French Monetary and Financial Code
In forceWhere the Autorité des marchés financiers finds that a management company referred to in Article L. 532-20-1 with a branch or providing services in mainland France, Guadeloupe, French Guiana, Martinique, La Réunion, Mayotte, Saint-Barthélemy and Saint-Martin is not complying with the rules it is responsible for ensuring compliance with, it shall require the management company concerned to put an end to this irregular situation and inform the competent authorities of the management company's home state.
If the management company concerned refuses to provide the Autorité des marchés financiers with information for which it is responsible or fails to take the necessary steps to put an end to the situation referred to in the preceding paragraph, the Autorité des marchés financiers shall inform the competent authorities of the management company's home state accordingly.
If, despite the measures taken by the competent authorities of the home State or because such measures prove inadequate, the management company persists in breaching the legal and regulatory provisions referred to in the first paragraph, the Autorité des marchés financiers may, after informing the competent authorities of the management company's home State, take appropriate measures to prevent or penalise further irregularities and, if necessary, prevent the management company from carrying out any further transactions in mainland France, Guadeloupe, French Guiana, Martinique, La Réunion, Mayotte, Saint-Barthélemy and Saint-Martin. The Autorité des marchés financiers shall ensure, where necessary with the assistance of the competent authorities of the home country, that the documents required by these measures are served on the management company. Where the service provided is the management of a UCITS, the Autorité des marchés financiers may require the said company to cease managing that UCITS.
