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Book VI: Banking and financial institutions

Article L622-16
I. - Without prejudicing the provisions of article L. 613-21, investment service companies, members of a regulated stock market, stock brokers and clearing chambers are subject to penalties defined by the Conseil des marchés financiers on account of breaches of their professional duties, as defined by current laws and regulations.
II. - For disciplinary matters, the conseil either acts automatically, or on request from the commissaire du Gouvernement, or on request from the chairman of the Commission des opérations de bourse, or on request from the governor of the Banque de France, chairman of the commission bancaire, or on request from a stock broker or a clearing chamber. It rules on these matters based on evidence. No penalty can be imposed before the individual concerned or the legal representative of the investment services provider, the member of the regulated stock market, the stock broker or the clearing chamber has been heard, or otherwise, properly convened.
III. - The applicable penalties comprise warning, reprimand or temporary or permanent prohibition from carrying out all or a part of the services provided. Such prohibitions include, depending on the individual case, suspension or withdrawal of the trading licence stated under article L. 532-1 for the service concerned.
Furthermore, the Conseil des marchés financiers may impose, either instead of or in addition to these penalties, punitive fines which may not exceed five million French francs or may be linked to the value of any profits earned. These amounts are paid to the guarantee fund to which the penalised person belongs, otherwise to the Trésor public (French State Treasury).
IV. - The commission bancaire and the comité des établissements de crédit et des entreprises d’investissement shall be notified of any temporary or permanent prohibition of all or part of the activities.

Article L622-17

Parties under the authority or acting on behalf of persons stated under I of article L. 622-16 are subject to penalties imposed by the Conseil des marchés financiers due to breach in their professional duties, as defined in law and regulations currently in force.
The conseil either acts automatically, or on request from the commissaire du Gouvernement, or on request from the chairman of the Commission des opérations de bourse, or on request from the governor of the Banque de France, chairman of the commission bancaire, or on request from a stockbroker or a clearing chamber. It rules on these matters based on evidence. No penalty can be imposed before the individual concerned or the legal representative of the investment services provider, the member of the regulated stock market, the stock broker or the clearing chamber has been heard, or otherwise, properly convened.
The applicable penalties comprise warning, reprimand, or temporary or permanent withdrawal of the professional card. Furthermore, the Conseil des marchés financiers may impose, either instead of or in addition to these penalties, punitive fines which may not exceed four hundred thousand French francs or three times the value of any profits earned. These amounts are paid to the guarantee fund to which the legal entity under authority belongs or on whose behalf the penalised party is acting, otherwise to the Trésor public.
In case of urgency, the parties mentioned in the present article against whom procedures have been undertaken can be suspended from trading by the Conseil des marchés financiers.

Article L622-20

Any infringement of laws and regulations concerning doorstep selling and any breach of professional duties shall give rise to disciplinary penalties imposed by the Conseil des marchés financiers against parties stated under article L. 343-3. It rules on these matters based on evidence. No penalty can be imposed before the party concerned has been heard, or otherwise properly convened. The applicable penalties comprise warning, reprimand, or temporary or permanent withdrawal of the employment card issued pursuant to article L. 343-3. Furthermore, the Conseil des marchés financiers may impose punitive fines which may not exceed two hundred thousand French francs. These amounts are paid to the guarantee fund listed in article L. 533-13, or otherwise, to the Trésor public.

Article L631-1

Communication between supervisory authorities is governed by the following provisions: Parties authorised to communicate the information necessary for the performance of their respective duties are the Banque de France, the comité des établissements de crédit et des entreprises d’investissement, the commission bancaire, the commission de contrôle des assurances (insurance industry commission), la commission de contrôle (audit commission) established under article L. 951-1 of the Social Security Code, the Commission des opérations de bourse, the deposit guarantee fund established under article L. 312-4, the guarantee fund established under article L. 423-1 of the Insurance Code, the Conseil des marchés financiers, the conseil de discipline de la gestion financière (financial management disciplinary council), stock brokers and clearing chambers. Information passed between these parties is subject to current professional confidentiality obligations under conditions applicable to both the communicating and receiving entities.