Chapter VII: Participative finance service providers

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L547-1L547-2L547-3L547-4L547-5L547-6

Article L547-1

French Monetary and Financial CodeIn force
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Updated 7 Nov 2023

Participative finance service providers are the legal persons defined in e) of paragraph 1 of Article 2 of Regulation (EU) No 2020/1503 of 7 October 2020.

They shall be authorised, under the conditions laid down in this regulation, by the Autorité des marchés financiers. If the applicant's programme of operations includes facilitating the granting of loans, the authorisation as a participatory finance service provider shall be issued by the Autorité des marchés financiers only after obtaining the assent of the Autorité de contrôle prudentiel et de résolution. Extensions of authorisation are granted under the same conditions.

The Autorité des marchés financiers (AMF) is responsible for supervising and monitoring authorised service providers and will request the approval of the Autorité de contrôle prudentiel et de résolution (ACPR) if the service provider's programme of operations includes facilitating the granting of loans. The Autorité de contrôle prudentiel et de résolution shall inform the Autorité des marchés financiers of any relevant information.

The Autorité des marchés financiers may withdraw the authorisation of a provider of equity financing services at the request of the provider. It may also be decided ex officio by the Autorité des marchés financiers in the situations mentioned in Article 17 of Regulation (EU) 2020/1503 of 7 October 2020. If the applicant's programme of operations includes facilitating the granting of loans, the withdrawal of authorisation is subject to the assent of the Autorité de contrôle prudentiel et de résolution.

Withdrawal of authorisation takes effect on expiry of a period determined by the Autorité des marchés financiers.

During this period:

1° The provider of participative financing services is subject to supervision by the Autorité des marchés financiers. Without prejudice to the powers conferred on it by Articles 30 and 40 of Regulation (EU) No 2020/1503 of 7 October 2020, the Autorité des marchés financiers may impose the penalties provided for in Article L. 621-15 against any equity crowdfunding service provider whose authorisation has been withdrawn;

2° It may only carry out transactions that are strictly necessary to protect the interests of its customers;

3° It may only refer to its status as an equity crowdfunding service provider by stating that its authorisation is being withdrawn;

4° At the end of this period, the legal entity concerned loses its status as an equity crowdfunding service provider and must have changed its corporate name.

A decree shall specify the conditions of application of this article.

Mariela Petrova

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Mariela Petrova

Mariela Petrova

Avocate au Barreau de Paris

Toque #C2396

15+ Years In Corporate Practice

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