French Monetary and Financial Code
In forceI.-The provisions of the articles mentioned in the left-hand column of the following table shall apply in French Polynesia, subject to the adaptations provided for in II, in the wording indicated in the right-hand column of the same table:
Applicable articles | In the wording resulting from |
|---|---|
L. 214-1-2 | Law no. 2019-486 of 22 May 2019 |
L. 214-24 with the exception of 3° of II and the second sentence of V | Order no. 2017-1432 of 4 October 2017 |
L. 214-24-3 to L. 214-24-6, the first paragraph of Article L. 214-24-7, L. 214-24-8 and L. 214-24-9 | Order no. 2013-676 of 25 July 2013 |
L. 214-24-10 | Law no. 2014-1 of 2 January 2014 |
L. 214-24-11 to L. 214-24-15 | Order no. 2013-676 of 25 July 2013 |
L. 214-24-16 | Act 2014-1 of 2 January 2014 |
L. 214-24-17 to L. 214-24-21 | Order no. 2013-676 of 25 July 2013 |
L. 214-24-22 | Act 2014-1 of 2 January 2014 |
L. 214-24-23 | Order no. 2013-676 of 25 July 2013 |
II.-For the application of the articles mentioned in the table above:
1° In article L. 214-1-2:
a) The words: "UCITS or" are deleted;
b) The reference to article L. 214-24-1 is deleted;
2° In article L. 214-24:
a) The first paragraph reads as follows:
" I.-Alternative investment funds, known as "AIFs":";
b) In II, the words "Article 2 of Commission Delegated Regulation (EU) No 231/2013 of 19 December 2012" are replaced by the words "the provisions laid down by decree";
3° In the second paragraph of I of Article L. 214-24-10, the words: "and that all the conditions of Article 101 of Commission Delegated Regulation (EU) No 231/2013 of 19 December 2012 are met." are replaced by the words: "and that all the following conditions are met:
" a) The event that led to the loss of the financial instruments held in accordance with II of Article L. 214-24-8 is not the result of an act or omission of the depositary, or of a third party to whom custody has been delegated;
" b) The depositary could not reasonably have prevented the event that led to the loss, even if it had taken all the precautions that characterise a diligent depositary in accordance with standard industry practice;
" c) The depositary could not have prevented the loss despite the rigorous and comprehensive exercise of due diligence.";
4° In Article L. 214-24-21:
a) In I, the words: "subject to the conditions laid down in Article 6 of Directive 2002/14/EC of 11 March 2002:" are replaced by the words: "subject to respect for the confidentiality of specific information the disclosure of which would seriously hinder the operation of the company or issuer referred to in Article L. 214-24-23 or would be prejudicial to it:";
b) In 1° of II, the words: "within the meaning of Commission Regulation (EC) No 800/2008 of 6 August 2008 declaring certain categories of aid compatible with the common market in application of Articles 87 and 88 of the Treaty" are replaced by the words: "which employs fewer than 250 people and whose annual turnover does not exceed 5,966,500,000 Pacific francs or whose annual balance sheet total does not exceed 5,131,190,000 Pacific francs. "
5° In Article L. 214-24-23:
a) In the first paragraph, the reference to I of Article L. 214-24-1 is deleted;
b) In 2°, the words: "An issuer within the meaning of Article 2(1)(d) of Directive 2004/109 of 15 December 2004" are replaced by the words: "A legal entity issuing securities admitted to trading on a regulated market,".
