French Monetary and Financial Code
In forceAssociations that have been duly registered and have as their express statutory object the defence of investors in financial securities or financial products may take legal action before any court, even by bringing a civil action, in respect of acts that are directly or indirectly prejudicial to the collective interests of investors or certain categories of investors.
These associations are :
- approved associations, under conditions laid down by decree, after obtaining the opinion of the public prosecutor and the Autorité des marchés financiers, where they have been in existence for six months and, during that same period, have at least two hundred members paying individual contributions, and where their directors meet the conditions of good repute and competence laid down by decree ;
- associations that meet the criteria for holding voting rights defined byarticle L. 22-10-44 of the Commercial Code if they have communicated their articles of association to the Autorité des marchés financiers.
Where a practice contrary to legislative or regulatory provisions is likely to infringe investors' rights, the shareholders' associations referred to in the first paragraph may apply to the courts for an order requiring the person responsible to comply with these provisions, to put an end to the irregularity or to eliminate its effects.
The application shall be brought before the court having jurisdiction over the registered office of the company in question.
