Section 1: Definition, approval or authorisation of the manager

Silence on the part of the administration shall constitute a decision to reject : 1° Applications for initial approval of the rules of an organised trading system made pursuant to the third paragraph of Article L. 425-2; 2° Requests to amend the rules of an organised trading system made pursuant to the third paragraph of Article L. 425-2.

The implied decision referred to in 1° of article R. * 425-1 arises at the end of a period of three months following the date of receipt of the application; the decision referred to in 2° arises at the end of a period of one month.

The Autorité des marchés financiers shall notify the European Securities and Markets Authority of any authorisation granted to an investment services provider other than a portfolio management company to provide the investment service referred to in Article 9 of L. 321-1 and of any authorisation granted to a market undertaking to operate an organised trading system.