Subsection 3: Provisions applicable to investment services providers other than portfolio management companies relating to the provision of direct electronic access to a trading venue

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L533-10-8

Article L533-10-8

French Monetary and Financial CodeIn force
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Updated 7 Nov 2023

Investment services providers other than portfolio management companies that provide persons with direct electronic access to a trading venue:

1° Have effective systems and controls ensuring that:

a) The suitability of persons using the service is properly assessed and reviewed ;

b) Such persons are prevented from exceeding appropriate pre-established trading and credit thresholds;

c) Transactions by such persons are properly monitored;

(d) Appropriate risk controls prevent any trading that may create risks for the providers themselves, give rise to or contribute to market disruption or be contrary to Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse or the rules of the trading venue ;

2° Ensure that persons using the service comply with the requirements of this chapter and the rules of the trading platform ;

3° Monitor transactions with a view to detecting any breach of these rules, any trading conditions likely to disrupt the market or any behaviour potentially indicative of market abuse that should be reported to the Autorité des marchés financiers;

4° Enter into a written contract with the persons using the service, covering the essential rights and obligations arising from the provision of the service and stipulating that the providers remain liable under this chapter;

5° Notify the Autorité des marchés financiers and the competent authority designated as the contact point, within the meaning of Article 79(1) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments, of the trading venue concerned ;

6° Provide, on an ad hoc and regular basis, a description of the systems and controls referred to in this Article and evidence that they have been applied ;

7° Keep a record of the activities referred to in this Article and ensure that this record is sufficient to enable the Autorité des marchés financiers to verify compliance with the obligations laid down in III of Article L. 533-10.

Mariela Petrova

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A notary (notaire) is a public officer who authenticates specific deeds (mainly real-estate transfers and certain family-law acts). A corporate lawyer (avocat) advises on strategy, negotiates and drafts company documents, and represents you in disputes. The two roles complement rather than overlap.

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Mariela Petrova

Mariela Petrova

Avocate au Barreau de Paris

Toque #C2396

15+ Years In Corporate Practice

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