French Monetary and Financial Code
In forceIn order for the association to obtain approval, its managing members, within the meaning of article 5 of the aforementioned law of 1st July 1901, must meet the following conditions:
1° Be of legal age;
2° Proof of :
a) either a baccalaureate or equivalent diploma ;
b) or appropriate professional training in the economic, legal and financial fields; or
c) at least two years' professional experience in the economic, legal and financial field. This experience must have been acquired during the five years preceding the appointment of the persons concerned as directors of the association;
3° They must not have been convicted of any of the offences referred to in II of
Article L. 500-1for less than ten years or for the period specified in III of that Article;
4° They must not be subject to :
a) a temporary or permanent ban on exercising an activity or service, pursuant to the provisions of
article L. 621-15or under a sanction imposed before 24 November 2003 by the Commission des Opérations de Bourse, the Conseil des Marchés Financiers or the Conseil de Discipline de la Gestion Financière ;
b) The sanctions provided for in 4 and 5 of article L. 613-21 or in 3° to 5° of
article L. 310-18of the Insurance Code;
c) a personal bankruptcy order or other prohibition order under the conditions set out in Book VI of the Commercial Code or, under the previous system, in
article 108of Law no. 67-563 of 13 July 1967 on judicial settlement, liquidation of assets, personal bankruptcy and bankruptcies, for the duration of the order;
The persons mentioned in the first paragraph of this article must produce a sworn statement to this effect.
