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The Enforcement Committee, which is made up of judges and professionals, has total freedom to make decisions. It can impose sanctions on any person or company whose practices contravene laws and regulations that fall within the jurisdiction of the AMF. It also ratifies settlement agreements and takes part in providing information to professionals and retail investors.
When the AMF Board refers a matter to it, the Enforcement Committee follows a formal procedure to review the case and rule on the charges against the respondents. It may impose fines and/or disciplinary penalties, ranging from a warning or reprimand to a temporary or permanent ban on conducting business or providing some or all services.
The Enforcement Committee must ratify settlement agreements signed by respondents and the AMF Secretary General and approved by the Board before they are published. However, sanction proceedings will be opened if the Enforcement Committee decides not to ratify a settlement.
The Enforcement Committee endeavours to provide information to professionals and the public:
The Enforcement Committee is independent from the Board and has 12 members, none of whom sit on the Board:
A rapporteur is appointed for each case examined
The rapporteur is responsible for investigating a sanction case. With a key role in the sanction process, the rapporteur is selected from the committee members by the chairman, who ensures that there is no risk of a conflict of interest, given the persons and/or companies involved. Although present during the hearing, the rapporteur is not involved in – and therefore does not attend – the decision-making stage.
Half the membership of the Enforcement Committee is renewed every 30 months. Members have a five-year term of office that runs from the first committee meeting attended. Their term of office can be renewed once.
The chairman of the Enforcement Committee is elected by majority vote by the committee members from the four judges appointed by the Council of State and the Court of Cassation. The Enforcement Committee chairman has to be re-elected after each partial renewal, unlike the chairman of the Board, who is appointed by decree, i.e. not by the Board members.
As allowed under the Monetary and Financial Code, the Enforcement Committee comprises two Sections. Each has six members and is chaired by a councillor of the Conseil d’Etat or justice of the Court of Cassation that sits on the committee. The full committee may also be convened.
Members subject to ethical rules
Members of the Enforcement Committee are subject to common ethical rules.
Appointed by the First President of the Court of Cassation
Appointed by the Vice-President of the Council of State
Appointed by the Minister for Finance and Public Accounts
Appointed by the Minister for the Economy and Finance
Appointed by the Minister for the Economy and Finances