Sub-paragraph 2: Freedom to provide services

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D532-23-2D532-23-3D532-23-4

Article D532-23-2

French Monetary and Financial CodeIn force
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Updated 5 Nov 2023

I. - Notifications of freedom to provide services sent by investment firms to the Autorité de contrôle prudentiel et de résolution pursuant to Article L. 532-24 shall include the following information:

1° An indication of the host country in which the firm intends to carry on business;

2° A programme of operations specifying in particular the investment services and related services that the company will provide in the host State and whether it plans to do so using tied agents established in its home State, as well as the identity of these tied agents.

Such notifications shall be made under the conditions set out in Commission Delegated Regulation (EU) 2017/1018 of 29 June 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments by technical regulatory standards specifying information to be notified by investment firms, market operators and credit institutions and the European Commission Implementing Regulation adopted pursuant to Article 34(8) and (9) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014.

II. - The Autorité de contrôle prudentiel et de résolution shall forward the notifications received pursuant to Article L. 532-24 to the competent authority of the host State under the conditions set out in the implementing regulation of the European Commission adopted pursuant to Article 34(9) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014.

III. - Credit institutions wishing to carry on business under the freedom to provide services pursuant to Article L. 532-24 are subject to the procedure set out in II of Article L. 511-27.

When they wish to use tied agents established in France pursuant to Article L. 532-24, credit institutions shall notify the Autorité de contrôle prudentiel et de résolution of the identity of such tied agents in accordance with the conditions set out in Commission Delegated Regulation (EU) 2017/1018 of 29 June 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments by technical regulatory standards specifying the information to be notified by investment firms, market operators and credit institutions and the Implementing Regulation of the European Commission adopted pursuant to paragraphs 8 and 9 of Article 34 of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014. The procedure provided for in the second paragraph of Article L. 532-24 and in I of this Article shall apply to them.

Mariela Petrova

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Common Questions

Working with a corporate lawyer in France — Q&A

Any time a strategic decision changes how the company is owned, governed or contractually bound — incorporation, fundraising, M&A, restructuring, shareholder agreements, or major commercial contracts. Earlier engagement always costs less than later remediation.

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.

Yes — most of our clients are foreign suppliers, investors or holding entities. We bridge the gap between French law and your home jurisdiction's expectations and deliver everything bilingually.

The SAS (Société par Actions Simplifiée) is the default choice for most international structures: flexible governance, single shareholder allowed, no minimum capital, and works cleanly with foreign holding entities. We assess SARL, SA, SCI on the merits when the situation calls for it.

Yes — communications with a French avocat are protected by the secret professionnel (Article 66-5 of the Law of 31 December 1971). This protection is broader than the common-law attorney-client privilege and applies to written and oral exchanges.

We work on fixed fees for clearly scoped engagements (incorporation, contract drafting, audits) and on monthly retainers for ongoing advisory. Hourly billing is the exception, not the default. You always know the cost before work starts.

Typical timeline is 2–3 weeks from KYC kick-off to RCS registration, assuming standard documentation. Holding-company structures, foreign-shareholder identification or in-kind contributions can extend this — we flag the gating items at the first meeting.

Absolutely. We routinely coordinate with your in-house counsel, expert-comptable or notaire — pragmatic collaboration is the norm, not the exception. We send them everything they need to do their part without duplicating work.

Mariela Petrova

Mariela Petrova

Avocate au Barreau de Paris

Toque #C2396

15+ Years In Corporate Practice

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Communications protected by professional secrecy — secret professionnel de l'avocat, Article 66-5 of the Law of 31 December 1971.

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