Subsection 1: Provisions common to investment services providers other than portfolio management companies

Articles in this section · 21

Article L533-15

French Monetary and Financial CodeIn force

Updated 7 Nov 2023

I.- Investment service providers other than portfolio management companies shall report to their clients, in a durable medium, on the services provided to them. The report shall include periodic communications to clients depending on the type and complexity of the financial instruments concerned and the nature of the service provided to clients and, where applicable, the costs associated with the transactions carried out and the services provided on behalf of clients.

II - Investment service providers other than portfolio management companies that provide the investment service referred to in Article L. 321-1.5 shall provide clients with a declaration of suitability on a durable medium prior to the transaction, specifying the advice provided and the extent to which it meets the preferences, objectives and other characteristics of non-professional clients.

Investment services providers other than portfolio management companies that enter into an agreement to buy or sell a financial instrument by a means of distance communication that does not allow the prior transmission of the suitability statement may transmit the written suitability statement on a durable medium to the clients immediately after the clients are bound by the agreement, under conditions laid down by decree.

Where investment services providers other than portfolio management companies provide the investment service referred to in Article L. 321-1.4 or have informed clients that they will carry out a periodic assessment of suitability, the periodic report shall include an updated statement on how the investment meets the preferences, objectives and other characteristics of non-professional clients.

The obligations set out in this article do not apply to the provision of services to professional clients, unless they request otherwise under conditions laid down by decree.

Mariela Petrova

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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

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

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