French Monetary and Financial Code
In forceI. - Before attaching special conditions to an authorisation, granting an authorisation to acquire a holding or a controlling interest, or granting an authorisation to a portfolio management company which is :
1° A subsidiary of an insurance company, reinsurance company, credit institution, portfolio management company or investment firm authorised in a Member State of the European Union or in another State party to the Agreement on the European Economic Area, or authorised in a financial sector other than that in which the acquisition is proposed;
2° or a subsidiary of the parent undertaking of an insurance undertaking, a reinsurance undertaking, a credit institution, a portfolio management company or an investment firm authorised in a Member State of the European Union or in another State party to the Agreement on the European Economic Area or authorised in a financial sector other than that in which the acquisition is contemplated;
3° or an undertaking controlled by a person, whether natural or legal, who also controls an insurance undertaking, reinsurance undertaking, credit institution, portfolio management company or investment firm authorised in a Member State of the European Union or in another State party to the Agreement on the European Economic Area or authorised in a financial sector other than that in which the acquisition is proposed,
the AMF shall consult the competent authority, within the meaning of 4° of Article L. 517-2, in order to assess, in particular, the quality of the shareholders and the good repute and experience of the managers involved in the management of another entity in the same group.
II. - In the event of a direct or indirect acquisition of voting rights or equity interests or an extension of a holding, the AMF shall immediately consult the competent authority, within the meaning of 4° of Article L. 517-2, to which the proposed acquirer is subject, in order to obtain any information that is essential or relevant to the assessment provided for in Article R. 532-15-1. The decision taken by the Autorité des marchés financiers shall mention any opinions or reservations expressed by this competent authority.
III. - Where the applicant is a direct or indirect subsidiary of an investment firm or credit institution having its registered office in a country that is not a member of the European Union or a party to the Agreement on the European Economic Area, the Autorité des marchés financiers may request any additional information from the authority responsible for authorisation in the country in which the investment firm or credit institution of which the applicant is a subsidiary has its registered office.
