French Monetary and Financial Code
In forceI. - Pursuant to IV bis of Article L. 621-15, the chairman of the panel hearing the case shall preside over the meeting.
II. - During the meeting, the rapporteur presents his report. The Director General of the Treasury or his representative may submit observations. The member of the Board mentioned in the third paragraph of I of Article L. 621-15 or his representative appointed pursuant to this provision may submit observations in support of the objections notified and propose a sanction. The defendant, if present, and his or her counsel present the defendant's defence. The chairman of the panel hearing the case may call to be heard any person he deems useful. In all cases, the accused person, if present, and his counsel must be allowed to speak last. If the Panel considers that it has not received sufficient information, it will ask the rapporteur to continue his work in accordance with the procedure defined in II and III of Article R. 621-39.
III. - The panel's decisions are taken in the sole presence of its members and an AMF official acting as secretary to the meeting, without the presence of the rapporteur, the member of the Board mentioned in the third paragraph of I of Article L. 621-15 or his representative appointed pursuant to this provision, and the Director General of the Treasury or his representative.
IV. - The meeting secretary draws up minutes of the meeting. The minutes are signed by the chairman of the Enforcement Committee, the rapporteur and the meeting secretary and sent to the members of the Enforcement Committee and to the Director General of the Treasury.
V. - The decision mentions the names of the members of the panel who took the decision. The person concerned is notified of the decision by registered letter with acknowledgement of receipt, by hand-delivery against a receipt or by bailiff's deed or by any other means that enables the date of receipt to be ascertained.
The decision is communicated to the Director General of the Treasury and to the Chairman of the AMF, who reports to the Board.
When the decision concerns an investment services provider other than a portfolio management company, it is also notified to the Autorité de contrôle prudentiel et de résolution.
VI. - The decision to impose a sanction shall mention, where applicable, the costs of the proceedings to be borne by the person against whom the sanction has been imposed.
The remuneration of bailiffs acting under this section is set in accordance with Articles R. 181 to R. 184 of the Code of Criminal Procedure.
VII. - When a notification is made under this section by a bailiff, the bailiff proceeds in accordance with the procedures set out in articles 555 to 563 of the Code of Criminal Procedure.
