investment companies
LexInter | May 29, 2004 | 0 Comments

INVESTMENT COMPANIES

MONETARY AND FINANCIAL CODE
(Legislative Part)
 

Section 2: Investment firms 

Article L531-4

(Law n ° 2001-420 of May 15, 2001 art. 8 I Official Journal of May 16, 2001)
   Investment firms are legal persons, other than credit institutions, which provide investment services as a regular profession.

Article L531-5

(Law nº 2003-706 of August 1, 2003 art. 46 VI 1º Official Journal of August 2, 2003)
   Investment firms may, under conditions defined by the minister responsible for the economy, take and hold shares in existing or new businesses. 

Article L531-6

Law n ° 2003-706 of August 1, 2003 art. 46 VI 1º, art. 73 1º Official Journal of August 2, 2003)
(Ordinance n ° 2005-429 of May 6, 2005 art. 70 Official Journal of May 7, 2005)

Any modification in the capital structure of an investment firm must be carried out under conditions defined by an order of the Minister responsible for the economy. It must be notified to the Committee on Credit Institutions and Investment Firms and to the Autorité des Marchés Financiers. Where applicable, it must be authorized by the Committee on Credit Institutions and Investment Firms.
In the event of a breach of the rules set out in the first paragraph and without prejudice to the provisions of Article L. 233-14 of the Commercial Code, the Public Prosecutor, the Committee of Credit Institutions and Investment Firms, the Commission bank or any shareholder or holder of company shares can ask the judge to suspend, until the situation is regularized, the exercise of the voting rights attached to the shares and company shares of investment firms other than the management companies of portfolio held irregularly, directly or indirectly.

Article L531-6

(Law nº 2003-706 of August 1, 2003 art. 46 VI 1º, art. 73 1º Official Journal of August 2, 2003) 
(Ordinance n ° 2005-429 of May 6, 2005 art. 70 Official Journal of May 7, 2005)
(Ordinance n ° 2007-544 of April 12, 2007 art. 4 Official Journal of April 13, 2007 in force on November 1, 2007)

Any modification in the capital structure of an investment firm must be carried out under conditions defined by an order of the Minister responsible for the economy. It must be notified to the Committee on Credit Institutions and Investment Firms. Where applicable, it must be authorized by the Committee on Credit Institutions and Investment Firms.
In the event of a breach of the rules set out in the first paragraph and without prejudice to the provisions of Article L. 233-14 of the Commercial Code, the Public Prosecutor, the Committee of Credit Institutions and Investment Firms, the Commission bank or any shareholder or holder of company shares can ask the judge to suspend, until the situation is regularized, the exercise of the voting rights attached to the shares and company shares of investment firms other than the management companies of portfolio held irregularly, directly or indirectly.

Article L531-7

(Law n ° 2001-420 of May 15, 2001 art. 8 II Official Journal of May 16, 2001) 
(Law nº 2003-706 of August 1, 2003 art. 46 VI 1º Official Journal of August 2, 2003)

The Minister responsible for the economy sets the conditions under which investment firms may exercise, in a professional capacity, an activity other than those provided for in Article L. 321-1.

Article L531-7

(Law n ° 2001-420 of May 15, 2001 art. 8 II Official Journal of May 16, 2001) 
(Law nº 2003-706 of August 1, 2003 art. 46 VI 1º Official Journal of August 2, 2003) 
(Ordinance n ° 2007-544 of April 12, 2007 art. 4 Official Journal of April 13, 2007 in force on November 1, 2007)

The Minister responsible for the economy sets the conditions under which investment firms may exercise, in a professional capacity, an activity other than those provided for in Articles L. 321-1 and L. 321-2.

Article L531-8

   Each investment firm, each market enterprise and each clearing house adheres to an association of its choice, responsible for collective representation and the defense of the rights and interests of its members. Any association thus constituted is affiliated to the association provided for in article L. 511-29.

Article L531-9

(Law nº 2003-706 of August 1, 2003 art. 46 v 1º Official Journal of August 2, 2003)
   For the application of Articles L. 531-5, L. 531-6 and L. 531-7 to portfolio management companies, the powers of the authorities defined in these articles are exercised by the Autorité des marchés financiers.

Article L531-9

(Law nº 2003-706 of August 1, 2003 art. 46 v 1º Official Journal of August 2, 2003) 
(Ordinance n ° 2007-544 of April 12, 2007 art. 4 Official Journal of April 13, 2007 in force on November 1, 2007 corrigendum JORF May 19, 2007)

For the application of Articles L. 531-5 and L. 531-6 to portfolio management companies, the powers of the authorities defined in these articles are exercised by the Autorité des marchés financiers.

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