Section 5: Suspension and cancellation of financial instruments

Articles in this section · 1

L420-10

Article L420-10

French Monetary and Financial CodeIn force
Ask for lawyer reviewed or certified translation

Updated 7 Nov 2023

I. - The operator of a trading venue may suspend or delist a financial instrument from trading for a specified period of time if the instrument or the conditions under which it is traded no longer comply with the rules of the venue, unless such action is likely to significantly harm the interests of investors or jeopardise the orderly operation of the venue.

The issuer of a financial instrument admitted to trading on a trading platform may ask the AIFM to suspend trading so that it can inform the public under satisfactory conditions.

The Chairman of the Autorité des marchés financiers may also ask the operator of a trading venue to suspend or delist a financial instrument.

A trading venue operator that suspends or delists a financial instrument from trading shall also suspend or delist from trading the financial contracts that are linked to or refer to it where this is necessary to achieve the objectives of the suspension or delisting of the financial instrument.

Decisions to suspend or delist a financial instrument shall be made public by the person who took the decision. When a suspension or delisting decision is taken by the manager of a trading venue, the manager shall inform the Autorité des marchés financiers, specifying whether the measure is the result of suspected market abuse, a public takeover bid or failure to disclose inside information relating to the issuer or the financial instrument in breach of Articles 7 and 17 of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse.

The Autorité des marchés financiers shall require other trading platforms and systematic internalisers that trade financial instruments that are the subject of a suspension or delisting decision to suspend or delist them from trading, as well as financial contracts linked or referenced to them, where the suspension or delisting is the result of suspected market abuse, a takeover bid or the non-disclosure of inside information relating to the issuer or financial instrument in breach of Articles 7 and 17 of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse, except in situations where the interests of investors or the orderly functioning of the market could be significantly affected by such action.

II. - As soon as the Autorité des marchés financiers is informed by a competent authority of another Member State of the European Union or party to the Agreement on the European Economic Area of a decision to suspend or delist a financial instrument from trading on a trading platform as a result of suspected market abuse, a takeover bid or failure to disclose inside information relating to the issuer or the financial instrument in breach of Articles 7 and 17 of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse, it shall require trading platforms and systematic internalisers to suspend or delist that instrument and the financial contracts linked or referenced to it, except where the interests of investors or the orderly functioning of the market could be significantly affected by such action.

III. - Decisions to lift suspensions are made public and, where applicable, communicated to the Autorité des marchés financiers under the same conditions. The suspension of a financial instrument on other trading platforms and systematic internalisers, as well as the financial contracts linked or referred to therein, shall be lifted as soon as possible.

Mariela Petrova

Need help applying this article to your situation?

A registered French Lawyer explains what applies to your business — in English, fixed fee.

within 48h

Fixed Fee

Talk to a lawyer
Previous articleArticle L420-9Next articleArticle L420-11
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

English · French · Russian

Ready When You Are

Talk To A Corporate
Lawyer In France.

A 20–30 minute call, in English, to scope the engagement. No obligation, no preliminary fee. You will leave the call with a clear view of what the work will cover and what it will cost.

Talk To A Corporate Lawyer+33 1 84 88 31 00
First EngagementFixed Fee

Talk to a French lawyer.

Reply within 24 hours.

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

Continue Reading

Related corporate services in France

01 / Setup

Setting up a French company

Choose between SAS, SARL, SA or SCI — and structure your first French entity around how you actually plan to operate.

Read More
02 / Operating

French commercial contracts

Distribution, agency, supply, services and IP licences — drafted around the protections French law actually gives.

Read More
03 / Disputes

Business disputes & litigation

Shareholder conflicts, commercial breaches and pre-litigation strategy — handled by the same team that knows the file.

Read More