French Monetary and Financial Code
In forceI.-Participative finance intermediaries are persons who habitually act as intermediaries within the meaning of Article L. 548-1. Only legal entities may be equity financing intermediaries.
II.Participative finance intermediaries are not authorised to carry out any activities other than those mentioned in Article L. 548-1 or, where applicable, those that they are authorised to carry out in their capacity as a credit institution, finance company, payment institution, account information service provider, electronic money institution, electronic money distributor, investment firm, portfolio management company, agent of a payment service provider, participative finance service provider or intermediary in banking transactions and payment services. However, when this activity of intermediary in equity financing is carried out on an ancillary basis by a credit institution, payment or electronic money institution or a finance company, this activity may be combined with the activity of insurance intermediary. When this activity of intermediary in equity financing is carried out on an ancillary basis by a banking and payment services intermediary, it may be combined with the activity of insurance intermediary on an ancillary basis as defined inArticle L. 511-1 of the Insurance Code.
III - The Minister responsible for the economy shall set the conditions under which participative finance intermediaries may carry out, on a regular basis, an activity other than those provided for in this article, as an extension of the provision of participative finance services and excluding the sale of goods, in particular those whose financing they facilitate.
