French Monetary and Financial Code
In forceI. - The person canvassed has a period of fourteen completed calendar days in which to exercise his right of withdrawal, without having to justify his decision or incur any penalties.
The period during which the right of withdrawal may be exercised begins to run :
1° Either from the day on which the contract is concluded ;
2° Or from the day on which the person being canvassed receives the contractual terms and conditions and the information, if this latter date is later than that mentioned in 1°.
II-When the person canvassed exercises his right of withdrawal, he may only be required to pay the price corresponding to the use of the product or service actually provided between the date of conclusion of the contract and the date of exercise of the right of withdrawal, to the exclusion of any penalty.
The direct seller may only require the canvassed party to pay for the product or service mentioned in the first paragraph if he can prove that the canvassed party was informed of the amount due, in accordance with 5° of article L. 341-12.
However, he may not demand this payment if he has begun to execute the contract before expiry of the withdrawal period without prior request from the person canvassed.
The direct marketer is obliged to reimburse the person canvassed, as soon as possible and within thirty days at the latest, all sums received from the latter under the contract, with the exception of the amount mentioned in the first paragraph. This period begins on the day the canvasser receives notification from the person canvassed of his wish to withdraw.
The canvassed party shall return to the direct seller, as soon as possible and within thirty days at the latest, any sums and goods received from the latter. This period begins on the day the canvassed party notifies the direct seller of its wish to withdraw.
Performance of contracts for the custody or administration of financial instruments and portfolio management services on behalf of third parties is deferred for the duration of the right of withdrawal.
III. - The withdrawal period provided for in the first paragraph of I does not apply to :
1° To the services of reception-transmission and execution of orders on behalf of third parties mentioned in Article L. 321-1, as well as to the supply of financial instruments mentioned in Article L. 211-1 ;
2° Where provisions specific to certain products and services provide for a cooling-off period or a withdrawal period of a different length, in which case these periods apply to canvassing;
3° Contracts executed in full by both parties at the express request of the person canvassed before the latter exercises his right of withdrawal;
4° the service for receiving and transmitting digital asset orders on behalf of third parties referred to in Article L. 54-10-2, and the supply of digital assets referred to in Article L. 54-10-1.
IV. - In the case of canvassing carried out in accordance with the procedures set out in the eighth paragraph of article L. 341-1, the persons mentioned in articles L. 341-3 and L. 341-4 may not collect orders or funds from the persons canvassed with a view to providing the services of reception-transmission and execution of orders on behalf of third parties mentioned in article L. 321-1 or financial instruments mentioned in article L. 211-1, before the expiry of a forty-eight hour cooling-off period.
This cooling-off period begins on the day following the delivery of a receipt confirming that the person being canvassed has been given the information and documents provided for in article L. 341-12 in writing on paper.
Silence on the part of the person canvassed following expiry of the cooling-off period may not be deemed to signify consent.
For any person engaging in the activity of banking or financial canvassing defined in 8° or 9° of Article L. 341-1, the prohibition provided for in the first paragraph of this IV shall apply under the same conditions and subject to the same reservations with a view to the provision of the service of reception and transmission of orders on digital assets on behalf of third parties referred to inArticle L. 54-10-2, or of digital assets referred to in Article L. 54-10-1.
V. - (Repealed)
