French Monetary and Financial Code
In forceI. - The contracting company shall take the necessary steps to :
1. Detect, prevent and manage the potentially harmful effects, for the proper functioning of the regulated market or for market members, of any conflict of interest between the requirements for the proper functioning of the regulated market that it manages and its own interests or those of its shareholders;
2. To have at its disposal at all times adequate resources, organisation and monitoring procedures to identify significant risks that could jeopardise the smooth operation of the regulated market that it manages, and to take appropriate measures to mitigate such risks;
3. Adopt rules of professional conduct applicable to members of the administrative, management and supervisory bodies, managers, employees and agents, and ensure that they are complied with;
4. Guarantee the proper operation of technical trading systems and, in particular, have emergency procedures in place to deal with any malfunctions;
5. Implement mechanisms to facilitate the efficient and timely settlement of transactions executed through their systems.
II. - The market undertaking must, at the time of recognition of the regulated market and on an ongoing basis, have sufficient financial resources to ensure the smooth operation of the market.
III. - The General Regulation of the Autorité des marchés financiers shall determine the rules relating to 1, 3 and 5 of I. An order of the Minister for the Economy, issued in accordance with Article L. 611-3, shall determine the rules relating to 2 and 4 of I and to II.
The Autorité des marchés financiers shall ensure that the provisions of I and II are properly applied in accordance with the conditions set out in article L. 621-9 . For the rules relating to 2 and 4 of I and II, it may rely on the controls carried out by the Autorité de contrôle prudentiel et de résolution under the conditions laid down for the persons mentioned in 2° of A of I of Article L. 612-2 and the ensuing recommendations.
