the…