By a decision on January 4, 1995, the French Conseil d'Etat, 6th and 2nd subsections, decided that the activity of portfolio manager necessitated the creation of a societe anonyme (corporation) that must be approved beforehand by the COB. This approval may be refused, however, to a company in the process of formation if the petitioner, who must be the president, does not prove to have used sufficient diligence in his prior activities.

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