French Business Law - French Legislation

Article D621-37-1-2 of the French Monetary and Financial Code

November 5, 2023

I.-The decision to suspend and, where applicable, to lay off a director with immediate effect referred to in article L. 1332-3 of the Labour Code, taken pursuant to article L. 631-13-8, shall be notified to the person concerned and to the company that he/she manages by registered letter with acknowledgement of receipt, by hand delivery against receipt or by bailiff’s deed, and shall specify the reasons justifying this measure and…

Article D621-37-1-3 of the French Monetary and Financial Code

November 5, 2023

Suspension and, where applicable, immediate dismissal may not exceed the remainder of the term of office.

Article R621-37-2 of the French Monetary and Financial Code

November 5, 2023

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…

Article R621-37-3 of the French Monetary and Financial Code

November 5, 2023

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.

Article R621-37-4 of the French Monetary and Financial Code

November 5, 2023

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…

Article R621-37-5 of the French Monetary and Financial Code

November 5, 2023

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…

Article R621-38 of the French Monetary and Financial Code

November 5, 2023

When the Board decides to initiate sanction proceedings, the statement of objections is sent to the respondent by registered letter with acknowledgement of receipt, by hand delivery against a receipt or by bailiff’s deed, or by any other means that ensures the date of receipt, together with the investigation or inspection report or the request made by the Chairman of the Autorité de contrôle prudentiel et de résolution. The statement…

Article R621-39 of the French Monetary and Financial Code

November 5, 2023

I. – The chairman of the Enforcement Committee assigns the case either to the Enforcement Committee or to one of its sections. He appoints the rapporteur. The rapporteur will take all necessary steps. The rapporteur may call on the services of the Autorité des marchés financiers. The accused person and the member of the college mentioned in the third paragraph of I of Article L. 621-15 or his representative appointed…

Article R621-39-1 of the French Monetary and Financial Code

November 5, 2023

A member of the Enforcement Committee who, without prejudice to the cases provided for in Article 12 of the aforementioned Act of 20 January 2017, assumes that he or she is a ground for disqualification or who conscientiously considers that he or she should abstain shall not sit on the Enforcement Committee. When the committee meets as a section, the member is replaced under the conditions laid down in Article…

Article R621-39-2 of the French Monetary and Financial Code

November 5, 2023

A respondent who wishes to challenge a member of the Committee must, on pain of inadmissibility, make the request: 1° In the case of the rapporteur, within one month of notification of the decision appointing him/her; 2° In the case of a member of the panel called upon to deliberate, within fifteen days of notification of the composition of the panel; 3° If the reason given could not be made…

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Regulatory part

Article D621-37-1-2 of the French Monetary and Financial Code

Article D621-37-1-3 of the French Monetary and Financial Code

Article R621-37-2 of the French Monetary and Financial Code

Article R621-37-3 of the French Monetary and Financial Code

Article R621-37-4 of the French Monetary and Financial Code

Article R621-37-5 of the French Monetary and Financial Code

Article R621-38 of the French Monetary and Financial Code

Article R621-39 of the French Monetary and Financial Code

Article R621-39-1 of the French Monetary and Financial Code

Article R621-39-2 of the French Monetary and Financial Code

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