law of 20 December 2002 - Alfi

The information received by the CSSF pursuant to paragraphs (2) and (3) maynot be disclosed in the circumstances referred to in this paragraph without theexpress agreement of the supervisory authorities which have disclosed suchinformation to the CSSF.Art. 99 (1) The decisions to be adopted by the CSSF in implementation of this law shallstate the reasons on which they are based and, unless the delay entails risks,they shall be adopted after preparatory proceedings at which all parties areable to state their case 79 . They shall be notified by registered letter or deliveredby bailiff 80 .(2) The decisions by the CSSF concerning the granting, refusal or withdrawal ofthe authorisations provided for in this law may be referred to the administrativecourt 81 which will deal with the substance of the case. The case must be filedwithin one month from the date of notification of the contested decision, or elseshall be foreclosed.(3) The decision of the CSSF withdrawing the name of a UCI referred to in Articles2 and 63 of this law from the list provided for in Article 94, paragraph (1), shall,as from the notification thereof to such undertaking and until the decisionhas become final, ipso jure entail for such undertaking suspension of anypayment by said undertaking and prohibition for such undertaking, on painof nullity, to take any measures other than protective measures, except withthe authorisation of the supervisory commissioner 82 . The CSSF shall ipsojure hold the office of supervisory commissioner, unless at its request, theDistrict Court dealing with commercial matters appoints one or more supervisorycommissioners. The application, stating the reasons on which it is basedand accompanied by supporting documents, shall be lodged for that purposeat the Registry of the District Court in the district within which the undertakinghas its registered office.The Court shall give its ruling within a short period.If it considers that it has sufficient information, it shall immediately make anorder in public session, without hearing the parties. If it deems it necessary, itshall convene the parties by notification from the Registrar 83 within three daysfrom the lodging of the application. It shall hear the parties in chambers andgive its decision in public session.The written authorisation of the supervisory commissioners is required for allmeasures and decisions of the undertaking and, failing such authorisation,they shall be void.The Court may, however, limit the scope of operations subject to authorisation.The commissioners may submit for consideration to the relevant bodies of theundertaking any proposals which they consider appropriate. They may attendproceedings of the administrative, management, executive or supervisorybodies of the undertaking.79 instruction contradictoire80 huissier (court process server)81 tribunal administratif82 commissaire de surveillance83 greffier54