French Monetary and Financial Code
In forcePersons engaging in the activity of agent, managing or administering an agent or to whom responsibility for the activity of agent is delegated are subject to the disqualifications mentioned in article L. 500-1.
No person may engage in the activity or perform the duties referred to in the preceding paragraph if they have been subject for less than five years to :
a) a temporary or permanent ban on exercising an activity or service pursuant to article L. 621-15;
b) a permanent or temporary ban on carrying out certain operations or a restriction on the exercise of the activity, pursuant to 3° of article L. 612-39 ;
c) Deregistration pursuant to 7° of Article L. 612-39, in the case of a payment institution carrying out a hybrid activity within the meaning of Article L. 522-3 ;
d) Withdrawal of authorisation to operate as a manual money changer, pursuant to 3° of II of Article L. 612-41;
e) a sanction under 4° or 5° of Article L. 612-39;
f) a ban on practising the profession of bureau de change, pursuant to the first sentence of the sixth paragraph of II of Article L. 612-41;
g) a sanction pursuant to 3° to 5° of I of Article L. 612-41;
h) an equivalent sanction imposed by the authorities responsible for supervising payment institutions in another State party to the Agreement on the European Economic Area.
Natural persons engaging in the activity or performing the functions mentioned in the first paragraph must be of sufficiently good repute and have the necessary skills, as defined by an order of the Minister for the Economy.
They must provide proof of this in accordance with the conditions defined by an order of the Minister responsible for the economy, which also determines the conditions under which the Autorité de contrôle prudentiel et de résolution is exempt from verifying this.
