Regulatory Alerts2010-09-07
MUT'EST Mutual Society Ordered to Cease Marketing by ACPR
The Prudential Control Authority (ACPR) issued a formal notice to the MUT'EST mutual society on August 26, 2010, requiring it to permanently cease marketing the 'PréVIEsion' contract and similar products. This order, effective October 1, 2010, was issued pursuant to Article L. 612-31 of the Monetary and Financial Code due to violations of Article L. 114-1 of the Mutual Code. The prohibited products are defined as contracts where the beneficiary is a legal entity rather than an individual.
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