This new version of the inspection charter is an update of the version published in October 2007. Among other things, it reinforces defence rights of the service provider and of those persons likely to be charged.
The document is supplied to all persons who are subject to an inspection by the AMF Inspection Directorate, but also by any external inspection body to which an assignment may have been delegated (ACP, Banque de France, IEDOM, external firms, etc.).
Clearer, more formalised charter content
The purpose of the Inspection Charter is to explain the formal aspects of each stage in the inspection process to those being inspected, while ensuring a level of transparency, subject to the limits imposed by the professional secrecy surrounding the information and documents collected during the inspection.
The major modifications concern:-
- the formal aspect of the inspection, notably:
- the generalised use of mission orders for all persons who are present during any part of the inspection,
- time limits, if possible, of 6 months for dispatch of the report to the person or entity being inspected, and of less than one year for any follow-up to be finalised,
- hearings held during the inspection whenever necessary and when the detailed observations of the mission are presented (subject to eight-day prior notice by registered letter with acknowledgement of receipt and the person being heard is reminded that they may be accompanied by any person of their choice),
- minutes recording any observations, submission and return of any evidence;
- an enhanced level of transparency, notably by the following:
- a letter is sent to all legal representatives likely to be charged in their capacity as representatives of the entity being inspected, inviting them to submit any observations they might have within a period of one month;
- a detailed letter 1 is sent to those persons (other than directors) who have been heard and who are likely to be charged, inviting them to submit any observations they might have within a period of one month;
- materials collected during the inspection are returned at the end of the inspection assignment;
- all persons heard during the inspection mission are informed of any follow-up action further to the inspection,
- right to access and rectify files held by the Inspection Directorate for its missions and containing data of a personal nature.
- and, finally, the last legislative amendment grants the AMF powers to offer respondents the possibility of an administrative settlement in the case of a statement of objections.
1 Letter summarising the main points of fact and law likely to be held against them.