French Monetary and Financial Code
In forceI.- Pursuant to the sixth paragraph of Article L. 54-10-3, the ISP shall declare to the AMF any change relating to the persons mentioned in 1° and 2° of Article L. 54-10-3 or any event likely to call into question the assessment previously made of their good repute, no later than fifteen days after the event.
In support of its declaration, the ISP shall submit a file describing the change in situation, along with the relevant documents mentioned in Article D. 54-10-2.
The Autorité des marchés financiers shall inform the Autorité de contrôle prudentiel et de résolution within five business days of receiving the complete notification and shall seek its opinion on whether the service provider's situation is in order. The Autorité de contrôle prudentiel et de résolution shall forward its opinion to the Autorité des marchés financiers within one month of receipt. The AMF has three months in which to assess the consequences of the change in circumstances.
II - If the AMF considers that the service provider is no longer complying with the obligations laid down in Article L. 54-10-3 as a result of the change in its declared situation, it shall give the service provider formal notice to rectify the situation within three months. Failing this, the AMF will initiate a deregistration procedure in accordance with the conditions set out in III of this article.
III - Before taking a decision to deregister a digital asset service provider, the AMF shall inform the provider of the reasons why it considers that it is no longer eligible for registration and that it has twenty working days in which to make its observations known in writing.
The AMF takes note of any comments made by the ISP concerned and informs the Autorité de contrôle prudentiel et de résolution within five business days. The latter shall notify its opinion to the Autorité des marchés financiers within two months.
The Autorité des marchés financiers shall notify the ISP of its reasoned decision within three months of receiving the ISP's observations. The AMF shall publish the decision on its website and update the list provided for in the last paragraph of Article L. 54-10-3.
The digital asset service provider shall inform the public of its deregistration no later than the day following receipt of notification of the AMF's decision. It shall update its website and remove all references to registration with the Autorité des marchés financiers.
A service provider that holds digital assets on behalf of third parties and has been deregistered shall return control of the means of access to digital assets to its customers as soon as possible, in accordance with the procedures previously indicated by its customers. If a customer has not indicated a method of return within a reasonable period, the service provider shall transfer control of the means of access to the digital assets to a service provider registered with the Autorité des marchés financiers as soon as possible and shall immediately inform its customers.
IV-When the Autorité de contrôle prudentiel et de résolution wishes to initiate deregistration proceedings against a digital asset service provider, it shall refer the matter to the Autorité des marchés financiers, which shall apply III of this article.
V.-When the Autorité de contrôle prudentiel et de résolution decides to initiate disciplinary proceedings against a digital asset service provider, it may suspend consideration of an application for deregistration pending the decision of its Enforcement Committee.
