French Monetary and Financial Code
In forceI. - Registration is carried out within a maximum of two months from the date of receipt by the body referred to in I of article R. 546-1 of a complete application. The body will send the applicant a certificate showing his registration number and the date of registration.
II. - Where it emerges from the examination of the complete file that the application for registration does not comply with the provisions of this code, the body will take a decision to refuse registration. This decision is notified to the applicant by registered letter with acknowledgement of receipt, within the time limit laid down in I of this article.
III. - Registration is renewed each year in accordance with the procedures laid down by order of the Minister for the Economy.
IV. - Registered persons shall inform the body of any change in the information concerning them and of any event that may affect their registration, such as a change in their place of business, cessation of activity or, where applicable, removal from the register of companies. The information is sent in the month preceding the event or, if the event cannot be anticipated, in the month following it.
V. - The principal who has issued a mandate to one of the persons mentioned in article L. 545-1 or in 2°, 3° and 4° of I of article R. 519-4 shall notify the body of the mandate issued, as soon as it takes effect, and of the termination of this person's functions in the month preceding the end of the mandate, or in the month following in the event of sudden termination of this mandate.
VI. - The professional associations of financial investment advisers referred to in Article L. 541-4 shall notify the CMF of the withdrawal of their members' membership within one month of such withdrawal. The association referred to in I of Article L. 519-11 shall notify the CMF of any withdrawal of membership by its members within one month of such withdrawal.
VII. - Insurance undertakings shall immediately notify the body of any suspension of cover, any denunciation of tacit renewal or cancellation of the insurance contract taken out in respect of their professional civil liability, concerning the persons mentioned in 1° of I of article R. 519-4 and in article L. 541-1.
Insurance undertakings, credit institutions or finance companies issuing, pursuant to article L. 519-4, the financial guarantee for the persons mentioned inarticle L. 519-1, shall inform the body without delay of the termination of this guarantee.
VIII. - The undertaking shall remove the person from the register, following a decision by the Autorité de contrôle prudentiel et de résolution pursuant to 6° of I of Article L. 612-41, or by the Autorité des marchés financiers pursuant to a of III of Article L. 621-15. If the registered person can no longer prove that he meets the obligations required to carry out one or other of the activities or, as the case may be, to be registered in one or other of the categories for which he is registered, the organisation will cancel the registration for the activity or category in question and, where appropriate, remove the person from the register.
The body will notify the person concerned of the deletion or withdrawal of the entry by registered letter with acknowledgement of receipt, within fifteen days of the decision in question.
The deletion is made public at the same time by the body, which also communicates it, where applicable, to the clerk of the court in whose jurisdiction the person is registered in the Trade and Companies Register.
