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Book II - Issuers and financial disclosure
Title III - Takeover bids
Chapter I - General rules and common provisions
Section 12 - Oversight of public offers
Sub-section 2 - Special provisions for investment services providers
Paragraph 2 - Provisions applying to other investment services providers
Article 231-52 from 02/02/2011

Article 231-52 into force since

  • Version into force since
ELI : /en/eli/fr/aai/amf/rg/article/231-52/20110202/notes

The provisions of Articles 231-46 to 231-48 shall apply to investment services providers other than the service providers concerned, unless:

  1. Their trading is in line with usual practices with regard to arbitrage or hedging of risks associated with customer transactions or market making;

  2. 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.