Subsection 1: Regulations and decisions

The General Regulation of the Autorité des marchés financiers determines in particular :

I.-The rules of professional practice that apply to issuers when they make offers to the public, with the exception of those mentioned in 1° of Article L. 411-2 or 2 or 3 of Article L. 411-2-1, or whose financial instruments, units mentioned in Article L. 229-7 of the Environmental Code are admitted to trading on a regulated market, as well as the rules that must be complied with when dealing in financial instruments and assets mentioned in II of Article L. 421-1 admitted to trading on a trading platform.

Ia - The rules applicable to service providers authorised in accordance with Article L. 54-10-5.

I ter -The rules applicable to issuers of tokens within the meaning of Chapter II of Title V of Book V of this Code.

II. - The rules relating to takeover bids for financial securities admitted to trading on a regulated market.

III. - The rules of conduct, organisational rules, rules relating to algorithmic trading and other professional obligations that must be complied with at all times by the persons mentioned in II of Article L. 621-9.

IV. - Concerning investment services providers other than portfolio management companies, market undertakings and members of regulated markets, clearing houses and their members:

1° The conditions under which investment services providers other than portfolio management companies may provide the services defined in Article L. 321-2 ;

2° The conditions governing membership of clearing houses and the activities of members of the clearing houses referred to in Article L. 440-2;

3° The conditions under which a professional licence may be issued to or withdrawn from natural persons placed under the authority of or acting on behalf of investment services providers other than portfolio management companies, market undertakings, members of regulated markets and clearing houses;

4° The rules applicable to the persons referred to in Article L. 532-18-1 ;

5° The conditions under which, pursuant to Article L. 440-1, the Autorité des marchés financiers approves the rules of clearing houses, without prejudice to the powers conferred on the Banque de France by Article L. 141-4;

6° The conditions under which members of a regulated market may engage in proprietary and third-party trading in the units referred to in Article L. 229-7 of the Environmental Code or the assets referred to in II of Article L. 421-1 of this Code.

V. - Concerning management activities on behalf of third parties and collective investment schemes:

1° (Deleted)

2° The conditions for authorising and carrying on the business of the collective investment management companies referred to in Article L. 543-1 ;

3° The conditions for authorisation of the collective investment schemes referred to in I of Article L. 214-1;

4° The conditions for carrying on the business of custodian of collective investment schemes referred to in I of Article L. 214-1;

5° The conditions under which, pursuant to Article L. 533-10-1, the risk management method is implemented for portfolio management companies and investment services providers that provide the investment service referred to in paragraph 4 of Article L. 321-1;

6° The conditions under which a professional licence may be issued to or withdrawn from natural persons placed under the authority of or acting on behalf of portfolio management companies.

VI. - Concerning the custody and administration of financial instruments, central depositories and financial instrument settlement and delivery systems:

1° The conditions for the exercise of the activities of custody or administration of financial instruments by legal entities that carry out public offerings of financial securities other than those mentioned in 1° or 2° of Article L. 411-2 or in Article L. 411-2-1 or the admission of financial instruments to trading on a regulated market and intermediaries authorised in this respect under the conditions laid down in Article L. 542-1 ;

2° The conditions under which, pursuant to III of Article L. 441-1, the Autorité des marchés financiers approves the operating rules of central depositories and the financial instrument settlement and delivery systems they manage, without prejudice to the powers conferred on the Banque de France by Article L. 141-4;

3° The conditions under which a professional card may be issued to or withdrawn from natural persons placed under the authority of or acting on behalf of the central depositories mentioned in 1° of I of Article L. 441-1.

VII. - Concerning trading platforms and their managers within the meaning of Article L. 420-1 :

1° The general principles of organisation and operation that regulated markets must comply with, as well as the rules relating to the execution of transactions in financial instruments, units mentioned in Article L. 229-7 of the Environmental Code and assets mentioned in II of Article L. 421-1 of this Code that are traded or admitted to trading on these markets;

2° The conditions under which the Autorité des marchés financiers, pursuant to Articles L. 421-4, L. 421-5 and L. 421-10, proposes the recognition, revision or withdrawal of the status of regulated market within the meaning of Article L. 421-1 and the conditions under which the market undertaking, pursuant to Article L. 421-10, publishes the market rules;

3° The general principles governing the organisation and operation of multilateral trading facilities and organised trading facilities;

4° The general principles governing the organisation and operation of market undertakings under the conditions set out in III of Article L. 421-11;

5° The conditions under which the AMF authorises a market undertaking to operate a multilateral trading facility, in accordance with the provisions of the third paragraph of Article L. 424-1, or to operate an organised trading facility, in accordance with the provisions of the ninth paragraph of Article L. 425-1;

6° The rules governing information to be provided to the Autorité des marchés financiers and to the public concerning orders, transactions and positions in financial instruments, units referred to in Article L. 229-7 of the Environmental Code and assets referred to in II of Article L. 421-1 of this Code traded or admitted to trading on a regulated market;

7° The conditions under which, pursuant to Articles L. 420-10 and L. 421-15, decisions to admit, suspend or delist a financial instrument from trading are made public by the persons who took them;

8° The obligations incumbent on members of the regulated market, as well as the conditions for application of article L. 421-17 ;

9° The conditions under which the market undertaking decides on the admission of members to the regulated market, pursuant to Article L. 421-17, and verifies compliance with market rules by these members, monitors transactions on this market and prevents market abuse, pursuant to Article L. 420-9;

10° The conditions under which the rules of the multilateral trading facility or organised trading facility are published by the operator of the facility and the information provided to the public or to members by the operator of the facility, pursuant to Articles L. 424-2 and L. 425-2;

11° The conditions under which, pursuant to Article L. 425-4, the execution of orders on an organised trading facility is carried out on a discretionary basis.

VIII. - The conditions under which the business of persons, other than those mentioned in 1° and 7° of II of Article L. 621-9, who produce and disseminate financial analyses or investment recommendations on a regular professional basis within the meaning of points 34 and 35 of 1 of Article 3 of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse and the rules of conduct applicable to natural persons under their authority or acting on their behalf, is conducted.

IX-The procedures for complying, by filing or dissemination, with the disclosure and information obligations imposed by this Code in respect of the transparency of financial markets and in connection with public offers of financial securities other than those mentioned in 1° or 2° of Article L. 411-2 or Article L. 411-2-1 or the admission of financial instruments to trading on a regulated market.

X. - The criteria according to which a market in sovereign debt securities is considered to be liquid, pursuant to II of Article L. 425-5.

XI. - The knowledge required of natural persons who provide investment advice or information on financial instruments, investment services or related services to clients on behalf of an investment firm and, where applicable, a portfolio management company, pursuant to Article L. 533-12-6 and VII of Article L. 532-9.

XII. - The criteria for determining recognised foreign markets, pursuant to Article L. 423-1.

XIII. - The conditions for setting and revising position limits and for providing position statements pursuant to Articles L. 420-11 to L. 420-16.

XIV. - The conditions under which the entities or persons mentioned in II of Article L. 621-9 :

1° May deliver, provide, make available or communicate information or documents relating to a contract to their customers by dematerialised means on a durable and accessible medium ;

2° May conclude or amend contracts with their customers by electronic signature.

XV. - The rules applicable to the provision of pan-European individual retirement savings products by the persons referred to in Article L. 621-20-10 for which Regulation (EU) 2019/1238 of the European Parliament and of the Council of 20 June 2019 on a pan-European individual retirement savings product (PEPP) refers to the competence of the Member States.