All of French Company Law: ordinary law of companies and specific regime for different types of companies

Company Law (en cours)

Pursuant to Article L. 621-1 of the Monetary and Financial Code, the AMF ensures the protection of savings invested in financial instruments, the units mentioned in Article L. 229-7 of the Environmental Code, and the assets mentioned in II of Article L. 421-1 of the Monetary and Financial Code that are subject to a public offering or admission to trading on a regulated market, and in all other inv …

Missions of the AMF

Pursuant to Article L. 621-1 of the Monetary and Financial Code, the AMF ensures the protection of savings invested in financial instruments, the units mentioned in Article L. 229-7 of the Environmental Code, and the assets mentioned in II of Article L. 421-1 of the Monetary and Financial Code that are subject to a public offering or admission to trading on a regulated market, and in all other investments offered to the public, the information of investors, and the proper functioning of financial instrument markets , units, and assets, as well as the quality of information provided by management companies for collective investment management on their investment strategy and risk management related to the effects of climate change. The powers conferred on the AMF fulfill its mission of market surveillance to ensure their proper functioning and integrity, allowing it to investigate potential abuses and to sanction them .

It also ensures that the undertakings under its supervision implement appropriate measures to comply with the codes of conduct of representative organizations of financial sector professionals approved by the Ministry of the Economy. Furthermore, the AMF contributes to the regulation of markets at the European and international levels. In fulfilling its missions, it takes into account the objectives of financial stability throughout the European Union and the European Economic Area and the convergent implementation of national and European Union provisions with regard to best practices and recommendations from the European Union's supervisory frameworks. It cooperates with the competent authorities of other states.

The AMF also ensures, in accordance with Article L. 621-9 of the Financial Markets Code, the regularity of transactions carried out on financial instruments offered to the public and admitted to trading on a regulated market or on a multilateral trading system, in order to protect investors against insider trading, market manipulation, and the dissemination of false information. In this context, it ensures compliance with the professional obligations imposed by legislative and regulatory provisions on several market participants, such as investment service providers other than portfolio management companies authorized or operating under the freedom to provide services in France, as well as legal entities under their authority or acting on their behalf, persons authorized to engage in the custody or administration of financial instruments, members of regulated markets who are not investment service providers, or market undertakings.

On the other hand, it is not within the AMF's remit to rule on private disputes that would involve the imposition of private law sanctions. This applies to any potential violations by the offeror of obligations sanctioned by private law, which allegedly led to artificially reducing its result , the regularity of the deliberations following which a company's board of directors gives a reasoned opinion in favor of authorizing a public buyout offer project , the regularity of the financing of the public buyout offer, or any potential non-compliance with the provisions of the Commercial Code relating to the repurchase of preferred dividend shares  and the civil consequences of the irregular transfer of treasury shares . Similarly, it is not within the authority's duties to rule on the application or non-compliance with shareholders' agreements .

CE, 21 March 2016, LawLex201600000652JBJ, considering that it is incumbent upon the AMF, in its mission to protect savings and inform investors, to publish statements urging savers or investors to exercise caution regarding certain types of risky investments or financial practices, including in the real estate investment sector; Paris, 15 October 2020, LawLex202300000730JBJ, specifying that when the AMF imposes a sanction, it acts within the framework of its mission of general interest, which consists of ensuring the protection of savings invested in financial products and all other investments subject to public solicitation, informing investors, and ensuring the proper functioning of the market for financial instruments and assets covered by these provisions.

Paris, 27 November 2014, LawLex202300000551JBJ.

Cass. com., 5 July 2017, LawLex202300006601JBJ.

Cass. com., 21 January 2014, LawLex202300006370JBJ.

Paris, 16 September 2003, LawLex202300006377JBJ

Paris, 1 February 2000, LawLex202300006442JBJ.

Paris, 13 November 2001, LawLex202300006343JBJ.

Company Law (en cours)

158. Missions of the AMF

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Les décisions de justice citées dans ce paragraphe :

Les notions juridiques connexes

158. Missions of the AMF

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Les décisions de justice citées dans ce paragraphe :

Les notions juridiques connexes

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au contenu exclusif Livv – juristes d’entreprise