French Monetary and Financial Code
In forceWithout prejudice to the special rules applicable to the marketing of certain products, the following may not be marketed:
1° Products for which the maximum risk is not known at the time of subscription or for which the risk of loss exceeds the amount of the initial financial contribution, with the exception of:
units in non-trading property investment companies. At the end of a period of two years from the promulgation of the Financial Security Act no. 2003-706 of 1 August 2003, only units in non-trading property investment companies whose articles of association provide that the liability of each shareholder is limited to the amount of his share in the capital may be canvassed;
-products forming part of a normal hedging transaction, provided that these products are offered exclusively to legal entities;
2° Products not authorised for marketing on French territory pursuant to article L. 151-2 ;
3° Products covered by Article L. 214-42 as it read prior toOrder 2011-915 of 1 August 2011 on UCITS and the modernisation of the legal framework for asset management and by Article L. 214-169 ;
4° Financial instruments that are not admitted to trading on the regulated markets defined in Articles L. 421-4 and L. 422-1 or on the recognised foreign markets defined in Article L. 423-1 or on a multilateral trading facility subject to the provisions of II of Article L. 433-3, with the exception of units or shares of UCITS or AIFs covered by paragraphs 1, 2 and 6 of sub-section 2, paragraph 2 or sub-paragraph 1 of paragraph 1 of sub-section 3, or sub-section 4 of Section 2 of Chapter IV of Title I of Book II, financial securities offered to the public after preparation of an information document pursuant to Regulation (EU) 2017/1129 of 14 June 2017 in the event of a public offer of financial securities or admission of financial securities to trading on a regulated market referred to in I of Article L. 412-1, securities issued by venture capital companies referred to in Article 1-1 of the aforementioned Act No. 85-695 of 11 July 1985 and products offered as part of a scheme covered by Book III of Part Three of the Labour Code ;
5° Bons de caisse ;
6° The digital assets referred to in Article L. 54-10-1 of this Code, except where the canvassing activity relates to the provision of a digital asset service within the meaning of Article L. 54-10-2 by a service provider approved under the conditions provided for in Article L. 54-10-5 or tokens offered as part of a public offering that has obtained the approval provided for in Article L. 552-4.
