Article 231-52 into force since
- Version into force since
The provisions of Articles 231-46 to 231-48 shall apply to investment services providers other than the service providers concerned, unless:
Their trading is in line with usual practices with regard to arbitrage or hedging of risks associated with customer transactions or market making;
The positions and changes in liabilities resulting from proprietary trading do not deviate significantly from the usual pattern.
In the cases referred to in 1° and 2° above, the provisions of Article 231-51 shall apply.
The criteria set forth in this article are assumed not to be met once the investment services provider comes to hold more than 5% of the capital or voting rights of the target company.
Head of publications: The Executive Director of AMF Communication Directorate. Contact: Communication Directorate – Autorité des marches financiers 17 place de la Bourse – 75082 Paris cedex 02