French Monetary and Financial Code
In forceI. - With a view to recognition as a regulated market, the market undertaking shall draw up the rules of the market. These rules, which are transparent and non-discretionary, ensure fair and orderly trading and set objective criteria for the efficient execution of orders. They also set the conditions for admission of members in accordance with the provisions of Article L. 421-17 .
In particular, they determine the conditions for access to the market and admission to trading of the financial instruments and assets referred to in II of Article L. 421-1, the provisions for organising transactions, the conditions for suspending trading in one or more financial instruments and assets referred to in II of Article L. 421-1, and the provisions relating to the registration and disclosure of trades.
These rules shall be approved by the Autorité des marchés financiers, which shall verify that they comply with the applicable legal and regulatory provisions and are proportionate to the objectives pursued. The rules are drafted in French.
Proposed amendments to these rules shall be notified to the Autorité des marchés financiers, which shall approve them after carrying out the verifications provided for in the previous paragraph.
The market rules are published by the market undertaking.
II. - Authorisations applied for by legal entities mentioned in I relating to the recognition of a regulated market and simultaneously applying for a specific authorisation to operate a "DLT multilateral trading facility" or a "DLT trading and settlement facility", under Articles 8 and 10 respectively of Regulation (EU) No 2022/858 of the European Parliament and of the Council of 30 May 2022 on a pilot scheme for market infrastructures based on distributed ledger technology and amending Regulations (EU) No 600/2014 and (EU) No 909/2014 and Directive 2014/65/EU, shall be issued under the conditions set out in I of this Article.
Specific authorisations applied for within the framework set out in this II, as well as those applied for by already recognised market undertakings and related exemptions under the aforementioned Regulation (EU) No 2022/858 of the European Parliament and of the Council of 30 May 2022, shall be granted by the Autorité des marchés financiers, after consulting the Autorité de contrôle prudentiel et de résolution and, where the application concerns the operation of a "DLT trading and settlement system", the Banque de France.
The Autorité des marchés financiers is responsible for overseeing the application of exemptions linked to specific authorisations granted under Regulation (EU) 2022/858 of the European Parliament and of the Council of 30 May 2022 and for overseeing the application of the same regulation by market undertakings that have obtained a specific authorisation. When it takes prudential measures under Articles 8, 10 or 11 or other articles of the same regulation, it consults the Autorité de contrôle prudentiel et de résolution. With regard to the operation of a "DLT trading and settlement system", it shall also consult the Banque de France when taking measures under Articles 10 or 11 or other articles of the said Regulation. The Autorité des marchés financiers shall cooperate with the competent authorities of the various Member States and with the European Securities and Markets Authority under the conditions laid down in the same regulation.
A decree shall specify the terms of application of this II.
