Based on the reports drawn up following the controls decided by the Secretary General of the ACPR, the College of the ACPR may, as soon as it receives these reports, decide to initiate a disciplinary procedure. Such procedures may be initiated in cases where a reporting entity has failed to respect the applicable regulations or where it has not complied with an administrative enforcement measure decided by the College. They may also be initiated in the event of non-compliance with the terms and conditions of a license or non-compliance with the commitments made when the license was granted.
When the competent session of the College decides to initiate a disciplinary procedure, the Chairman notifies the complaints to those concerned and, at the same time, refers the case to the Sanctions Committee by sending it the complaint notification (Article L. 612-38 of the Monetary and Financial Code).
The Sanctions Committee ensures the adversarial nature of the disciplinary procedure: on the one hand, the College, the plaintiff authority acting through an appointed representative, and on the other, the person(s) under investigation (Article L. 612-38 of the Monetary and Financial Code).
For disciplinary procedures initiated after the Banking and Financial Regulation Act of 22 October 2010 (LRBF), the Chairman of the Sanctions Committee appoints a rapporteur whose functions are similar to those of an investigating magistrate. The purpose of this pre-hearing investigation is to facilitate the Committee’s decision-making given the complexity of the cases submitted to it. The rapporteur puts down in writing the result of his/her investigations in a report that is communicated to the person under investigation and to the plaintiff authority for them to submit comments (R. 612-38 of the Monetary and Financial Code).