The directors of a management company are liable to two years’ imprisonment and a fine of 750,000 euros if they carry out their duties without the company’s authorisation from the Autorité des marchés financiers, or after this authorisation has been withdrawn.
It is punishable by the penalties laid down in articles 313-1, 313-7 and 313-8 of the French Criminal Code for an issuer to make available annual financial statements that are inaccurate and falsely attest to their accuracy in the case provided for in article L. 223-4.
Banking operations include receiving repayable funds from the public, credit operations and payment banking services.
I. – Credit institutions may also carry out transactions related to their business, such as : 1. Foreign exchange transactions ; 2. Transactions in gold, precious metals and coins; 3. Investment, subscription, purchase, management, custody and sale of securities and all financial products; 4. Asset management advice and assistance; 5. Advice and assistance in financial management, financial engineering and, in general, all services intended to facilitate the creation and development…
Means of payment include all instruments that enable any person to transfer funds, regardless of the medium or technical process used. The operations of providing customers with or managing means of payment include the payment banking services mentioned in article L. 311-1 , the activities of issuing and managing electronic money and the payment services listed in II of article L. 314-1.
The activities mentioned in 2° to 7° of III of article L. 314-1 are not considered to be the provision or management of means of payment.
Complementary local currency securities may be issued and managed by one of the persons mentioned in Article 1 of Law 2014-856 of 31 July 2014 on the social and solidarity economy whose sole corporate purpose is this.
Issuers and managers of complementary local currency securities are subject to Title I of Book V when the issue or management of these securities falls within the scope of the payment banking services mentioned in Article L. 311-1, or to Title II of the same book when they fall within the scope of payment services within the meaning of II of Article L. 314-1 or electronic money within the meaning…
For the purposes of this Title, a durable medium is any instrument which enables the customer or professional to store information addressed personally to him so that he can refer to it at a later date for a period of time appropriate to the purposes for which the information is intended, and which allows identical reproduction of the information stored.
Subject to the provisions of IIIa of Article L. 533-12, where the professional wishes to make available or provide the customer with information or documents on a durable medium other than paper, the professional shall first check that this method of communication is appropriate to the customer’s situation; he shall ensure that the customer is able to take cognisance of this information and documents on the durable medium envisaged. After…
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is a Registered Trademark of
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182, rue de Rivoli
75001, Paris France
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is a Registered Trademark of
PETROFF LAW FIRM (SELARL LEGASTRAT)
182, rue de Rivoli
75001, Paris France
RCS Paris n°814433470
Paris Bar Registration n° (Toque) C2396
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