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Article L621-23 of the French Monetary and Financial Code

Statutory auditors of portfolio management companies and data communication service providers are bound by professional secrecy with regard to the Autorité des marchés financiers. Statutory auditors are required to report as soon as possible to the Autorité des marchés financiers any fact or decision concerning an asset management company and data communication service providers authorised by the Autorité des marchés financiers of which they have become aware in the course…

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Article L621-24 of the French Monetary and Financial Code

Statutory auditors are required to report to the AMF as soon as possible any fact or decision concerning an investment services provider or an intermediary authorised to hold or administer financial instruments of which they have become aware in the course of their duties and which may constitute a breach of the provisions of the AMF General Regulation relating to the rules of conduct or the conditions for carrying on…

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Article L621-25 of the French Monetary and Financial Code

The Autorité des marchés financiers may ask the statutory auditors of an investment services provider, an AIF, a market undertaking or an intermediary authorised to hold or administer financial instruments for any information concerning the application by that provider, market undertaking or intermediary of the provisions of Book IV or of Title III of Book V of this Code or of the General Regulation of the Autorité des marchés financiers…

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Article L621-30 of the French Monetary and Financial Code

Appeals against individual decisions of the Autorité des marchés financiers, other than those relating to the persons and entities referred to in II of Article L. 621-9, including the penalties imposed on them, shall be heard by the courts. Such appeals shall not have suspensive effect unless the court decides otherwise. In this case, the court hearing the case may order a stay of execution of the contested decision if…

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Article L621-31 of the French Monetary and Financial Code

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…

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Article L621-32 of the French Monetary and Financial Code

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…

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Article L621-33 of the French Monetary and Financial Code

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…

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Article L621-34 of the French Monetary and Financial Code

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…

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