French Monetary and Financial Code
In forceI. - In order to provide investment services, investment services providers other than portfolio management companies must obtain authorisation. This authorisation is issued by the Autorité de contrôle prudentiel et de résolution. It is not required for the sole purpose of providing one or more of the services mentioned in article L. 321-2.
Before authorisation is granted, investment services providers other than portfolio management companies must obtain the approval of the Autorité des marchés financiers for their programme of operations, in accordance with the conditions set out in article L. 532-4.
A decree of the Conseil d'Etat shall determine the terms and conditions for the application of I of this article. It shall specify, in particular, the conditions under which decisions are taken and notified, as well as the special provisions applicable to investment firms that are direct or indirect subsidiaries of investment firms or credit institutions that have either been authorised in another Member State of the European Union or party to the Agreement on the European Economic Area, or are not governed by the law of one of these States.
II. - Investment service providers, other than portfolio management companies, applying for authorisation to provide investment services in accordance with I of this article and simultaneously applying for specific authorisation to operate a "DLT multilateral trading facility" or a "DLT trading and settlement facility", under Articles 8 and 10 respectively of Regulation (EU) No 2022/858 of the European Parliament and of the Council of 30 May 2022 on a pilot scheme for market infrastructures based on distributed ledger technology and amending Regulations (EU) No 600/2014 and (EU) No 909/2014 and Directive 2014/65/EU, shall be authorised by the Autorité de contrôle prudentiel et de résolution under the conditions set out in I of this Article.
Specific authorisations applied for by investment service providers, other than portfolio management companies, authorised or applying to be authorised under the conditions mentioned in this II to provide investment services pursuant to I to operate a "DLT multilateral trading facility" or a "DLT trading and settlement facility", under Regulation (EU) No. 2022/858 of the European Parliament and of the Council of 30 May 2022, as well as the related exemptions, are granted by the Autorité de contrôle prudentiel et de résolution after receiving the assent of the Autorité des marchés financiers.
The opinion of the Autorité des marchés financiers is given after consultation with the Autorité de contrôle prudentiel et de résolution, where applicable as part of the approval of the programme of operations by the Autorité des marchés financiers under the conditions set out in Article L. 532-4 of this Code and, where the application concerns the operation of a "DLT trading and settlement system", with the Banque de France.
The AMF is responsible for overseeing the application of exemptions under Regulation (EU) 2022/858 of the European Parliament and of the Council of 30 May 2022 and for overseeing the application of the same regulation by investment services providers, other than portfolio management companies, that have obtained a specific authorisation. When it takes prudential measures under articles 8, 10 or 11 or other articles of the same regulation, it consults the Autorité de contrôle prudentiel et de résolution. With regard to the operation of a "DLT trading and settlement system", when it takes measures under Articles 10 or 11 or other articles of the said Regulation, it shall also consult the Banque de France. The Autorité des marchés financiers shall cooperate with the competent authorities of the various Member States and with the European Securities and Markets Authority under the conditions laid down in the said Regulation.
A decree shall specify the application of this II.
