Section 1: Infringements of market transparency

I. - The Financial Public Prosecutor may not initiate public proceedings for the application of the penalties provided for in this section when the Autorité des marchés financiers has served a statement of objections in respect of the same facts and the same person pursuant to Article L. 621-15.

The Autorité des marchés financiers may not issue a statement of objections against a person in respect of whom the public prosecutor has initiated proceedings for the same acts for the application of the penalties provided for in this section.

II. - Prior to any prosecution for the application of the penalties provided for in this section, the Financial Public Prosecutor shall inform the Autorité des marchés financiers of his intention. The latter shall have a period of two months in which to inform the Public Prosecutor of its intention to proceed with the notification of complaints against the same person for the same acts.

If the Autorité des marchés financiers does not make known its intention to proceed with the notification of grievances within the time limit set, or if it makes known that it does not wish to proceed with the notification of grievances, the Financial Public Prosecutor may initiate public proceedings.

If the AMF makes known its intention to proceed with the notification of objections, the Public Prosecutor has fifteen days to confirm its intention to initiate public proceedings and to refer the matter to the Public Prosecutor at the Paris Court of Appeal. Failing this, the AMF may issue a statement of objections.

III. - Before issuing a statement of objections in respect of acts that may constitute one of the offences referred to in this section, the AMF shall inform the Financial Public Prosecutor of its intention to do so. The latter shall have a period of two months in which to inform the AMF of its intention to initiate public proceedings for the same acts and against the same person.

If the Financial Public Prosecutor does not make known his intention to initiate public proceedings within the allotted time, or if he indicates that he does not wish to do so, the AMF may proceed with the notification of objections.

If the Public Prosecutor makes known his intention to initiate public proceedings, the AMF has fifteen days to confirm its intention to proceed with the notification of grievances and to refer the matter to the Public Prosecutor at the Paris Court of Appeal. Failing this, the Financial Public Prosecutor may initiate public proceedings.

IV. - When a matter is referred to the Public Prosecutor at the Paris Court of Appeal pursuant to II or III of this Article, the Public Prosecutor has two months from the date of referral to decide whether or not to authorise the Public Prosecutor to initiate public proceedings, after giving the Public Prosecutor and the Autorité des marchés financiers the opportunity to present their observations. If the Public Prosecutor is not authorised to initiate proceedings within the allotted time, the Autorité des marchés financiers may proceed with the notification of grievances.

V. - Within the framework of the procedures provided for in II and III, any decision by which the Autorité des marchés financiers waives the notification of grievances and any decision by which the Public Prosecutor waives the initiation of public proceedings is final and not subject to appeal. It is placed in the case file. Failure by the Autorité des marchés financiers and the Public Prosecutor to respond within the time limits set out in II and III above shall be final and not subject to appeal.

The decision of the Public Prosecutor at the Paris Court of Appeal provided for in IV is final and may not be appealed. It is placed in the case file.

VI. - The proceedings provided for in II, III and IV of this article suspend the statute of limitations for public prosecution and for the action of the Autorité des marchés financiers in respect of the facts to which they relate.

VII. - By way of derogation fromArticle 85 of the Code of Criminal Procedure, a civil party complaint for acts likely to constitute one of the offences mentioned in this section is admissible only if the Financial Public Prosecutor is able to prosecute in accordance with this Article, and that the person claiming to have been wronged can prove that a period of three months has elapsed since he lodged a complaint with this magistrate against receipt or by registered letter with acknowledgement of receipt, or since he sent a copy to this magistrate, in the same way, of his complaint lodged with a criminal investigation department. The statute of limitations for public prosecution is suspended, in favour of the victim, from the time the complaint is lodged until the Financial Public Prosecutor responds on expiry of the three-month period referred to in the first sentence of this VII.

VIII. - By way of derogation from the first paragraph ofArticle 551 of the Code of Criminal Procedure, a summons for the offences mentioned in this section may only be issued at the request of the Financial Public Prosecutor, provided that he is able to prosecute in accordance with this Article.

IX. - Without prejudice toArticle 6 of the Code of Criminal Procedure, the public prosecution for the application of the penalties provided for in this section is extinguished, at the end of the procedures provided for in II, III and IV of this Article, by the notification of the complaints by the Autorité des marchés financiers for the same facts and with regard to the same person pursuant to Article L. 621-15 of this Code.

X. - Section 8 of Chapter I of Title II of Book II of the Code of Criminal Procedure applies to the offences referred to in this Section.

XI. - A Conseil d'Etat decree specifies the terms and conditions for the application of this article.