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Decree No. 2007 - 901 Of 15 May 2007 Taken For The Application Of Ordinance No. 2007-544 Of 12 April 2007 To Markets In Financial Instruments And Amending The Monetary And Financial Code (Regulatory Part)

Original Language Title: Décret n° 2007-901 du 15 mai 2007 pris pour l'application de l'ordonnance n° 2007-544 du 12 avril 2007 relative aux marchés d'instruments financiers et modifiant le code monétaire et financier (partie réglementaire)

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Transposed Texts

Directive 2004 /39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, Amending Council Directives 85 /611/EEC and 93 /6/EEC and Directive 2000 /12/EC of the European Parliament and of the Council and repealing Council Directive 93 /22/EEC

Directive 2006 /31/EC of 5 April 2006 amending Directive 2004 /39/EC on instrument markets Financial, with respect to certain deadlines

European Commission Directive N ° 2006-73 of 10 August 2006 implementing Directive 2004 /39/EC European Parliament and the Council with regard to organisational requirements and the conditions of exercise applicable to investment undertakings and the definition of certain terms for the purposes of that directive

Summary

Full transposition of Directive 2004 /39/EC of the European Parliament and of the Council of 21 April 2004, of Directive 2006 /31/EC of 5 April 2006 amending Directive 2004 /39/EC on markets in financial instruments, as regards certain deadlines, of Commission Directive 2006 /73/EC of 10 August 2006.

Keywords

ECONOMY, FINANCE, MONETARY AND FINANCIAL CODE, MARKET FINANCIAL, FINANCIAL INSTRUMENT, FINANCIAL INSTRUMENT, TERM, REGULATION, EXCHANGE , INFORMATION, FINANCIAL INSTRUMENT, NEGOTIATION, REGULATION, FINANCIAL PROCEDURES , AMF, COMPETENT AUTHORITY, COMPLETE TRANSPOSITION, EUROPEAN DIRECTIVE


JORF No. 113 of May 16, 2007 page 9123
text #41




Decree n ° 2007-901 of 15 May 2007 for the application of Order No. 2007-544 of 12 April 2007 Financial instrument markets and amending the currency and financial code (regulatory part)

NOR: ECOT0752015D ELI: Http://www.legifrance.gouv.fr/eli/decret/2007/5/15/ECOT0752015D/jo/texte
Alias: http://www.legifrance.gouv.fr/eli/decret/2007/5/15/2007-901/jo/texte


The Prime Minister,
On the report of the Minister of Economy, Finance and Industry,
Given the currency and financial code;
In light of Order No. 2007-544 of 12 April 2007 on instrument markets Financial;
In view of the opinion of the Advisory Committee on Financial Legislation and Regulations dated 15 March 2007;
The Conseil d' Etat (Finance Section) Heard,
Decorated:

Article 1 Read more about this article ...


Title II of Book IV of the monetary and financial code (regulatory part) is thus amended:
1 ° The title is replaced by the following heading :


"TITLE II



" PLATFORMS OF NEGOTIATION "


2 ° In chapter I, is inserted a section 1 thus written:


" Section 1



"Defining the
Regulated Market and the Market Enterprise


" Art. R. 421-1. -Where it has appointed a representative without an adversarial procedure, in accordance with the provisions of the third subparagraph of Article L. 421-3, the Autorité des marchés financiers shall immediately notify the market undertaking and shall then have a period of Three months to make known its decision to confirm this measure according to a contradictory procedure defined by decree.
" The provisional measure ceases to have effect, if it has not been confirmed within that three-month period. "

Item 2 Read more about this Article ...


Book V of the same code is modified:
1 ° In fifth paragraph of article R. 532-8, the words: " Competence " Are replaced by the words: " Experience " ;
2 ° In the fifth paragraph of Article R. 532-15, the words: Competence " Are replaced by the words: " Experience " ;
3 ° Article R. 532-17 is replaced by the following:
" Art. R. 532-17. -The Autorité des marchés financiers is the recipient of the notifications of free establishment and the freedom to provide services of the investment service providers referred to in Articles L. 532-18 and L. 532-18-1. It shall immediately inform the committee of credit institutions and investment firms." ;
4 ° Article R. 532-18 is thus amended:
(a) The first paragraph is deleted;
(b) In the second paragraph, the words: " To the preceding paragraph " Are replaced by the words: " In Article L. 532-18-1 " ;
5 ° In R. 532-20, 2 °, after the words: " The organization of the branch ", are added the words:" And specifying whether the branch provides for the use of related agents referred to in Article L. 545-1 " ;
6 ° Section R. 532-21 is amended as follows:
(a) In the first paragraph:
(i) In the first sentence, the words: " To the competent authorities of the receiving State referred to in Article R. 532-20 ' Are replaced by the words: " To the authority of the receiving State referred to in Article R. 532-20 which has been designated as the point of contact within the meaning of Article L. 532-23 " ;
ii) In the second sentence, the words: " To these competent authorities " Are replaced by the words: " To this authority " ;
(iii) In the third sentence, the words: The undertaking concerned " Are replaced by the words: " The claimant concerned " ;
(b) After the first subparagraph, a new paragraph shall be inserted as follows:
" In addition to the information mentioned in Article R. 532-20, the Committee of Credit Institutions and Investment Enterprises shall communicate to the authority of the receiving State designated as the point of contact for detailed information on the system Compensation for investors to which the investment service provider accedes in accordance with Article L. 322-1. If such information is modified, the Committee of Credit Institutions and Investment Enterprises shall notify the said authority." ;
7 ° The first paragraph of Article R. 532-22 is amended as follows:
a) The words: " To the competent authorities of the receiving State referred to in Article R. 532-20 ' Are replaced by the words: " To the competent authority of the receiving State referred to in Article R. 532-20, which has been designated as the point of contact, ' ;
b) Words: " And to the undertaking concerned " Are replaced by the words: " And to the provider concerned " ;
8 ° The first paragraph of Article R. 532-23 is amended as follows:
(a) In the first sentence, the words: " The undertaking concerned " Are replaced by the words: " The claimant concerned " And the words: " And the authorities of the host states " Deleted;
(b) A third sentence is added as follows: " It shall also inform the authority of the receiving State which has been designated as the point of contact." ;
9 ° Section R. 532-24 is amended as follows:
(a) In the first paragraph of II, the words: " To the competent authorities of the host State mentioned in the 1 ° of the same article ' Are replaced by the words: " To the competent authority of the receiving State referred to in the 1 ° of the same article, which has been designated as the point of contact, " ;
(b) In the second paragraph of II, the words: " The business " Are replaced by the words: " Society " ;
c) In III, after the words: " The host State referred to in the 1 ° of the same Article shall be inserted as follows: , which has been designated as the point of contact, " And the words: " To the business " Are replaced by the words: " To society " ;
10 ° The first paragraph of Article R. 532-25 is amended as follows:
a) The words: " And the competent authorities of the other State of the European Community or party to the agreement on the European Economic Area concerned " Are deleted;
b) A second sentence is added as follows: " The Autorité des marchés financiers shall inform the authority of the host State which has been designated as the point of contact." ;
11 ° Section R. 532-26 is amended as follows:
(a) In the first paragraph of the I, after the words: " The investment services it intends to provide ", are added the words: And whether it intends to use related agents " ;
(b) In the first paragraph of II, the words: " To the competent authorities of the State concerned ' Are replaced by the words: " To the competent authority of the receiving State, which has been designated as the point of contact, ' ;
(c) After the second paragraph of II, a paragraph shall be added as follows:
" If the investment service provider intends to use related agents, the Committee of Credit Institutions and Investment Enterprises shall, at the request of the competent authority of the host Member State and within a time limit Reasonable, the identity of the related agents to which the provider intends to use in that Member State. ' ;
12 ° Article R. 532-27 is amended as follows:
(a) In the first sentence, the words: " And the authorities of the host Member States " Deleted;
(b) A third sentence is added as follows: " It shall also inform the authority of the receiving State which has been designated as the point of contact." ;
13 ° Article R. 533-2 is thus amended:
(a) In the first paragraph, the words: " Referred to in Articles L. 421-8 and 4 of Article L. 442-2 authorised to be, by way of derogation, a member of a regulated market in financial instruments, with the exception of natural persons entitled to join a regulated market exclusively for Negotiate on their own account " Are replaced by the words: " Mentioned in paragraph 4 of Article L. 440-2 " ;
(b) In the second paragraph, the words: " Referred to in Article L. 211-1 of Article II. Are replaced by the words: " The list is fixed by decree ".

Article 3 Learn more about this Article ...


Book VI of the same code is modified as follows:
1 ° Article R. 621-32 is modified as follows:
a) In the I, after the words: " Entered into with the Autorité des marchés financiers ", are added the words: , which sets out the tasks to be carried out and specifies the conditions under which they must be carried out. ' ;
(b) II is replaced by the following II, III and IV:
" II. -The Autorité des marchés financiers shall ensure that the persons mentioned in the I have the capacity and the resources necessary for the effective execution of all their missions
III. -The memorandum of understanding contains a clause stipulating that the persons mentioned in the I act and organise themselves in such a way as to avoid any conflict of interest and ensure that the information obtained in the performance of the tasks entrusted to them Are used only for the fulfillment of these.
" IV. -The orders of mission shall be drawn up by the Secretary-General, who shall specify their subject matter and the persons responsible for them." ;
2 ° Section R. 621-43 is repealed;
3 ° The title of Title III is replaced by the following title:


"TITLE III



" COOPERATION, EXCHANGES OF INFORMATION AND SUPPLEMENTARY SURVEILLANCE FINANCIAL CONGLOMERATES "
4 ° It is created, at the beginning of Title III, a chapter written as follows:


" Chapter I



" Cooperation and exchange of information
on the National territory



"Section 1



" Cooperation and exchange of information between authorities


" This section does not include any regulatory provisions.


"Section 2



" The College of Financial Sector Control
Authorities


" This section does not include any regulatory provisions. "
5 ° Articles R. 631-1 to R. 631-4 become respectively Articles R. 633-1 to R. 633-4 and are inserted in a new Chapter III of Title III entitled:


" Chapter III



"
complementary monitoring of financial conglomerates"


6 ° After Chapter I of Title III, a Chapter II is created as follows:


" Chapter II



"Foreign cooperation and information exchange



" Section 1



" Arrangements for monitoring, controls, and Surveys of investment service providers, regulated markets and market enterprises and transposing Directive 2004 /39/EC of the European Parliament and of the Council of 21 April 2004 on instrument markets Financial


"Subsection 1



" Cooperation and information exchange with the authorities of other Member States of the European Community or other States Parties to the Agreement on Space European economic
" Art. R. 632-1. -The Committee of Credit Institutions and Investment Enterprises, the Banking Commission and the Autorité des marchés financiers may use for the performance of their missions, in accordance with the provisions of Article L. 632-3, Information covered by the professional secrecy they receive, including in the following circumstances:
" 1 ° To verify that the conditions for access to the activity of investment service providers are fulfilled and to facilitate the monitoring, on an individual or consolidated basis, of the conditions for the exercise of this activity, in particular in that Which concerns the prudential management standards, the administrative and accounting organisation and the internal control mechanisms;
2 ° To ensure the proper functioning of the trading systems;
" 3 ° To impose sanctions;
" 4 ° In the context of a graceful appeal against their decisions;
" 5 ° In the context of judicial proceedings against their decisions;
' 6 ° Within the framework of the dispute settlement mechanism provided for in Article L. 621-19.


"Subsection 2



" Cooperation and information exchange with Authorities of
states not party to the European Economic Area agreement



"Subsection 3



" Special provisions for the Authority of Financial markets


" This subsection does not include any regulations.


"Section 2



" Other Provisions



" Subsection 1



"Special Terms and Conditions for Banking Commission


" This subsection does not include any regulatory provisions.


"Subsection 2



" Financial Markets Authority Terms and Conditions


" Art. R. 632-3. -Where the Autorité des marchés financiers is not in a position to provide to an authority of another Member State of the European Community or party to the agreement on the European Economic Area exercising similar powers of assistance He shall notify him of the reasons and, in the case where such refusal is based on the existence of a criminal procedure or a decision in force on the basis of the same facts, he shall notify him of the reasons for the refusal. Provides as detailed information as possible about the procedure or final decision in question.
" Where the Autorité des marchés financiers considers that practices referred to in Article L. 621-14 have been carried out in the territory of another Member State of the European Community or party to the agreement on the European Economic Area, Or relate to financial instruments negotiated on a regulated market in another Member State, it shall inform the competent authority of that State and, without prejudice to the powers of that State, shall forward the elements relating to the measures Taken. The Autorité des marchés financiers shall examine with the competent authority of that State the follow-up to be
. Where a competent authority of another Member State of the European Community or party to the Agreement on the European Economic Area requests the Autorité des marchés financiers to conduct an investigation, it may request that its investigators be Authorised to accompany those of the Autorité des marchés financiers. The investigation remains under the control of the Autorité des marchés financiers.


"Subsection 3



" Miscellaneous Provisions


" This subsection does not include any regulatory provisions. "

Item 4 More about this Section ...


This Order comes into force on November 1, 2007.

Item 5 Learn more about this Article ...


The Minister of Economy, Finance and Industry is responsible for the execution of this Decree, which will be published in the Official Journal of the French Republic.


Done at Paris, May 15, 2007.


Dominique de Villepin


By the Prime Minister:


The Minister of the Economy,

Finance and Industry,

Thierry Breton


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