French Monetary and Financial Code
In forceI. - For the purposes of I bis of Article L. 533-13, professional clients wishing to benefit from the guarantees provided for therein shall inform the investment services provider either electronically or on paper.
II. - For the purposes of 1° of III of Article L. 533-13, non-complex financial instruments are as follows:
1° Shares admitted to trading on a regulated market in a Member State of the European Union or party to the Agreement on the European Economic Area or on an equivalent market in a third country or on a multilateral trading facility, if they are company shares, excluding units and shares in non-UCITS collective investment schemes and shares incorporating a derivative instrument;
2° Money market instruments, excluding those incorporating a derivative or presenting a structure that makes it difficult for the customer to understand the risk involved;
3° Bonds and other debt securities admitted to trading on a regulated market or on an equivalent market in a third country, or on a multilateral trading facility, with the exception of bonds and other debt securities that incorporate a derivative or have a structure that makes it difficult for customers to understand the risk involved;
4° Units or shares in UCITS, excluding structured UCITS within the meaning of the second subparagraph of Article 36(1) of Commission Regulation (EU) No 583/2010 of 1 July 2010;
5° Structured deposits, excluding those incorporating a structure that makes it difficult for the customer to understand the risk incurred with regard to the return or the cost of exiting the product before maturity;
6° Non-complex financial instruments defined in accordance with Article 57 of Commission Regulation (EU) No 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU as regards organisational requirements and operating conditions for investment firms and the definition of certain terms for the purposes of that Directive.
For the purposes of this Article, a market in a third country shall be considered equivalent to a regulated market, provided that the European Commission has adopted an equivalence decision in relation to the relevant third country market in accordance with Article 25(4) of Directive 2014/65/EU of the European Parliament and of the Council as amended by Directive 2016/1034/EU are complied with.
