Key Benefits:
CONTENTS
You can see the table in the OJ
n° 197 of 25/08/2005 page to
You can see the table in the OJ
n° 197 of 25/08/2005 page to
You can see the table in the OJ
n° 197 of 25/08/2005 page to
You can see the table in the OJ
n° 197 of 25/08/2005 page to
You can see the table in the OJ
n° 197 of 25/08/2005 page to
You can see the table in the OJ
n° 197 of 25/08/2005 page to
You can see the table in the OJ
n° 197 of 25/08/2005 page to
You can see the table in the OJ
n° 197 of 25/08/2005 page to
A N N E X E
The indexing on the general level of prices authorized for certain products and loans under Article L. 112-3 is implemented using the Consumer Price Index for all households, excluding tobacco, published monthly by the National Institute of Statistics and Economic Studies.
Can also be used the Harmonized Consumer Price Index, excluding tobacco, of the Euro Area calculated monthly by the Statistical Office of the European Communities in Luxembourg (EUROSTAT) and published by France Trésor.
The rules concerning the liberating power of coins in euro are provided for in Article 11 of Council Regulation (EC) No 974-98 of 3 May 1998 concerning the introduction of the euro.
The types of national faces of French coins denominated in euros for circulation are fixed by decree of the Minister responsible for the economy.
The direction of currencies and medals and the Bank of France, acting on behalf of the Treasury, are allowed to take over to their holders, for their nominal value and after verification of their authenticity, the coins deteriorated issued by the State and having legal course.
With respect to bimetallic parts, reimbursement is only made upon presentation of a residual minimum consisting of the central part.
When the credit institutions, La Poste and the contractors performing on behalf of and on behalf of the latter transactions of processing of the documents in euros in a professional capacity, for the purpose of issuing them to the public, they have been previously sorted and controlled by equipment that detect the fake, counterfeit or not legal in France and separate them from authentic pieces in euros.
These equipments are those one guy has met the tests carried out by the administration of currencies and medals. It publishes a list of the types of equipment that have been tested positively, including on its website.
When credit institutions and La Poste pour coins in euros to the Bank of France or the Institute for the issuance of overseas departments, they pass agreements with them, which specify in particular under what conditions the Bank of France or the Institute for the issuance of overseas departments can perform checks on parts and on-site.
When the credit institutions and La Poste entrust to the providers referred to in Article R. 121-3 all or part of the transactions of payment of coins in euros to the Bank of France or to the Institute of the Emission of Overseas Departments, these providers shall, in advance, pass a convention with them, in the conditions provided for in the first paragraph.
Payments of parts also comply with the packaging, payment and identification standards defined by the Bank of France in accordance with the rules established by the European Central Bank.
Subject to the provisions of Decree No. 2001-933 of 12 October 2001 on the marking by perforation of banknotes issued in francs, the cuts of the notes mentioned in the annex to Article 1 of Decree No. 2002-192 of 14 February 2002 deleting the legal course of the tickets will be taken without charge to the windows of the Bank of France, the Institute for the issuance of overseas departments and the public treasury until 17 February 2012.
The rules for the reproduction of tickets in euros are provided by the decision of the European Central Bank of 20 March 2003 concerning unit values, specifications, reproduction, exchange and withdrawal of tickets in euros (BCE/2003/4).
The rules for the exchange of mutilated or damaged tickets are provided by the decision of the European Central Bank of 20 March 2003 concerning unit values, specifications, reproduction, exchange and withdrawal of tickets in euros (BCE/2003/4).
When they withdraw from circulation to pay them to the Bank of France the tickets in euros received from the public, the credit institutions, La Poste and the providers who carry out, on behalf and on behalf of them, transactions of the processing of tickets in euros as a professional capacity, including the companies of the transport of funds, meet the obligations assumed by Article 6 of the Council Regulation (EC) no 1338/2001 of 28 June 2001 against the euro.
In this case, they comply with the provisions established by the Bank of France, including the standards of conditioning and payment issued by the Bank in accordance with the rules established by the European Central Bank.
Prerequisitely for any issuance to their ticket offices in euros that they have received from the public, credit institutions, La Poste and manual exchangers carry out their control and remove from circulation those of whom they have sufficient reason to think they are false.
For the purposes of section R. 122-5, credit institutions, La Poste and manual exchangers shall implement the procedures and means necessary for them to withdraw from traffic, prior to any issuance to the ticket counters in euros received from the public, the tickets to which they have sufficient reason to believe that they are false.
To this end, they establish internal written rules, which they control implementation. These rules provide for the controls to be carried out by their employees prior to any issuance at the ticket counter in euros received from the public, as well as the procedures that organize the withdrawal of the tickets from which they have sufficient reason to think they are false.
These controls and procedures are defined on the basis of information on Euro notes that the European Central Bank has decided to make public and are published by the Bank of France. They take into account the recommendations made by the French Committee for Banking Organization and Standardization.
Controls must be performed by employees who have received appropriate training. The Bank of France provides assistance to the persons referred to in Article R. 122-5 for the training of employees responsible for the Euro ticket checks at the ticket desks.
When they issue tickets in euros to the public by means of free-service automates, credit institutions and La Poste use for their food, subject to the provisions of Article R. 122-8, tickets taken directly from the Bank of France or another central bank belonging to the Eurosystem.
When the credit institutions and La Poste wish to supply the automatons mentioned in article R. 122-7 with Euro notes that have not been taken directly from a central bank owned by the Eurosystem, they first pass a convention with the Bank of France, under the conditions set out in article R. 122-11.
Credit institutions and La Poste, under the same conditions, pass a convention with the Bank of France when they use recycling machines in free service performing the functions of receiving tickets in euros from the public, sorting, authenticating and issuing tickets in euros to the public.
Manual exchangers that use free-service currency automatons feed them with euro tickets directly taken from a credit or La Poste. Credit institutions and La Poste only issue Euro notes to this effect that meet the requirements of R. 122-7 or R. 122-8.
Credit institutions, La Poste or their providers hand over to the Bank of France the tickets that their physical condition makes it unfit for the public to be issued by means of self-make-up.
To this end, the Bank of France adopts standards relating to tickets that can be returned to circulation. These standards are in accordance with the common standards adopted by the European Central Bank and are brought to the attention of the persons concerned, by the Bank of France, in accordance with the terms set out in the conventions referred to in Article R. 122-11.
Credit institutions, La Poste and manual exchangers do not issue tickets to the public at their offices that their physical condition renders unfit for traffic. The Bank of France publishes a document specifying the physical characteristics that make tickets unfit for traffic. These characteristics conform to the common standards adopted by the European Central Bank.
I. - The conventions provided for in article R. 122-8 specify the means, including the equipment, as well as the procedures for which the credit institutions and La Poste are established and that they are implementing in order to prevent the issuance of counterfeit tickets to the public or in a physical state rendering them unfit for traffic. They also provide for the conditions under which the Bank of France controls, including on site, the application of their stipulations.
II. - When credit institutions and La Poste entrust to providers a part or all of their euro ticket processing operations, they inform the Bank of France. These service providers first make an agreement with the Bank of France, under the conditions set out in I.
III. - The conventions provide for the conditions of their suspension or termination by the Bank of France in the event of non-compliance by the signatories.
IV. - Model conventions are approved by order of the Minister responsible for the economy.
The credit institutions, La Poste, the service providers on behalf of and on behalf of the bank of the euro notes and coins, as well as the manual exchangers, shall promptly hand over to the Bank of France or to the administration of the currencies and medals, respectively the tickets and coins in euros for which they have sufficient reason to think they are false.
To this end, they establish internal written rules, which they control the implementation, which organize the procedures for timely delivery to the Bank of France and the administration of the coins and coins mentioned in the preceding paragraph. These procedures take into account the recommendations made by the French Committee for Banking Organization and Standardization.
The Bank of France and the administration of the Mints and Medals authentify the tickets and coins given to them under the first paragraph. They hold the monetary signs they recognize as counterfeit or falsified.
Credit institutions, La Poste and the providers on behalf of and on behalf of the latter, inform the Bank of France of any proposed creation, transfer or deletion of a ticket storage and processing centre in euros for payment to the Bank of France. These projects may not be implemented until the Bank of France has provided the comments they require from the Bank of France to interested persons, within a time limit that cannot exceed two months from their receipt.
As part of the mission entrusted to it in Article L. 141-5, the Bank of France shall prepare annually an assessment of the application of the provisions of Articles R. 121-3, R. 121-4, R. 122-4 to R. 122-11, R. 123-1 and R. 123-2, which is contained in its annual report to the President of the Republic and Parliament.
For the purposes of this chapter, the term "banker" means credit institutions and institutions, services or persons authorized to hold accounts on which cheques can be drawn.
The certification is the result of the affixing to the cheque by the drawing of a formula that includes, in addition to its signature, the mentions relating to the certification and the date of the certificate, the amount for which the cheque was drawn and the designation of the establishment drawn. These statements must be affixed by means of an indelible marking or printing process that offers any security guarantee.
In any case where a certified cheque is required, it may be validly satisfied with this requirement by the delivery of a cheque issued under the conditions set out in the third paragraph of section L. 131-7 or a cheque issued on the postal current account of a postal cheque head.
The deadlines for this chapter do not include the day that serves as a starting point.
The presentation and protest of a cheque can only be made on a working day.
When the last day of the deadline for the completion of the cheque-related acts, and particularly for the presentation or preparation of the protest, is a legal holiday, the deadline is extended until the first business day after the expiry of the cheque. Intermediate holidays are included in the computation of the period.
On statutory holidays, the days on which, under the provisions in force, no payment may be required or no protest made.
Any person to whom a cheque is issued for the payment of a property or service may, directly or through an agent, check with the Bank of France if the cheque has not been declared as stolen or lost, has not been drawn to a closed account or issued by a person who is subject to a judicial or banking ban.
The service thus rendered shall be paid.
The Bank of France attributes to each person wishing to conduct or carry out by an agent the verifications referred to in section R. 131-5 a code of access to the file constituted for that purpose.
The person who consults the file indicates the access code assigned to it. If it is an agent, it mentions its own access code and that of the recipient of the cheque.
The interrogation includes the following information on the cheque submitted:
(a) The number of the formula;
(b) Accurate identification of the shot;
(c) The bank coordinates of the shooter.
The Bank of France's response is transmitted without delay to the person who consults the file. If it is an agent, the agent shall promptly inform the agent.
When the Bank of France finds that the issuance of a cheque is not regular for one of the causes referred to in the first paragraph of section R. 131-5, the Bank shall inform the person who has consulted the file without indicating the nature of the irregularity, shall record all the identification elements referred to in section R. 131-7 and shall keep them for a minimum period of two months.
The Bank of France shall specify to any person who conducts the audits provided for in this subsection that the dissemination and preservation by any person of the information obtained is prohibited under penalty of the penalties provided for in Article 226-21 of the Criminal Code.
The provisions of Article 3 of Act No. 49-1093 of 2 August 1949 relating to the advertisement of the protests and those of Decree No. 50-737 of 24 June 1950 taken for its application are applicable to the protest made without payment of a cheque.
The shooter who refuses, in whole or in part, the payment of a cheque for lack of adequate provision records the incident no later than the second working day following the refusal of payment. When the licensee has issued the cheque in contempt of a prohibition that is still in effect, the period expires on the fifth working day following the refusal to pay.
The shot shall make a registration under the same conditions when the cheque payment is refused for another reason if the provision is, in addition, insufficient to allow the payment.
The new refusal to pay a cheque that has already been registered is not recorded.
The banker's recording of cheque payment incidents in respect of a defect of sufficient provision includes, for each incident, the following information:
1° The number of the account, the indication that it is an individual account or a collective account, as well as the elements allowing the precise identification of the shot;
2° The name or name or social reason of the account holder, its address and:
(a) If it is a natural person, his first names, date and place of birth and, if applicable, the name of use, when known to the shot;
(b) If it is a legal person, its legal form;
(c) In addition, the national business identification number provided for by the existing regulatory provisions, if it is an individual business or a legal entity that is provided for it;
3° The cheque number;
4° The amount of the cheque expressed in euros and, if applicable, its date of creation when the account holder issued the cheque in contempt of a prohibition to issue always in force upon refusal of payment;
5° The date of refusal to pay the cheque;
6° The cause of refusal of payment and the amount of insufficient provision;
7° The indication, if any, that the cheque was issued in contempt of an injunction made under section L. 131-73, or in violation of a prohibition imposed under section L. 163-6;
8° The indication, if any, that the account on which the cheque was issued was closed when the denial of payment was refused.
The registration is completed by the date of regularization of the incident as soon as the incident occurs.
Any banker who receives from the Bank of France, pursuant to section R. 131-42, notice of a ban on issuing cheques for an account holder in his or her establishment shall record that notice no later than the third working day following that receipt. He also mentions the date on which the prohibition was notified. It registers in the same conditions the bans.
Incidents are recorded in chronological order, each being assigned a number taken in an uninterrupted annual series. Records provided for in sections R. 131-12 and R. 131-13 are retained and must be justified for one year from the regularization date or, if not, for five years from the injunction.
The shooter who has refused in whole or in part the payment of a cheque for lack of adequate provision shall address to the account holder the injunction provided for in section L. 131-73 by registered letter with request for notice of receipt.
He specifies the number and amount of the cheque that could not be insured, and the situation of the account at the date of the refusal of payment.
He enjoins him to return to all bankers of which he is the client the forms of cheques in his possession and that of his agents. He forbids him to issue cheques in the future, except for withdrawal cheques or certified cheques, until the regularization made under the conditions set out in sections R. 131-20 to R. 131-22 or, if not, for five years from the injunction.
It informs by any means any agent that the licensee, at its request, has made it known to it as in possession of cheques usable on the account that it is no longer possible for it, until regularization, to issue cheques on this account.
In case of refusal to pay the same cheque at a new presentation, the shot does not address a letter of injunction.
The injunction letter specifies the means by which the regularization faculty may be exercised.
If the shot has not, in the preceding twelve months, rejected a cheque issued by the same account holder, it shall indicate that it will not be subject to the payment of the release penalty provided for in section L. 131-75 if it makes regularization within two months from the date of the letter of injunction.
When the account holder is required to pay the liberating penalty, the creditor shall specify the amount for each cheque, calculated in accordance with the provisions of sections L. 131-75 and L. 131-76, and the terms and conditions for the payment of that penalty.
When a payment incident occurs on the same account after a previous unregulated incident, a new injunction is sent via a simple letter. It is specified to the licensee that the current prohibition will continue to be carried out until the regularization of all outstanding cheques and payment, if any, of the liberating penalty(s) for each rejected cheque and the amount indicated.
The injunctions provided for in this paragraph shall be sent by the handicraft to the account holder, while the account on which the cheque or cheques were drawn has been closed. This obligation ceases after a period of one year from the closing date.
The release penalty provided for in sections L. 131-75 and L. 131-76 is paid by means of one or more tax stamps affixed to the injunction letter that is returned by any means to the banker.
However, from an amount of 3,600 euros, the liberating penalty may be paid to the tax receipt or to the Treasury Accountant.
The regulations are then made by payment of cash or surrender to the public accountant of a certified cheque issued under the conditions set out in section R. 131-2.
When the account holder has paid in the hands of the recipient the amount of the unpaid cheque, the account holder must justify the payment by handing the cheque to the shot, as well as, where applicable, the payment of the liberating penalty.
In the event that the rejected cheque was paid in a new presentation, the shooter in fact reports to the shot. It also justifies, if any, the payment of the liberating penalty.
In cases other than those provided for in sections R. 131-20 and R. 131-21, the regularization of the incident is acquired when, at the request of the shooter, a blocked provision is made for the effective payment of the cheque and the shooter justifies with the draw from the payment of the liberatory penalty if it is liable.
The provision referred to in the first paragraph shall be made available after a one-year period if it has not been used as a result of a new presentation of the unpaid cheque, or immediately when the account holder justifies the settlement by handing the cheque to the shot.
When regularization concerns an incident on a fenced account, the shot remains the only one competent to record it and to perform the formalities set out in articles R. 131-23 and R. 131-31.
The justifications for the regularizations under sections R. 131-20 and R. 131-21 and this section are retained for one year by the shot.
Where the regularization of all incidents on the account has been done, in accordance with the terms and conditions set out in this paragraph, a certificate shall be issued or sent to the holder by the holder. In this certificate, regularization and, where applicable, the amount of liberatory penalties paid.
The account holder is also informed of the situation in which he or she is in relation to the provisions applicable to the prevention and punishment of cheque offences.
It is specified to the account holder that it does not recover the ability to issue cheques until it is provided that it is not subject to a judicial ban or an injunction that would have been notified to it by a banker following an incident that would have been found on another account.
A joint order of the Seal Guard, Minister of Justice, and the Minister responsible for the economy shall specify the references to injunctions, notices and other documents provided for in this subsection.
The provisions of this paragraph shall be subject to a separate application for each of the accounts held by the individual.
When the amount of a cheque rejected for default or insufficient provision is less than 50 euros, all costs of any kind collected for its rejection by the shot may not exceed 30 euros. This fee cap includes the billing of sending a letter of injunction or an incident commission or rejection of a cheque. This rule applies regardless of the name and justification of the fees charged by the institution concerned when a cheque is rejected.
The notice of non-payment for lack of provision established pursuant to section L. 131-84 shall contain all information provided for in 1°, 2°, 4°, 5°, 6° and 8° of section R. 131-12, as well as the number of registration of the incident in the shot.
This notice is sent to the Bank of France no later than the second working day following the refusal to pay the cheque. When the account holder has issued the cheque in contempt of a prohibition that is still in effect, the period will expire no later than the fifth working day after the denial of payment.
When the account holder benefits from the liberating penalty waiver, only the incident that resulted in the cancellation ban is reported to the Bank of France. The subsequent incidents during the waiver of penalties and unregulated are reported to the Bank of France no later than the second working day following the expiry of this period.
The Bank of France cancels the statement of payment incident on the application of the shot in the following cases:
1° When the refusal of payment or the establishment of the notice of non-payment results from an error of the shot;
2° When it is determined by the account holder that an event that is not attributable to one of the persons authorized to draw cheques on the account resulted in the loss of the provision.
The ban on issuing cheques implemented by the shot ceases to have effect.
The Bank of France advises the shot that it made the cancellation. The shot must inform its client and complete the registration provided for in section R. 131-12 by mentioning the cancellation and its cause.
When the account holder requests the Bank of France to apply the procedure provided for in this article, the document shall be taken, if any, by the tenth working day of the application. He advises his client within the same time. His silence at the end of the deadline is denial.
The decisions referred to in Article 103-1 of Decree No. 85-1388 of 27 December 1985 relating to the judicial recovery and liquidation of enterprises are, within two working days of their notification to the Bank of France, transmitted by the Bank to each banker who has reported incidents of payment of cheques.
In the event of a suspension of the effects of a prohibition measure to issue cheques, the appeal shall forward to the Bank of France, no later than the second day after the court's decision is received, the requests for the cancellation of each of the statements of the incidents mentioned by that decision.
In the event of a resolution of the plan issued pursuant to Article L. 621-82 of the Commercial Code, it shall, within the same time limits, proceed in accordance with the terms and conditions set out in Article R. 131-12 of this Code to a further registration of the payment incidents that it has requested cancellation under the conditions set out in the second paragraph above. He transmits the new statements of each of these incidents to the Bank of France. The prohibition measure to issue cheques takes effect from the original date.
In the event of a suspension of the effects of a ban on issuing cheques pursuant to Article L. 622-33 of the Commercial Code, the voucher shall forward to the Bank of France, no later than the second working day following the delivery by the debtor of the closing judgment accompanied by the statement of payment incidents, the requests for the cancellation of each of the incident declarations concerning the cheques issued before the opening judgment.
If the ban on issuing cheques that have been suspended pursuant to Article L. 622-33 of the Commercial Code resumes its effect, the order referred to in Article 154-2 of Decree No. 85-1388 of 27 December 1985 relating to the judicial recovery and liquidation of the undertakings is, within two working days of its notification to the Bank of France, transmitted by the bank to each incident that has reported to each
The shooter shall, no later than the second working day following receipt of the order and incident statement, make a further registration of the payment incidents that he had requested the cancellation under the conditions set out in R. 131-29. He transmits the new statements of each of these incidents to the Bank of France. The ban on issuing cheques is effective, for the remaining period of time, from the issuance of the enforceable title referred to in the IV of Article L. 622-32 of the Commercial Code.
The paper advises the Bank of France of regularization no later than the second working day following the justification.
When the account holder has received several notices of non-payment, the shot informs the Bank of France by a single notice of the regularization of all incidents.
The banker shall notify the Bank of France of the closures of accounts other than those resulting from a transfer to its establishment and of the opposition to payment referred to in article L. 131-84 as soon as possible and no later than the first working day following the close of the account or the opposition to payment. To this end, it shall communicate the information provided for in 1° of section R. 131-12, and, if it is aware, the numbers of the stolen or lost cheque forms.
The banker records the facts and information mentioned above. It keeps this record for a year from the notice.
When the prohibition under Article L. 163-6 was pronounced, the Public Prosecutor's Office shall promptly notify the Bank of France's enforceable decision on receipt of the decision. This notification includes the following information:
1° The reference of the parquet;
2° The full civil status of the convicted person, his last known address and, where applicable, the name of use;
3° The indication of the jurisdiction that issued the prohibition and the date of the decision;
4° The duration of the measure, its effective date and its expiry date.
A cheque issued on an account to which the holder is subject to a prohibition on the occasion of a previous incident must make the statement to the Bank of France no later than the fifth working day following the presentation.
However, the prohibition violations found during the penalty waiver period provided for in section L. 131-75 are reported only in the absence of a comprehensive regularization of the incidents during this period. The declaration shall be made no later than the second working day after the expiry of this period.
A cheque issued on an account to which the holder is subject to a prohibition pursuant to section L. 163-6 must, when the cheque's presentation date is included in the period of application of this measure, make the statement to the Bank of France no later than the fifth working day following the presentation.
The declarations prescribed by articles R. 131-34 and R. 131-35 shall contain all the information provided for in 1°, 2°, 4°, 6° and 8° of article R. 131-12.
When the cheque submitted to the payment is to be declared to the Bank of France pursuant to the provisions of sections R. 131-34 and R. 131-35 and the payment of the cheque is refused for lack of adequate provision, the declaration is the result of a special mention on the notice of non-payment provided for in section R. 131-26, stating that the cheque was issued in violation of the provisions of sections L. 131-73 or L. 163-6.
The Bank of France may communicate to the Attorney General of the Republic and, if so requested, shall provide information on the issuance of cheques that have been declared to him as an offence to a prohibition resulting from the application of sections L. 131-73 or L. 163-6.
When the Bank of France receives notification from the Public Prosecutor's Office of a prohibition pursuant to Article L. 163-6 concerning a person who is already under the same enforcement action, the Public Prosecutor shall notify the Public Prosecutor's Office that has entered the notice in the last place by returning the notification and giving any relevant information, unless the effective date of the second prohibition immediately follows the expiration date of the first.
The Bank of France shall communicate to any magistrate and to any judicial police officer acting on the instructions of the public prosecutor or on the rogatory board the records of payment incidents registered on behalf of an account holder.
The application under section R. 131-40 must specify:
1° When it concerns a natural person, its name, name, date and place of birth and, where applicable, name of use;
2° When it concerns a corporation, its name or social reason, its national business number if it is provided, the address of its headquarters and its legal form.
In its response, the Bank of France indicates, where appropriate, that unpaid cheques were reported to it as having been issued in contravention of the provisions of Articles L. 131-73 or L. 163-6. It also indicates, where applicable, that the person who is the subject of the application is struck by a ban on issuing cheques under one of these articles and specifies the characteristics of that prohibition.
The Bank of France shall inform any interested banker of the prohibitions to issue cheques resulting from the application of articles L. 131-73 or L. 163-6, no later than the second working day after the receipt of the notice sent by the administration of the taxes pursuant to article L. 131-85.
Within the same time frame, the Bank of France shall notify any interested banker of the lifting of the prohibitions resulting from the application of section L. 131-73, the cancellations and further statements of incidents made pursuant to sections R. 131-27 and R. 131-28, and the cancellations made pursuant to section R. 131-27.
Bankers are deemed to have knowledge of the information referred to in the above paragraphs no later than the third day after their receipt.
Prior to the registration of the information referred to in the first two paragraphs, the banker shall ensure that the information is consistent with the identification elements available to it, including the account number, name, name, date and place of birth for natural persons, designation, legal form, national company number if it is provided and the address for legal persons. The banker shall notify the Bank of France of the registration or default of concordance within a maximum of three working days from the expiry of the period provided for in the third paragraph.
The Bank of France shall provide bankers, upon their request, with information relating to cheque payment incidents recorded in its central file on behalf of any person designated by the applicant.
Any banker must question the Bank of France before making the first issue of cheque forms to a new account holder.
Responses must be retained for two years.
The Bank of France shall provide all bankers, at least once a month, with information on bans arising from new judicial decisions.
The recipients are deemed to be aware of the ban liftings no later than the sixteenth day after the Bank of France broadcasts.
A voucher that has refused in whole or in part the payment of a cheque for lack of adequate provision must establish a certificate of rejection of that cheque to the recipient.
This certificate indicates that the shooter is deprived of the ability to issue cheques and will only recover it after a five-year period if the amount of the cheque is not paid and, where applicable, the discharge penalty paid.
It states that the shot is not required to pay the cheque pursuant to 1 and 2 of Article L. 131-81 and Article L. 131-82. If the cheque was issued in contempt of an injunction addressed under section L. 131-73 or in violation of a prohibition imposed under section L. 163-6, the document indicates that it is in a position to provide the justifications provided for in section L. 131-81, 1 of I.
Finally, the certificate indicates that if the provision is not paid or made after the thirty-day period from the first submission, a non-payment certificate may be issued, upon request of the beneficiary, under the conditions of section L. 131-73. The certificate is appended to the cheque when it is returned to the presenter.
The documents submitted to the recipient include the information listed in section R. 131-12.
When the shooter has refused to pay a cheque for a reason other than the absence or insufficiency of the provision, and it is also insufficient to allow the payment, he must make a notice to the recipient indicating the precise reason for the release and mentioning the insufficiency of the provision.
The notice is appended to the cheque when it is returned to the presenter.
The certificate of non-payment provided for in section L. 131-73 must be in accordance with a model set by joint order of the Seal Guard, Minister of Justice, and Minister of Economy. It must include all information to identify the shooter and the shooter, as well as the number and amount of the cheque that was denied. The certificate shall be issued by the shooter no later than fifteen days after the holder's request.
In the case of a new unsuccessful presentation and the 30-day period provided for in Article L. 131-73, the banker fired shall issue the certificate of non-payment to the holder of the cheque, if any through the banker of the cheque. This will be free of charge for the bearer.
Where the holder of the account is subject to the registration requirement in the trade and business register or in the trade register and the amount of the unpaid cheque is greater than an amount determined by a joint order of the security guard, Minister of Justice, and the Minister responsible for the economy, shall denounce it to the clerk of the trade tribunal or, where applicable, the court of large instance ruling in commercial matters in which the holder's home of the certificate is located
The certificate of non-payment is advertised by the Registrar under the conditions set out in sections L. 511-56 to L. 511-60 of the Commercial Code and the regulatory provisions made for their application and by Decree No. 50-737 of 24 June 1950, adopted for the purposes of Act No. 49-1093 of 2 August 1949 on the advertising of protests.
The draw must be able to justify, for two years, the date on which it has submitted or sent the cheque forms to the account holder.
When an opposition is received that is not based on any of the grounds provided for in the second paragraph of section L. 131-35 or the written confirmation of such an objection, it shall send a letter to the account holder stating the reason why such opposition cannot be admitted.
The Bank of France and the supervisory authorities specific to each class of establishments drawn shall ensure, in accordance with the existing legislation, that the bankers comply with the provisions of chapter I, section 1, title III, of Book I of this Code.
The rules specific to the postal cheque are set out in Articles R. 52-10, R. 52-11 and D. 488 to D. 520 of the Post and Electronic Communications Code.
The Bank of France and the control authorities specific to each class of payment card establishments shall ensure, in accordance with the existing legislative provisions, that the bankers comply with the provisions of chapter I, section 1, title III, of Book I of this Code.
The Payment Card Security Observatory monitors the implementation of the measures adopted by the issuers and traders to enhance the security of payment cards. The Committee is informed about the principles adopted in the field of security and the major developments.
He is responsible for establishing fraud statistics. To this end, the issuers of payment cards shall send to the secretariat of the observatory the information necessary to establish these statistics. The observatory issues recommendations to harmonize the modalities for calculating fraud on different types of payment cards.
In order to ensure the technological eve of payment cards, it collects available information to enhance the security of payment cards and makes them available to its members. He makes proposals to combat technological damage to the security of these maps. It organizes an exchange of information between its members in accordance with the confidentiality of certain information.
The Minister responsible for the economy may make an opinion of the observatory by providing a response time. Notices may be made public by the Minister.
Two months before the date of an ordinary renewal of the Monetary Policy Council or immediately if a member of the Council is to be replaced, the Minister responsible for the economy asks the President of the Senate, the President of the National Assembly and the President of the Economic and Social Council to initiate the procedure for the establishment of the list under the third paragraph of section L. 142-3.
The list, established by mutual agreement or by default equally, is transmitted by the President of the Senate to the Governor of the Bank of France who submits it for advice to the Council of Monetary Policy. Within fifteen days of the transmission of the list, the Monetary Policy Council shall notify the President of the Senate, the President of the National Assembly and the President of the Economic and Social Council. The list, together with this notice, is forwarded by the President of the Senate to the Minister responsible for the economy.
The composition of the list and the content of the opinion of the Monetary Policy Council are not made public.
The Council for Monetary Policy establishes rules of procedure.
The deliberations of the Council for Monetary Policy are reflected in records recorded in a special register. The draft minutes of each meeting of the Board shall be submitted to the Council for approval at the next meeting of the Council.
The Monetary Policy Council determines the conditions under which such deliberations may be publicized.
The General Council shall establish rules of procedure.
The General Council meets as often as the interest of the Bank of France requires, and at least six times a year, on the convocation of the Governor.
It meets extraordinaryly when the request is made either by at least half of the members of the General Council or by the censor.
The deliberations of the General Council are found by minutes recorded in a special register. At the end of each session, the draft minutes will be forwarded to the members of the General Council and the censor for approval at the next session.
The Ministers referred to in the third paragraph of section L. 142-6 are the Minister responsible for the economy and the Minister responsible for the budget.
The general adviser representing the staff of the Bank of France is elected by a single majority vote. He is re-elected.
The election takes place by secret ballot.
Electors without age conditions:
1° Holding officers on polling day either in service to the Bank of France, either on leave or in a detachment position, or on availability for a national service or mobilised;
2° Non-registered officers of the Bank of France recruited for at least three months on the date of voting.
Not allowed to participate in the vote are private agents temporarily, or permanently, of the enjoyment of their civil rights and, where appropriate, political, as well as those who, on polling day, are suspended from office for any reason.
The Staff Counsellor shall be elected from among the electorate, subject to:
1° For incumbent agents, whether major and not available for national service, mobilized or unpaid with or without treatment;
2° For non-bank of France officers, that they have been recruited for at least one year on polling day.
The terms of reference of a staff advisor are incompatible with any other legal representation of staff interests within the company. His mandate ceases in full right as a result of resignation or if the person concerned loses his rights to eligibility.
Whenever an advisor is elected, the Governor sets the date of the election. This date must be announced no later than the thirtieth day before the date fixed for the election.
Staff members wishing to vote must notify the Governor of their application by registered letter. This letter must be sent to the Governor no later than the fifteenth day before the one that is set for the election. The governor immediately acknowledges receipt of this consignment.
The organization and monitoring of electoral operations, the counting of the election and the proclamation of the results of the election are entrusted to a commission called the Superior Election Commission, which also sets out the date on which it proceeds to the count.
This commission consists of three representatives of the administration of the Bank of France appointed by the Governor, including the President, and representatives designated by the representative trade union organizations on the basis of a representative per organization.
Candidates who have been declared eligible to serve as an adviser may attend meetings of the committee with an advisory vote. They can be represented there.
Excerpts from the list of electors are displayed in each administrative unit of the Bank of France.
Any claim against the establishment of the electoral list must be addressed in writing to the chairman of the commission.
The Panel determines the claims received, amends the list of electors, and shall notify the administrative units concerned of the additions or delistings it operates.
The Commission shall finalize, immediately after the expiry of the deadline for the submission of applications, the list of those recognized as admissible. She gives it to the governor, who promptly notify the staff of this list.
Candidates may apply professions of faith, with a view to displaying or broadcasting in each organizational unit according to the terms and conditions established by the commission.
The ballot shall be held in the places and hours established by the commission and shall be communicated to the staff by circular. The voters vote personally. Absent voters vote by mail directly sending their votes to the chairman of the commission.
These shipments must be made no later than the day fixed for the election, the stamp of the position being authentic. They must reach the commission no later than the day before the counting day. In order to vote, voters must, under penalty of nullity of the vote, use the printed materials made available to them by the Bank of France.
The Panel shall prepare and submit to the Governor a record showing the name of the elected officer and possibly a report mentioning the claims signed by one or more electors and addressed to the commission and the comments made by each of the members of the commission, as well as, if any, those of the candidates.
The advisor representing the staff of the Bank of France retains the remuneration and entitlements in advance corresponding to the grade of which he holds on the date of his election.
The Governor may delegate his or her powers to Directors General, Directors of Service and Directors of Branches to ensure, in the branches or services under their authority, that they comply with the applicable legal, regulatory or treaty provisions relating to hygiene and safety, working hours, staff representation, environmental protection and contracting. It may authorize them to subdelegate the delegated authority to the staff of the executives.
The Deputy Governors may delegate their signature to the Director Generals, Service Directors and Branch Directors to sign, on behalf of the Governor and within the scope of their authority, all individual acts or decisions, all conventions and documents of a nature to be initiated by the Bank.
Directors-General, service managers and branch managers may delegate their signatures to managers.
Members of the Observatoire de la sécurité des cartes de payment :
1° A member and a senator;
2° Eight representatives of the relevant administrations:
(a) A representative of the General Secretariat of National Defence;
(b) Two representatives of the Minister responsible for the economy;
(c) A representative of the Seal Guard, Minister of Justice;
(d) A representative of the Minister of Interior;
(e) A representative of the Minister of Defence;
(f) A representative of the minister responsible for consumption;
(g) A representative of the Minister for Industry;
3° The Governor of the Bank of France or his representative;
4° The Secretary General of the Banking Commission or his representative;
5° Ten representatives of payment card issuers, including bank cards, private cards, single-sign cards, electronic carriers;
6° Five Consumer College representatives of the National Consumer Council;
7° Five representatives of professional organizations of merchants in the fields, including retail, large distribution, distance selling and e-commerce;
8° Three qualified personalities because of their skills.
Each member has a voice. The members of the Observatory for the Safety of Payment Cards other than those mentioned in the 3rd and 4th are appointed by order of the Minister responsible for the economy, and with respect to the members mentioned in the 1st, 2nd, 5th, 6th and 7th, as follows:
Upon designation of their respective assembly for parliamentarians;
On the proposal of the minister to whom they report, for the representatives of the State;
On the proposal of the Governor of the Bank of France for the representatives of the issuers;
On the proposal of the Consumer College of the National Consumer Council, for consumer representatives;
At the proposal of the Assembly of French Chambers of Commerce and Industry or professional trade organizations, seized by the Minister responsible for the economy, for representatives of traders.
The members of the observatory, other than those representing the State, the Governor of the Bank of France and the Secretary General of the Banking Commission are appointed for three years. Their mandate is renewable once.
The president of the Observatoire de la sécurité des cartes de payment is designated among his members by the minister responsible for the economy. His term is three years, renewable once. In the event of a vote-sharing, he has a dominant voice.
As part of its responsibilities, the observatory may require some of its members to consider specific issues and, to that end, to establish within its working or study groups, which it sets out the mandate and composition by an absolute majority of its members. The observatory may, as necessary, hear any expert.
The persons who are members of the observatory and those who participate in his missions are held in professional secrecy under the conditions provided for in article 226-13 of the Criminal Code.
The functions of an observatory member are free of charge. Members of the observatory may be reimbursed for the costs justified by the exercise of their mandate.
The Bank of France supports the operation of the observatory. She's the secretary.
The observatory adopts rules of procedure by an absolute majority of its members. This regulation provides for the frequency of meetings, which may not be less than two meetings per year. The observatory is convened by its president. His meetings are not public.
Each year, he submits to the Minister responsible for the economy and to Parliament a report adopted by the absolute majority of his members. This report is made public within two months of its delivery.
This chapter does not include regulatory provisions.
A budget and a forecast statement of income are prepared for each fiscal year. They shall be communicated to the members of the General Council, the censor and his alternate two weeks at least before the date of the meeting at which the General Council shall deliberate.
Forecasting and corrective budgets may, if necessary, be established and deliberated under the same conditions during the fiscal year.
Investment expenses can only be charged on previously constituted reserves.
The exercise begins on January 1 and ends on December 31. At the end of the fiscal year, the Governor completes the annual accounts, as well as a written report on the situation of the Bank of France and its activity during the past fiscal year. This report is transmitted to the members of the General Council, to the censor, to the alternate, to the Corporate Central Committee and to the Auditors fifteen days before the General Council meeting referred to in the following paragraph.
The General Council is convened within four months of the year's closing to deliberate and rule on the annual accounts for the past year. After reading his report, the Governor shall present to the General Council the annual accounts. The auditors report on the accomplishment of their mission.
Where applicable, priority shall be given to the annual net result the removals provided for in the Convention referred to in the first paragraph of Article L. 141-2.
A 5% levy on the net result of the fiscal year is then assigned to a specific reserve that ceases to be provided when it reaches an amount equal to the capital of the Bank of France.
The General Council finally decides on the proposed allocation of the net income balance to any extraordinary or special reserves, to the postponement and to the dividend paid to the State. This proposal is subject to approval by the Minister responsible for the economy.
Articles L. 123-12 to L. 123-14, the first paragraph of Article L. 123-15 and Articles L. 123-17 to L. 123-22 of the Commercial Code as well as Article 10, the second and fifth paragraphs of Article 19 and Article 23 of Decree No. 83-1020 of 29 November 1983 taken under Act No. 83-353 of 30 April 1983 and relating to the accounting obligations of the merchants, 144-6
An order of the Minister responsible for the economy taken after the advice of the Monetary Policy Council sets out the classification of the balance sheet and the result account elements, as well as the references to be included in the schedule referred to in section L. 123-13 of the Commercial Code.
The mandatory accounting and evaluation rules for the preparation of the consolidated balance sheet of the European System of Central Banks in accordance with Article 26 of the protocol annexed to the Treaty establishing the European Community on the statutes of the European System of Central Banks and the European Central Bank shall apply to the establishment of the Bank of France's annual accounts for the transactions relating to the missions defined in Article L. 141-1.
The general accounting requirements established by the Accounting Regulations Committee pursuant to the first paragraph of section 1 of Act No. 98-261 of 6 April 1998 on the reform of the accounting regulations and the adaptation of the land advertising regime, as well as the accounting and valuation methods set out in the accounting regulations set out in the I valuation of section 4 of the Act, apply to the Bank of France for transactions other than those defined in the regulations
The General Council shall, after the advice of the Monetary Policy Council, decide on the presentation of the published accounting statements. On a proposal by the Monetary Policy Council, it may limit the details of the information made public.
However, the General Council, after the advice of the Council for Monetary Policy, may, by derogation from the second paragraph of this article, make applicable to the Bank of France the accounting and evaluation rules recommended by the European Central Bank.
The provisions of this subsection apply to the accounting of the foreign exchange reserves in gold and foreign currency of the State insofar as they are not contrary to the rules set out in the convention referred to in the first paragraph of Article L. 141-2.
The Board of the Bank of France appoints the auditors on the proposal of the Governor.
The auditors verify that the annual accounts are regular and sincere and give a true picture of the results of the past year's operations as well as the financial and heritage situation of the Bank of France at the end of the fiscal year.
Sections L. 225-227, L. 225-228, L. 225-229, L. 225-233, L. 225-234, the third paragraph of Article L. 225-235, the first, second and fifth paragraphs of Article L. 225-236 and Articles L. 225-237, L. 225-240, L. 225-241, L. 225-242, L. 822-1, L. 822-3 and L. 822-10 of the French Commercial Code
The General Council shall exercise the functions of these provisions to the General Assembly and the Board of Directors.
The amount of fees paid to the auditors is determined by mutual agreement between them and the General Council, taking into account the effective importance of the work necessary to carry out their mission. In the event of disagreement, the procedure followed is that provided for in articles 126 and 126-1 of Decree No. 69-810 of 12 August 1969 concerning the organization and professional status of corporate auditors.
The capital of the Bank of France is 457 347 051.71 euros.
The Bank of France headquarters is located in Paris, 1 rue La Vrillière.
The Monetary Policy Council and the General Council may establish, with each of them or with the directors of branches, commissions or advisory committees with personalities outside the Bank of France.
General financial inspection can verify the situation of Bank of France's subsidiary and branch establishments.
Des actes du Conseil de la politique monétaire ou du Conseil général peuvent être publiés au Journal officiel de la République française sur proposition de ces conseils.
For the purposes of this title:
1° The territory known as "France" means: Metropolitan France, Guadeloupe, Guyana, Martinique, Réunion, Mayotte, Saint-Pierre-et-Miquelon and the Wallis and Futuna Islands and the Principality of Monaco. However, for statistical needs related to balance of payments, the Wallis and Futuna Islands are considered to be foreign;
2° Are considered to be residents: natural persons with their main centre of interest in France, civil servants and other French public officials stationed abroad as soon as they take office, as well as French or foreign legal persons for their establishments in France;
3° They are considered non-resident: natural persons with their main centre of interest abroad, officials and other foreign public officials who are stationed in France as soon as they take office, and French or foreign legal persons for their institutions abroad;
4° For statistical purposes referred to in R. 152-1, R. 152-2, R. 152-3 and R. 152-4, foreign direct investment in France or French abroad is considered to be transactions by which non-residents or residents acquire at least 10% of the capital or voting rights, or cross the 10% threshold of a resident or non-resident company, respectively. Also remove from the statistical definition of direct investment all transactions between related companies, of any kind, such as loans, loans or deposits, as well as real estate investments;
5° Foreign direct investment, for the purposes of Article R. 152-5 and Articles 7 to 9 of Decree No. 2003-196 of 7 March 2003, regulating financial relations with foreign countries:
(a) The creation of a new business by a foreign business or a non-resident natural person;
(b) The acquisition of all or part of a branch of activity of a French business by a foreign business or a non-resident natural person;
(c) Any transactions carried out in the capital of a French business by a foreign business or a non-resident natural person as long as, after the transaction, the cumulative sum of the capital or voting rights held by foreign companies or non-resident natural persons exceeds 33.3% of the capital or voting rights of the French company;
(d) The same transactions carried out by a French law firm whose capital or voting rights are held at more than 33.33% by a foreign law firm or a non-resident natural person(s);
6° Also referred to as foreign investments, for the purposes of Article R. 152-5 and Articles 7 to 9 of Decree No. 2003-196 of 7 March 2003 regulating financial relations with foreign countries, transactions such as the granting of substantial loans or guarantees or the purchase of patents or licences, the acquisition of commercial contracts or the provision of technical assistance that result in the taking of physical rights of a foreign company
7° Indirect foreign investment, for the purposes of Article R. 152-5 and Articles 7 to 9 of Decree No. 2003-196 of 7 March 2003 regulating financial relations with foreign nationals, transactions carried out abroad having the effect of modifying the control of a non-resident company, it itself holding a participation or voting rights in a French business whose capital or rights are more
I. - Credit institutions, investment companies, collective investment agencies and the institutions and services referred to in Article L. 518-1 are required to prepare monthly statistical statements relating to the settlement between residents and non-residents, made in France and which exceed 12,500 euros, on the basis of the information provided to them by residents who are the authors or beneficiaries of these regulations.
II. - Companies or groups of companies whose amount of transactions with the foreigner, regardless of their nature or terms, exceeds in a calendar year, for at least one service or income section of the balance of payments, an amount fixed by order of the Minister responsible for the economy must report to the Bank of France every month all their transactions carried out with the foreigner or in France with non-residents. The list of service and income sections of the balance of payments referred to above is determined by this Order.
III. - Residents who directly carry out foreign transactions, including from accounts opened abroad, or by compensation for debts and debts, must report to the Bank of France on a monthly basis transactions of that nature when their total amount exceeds a threshold set by order of the Minister responsible for the economy.
The residents declare to the Bank of France the statistical elements necessary to the knowledge of the foreign position of France, when the stock of their goods and receivables abroad or their debts abroad exceeds an amount fixed by order of the Minister responsible for the economy.
Should additional information be provided to the Bank of France for statistical purposes, under conditions and deadlines set by decree of the Minister responsible for the economy, when their amount exceeds 15 million euros:
1° Foreign direct investment in France and their liquidation as defined in the 4th of Article R. 151-1 and their liquidation;
2° Acquisition or disposal of non-resident businesses by residents;
3° The acquisition or transfer of real property abroad by residents and in France by non-residents.
The creation of companies and the purchase of real estate by foreign investors in France and the liquidation of foreign investment in France give rise to declaration under conditions fixed by decree of the minister responsible for the economy.
The foreign investments made in France mentioned in the 5th, 6th and 7th of the article R. 151-1 are subject to an administrative declaration during their realization.
However, the following operations are exempted from these formalities:
1° The creation or extension of the activity of an existing French law firm held directly or indirectly by foreign law firms or non-resident natural persons;
2° Increases in participation in a French law business held directly or indirectly by foreign business or non-resident natural persons when carried out by an investor already holding more than 50% of the corporation's capital or voting rights;
3° The subscription to an increase in capital of a French law firm held directly or indirectly by foreign law firms or non-resident natural persons, provided that they do not increase their participation on this occasion;
4° Direct investment transactions between companies belonging to the same group, i.e. being held at more than 50% directly or indirectly by the same shareholders;
5° transactions relating to loans, advances, guarantees, consolidations or abandonment of receivables, grants or holdings of branches, granted to a French law firm held directly or indirectly by foreign law firms or non-resident natural persons holding it;
6° Direct investment transactions carried out in French law firms carrying on a real estate activity other than the construction of buildings for sale or rental;
7° The direct investment transactions carried out, within 1.5 million euros, in French artisanal, retail, hospitality, catering, community services or with the exclusive purpose of the exploitation of quarries or gravel;
8° Farm land acquisitions.
The declaration of amounts, securities or values provided for in Article L. 152-1 shall be deposited by natural persons, on their behalf or by others, with the customs administration.
By derogation from the provisions of 1° of Article R. 151-1, the transfer of amounts, titles or values from or to the Principality of Monaco is also the subject of this declaration.
The provisions of section R. 152-6 apply to postal shipments.
The amounts, titles or values referred to in section R. 152-6 shall be determined by order made by the Minister responsible for the budget.
This chapter does not include regulatory provisions.
The acceptance, possession or use of any unauthorised monetary sign intended to replace coins or bank notes that are legal in France shall be punished in accordance with Article R. 642-2 of the Criminal Code.
The fact of refusing to receive coins or bank notes that are legal in France according to the value for which they have taken place is punishable in accordance with Article R. 642-3 of the Criminal Code.
The use of coins or bank notes that are legal in France or issued by foreign or international institutions authorized to do so shall be penalized in accordance with Article R. 642-4 of the Criminal Code.
The fact that, for a person who has received coins or bank notes that have legal courses in France counterfeit or falsified, refuse to hand them over or hand them over to the Bank of France or to the administration of currencies and medals is punished in accordance with Article R. 645-9 of the Criminal Code.
I. - Is punished by the fine provided for the contraventions of the 5th class, for any employee:
1° From a credit institution, La Poste or a manual exchanger, not to withdraw from traffic, prior to any issuance to the ticket office in euros received from the public, the tickets to which it has sufficient reason to think that they are false;
Not criminally responsible for the offence defined in 1° the employee who justifies having carried out the controls and complied with the procedures for the withdrawal of the traffic referred to in section R. 122-5, in accordance with the internal written rules adopted by the institution in which he or she is a member, or the person whose establishment has not established such rules;
2° From a credit institution or La Poste, knowing that its employer has not signed a convention with the Bank of France, to use, for the supply of a self-service machine, tickets in euros that have not been taken directly from a central bank of the Eurosystem;
3° From a credit institution or La Poste, knowing that its employer has not signed a convention with the Bank of France, to use a recycling machine in free service performing the functions referred to in R. 122-7;
4° From a manual exchanger, to supply a free-service currency automaton with tickets in euros that have not been taken from a credit or La Poste;
5° From an establishment of credit, La Poste or a provider performing on behalf of, and on behalf of, the operations of processing of parts in euros in a professional capacity, to deliver to one of the above-mentioned persons coins in euros, knowing that they were not previously sorted and controlled by equipment mentioned in article R. 121-3;
6° From an establishment of credit, La Poste, a provider performing on behalf of and on behalf of them transactions of the processing of tickets or coins in euros in a professional capacity or a manual changer, not to promptly hand over to the Bank of France or to the administration of coins and medals coins or tickets in euros of which it has sufficient reason to think they are false;
Not criminally responsible for the offence defined in 6° the employee who justifies having performed the controls and complied with the delivery procedures provided for in section R. 123-1, in accordance with the internal written rules adopted by the institution in which he or she is a member, or the person whose establishment has not established such rules.
II. - The provisions of 1°, 4° and 6° of I shall apply to any person who is responsible for any title of the management or administration of a manual exchange undertaking, which, by a personal act, commits one of the offences provided for in these articles.
III. - Is punishable by the same penalties, for any person charged with any title of the management or administration:
1° A credit institution, La Poste or a manual foreign exchange company shall not establish the internal written rules and procedures set out in R. 122-5;
2° From an establishment of credit, La Poste, a provider performing on behalf of and on behalf of the holders of transactions for the processing of notes and coins in euros or a manual exchange undertaking, not to establish the internal written rules and procedures set out in R. 123-1;
3° From a credit institution or La Poste, not having informed its employees of the absence of a convention with the Bank of France in accordance with Article I R. 122-10;
4° From a manual foreign exchange company, to let supply exchange automatons in free service with tickets in euros that have not been taken from a credit institution or La Poste;
5° From an establishment of credit, La Poste or a service provider referred to in section R. 121-3, not having informed its employees of the lack of equipment referred to in section R. 121-3, within the entity where they perform their duties when it delivers coins to other institutions in euros for their delivery to the public;
IV. - Legal persons may be declared criminally liable under the conditions provided for in article 121-2 of the Criminal Code for offences defined in I, II and III of this article. They then resort to the following penalties:
1° The fine, in accordance with the terms provided for in Article 131-41 of the Criminal Code;
2° The confiscation of the thing that was used to commit the offence or the thing that is the product of it.
V. - The recidivism of the contraventions provided for in this article shall be punishable in accordance with sections 132-11 and 132-15 of the Criminal Code.
VI. - The provisions of the third paragraph of Article 442-13 of the Criminal Code apply.
The fact of requiring or provoking, by any means, directly or indirectly, for the payment of a sum greater than 15 euros, the handover of one or more cheques in an amount less than or equal to 15 euros shall be punished by the fine provided for the contraventions of the 5th class. The recidivism of the contravention provided for in this section is punishable under section 132-11 of the Criminal Code.
The fact, for any person, of interrogating the Bank of France on the regularity of a cheque in ignorance of the conditions laid down in the first paragraph of Article R. 131-5 is punishable by the fine provided for in the contraventions of the 5th class. The recidivism of the contravention provided for in this section is punishable under section 132-11 of the Criminal Code.
The same penalty is applicable to an agent who does not comply with the provisions of the first paragraph of Article R. 131-8.
Securities constituting securities are only materialized by registration to their owner's account.
The account shall be taken by the issuer if the securities are requested in the name form, by an authorized financial intermediary referred to in Article L. 562-1 if requested in the carrier form.
The securities listed in the account are transferred by bank transfer to account.
When issuers designate an agent for the conduct of their accounts, they are required to publish to the Bulletin mandatory legal announcements the name and address of their agent.
A nameholder may charge an authorized intermediary to manage an open account at a transmitter. In this case, the registrations on this account are also included in an administrative account held by an authorized intermediary and the account holder is obliged to give no further order to the account.
Compulsoryly nameable securities may only be traded on a stock exchange after being placed on an administration account.
Securities that do not have the mandatory nominative form may only be traded on the stock market in the form of the holder.
A central repository opens up current accounts to the issuers of values admitted to its operations and to the intermediaries authorized to carry out the account holding activity that acquires the quality of membership.
It ensures, for the values admitted to its operations, the delivery by debit and credit of accounts open to its members.
A central repository can create representative certificates of French values that can only circulate abroad.
He may delegate this right to a member for a specified program.
When a central custodian is affiliated with a foreign agency of the same nature, he or she has the right, on the one hand, to provide that the nominative registrations of foreign securities are made under the name of his foreign counterpart, on the other hand, to leave the securities to the holder or assimilated in deposit with the holder.
The rules on preferential shares are set out in Articles 206 to 206-7 of Decree No. 67-236 of 23 March 1967 on commercial companies.
The rules on priority dividend shares without the right to vote are set out in articles 153-4 to 153-11 of Decree No. 67-236 of 23 March 1967 on commercial companies.
The rules relating to investment certificates are defined by articles 169-2 to 169-8 of Decree No. 67-236 of 23 March 1967 on commercial companies.
The rules on securities giving access to capital are set out in articles 242-8 to 242-16 of Decree No. 67-236 of 23 March 1967 on commercial companies.
The rules relating to the interest of employees in the company are set out in chapter I of title IV of Book IV of the Labour Code and in Decree No. 87-947 of 26 November 1987 setting the conditions for the application of Chapter I of Legislative Decree No. 86-1134 of 21 October 1986 amended relating to the interest and participation of employees in the results of the company and the shareholding of employees to public companies whose conditions
The rules relating to the participation of employees in the company's results are set out in chapter II of title IV of Book IV of the Labour Code and in Decree No. 87-948 of 26 November 1987 determining the public enterprises and national companies subject to the provisions concerning the participation of Order No. 86-1134 of 21 October 1986 relating to the interest and participation of employees in the results of the company and the shareholding of the employees, as well as the conditions
The rules relating to employee capital increase transactions are defined either by articles 174-22 to 174-41 of Decree No. 67-236 of 23 March 1967 on commercial companies, or by the provisions of Chapter III of Title IV of Book IV of the Labour Code and by articles 154 to 155-2 of Decree No. 67-236 of 23 March 1967 on commercial companies.
I. - The negotiable debt securities defined in Article L. 213-1 include:
1° Certificates of deposit, of an initial period of less than or equal to one year, issued by credit institutions and by the Caisse des dépôts et consignations;
2° Cash notes, of an initial period of less than or equal to one year, issued by investment companies and by the issuers referred to in 2, 3, 4, 5, 6, 7, 8 and 9 of Article L. 213-3;
3° Negotiable medium-term vouchers, of an initial duration of more than one year, issued by all transmitters referred to in Article L. 213-3.
II. - The remuneration of negotiable debt securities is free. When the remuneration varies according to an indexing clause that does not relate to a common rate of the interbank market, the monetary market or the bond market, this clause must be first brought to the attention of the Bank of France.
The issuers must report, if any, the annual actuarial rate of return on the issue.
The Bank of France shall ensure compliance by the issuers of negotiable receivables with the terms and conditions set out in sections L. 213-1 to L. 213-4, by this subsection and by the orders referred to in section D. 213-11-1.
For the purpose of this mission, the Commission is informed of the entry of new transmitters into this market under the conditions set out in section D. 213-4 and receives immediate communication by the issuers of the documents established pursuant to their reporting obligations under section L. 213-4 and provided for in sections D. 213-5 to D. 213-9.
It may suspend or prohibit issuance of a transmitter that fails to comply with these provisions.
Transmitters must make public a rating of their program of issuance, obtained from a specialized agency on a list agreed by the competent administrative authority or, where applicable, have a guarantor with such a rating.
Such an obligation shall be exempted from:
1° Credit institutions and investment companies established in the European Economic Area;
2° The Caisse des dépôts et consignations;
3° Issuers whose securities are admitted to negotiations on a regulated market in the European Economic Area;
4° Other issuers who are granted a visa from the Autorité des marchés financiers covering their program of issuance on the date of entry into force of this obligation, provided that the Bank of France receives periodic updates on their quarterly cash position and their semi-annual report on their activity and outcome.
The transmitters referred to in 4° shall be exempted for a period of one year from the entry into force of this obligation.
All issuers inform the Bank of France, at least two weeks before their first issue, of their intention to enter the market, by sending the financial documentation prepared in accordance with the terms set out in sections D. 213-5 to D. 213-9.
The competent administrative authority referred to in section D. 213-3 is the Minister responsible for the economy.
Negotiable debt securities may be granted an unconditional first-demand guarantee under the conditions set by the orders referred to in Article D. 213-7.
When negotiable debt securities are guaranteed, the financial documentation refers to it and provides, for the guarantor, the same information as for the issuer.
Negotiable debt securities may be issued in any foreign currency. However, the Bank of France may decide on the temporary suspension of securities in a specified currency if the circumstances so warrant.
The conditions for the issuance of the negotiable debt securities set out in sections L. 213-1 to L. 213-4 and this subsection are specified for the investment companies, the credit institutions and the Caisse des dépôts et consignations and for the issuers mentioned in 2, 3, 4, 5, 6, 7, 8 and 9 of section L. 213-3, by decrees of the Minister responsible for the economy.
The order of the Minister responsible for the economy specifying the conditions for the issuance of debt securities negotiable by investment companies, credit institutions and the Caisse des dépôts et consignations is taken under the conditions set out in section L. 614-2.
To be authorized to issue negotiable receivables, the undertakings referred to in 2 of Article L. 213-3 must be one of the following categories:
1° Companies in the form of equities or, for those whose head office is located abroad, a form recognized as equivalent by the authority charged by this decree to ensure compliance with the conditions of issuance and with a capital whose released party is at least 25,000 euros;
2° Public sector companies that use public savings;
3° Agricultural cooperative societies and their unions with a capital of at least 25,000 euros;
4° Co-operative corporations with a capital whose released party is at least 25,000 euros.
I. - Prior to the issuance, the issuers of negotiable receivables file with the Bank of France a financial documentation that includes a financial presentation record that covers their activity, their financial situation, and their program and the elements set out in the III of this article.
II. - The financial submission file includes:
1° A presentation of the program with, where applicable, the rating sheet obtained from a specialized agency on a list agreed by the Minister responsible for the economy;
2° A fact sheet on the issuer's legal and financial situation;
3° A certificate of physical persons, with an indication of their identity and function in society, or legal persons, with an indication of their name and seat, who are responsible for the financial documentation and certify that to their knowledge its content is in conformity with the reality and does not include a omission of the scope of the material.
III. - In addition to the financial presentation record, the financial documentation includes the documents relating, where applicable, to the last two fiscal years, made available to shareholders, including the annual accounts and, where applicable, consolidated accounts, the reports of the board of directors or the board of directors and the supervisory board, as the case may be, and the reports of the auditors.
The accounting data are accompanied by the audit certificate, or the persons taking place, on the sincerity of the information given.
When the issuer is a company that is responsible within a group to manage the cash flow, the same information is provided for the entire group on the basis of the consolidated accounts of the consolidating society.
Consolidated accounting data are set out in internationally recognized accounting standards or in French accounting standards. Transmitters with their head office outside France must provide equivalent information.
The Bank of France may request any additional information to the issuer when its particular situation warrants it.
An order by the Minister responsible for the economy specifies the mandatory records of the financial presentation. It can provide specific terms tailored to different categories of transmitters.
The financial documentation provided to the Bank of France, and updated annually, is written in French. Financial documentation may be written in a common language in financial matters other than French, provided that it is accompanied by a summary in French, in any of the following cases:
1° When negotiable debt securities are placed exclusively with qualified investors within the meaning of the second paragraph of Article L. 411-2 and Articles D. 411-1 and D. 411-2;
2° Where the securities can only be purchased or purchased for at least 200,000 euros or the counter-value of that amount in foreign currency.
The summary in French is prepared under the responsibility of the issuer. It includes all the essential information in the financial presentation package, including the activity, financial situation of the issuer and the program and any other essential information contained in the financial documentation.
The issuers update their financial documentation each year within forty-five days of the holding of the general meeting of shareholders, or of the organization that takes place on the accounts of the last fiscal year.
However, issuers immediately update their financial documentation on any changes in the limits of their outstanding securities, their rating, the identity of the guarantor or the terms and conditions of the guarantee, as well as any developments that may have a significant impact on the evolution of the issued securities or on the successful completion of the program.
The issuers of negotiable receivables promptly and without charge communicate their financial documentation and updates to the domiciliar institutions of their securities, to those who act as intermediaries for the purchase and sale of such securities, and to any person who makes the request.
The Bank of France has posted on its website the financial presentation files, their update and, where applicable, the summary mentioned in article D. 213-8.
The issuers of negotiable receivables shall provide the Bank of France with statistical information on their securities, under the conditions defined by the decrees mentioned in article D. 213-11-1.
The Bank of France regularly disseminates this information.
The issuers of negotiable receivables report to the Bank of France on advance refunds of their securities. The Bank of France sets the frequency of providing this information.
The rules relating to obligations issued by commercial companies are set out in articles 211 to 241 of Decree No. 67-236 of 23 March 1967 on commercial companies.
When a bond issue is amortized according to a table that shows the number of titles to be depreciated at each period and that the titles are not grouped in series identified, the selection of amortized titles is as follows:
1° At a reference date prior to the refund and fixed by the issuing contract, the content of accounts lists the holders of the accounts in which the securities are listed. The licensees are classified in the increasing order of their account number, or in any other order previously established by the account content and notified to the central depositary to whom the issuance was filed, and the number of their securities is indicated. The list is dated and certified on the same day by the person authorized to do so by the member;
2° The day after the date of reference, the issuer communicates to the central depositary the number of securities to be depreciated. The central depositary then calculates, up to the fifth decimal, the report, known as depreciation, which is the ratio of the number of securities to be depreciated to the number of securities in circulation. To determine the number of depreciated titles to be assigned to each member, it applies the depreciation report to the number of titles recorded on each member's account by rounding the result to the lower unit and by distributing the possible balance according to the strongest rule remains. He then notified each member of the depreciation report and the number of depreciated titles attributed to him;
3° Upon receipt of this notification, the member proceeds to a first distribution of the titles to be depreciated. It applies the depreciation report to the number of securities in each account. The result rounded to the lower unit is the number of amortized securities assigned to the account in the first distribution;
4° The member then proceeds to a second distribution. It determines on the list of account holders a starting point by multiplying the total number of titles of the list by the number of cent-millimes formed after the five decimals of the depreciation report and by rounding it to the entire number immediately higher. From the rank of the title corresponding to this point of departure, the member shall affect the titles to be distributed to the holders on the list in the order of registration, excluding those who have benefited from the first distribution;
5° The member shall affect the potential balance to the holders who have benefited from the first distribution according to the strongest rule;
6° The member retains for ten years the list referred to in 1° and the number of depreciated titles on the account of the holders included therein.
This subsection does not include regulatory provisions.
The information document referred to in Article L. 213-11 is prepared before any program.
It is delivered or addressed to any person whose subscription is sought.
Subject to the provisions of Article D. 213-19, where the issuing association makes public use of savings for the placement of securities referred to in Articles L. 213-8 and L. 213-9, the provisions of Articles 211, 212 and 213 of Decree No. 67-236 of 23 March 1967 on commercial companies are applicable to the notice referred to in Article L. 213-11 as long as they are compatible with the legal regime of trade associations.
I. - The information document contains all relevant information to the subscribers. It contains the following information regarding the program:
1° The purpose of the program;
2° Decisions of the authorized bodies that are at the origin of the operation and their duration of validity;
3° The number, nominal value and form of the securities as well as the gross product and the estimate of the net proceeds of the emissions;
4° The conditions of the issuance and the financial characteristics of the securities, as well as, where applicable, the guarantees. When the remuneration of securities is less than the market conditions at the time of the issuance, the document mentions it;
5° The terms and conditions of assignment and, where applicable, the terms and conditions of listing of securities;
6° The existence and organization of the mass of the holders of securities;
7° List of credit institutions responsible for the financial service of the transaction, if applicable.
II. - The same document contains the following information regarding the transmitter:
1° Information on the organization and control of the association:
(a) The identity of the leaders and of the members of the control body or the board of directors;
(b) The amount of compensation allocated for their functions in a comprehensive manner for each of the categories of persons listed above;
(c) The mandates that these same people exercise in other companies;
(d) The mention of the conventions between the association and any legal person having common leaders with it;
(e) The names of the auditors and their alternates, as well as the date of their appointment;
2° The amount of non-recovery equity at the end of the previous year, the total amount and the maturity breakdown of commitments other than those resulting from the issuance, the indication of security rights granted to previously issued securities;
3° The balance sheet, results account, and significant elements of the schedule of the last three fiscal years, as well as, where the issuance takes place during the fiscal year, significant elements extracted from the interim accounts and an evaluation of the activity trend;
4° The social object of the association, a description of its activity and its prospects for evolution;
5° Significant facts or litigation that may affect the activity and financial situation of the association;
6° Information about the guarantors of the program.
Any advertisement or form for the program mentions the existence of the information document and specifies how to obtain it without charge.
Registration in the register of trade and societies of associations referred to in Article L. 213-8 shall only be effected after a decision to issue obligations has been taken regularly by the General Assembly.
The cancellation of the registration is requested by the bond issuing association in the year following the reimbursement of all obligations issued.
Radiation is also requested if, one year after the General Assembly's decision to issue bonds, no emissions occurred.
In the absence of an association to request its delisting within the prescribed time limits, it is carried out in accordance with the second paragraph of Article L. 123-3 of the Commercial Code.
Any association issuing obligations shall file in duplicate to the Registry of the Tribunal, to be annexed to the Trade and Corporate Register, within the month following their approval by the General Assembly, the annual accounts, the management report and the report of the auditors of the past year, eventually supplemented with the observations of the auditors on the amendments made by the Assembly to the annual accounts submitted to them. In the event of refusal of approval, a copy of the deliberation is filed within the same time limit.
Subject to the provisions of Article D. 213-19, the provisions of Articles 214 to 242 of Decree No. 67-236 of 23 March 1967 on commercial companies, provided that they are compatible with the legal regime of associations, apply to obligations issued by associations.
The rules relating to participatory securities issued by public-sector equity companies and cooperative companies incorporated in the form of anonymous companies or limited liability companies are defined by articles 242-1 to 242-7 of Decree No. 67-236 of 23 March 1967 on commercial companies.
When the weight of the holders provided for in Article L. 228-37 of the Commercial Code is comprised of holders of securities issued by a public institution of the industrial and commercial State subject to the rules of public accounting, the report on the accounts of the fiscal year and on the elements used to determine the remuneration of participatory securities is prepared by the accounting agent of the establishment.
The rules relating to participatory securities issued by mutual insurance companies and insurance and mutual agricultural reinsurance funds subject to administrative approval are set out in section R. 322-79 of the rural code.
The rules relating to participatory securities issued by insurance companies are set out in Article R. 322-79 of the Insurance Code.
A securities collective investment organization may:
1° Make deposits;
2° Use the following financial instruments, whether governed by French law or a foreign law, excluding those mentioned in R. 214-5:
(a) Shares and other titles that give or may give access, directly or indirectly, to capital or voting rights, transmitted by registration in account or tradition;
(b) The titles of receivable that each represents a right of receivable on the entity that issues them, transmitted by registration in account or tradition, excluding the effects of trade;
(c) Shares or shares of securities collective investment organizations;
(d) The shares and debt securities issued by mutual funds of receivables;
(e) Financial instruments for term.
For the purposes of this subsection, the shares of variable capital investment companies fall within the scope of only c.
I. - The financial instruments referred to in a, b and d of 2° of Article R. 214-1 eligible for the assets of a securities collective investment organization are:
1° be allowed to negotiate on a regulated market within the meaning of Article L. 422-1;
2° Be allowed to negotiate on a regulated market in regular operation of a State or a member of the European Community, or a party to the agreement on the European Economic Area provided that this market is not on a list of excluded markets established by the Autorité des marchés financiers.
Assimilated to financial instruments admitted to negotiation in a regulated market, the financial instruments issued as long as their admission to negotiation was requested. However, this assimilation ceases to be effective one year after the issuance, if, on that date, the admission to the negotiation was not obtained.
II. - are considered to be assets admitted to trading in a regulated market mentioned in 1° and 2° of I the negotiable debt securities issued on the basis of French law or foreign law and subject to particular public control to protect the holders of these securities and meet each of the following four conditions:
1° Preliminarily at the first program, the issuer prepares financial documentation on its activity and economic and financial situation and the program of issuance; it ensures that it is updated at least annually and where a new fact is likely to have a significant impact on the evaluation of issued securities or on the correct end of the program;
2° The program is supervised by an independent public authority, which, in particular, ensures the compliance of the program with the laws and regulations and the program, the provision of the information document to investors, and which regularly ensures the dissemination of statistical information on the issued securities;
3° Securities are subject to an account registration and delivery procedures whose safety and proper operation are controlled;
4° The transmitter falls within one of the following five categories:
(a) A State, or in the case of a federal State, one of the members of the Federation, a regional or local community of a member State of the European Community, the European Central Bank, the Central Bank of a Member State, the European Union, the European Investment Bank, or an international public body of which one or more member states are part;
(b) An entity whose securities are negotiated in a regulated market within the meaning of this Article;
(c) A facility subject to prudential supervision;
(d) A transmitter guaranteed by an organization referred to in a or an establishment referred to in c;
(e) another entity belonging to a class on a list established by the Autorité des marchés financiers, subject to rules of protection of investors equivalent to those provided in the preceding four paragraphs, and having the status of either a corporation whose capital increased of reserves is at least 10 million euros and presenting its annual accounts in accordance with Council Directive 78/660/EEC of 25 July 1978 concerning the annual accounts of certain forms of companies, transposed by the articles
The deposits referred to in 1° of Article R. 214-3 eligible for the assets of a securities collective investment organization shall meet each of the following five conditions:
1° They are carried out with a credit institution whose headquarters is established in a Member State of the European Community or a party to the agreement on the European Economic Area or with a credit institution whose headquarters is established in another State as long as it meets sufficient security criteria established by the Autorité des marchés financiers;
2° They are concluded in accordance with a French or international framework agreement, approved by the Autorité des marchés financiers, and which sets out their condition of pay, term and terms of reimbursement or withdrawal;
3° Their term is less than or equal to twelve months;
4° They may be refunded or withdrawn at any time at the request of the securities collective investment agency for the provision of funds within 24 hours, subject to the hours of payment in foreign currency;
5° The amount paid in response to a refund request including any interest is greater than or equal to the original value of the deposit.
The liquidity referred to in c of Article L. 214-4 shall be subject to the provisions of Article R. 214-3. They are held by the securities collective investment agency within the strict limit of requirements related to flow management.
The liquidity regime may deviate from the provisions of 2° and 5° of Article R. 214-3. It may also deviate from the 1st of the same article if these liquidities are deposited with the depositary of the securities collective investment agency.
If an overexpenditure of the limits set out in sections R. 214-6 and R. 214-7 is due to the liquidity held by the securities pooling agency, the securities pooling agency must regulate this situation as soon as possible.
By derogation from the provisions of section R. 214-1, the assets of a securities collective investment organization may also include within 10%:
1° Subscription vouchers;
2° Cash vouchers;
3° promissory notes;
4° Mortgage tickets;
5° shares or shares of foreign investment funds meeting the criteria set out in the general regulation of the Autorité des marchés financiers;
6° Shares or shares of securities collective investment organizations:
(a) Foster securities collective investment organizations referred to in Article L. 214-34;
(b) Securities collective investment organizations that invest in shares or shares of other securities collective investment organizations or investment funds referred to in Articles R. 214-25 and R. 214-26;
(c) Collective investment organizations in securities that benefit from a reduced procedure referred to in Article L. 214-35 in its drafting prior to 2 August 2003;
(d) Securities investment organizations with reduced investment rules referred to in Article L. 214-35;
(e) Collective investment organizations in contractual securities referred to in Article L. 214-35-2;
(f) Common Risk Investment Funds referred to in Article L. 214-36, common risk investment funds benefiting from a relief proceeding referred to in Articles L. 214-37 and L. 214-38, mutual investment funds in innovation referred to in Article L. 214-41 and community investment funds referred to in Article L. 214-41-1;
(g) Common Future Market Response Funds referred to in Article L. 214-42.
7° Financial instruments referred to in section R. 214-1 when they do not meet the requirements of section R. 214-2.
In addition, are included within the 10% limit set out in this section the shares or shares of securities collective investment organizations or investment funds themselves invested to more than 10% in shares or shares of securities collective investment organizations or investment funds.
I. - By derogation from the 5% limit set out in the sixth paragraph of Article L. 214-4, a securities collective investment organization may use up to 10% of its assets in financial instruments referred to in (a), (b) and (d) of the 2nd of Article R. 214-1 issued by the same entity if the total value of the instruments issued by several entities forming the same issuer as defined in Article R. 214-8 does not exceed However, for a period of six months following the date of the organization's approval, the limit of 40% is not applicable.
II. - It may use up to 20% of its assets in deposits and liquidity, respectively referred to in sections R. 214-3 and R. 214-4 placed with the same establishment.
III. - Notwithstanding the provisions of the two paragraphs above and the second paragraph of Article R. 214-12, a collective investment organization in securities shall not employ more than 20% of its assets in financial instruments referred to in (a) and (b) of the second paragraph of Article R. 214-1 of the same entity, in deposits placed with or at risk of counterparty defined in Article R. 214-12
IV. - By derogation from the 5% limit set out in the sixth paragraph of Article L. 214-4, a collective investment agency in securities may employ up to 10% of its assets in shares or shares of the same collective investment agency in securities mentioned in c of 2° of Article R. 214-1.
I. - By derogation from the 5% limit set out in the sixth paragraph of Article L. 214-4, a securities collective investment agency:
1° Can use in financial instruments referred to in a, b and d of 2° of Article R. 214-1 issued by the same entity 35% of its assets if these securities are issued or guaranteed by a Member State of the Organisation for Economic Cooperation and Development, by the territorial authorities of a Member State of the European Community or a Party to the Agreement on the European Economic Area, or by an international public body of which one or more Member States of the European Community or parties to the agreement on the European Economic Area are part of or if these are securities issued by the social debt amortization fund;
2° Can use in bonds issued by the same entity up to 25% of its assets if the value of these securities does not exceed 80% of the assets and if these securities are land obligations issued by the land credit companies pursuant to 2° of the I of Article L. 515-13 or obligations issued by a credit institution having its head office in a Member State of the European Community or part of the agreement on the European Economic Area and Amounts arising from the issuance of these obligations must be invested in assets that cover, for the duration of the validity of the bonds, the obligations arising therefrom and which are assigned by privilege to the reimbursement of capital and to the payment of accrued interest in the event of a failure of the issuer.
The derogation referred to in the preceding paragraph applies to obligations issued by a credit institution whose exclusive purpose is to refinance promissory notes in accordance with the provisions of sections L. 313-42 to L. 313-49, issued to mobilise long-term claims representative of housing loans, provided that these obligations have identical characteristics to that of the notes.
II. - The financial instruments mentioned in I are not taken into account to apply the limits of 20% and 40% referred to in I of Article R. 214-6.
III. - By derogation from the provisions of Article R. 214-6, when combined with the financial instruments referred to in I of this Article, the investments in the financial instruments referred to in a, b and d of Article R. 214-1 of an entity, the deposits placed with the entity and the risk of counterparty defined in Part II of Article R. 214-12 on that entity may reach 35% of the corporation.
IV. - The limits set out in R. 214-6 and this section are not applicable to securities collective investment organizations that hold securities from at least six different programs from one of the issuers mentioned in 1° of I provided that securities of the same issue do not exceed 30% of the total amount of the asset.
V. - If a securities collective investment organization makes investments in secured financial instruments issued by the same entity pursuant to the exemption provided for in I of this section, the cumulative investment with those made, within the limits provided for in I of Article R. 214-6, in financial instruments issued by that same entity, may not exceed 35% of its assets.
For the purposes of the provisions of the sixth paragraph of Article L. 214-4, sections R. 214-6, R. 214-7 and R. 214-12, entities whose accounts are consolidated or combined within the meaning of Council Directive 83/349/EEC of 13 June 1983 concerning consolidated accounts or internationally recognized accounting standards are considered to be a single issuer or establishment.
For the assessment of the ratios set out in Article R. 214-18, Article R. 214-25 and Article R. 214-26, the shares or shares of several compartments of a securities collective investment organization governed by Article R. 214-23 are assimilated to the shares and shares of the same securities collective investment organization.
The rules for the composition of the assets set out in sections L. 214-39 and L. 214-40 and the risk division rules set out in section L. 214-4 shall be complied with at any time. However, if a exceedance of the limits set by these articles occurs independently of the will of the variable capital investment corporation or the mutual fund management corporation or as a result of the exercise of the subscription rights, the management corporation or the variable capital investment corporation must, in their sales operations, have the priority objective of regularizing this situation as soon as possible, while taking into account the interests of shareholders or shareholders.
The shares and debts of a common receivables fund referred to in paragraph 2 of section R. 214-1 shall not be held beyond 5% of the value of the shares and debts issued by the fund in the last biannual report referred to in Article L. 214-48, by a group investment organization in securities controlled by or dependent, within the meaning of section L. 214
I. - For the purpose of its management objective, a securities collective investment organization may receive or grant the guarantees referred to in Article L. 431-7-3, under the conditions defined in that same section.
The securities collective investment agency can only receive guarantees if granted to it by an institution having the status of depositary of the securities collective investment agency, an institution of credit whose seat is established in a Member State of the Organisation for Economic Cooperation and Development or an investment company whose seat is located in a Member State of the European Community or part of the agreement on the European Economic Area and which is entitled to provide
Where the guarantees granted by a securities collective investment organization are security rights, the constituent instrument of these security rights defines:
1° The nature of the property or rights that the beneficiary of the security rights may use or dispose of. In the absence of this indication, the beneficiary may only use or dispose of deposits, liquidities or financial instruments referred to in a, b, c or d of 2° of Article R. 214-1;
2° The maximum amount of property or rights that the beneficiary of the security rights may use or dispose of. This maximum amount cannot exceed 100% of the recipient's debt on the organization. The general regulation of the Autorité des marchés financiers specifies the modalities for calculating the beneficiary's receivable on the organization.
The terms and conditions for the valuation of property or rights guaranteed by a securities collective investment agency are defined in the certificate of guarantees or in an annexed contract between the parties. In the absence of having provided for these valuation terms, the enforcement of the warranties may be limited to deposits, liquidity or financial instruments referred to in a, b, c or d of 2° of Article R. 214-1. The general regulation of the Autorité des marchés financiers specifies the terms and conditions for the valuation of property or rights guaranteed by the agency.
II. - The risk of counterparty on the same contractor is the risk that the contractor fails to meet one of its obligations and thus leads the securities collective investment organization to suffer a financial loss. The risk of counterparty on the same contracting partner is equal to the market value of contracts diminished of constituted guarantees, if any, for the benefit of the organization.
The exposure of the organization to the risk of counterparty on the same contracting partner resulting from the contracts referred to in sections R. 214-13 to R. 214-17 is limited to 10% of its assets.
When the guarantees are made in the form of deposits, the 2°, 3°, 4° and 5° of section R. 214-3 do not apply within the scope of the consideration risk coverage requirements.
III. - The commitment of a securities collective investment organization to the term financial instruments is constituted by the highest amount between the potential loss of the organization assessed at any time and the proceeds of the leverage that these instruments provide to the organization by the value of the organization's assets.
The terms and conditions for calculating the undertaking are defined by the general regulation of the Autorité des marchés financiers.
IV. - The use by a securities collective investment agency of financial instruments for the term, pension transactions, and any other transaction similar to the acquisition or temporary assignment of securities shall not lead the organization to deviate from the investment objectives set out in the information documents intended for subscribers.
I. - A collective investment agency in securities may enter into contracts that constitute long-term financial instruments to protect its assets or to achieve its management objective, subject to the conditions set out in R. 214-12 and each of the following two conditions:
1° The commitment of the securities pooling agency to the financial instruments in the term should not exceed the value of its assets;
2° Contracts have the following characteristics:
(a) Either they are entered into the regulated futures markets referred to in Article L. 214-42;
(b) Either they constitute futures contracts on interest rates or exchange rates in markets whose rules define operating conditions, access and negotiation conditions, which operate regularly and have a clearing house that provides for daily margin requirements. The list of these markets is stopped by the Minister responsible for the economy;
(c) Either, where they are not entered into one of the markets referred to in a or b, they meet each of the following three conditions:
(i) They may be released or liquidated at any time, at their market value or at a pre-determined value, at the initiative of the securities collective investment organization;
(ii) They are concluded with an establishment referred to in the second paragraph of Article R. 214-12;
(iii) They are concluded in accordance with a framework agreement referred to in Article L. 431-7.
II. - With the exception of contracts constituting long-term financial instruments based on indices meeting the conditions set out in II of Article R. 214-28, the underlying investment in these contracts is taken into account for the application of the provisions of the first six paragraphs of Article L. 214-4.
A collective investment agency in securities may enter into contracts constituting long-term financial instruments that meet the characteristics of credit derivatives defined by the conventions referred to in Article L. 431-7, under the conditions set out in Articles R. 214-12 and R. 214-13 and under each of the following conditions:
1° The management company that directly or by delegation ensures the management of the securities collective investment organization that would enter into at least such a contract must first have the Autorité des marchés financiers approved a specific activity program. This should include management systems and an organization to:
(a) A daily evaluation by the aforementioned contract management company. This assessment is the subject of at least monthly comparison with an external evaluation;
(b) A risk analysis, carried out by an independent unit of commercial and operational units and subjected to at least semi-annually the governing body of the management company with a view, inter alia, to the definition of limits;
(c) An independent internal control of operational functions;
2° The amount of the undertaking resulting from the above-mentioned contracts entered into by a securities collective investment agency with a business related to its management corporation within the meaning of sections R. 214-46, R. 214-68 or R. 214-84 shall not represent more than 20% of the amount of the undertaking resulting from the contracts referred to in this section;
3° Transmitters on which credit risk is based may be:
(a) One or more States;
(b) One or more international public bodies including one or more Member States of the European Community are members;
(c) One or more territorial authorities of the European Community;
(d) At least one or more legal persons issued:
(i) Be debt securities that meet the criteria set out in II of section R. 214-2 or receivables that have been admitted to negotiations on a regulated market within the meaning of section R. 214-2, and that have made public for at least one issue of such debt securities at least one rating obtained from an organization on a list that has been decided by the Minister responsible for the economy;
(ii) Be capital securities admitted to negotiations on a regulated market within the meaning of Article R. 214-2;
(e) Several entities under categories have to d above;
4° The termination of the commitments created by these contracts can only result in the delivery or transfer of eligible assets to the assets of a securities collective investment organization.
Where a financial instrument referred to in a, b or d of 2° of Article R. 214-1 is wholly or partially a financial instrument for the term, the latter shall be taken into account in the application of Articles R. 214-12, R. 214-13 and R. 214-14.
I. - A securities collective investment organization may, within 100% of its assets, carry out temporary disposal of financial instruments.
A securities collective investment organization may, within 10% of its assets, carry out temporary acquisition of financial instruments.
The liquidative values of shares or shares of a securities collective investment organization are determined taking into account changes in the value of securities temporarily transferred.
II. - To carry out operations referred to in I, a securities collective investment organization must meet each of the following conditions:
1° These operations are carried out with an establishment referred to in the second paragraph of Article R. 214-12;
2° They are governed by a framework convention referred to in Article L. 431-7;
3° They shall be taken into account for the application of the general rules of composition of the assets, the right-of-way ratios, the rules of exposure to the risk of counterparty and the rules of engagement defined in this subsection;
4° They must comply with the denouncement rules set out in c of 2° I of Article R. 214-13.
Without prejudice to the I of section R. 214-16, the limit referred to in second paragraph I of section R. 214-16 is increased to 100% when the securities collective investment organization remits cash to pensionable transactions, provided that the pensioned financial instruments are not subject to any assignment, including temporary or collateral transaction.
For the purposes of the provisions of Article L.214-4, each of the following financial instruments is a category:
1° Financial instruments with the right to vote of the same entity;
2° The financial instruments referred to in a and d of 2° of Article R. 214-1 giving direct or indirect access to the capital of the same entity;
3° The financial instruments mentioned in the b and d of the 2nd of Article R. 214-1 directly or indirectly conferring a general right of receivable on the heritage of the same entity;
4° The financial instruments issued by the same entity referred to in paragraph 2 of Article R. 214-1 or at the 5th and 6th of Article R. 214-5. By derogation from the 10% limit set out in the eighth paragraph of section L. 214-4, a group investment organization in securities may hold up to 25% of the financial instruments of the same entity in that class.
Securities collective investment organizations must be able at any time to accurately and independently value their assets and assets; they must be able at any time to measure the risks associated with their positions and the contribution of these positions to the overall portfolio risk profile.
The initial capital of a variable capital investment company cannot be less than 8 million euros.
The minimum amount of assets to be collected by mutual funds during their constitution is Euro400,000.
In-kind contributions to the establishment of a joint investment fund are assessed under the same conditions as the contributions of subsequent securities and under the terms and conditions established by the settlement of the fund.
Where the securities collective investment organization has compartments, the provisions of sections L. 214-4, L. 214-5, L. 214-19, L. 214-20 and L. 214-30 and those of this section are applicable to each compartment.
I. - By derogation from the general rules of composition of the assets and the right-of-way ratios set out in section L. 214-4, a foster securities collective investment organization may employ up to 100% of its assets in shares or shares of the same master securities collective investment organization and hold up to 100% of its shares and shares.
II. - Group foster securities investment organizations may enter into contracts that constitute financial instruments on the terms and conditions set out in sections R. 214-12, R. 214-13, R. 214-14 and R. 214-15 and on the additional condition that the calculation of the asset engagement of that organization take into account the transactions carried out, if any, by the master agency.
In addition, unless the master organism or feeding organism, in the information documents it provides to the subscriber, is prohibited from any intervention in the futures markets, the depositary of the feeding organism is that of the master organism.
I. - The provisions of this paragraph shall apply to securities collective investment organizations that are entitled to a procedure for mutual recognition of approvals within the meaning of Council Directive 85/611/EEC of 20 December 1985, coordinating the legislative, regulatory and administrative provisions concerning certain securities collective investment bodies and whose assets include more than 10% of shares or shares of securities collective investment bodies that fall within the scope of section 2 of R.
II. - A collective securities investment organization governed by this paragraph may use:
1° Up to all of its assets in shares or shares of collective investment bodies in securities of French or foreign law and benefiting from a mutual recognition procedure within the meaning of Council Directive 85/611/EEC of 20 December 1985 referred to above, with the exception of those governed by this subsection;
2° Up to 30% of its assets by:
(a) Shares or shares of securities collectively in securities with a reduced investment rules without leverage under articles R. 214-29 to R. 214-31, of securities collective institutions in forms under Article R. 214-27 or of collective investment bodies in securities in codes of interest or in an extended administration under Article R. 214-28
(b) Shares or shares of foreign investment funds meeting the criteria referred to in Article 5 R. 214-5 and the following additional criteria:
(i) Their management objective meets the criteria set out in the general regulation of the Autorité des marchés financiers and corresponds to the evolution of a financial instrument index meeting the conditions set out in II and III of Article R. 214-28;
(ii) The index of financial instruments referred to in i presents a liquidity meeting the criteria set out in the general regulation of the Autorité des marchés financiers;
(iii) The shares or shares of these investment funds are allowed to negotiate on a regulated market as defined in Article L. 422-1 or on a regulated market in regular operation of a State or a member of the European Community, or a party to the agreement on the European Economic Area provided that this market is not included in a list of excluded markets established by the Autorité des marchés financiers.
III. - By derogation from the 5% limit set out in the sixth paragraph of Article L. 214-4, a collective investment organization in securities governed by this paragraph may employ up to 20% of its assets in shares or shares of the same collective investment organization in securities mentioned in 1° of II and 2° of II or of the same foreign investment fund referred to in 2° of II.
I. - The provisions of this paragraph apply to securities collective investment organizations that do not benefit from a procedure for mutual recognition of the approvals within the meaning of Council Directive 85/611/EEC of 20 December 1985 referred to above and whose assets include more than 10% of shares or shares of securities collective investment bodies falling within the scope of the 2nd of Article R. 214-1 or the 6th of Article R. 214-5
II. - A securities collective investment organization governed by this paragraph may use up to all its assets in:
1° Shares or shares of securities collective investment organizations mentioned in 1° of II of Article R. 214-25;
2° Shares or shares of securities collective investment bodies or investment funds mentioned in 2° of II of Article R. 214-25.
III. - By derogation from the limits of 5% and 10% set out in the sixth and eighth paragraphs of Article L. 214-4, a securities collective investment organization governed by this paragraph may employ up to 50% of its assets in shares or shares of the same securities collective investment organization referred to in the II or of the same foreign investment fund referred to in the II and hold up to 35% of the shares or shares of the same securities
I. - A group investment organization in securities with a formula is a collective investment agency in securities that meets the following two conditions:
1° Its management objective is to achieve, at the expiry of a specified period, an amount determined by mechanical application of a predefined calculation formula, referring to financial market indicators or financial instruments, as well as, where appropriate, to distribute revenues, determined in the same manner;
2° The achievement of its management objective is guaranteed by a credit institution whose headquarters is established in a Member State of the Organisation for Economic Cooperation and Development. The guarantee may be granted to the securities collective investment agency or its holders or shareholders.
II. - For securities collective investment organizations under this section, compliance with the limits set out in section R. 214-13 is estimated at the date of conclusion of contracts constituting financial instruments.
By derogation from Article R. 214-12, the undertaking of a securities collective investment organization under this subsection is constituted by the potential loss of that organization assessed at any time.
III. - The provisions of section R. 214-28 apply to a securities collective investment organization under this section whose assets replicate the composition of an index.
I. - A collective investment agency in securities securities is a collective investment agency in securities whose management objective corresponds to the evolution of a financial instrument index.
The management objective of the securities collective investment organization is the evolution of the index if the standard deviation of the difference between the performance of the securities collective investment organization and that of the index over a reference period does not exceed a specified amount under conditions fixed by the general regulation of the Autorité des marchés financiers. This amount may be set at a higher level by the general regulation of the Autorité des marchés financiers; in this case, the securities collective investment agency is a collective investment agency in securities with an extensive indicial management.
The limit set out in the previous paragraph is not applicable for a period of six months following the date of the organization's approval.
II. - The index must meet the following conditions, which are verified by the Autorité des marchés financiers:
1° The composition of the index is sufficiently diverse;
2° The index is a representative standard of the market to which it refers.
3° The method of establishing and disseminating this index is satisfactory.
III. - By derogation from the 10% limit set out in section R. 214-6, a collective investment organization in securities securities in an index or a collective investment agency in securities with an extended indicial securities may employ up to 20% of its assets in instruments referred to in a, b and 2° of section R. 214-1 of the same issuer.
By derogation from the previous paragraph, the 20% limit may be increased to 35% for a single entity.
IV. - Extensive indicial securities collective investment organizations do not benefit from a mutual recognition procedure within the meaning of Council Directive 85/611/EEC of 20 December 1985 referred to above when using the exemption provided for in the first paragraph of the III.
I. - The limit provided for in section R. 214-5 is increased to 50% for securities collective investment organizations with reduced investment rules without leverage.
II. - Section R. 214-8 is not applicable to securities collective investment organizations referred to in I.
III. - Articles R. 214-25 and R. 214-26 are not applicable to securities collective investment organizations referred to in I.
I. - By derogation from sections R. 214-6 and R. 214-7, a securities collective investment organization referred to in R. 214-29 may use:
1° Up to 50% of its instrument assets mentioned in c of 2° of article R. 214-1 of the same transmitter;
2° Up to 35% of its assets in instruments referred to in a, b and d of 2° of article R. 214-1 of the same transmitter. The limit of 40% defined in Article R. 214-6 is not applicable;
3° Up to 50% of its assets in instruments referred to in a, b and d of 2° of Article R. 214-1 of the same issuer provided that the securities held were issued under the conditions specified in 2° of Article I R. 214-7 in three different emissions;
4° Up to 35% of its assets in deposits placed at the same institution.
II. - Notwithstanding the provisions of this Article I and of the second paragraph of Article R. 214-12, a securities collective investment organization referred to in Article R. 214-29 shall not employ more than 50% of its assets in financial instruments referred to in a, b and 2° of Article R. 214-1 of the same institution, in deposits placed with or at risk of counterparty defined in Article II.
III. - By derogation from the 10 per cent limit set out in the eighth paragraph of Article L. 214-4, a collective investment agency in securities referred to in Article R. 214-29 may hold up to 35% of the financial instruments of each of the categories referred to in Article R. 214-18.
By derogation from the 50% limit referred to in Article R. 214-29, the securities collective investment organizations referred to in Article R. 214-29 may use up to 100% of their assets in financial instruments referred to in 1° to 5° of Article R. 214-36, provided that the financial instruments referred to in 1° to 5° of Article R. 214-36 of the same securities
I. - The limit provided for in section R. 214-5 is increased to 50% for collective investment organizations in securities with a levied investment rules.
II. - Section R. 214-8 is not applicable to securities collective investment organizations referred to in I.
III. - Articles R. 214-25 and R. 214-26 are not applicable to securities collective investment organizations referred to in I.
I. - By derogation from sections R. 214-6 and R. 214-7, a securities collective investment organization referred to in R. 214-32 may use:
1° Up to 50% of its instrument assets mentioned in c of 2° of article R. 214-1 of the same transmitter;
2° Up to 35% of its assets in instruments referred to in a, b and d of 2° of article R. 214-1 of the same transmitter. The limit of 40% defined in Article R. 214-6 is not applicable;
3° Up to 50% of its assets in instruments referred to in a, b and d of 2° of Article R. 214-1 of the same issuer provided that the securities held were issued under the conditions specified in 2° of Article I R. 214-7 in three different emissions;
4° Up to 35% of its assets in deposits placed at the same institution.
II. - Notwithstanding the provisions of this Article I and of the second paragraph of Article R. 214-12, a securities collective investment organization referred to in Article R. 214-32 shall not employ more than 50% of its assets in financial instruments referred to in a, b and 2° of Article R. 214-1 of the same institution, in deposits placed with or at risk of counterparty defined in Article II.
III. - By derogation from the 10 per cent limit set out in the eighth paragraph of Article L. 214-4, a collective investment organization referred to in Article R. 214-32 may hold up to 35% of the financial instruments of each of the categories referred to in Article R. 214-18.
Management companies that manage collective investment organizations in values referred to in R. 214-32 must first have the Autorité des marchés financiers approved a specific activity program.
I. - The second paragraph of Article R. 214-14 and Article R. 214-16 are not applicable to securities collective investment organizations referred to in Article R. 214-32.
II. - By derogation from 1° of Article R. 214-13 and Article R. 214-17, the undertaking of a securities collective investment organization referred to in Article R. 214-32, which is the result of contracts constituting long-term financial instruments, of the assignment or temporary acquisition of securities, of borrowings of cash may reach three times its assets.
III. - The limit of 100% referred to in 2° I of Article R. 214-12 is increased to 140% for securities collective investment organizations referred to in Article R. 214-32.
I. - A collective investment agency in securities of alternative funds is a collective investment agency in securities that complies with the rules set out in II and invests more than 10% of its assets:
1° In shares or shares of investment funds meeting the conditions set out in the 5th of Article R. 214-5;
2° Shares or shares of collective investment organizations in contractual securities under Article L. 214-35-2;
3° Shares or shares of securities collective investment organizations with a reduced investment rules under Article L. 214-35;
4° In shares or shares of securities collective investment organizations benefiting from a relief proceeding under Article L. 214-35 in its drafting prior to 2 August 2003;
5° In share of common funds for intervention in the futures markets referred to in Article L. 214-42.
A collective investment organization in securities of alternative funds may use up to 100% of its assets in the shares or shares mentioned in 1° to 5° .
II. - For the application of the ratios defined in subsection 1, the shares or shares issued by the securities collective investment funds or organizations referred to in 1 to 5° of I are assimilated to instruments mentioned in the 2nd of Article R. 214-1.
III. - The provisions of sub-paragraphs 1 and 2 shall not apply to organizations of collective investment in securities of alternative funds.
Management companies that manage collective securities investment organizations that invest in alternative funds must first have the Autorité des marchés financiers approved a specific activity program.
For the assessment of the 50% quota in 1 of Article L. 214-36:
1° The numerator consists of the subscription or acquisition price of the securities or rights of the portfolio and the book value of the other assets.
The denominator is constituted by the amount released from subscriptions in the fund. This amount is reduced from the share buybacks requested by the holders and made under such conditions as the settlement of the fund does not allow them to oppose the provisions of Article 7 L. 214-36 and increased amounts reinvested by the shareholders in fulfilment of the obligation of reinvestment provided for in Article 163 quin-36
B of the general tax code;
2° When a corporation whose securities or rights are included in the 50% quota is subject to judicial liquidation, the securities or rights cancelled are deemed to be held in assets for their subscription or acquisition price for five years from the liquidation closing judgment; where a corporation whose securities or rights are included in the 50 per cent quota is experiencing difficulties in jeopardizing the continuity of operation within the meaning of Article L. 234-1 of the Commercial Code and is subject to amicable liquidation under the conditions defined in Articles L. 237-1 to L. 237-13 of the Commercial Code or a reduction of capital followed by an increase of capital under the terms defined in Article 2
3° When securities or rights included in the 50% quota are disposed of, the assigned securities or rights are deemed to be held on the assets for their subscription or acquisition price for a period of two years from the date of the assignment. Beyond this period, where the fund proceeds to a distribution or redemption of shares in the amount of the proceeds of the assignment, the amount of the distribution or redemption that has not been deducted under the provisions of 1° is deducted from the denominator within the limit of the subscription price or acquisition of the assigned securities or rights; as from the date on which the fund may enter into a pre-liquidation period as defined in sections R. 214-43 and R. 214-44, the denominator may, if any, be reduced from the amount of the distribution of the sale of securities or rights not included in the 50% quota within the limit of the subscription or acquisition price of the same securities or rights, provided that the new investment quota has been paid
4° Where securities or rights received in exchange for securities or rights included in the 50% quota are not themselves eligible for these quotas, the securities or rights returned to the exchange are deemed to be held on the assets for their subscription or acquisition price for two years from the date of the exchange or until the end of the period during which the asset corporation has undertaken to retain the securities or rights in that fund if
5° New subscriptions in a common risk investment fund are taken into account from the closing inventory of the year following the year in which they were released;
6° In case of non-compliance with the 50% quota in a semi-annual inventory, the fund is not dropped from its plan if it regulates its situation at the latest in the following inventory subject to, on the one hand, that the management company informs the tax service to which it deposits its results return within the month following the inventory having revealed that the quota has not been met and, on the other hand, is missing.
I. - The limit set out in the sixth and eighth paragraphs of Article L. 214-4 and the provisions of Articles R. 214-2 to R. 214-10 and R. 214-18 are not applicable to joint venture funds.
II. - Assets of a joint venture fund may be used to:
1° 10% at the most in securities of the same transmitter;
2° 35% in shares or shares of the same securities collective investment organization;
not more than 10% in shares or shares of collective investment organizations in securities with a reduced investment rules under Article L. 214-35;
4° 10% not more in titles or rights of the same entity referred to in paragraph 2(b) of Article L. 214-36 falling within the other provisions of Article L. 214-36, Article L. 214-41, or Article L. 214-41-1.
III. - A joint venture investment fund shall comply with the provisions of this Article upon the expiration of two years from the date of its approval by the Autorité des marchés financiers.
For the assessment of the limits set out in section R. 214-39:
1° Where the securities held by the fund are not admitted to negotiations on a market of financial instruments within the meaning of Article L. 214-36, they are retained for their acquisition or subscription value;
2° When securities held by the fund are exchanged with securities not admitted to negotiations on a market of financial instruments within the meaning of 1 of Article L. 214-36, the securities received for exchange by the fund are taken into account in the asset for the purchase or acquisition of the securities traded;
3° Where securities held by the fund are admitted to the negotiations on a market of financial instruments within the meaning of 1 of Article L. 214-36 or when they are exchanged with securities admitted to the negotiations on a market of financial instruments within the meaning of 1 of Article L. 214-36, the securities held or handed over to the exchange by the fund shall be deemed to be held at the end of the stock for their purchase price At the end of this period, the ratio of Article R. 214-39 to 1° of II is increased to 20% and is appreciative of the securities held or received in exchange as any other title admitted to negotiations on a market of financial instruments within the meaning of Article L. 214-36;
4° When the securities or rights held by the fund are issued by an entity referred to in paragraph 2(b) of Article L. 214-36, the contractual undertaking of subscription or acquisition made by the fund shall be entered for its amount to the numerator;
5° The maximum denominator of the following two amounts is the net assets of the fund or the total amount of contractual obligations for subscription or acquisition received by the fund.
For the assessment of the 15% limit referred to in paragraph 2(a) of section L. 214-36, the maximum denominator of the following two amounts is the net assets of the fund or the amount released from the subscriptions in the fund.
The limit set out in the eighth preambular paragraph of Article L. 214-4 is not applicable to joint venture funds. A joint venture fund:
1° No more than 35% of the capital or voting rights of the same issuer. However, because of the exercise of trade, subscription or conversion rights and in the interest of shareholders, this limit may be temporarily exceeded. In this case, the management company shall communicate to the Autorité des marchés financiers, to the depositary and to the auditor of the fund the reasons for this exceedance and the forecast schedule of regularization. Regularization must occur no later than the year following the overtaking;
2° Do not hold, or undertake to subscribe or acquire, more than 20% of the total amount of the securities or rights and contractual obligations of the same entity referred to in (b) of Article L. 214-36 not falling within the other provisions of Article L. 214-36, or Article L. 214-41, or Article L. 214-41-1;
3° Do not hold more than 10% of the shares or shares of a securities collective investment organization that do not fall within the scope of Article L. 214-36.
After a statement to the Autorité des marchés financiers and to the Tax Service to which its management company files its return of results, a joint venture investment fund may enter into a preliquidation period:
1° From the beginning of the year following the closing of its fifth fiscal year if, since the expiry of a period of subscription of no more than eighteen months immediately following the date of its constitution, no subscriptions have been made from shares other than those made with its shareholders who have subscribed during the period of eighteen months referred to above:
(a) To enable it to reinvest in shares, shares, reimbursable obligations, convertible bonds or participatory securities as well as in advances in current accounts in companies not admitted to negotiations on a market of financial instruments within the meaning of Article L. 214-36 or in entities referred to in Article L. 214-36, whose titles or rights are in its assets;
(b) Or to satisfy the obligation of reinvestment under Article 163 quinquies B of the General Tax Code.
2° From the beginning of the fiscal year following the closing of the fifth fiscal year following the year in which the last subscriptions occurred, in the other cases.
As from the year in which the declaration referred to in the first paragraph is filed, the 50 per cent quota in 1 of Article L. 214-36 may no longer be met.
During the pre-liquidation period, the fund:
1° Can no longer make any new subscriptions of shares other than those of its shareholders on the date of its entry into pre-liquidation period to reinvest in shares, shares, repayable obligations, convertible bonds or participatory securities as well as in advances in current accounts in companies not admitted to negotiations on a market of financial instruments within the meaning of 1 of Article L. 214-36, or in assets 2
2° Can, by derogation from Article R. 214-46, assign to a related company capital or debt securities held for more than twelve months. In this case, assignments are assessed by an independent expert on the report of the External Auditor; these assignments and the related report are communicated to the Autorité des marchés financiers;
3° Do not hold on to its assets from the opening of the fiscal year following the opening of the preliquidation period that:
(a) securities or rights of companies not admitted to negotiations on a financial market of financial instruments within the meaning of Article L. 214-36 or securities or corporate rights admitted to negotiations on a market of financial instruments when such securities or rights were taken into account in the assessment of the quotas referred to in Article R. 214-38 if the fund had not entered into advance of the assets,
(b) Investments made for the investment of the proceeds of disposal of its assets and other products pending distribution by the end of the year following the year in which the assignment was made or the proceeds realized, and the placement of its cash in the amount of 20% of the liquidative value of the fund.
When it is done, by the fund management company, to purchase or long-term sale transactions relating to securities that are not allowed to be negotiated on a market of financial instruments within the meaning of 1 of Article L. 214-36, the agreements concerning these transactions are entered into within and under the conditions specified in the settlement of the fund.
The management company may not, on behalf of a fund, carry out, for its assets that are not negotiated on a market of financial instruments within the meaning of 1 of Article L. 214-36, other transactions than those of purchase or sale in term or cash within the limits set by this subsection, or carry out for these twelve assets related to transfers or acquisitions, Is presumed to be "related business" any enterprise controlled by the management company in an exclusive or joint manner within the meaning of Article L. 233-16 of the Commercial Code, any enterprise controlling the management company in an exclusive or joint manner within the meaning of this Article L. 233-16, any subsidiary enterprise of the same parent company and any company with which the management company has social agents or common executives and who perform participation management functions on behalf of the undertaking, or management functions within the meaning of Article L. 321-1 and Article L. 214-24, or advice within the meaning of Article L. 321-2.
I. - When the settlement of the fund provides for a progressive appeal of capital, it shall be released by the holders of shares at the request of the management company before the end of the blocking period provided for in Article L. 214-36.
The settlement of the fund sets out the terms and conditions under which the amounts not paid on the due date fixed by the management corporation are of interest.
II. - When the conditions for the redemption of the shares of the fund are met, the redemption is made in cash.
However, at the dissolution of the fund, the redemption of shares may be effected in corporate securities in which the fund holds an interest if the settlement of the fund provides, that no particular provision or clause limits the free Cessibility of such securities and that the holder expressly makes the request.
The redemptions shall be effected and settled by the depositary institution under the conditions set out in the settlement of the fund, which also prescribes the time limits that may not exceed a total of one year after the deposit of the redemption request.
When the fund management company or its shareholders or executives or the natural or legal persons responsible for the management of that fund have shares conferring on them special rights under the provisions of Article 8 L. 214-36, they may only obtain the redemption from the fund or after the other shares issued have been redeemed or amortized to the amount to which the other shares were released.
The fraction attributed to the management company provided for in Article 11 L. 214-36 may not exceed 20% of the liquidation bonus.
III. - At the end of the subscription period(s) referred to in Article L. 214-36, the management corporation may distribute a fraction of the assets of the fund in cash.
However, such distribution may be made in financial instruments allowed to negotiate on a regulated market within the meaning of section R. 214-2 if the settlement of the fund provides, that no particular provision or clause limits the free Cessibility of these securities and that it is granted to all shareholders an option between the payment of the distribution in cash or shares.
The sums or values thus distributed are assigned as a priority to the damping of the shares.
A special report is prepared by the auditors when distribution is made for the benefit of holders of shares to which special rights are attached.
The management company shall report to the shareholders of the appointments of its social and employee agents to the functions of managers, administrators, directors or supervisory boards of the companies in which the fund holds shares.
I. - The entities referred to in paragraph 2 (b) of Article L. 214-36 in which joint venture funds may invest are those that limit the liability of their investors to the amount of their contributions.
II. - For the assessment of the 50 per cent quota numerator provided for in 1 of Article L. 214-36, the representative rights of a financial investment in entities mentioned in I shall be taken into account in the proportion of the direct investment of these entities in securities eligible for that same quota of 50 per cent excluding rights in other entities of the same nature.
This proportion of direct investment is calculated by reference:
1° be the last inventory of the assets of these entities;
2° Either the statutory or contractual obligations of direct investment in eligible securities made by the said entities to the extent that they have not entered the pre-liquidation period referred to in sections R. 214-43 and R. 214-44 during the subscription of the fund.
The proportion applies to contractual subscription commitments given by the fund to those entities provided that such commitments are irrevocable.
For funds under section L. 214-37:
1° The provisions in the sixth and eighth paragraphs of Article L. 214-4 and R. 214-39, R. 214-42 and R. 214-46 are not enforceable. However, funds must comply with the following rules:
(a) The assets of the fund may be used only at a maximum of 50% in securities or rights of the same securities collective investment organization or of the same entity referred to in (b) of Article L. 214-36;
(b) The fund may not hold more than 10% of the shares or shares of a securities collective investment organization that do not fall within the scope of section L. 214-36.
2° By derogation from the second paragraph of II and the second paragraph of Article III R. 214-47, at the dissolution of the fund, the redemption of shares may be effected in securities of the companies in which the fund holds an interest as soon as the settlement of the fund provides.
The fourth paragraph of Article R. 214-47 is not applicable.
3° The management company may enter into agreements with third parties relating to the management of the fund's participation and with non-delivery contractual commitments, where the following conditions are met:
(a) The amount of the corresponding commitments shall be determinable;
(b) The management corporation may not enter into agreements by virtue of which the assets of the fund would be leased to more than 50% if the fund regulations so provide. In the latter case, the risks and expenses resulting from the normal performance of these commitments, as estimated in the financial assessment to which the management company is conducting, shall not exceed at any time the amount of the net assets of the fund. However, for funds that invest in entities referred to in (b) of Article L. 214-36, the risks and expenses resulting from their commitments in those entities must not exceed the amount of the subscription commitments received by the fund.
The management company must make available to shareholders a list of these commitments indicating their nature and estimated amount.
4° The limits set at 1° shall be met upon the expiration of a period of two years from the creation of the fund.
By derogation from the provisions of the sixth paragraph of Article L. 214-4 and the I of Article R. 214-6, joint venture investment funds and investment companies with variable shareholding capital may hold without limitation securities issued by the company or by a company connected to the meaning of the second paragraph of Article L. 444-3 of the Labour Code.
With respect to the shares of limited liability companies issued by a company governed by Act No. 47-1775 of 10 September 1947 relating to the status of cooperation, the limit of 10% provided for in I of Article R. 214-6 is increased to 50% provided that the statutes of that company do not provide for any restriction on the immediate redemption of the shares held by the fund.
By derogation from the eighth paragraph of Article L. 214-4, joint venture investment funds and investment companies with variable shareholding capital may hold more than 10% of the securities issued by the company or by any other company that is related to it within the meaning of the second paragraph of Article L. 444-3 of the Labour Code.
The cumulative amount of liquidity recorded during the establishment of each of the liquidative values of the current year may not exceed one-fifth of the net assets of the same period. The Autorité des marchés financiers may make exceptional derogations to this rule.
Where the proportion of the assets of a joint investment fund or of an investment corporation with a variable share capital of employee share governed by Articles L. 214-40 and L. 214-40-1 invested in securities of the enterprise or any other corporation that is related to it falls below the third party, the management company or the investment company with variable capital shall, in their shorter share of purchase and
The Autorité des marchés financiers may request that it be provided with the elements that enable it to ensure that the plan members are offered at least one investment opportunity that meets the conditions set out in Article L. 443-4 of the Labour Code.
Are considered liquid within the meaning of Article L. 443-4 of the Labour Code:
1° Securities that are admitted to negotiations on a regulated French or foreign market;
2° Shares or shares of collective investment organizations in general-purpose securities under subsections 1 to 4 of this section.
The mechanism to ensure the liquidity of securities not admitted to negotiations on a regulated market that is provided for in Article L. 443-4 of the Labour Code must offer liquidity at least equivalent to that of the fund if it held at least one third of liquid securities. It shall be subject to a written contract annexed to the settlement of the fund, which shall include the terms and conditions of its intervention and the costs that may, if any, be charged to the assets of the fund.
It may be denounced at any time at the initiative of the management corporation or supervisory board provided that it is replaced by equivalent effect provisions.
This mechanism is provided by a credit or insurance company whose head office is located in a Member State of the European Community or part of the European Economic Area Agreement.
It may also be insured by another entity under conditions established by a regulation of the Autorité des marchés financiers where the capital of the company is variable or when the company establishes consolidated accounts; in this case, the approval of the mechanism must be renewed annually by the fund supervisory board and the Financial Markets Authority.
Corporate mutual funds and investment companies with variable shareholding capital may include compartments. The provisions of articles L. 214-4, L. 214-5, L. 214-19, L. 214-20 and L. 214-30, together with those of this subsection, are applicable to each compartment.
They may invest in shares or shares of other securities collective investment organizations without the limitations or restrictions provided for in sections R. 214-6, R. 214-25 and R. 214-26. However, when their assets are fully invested in shares or shares of a single securities collective investment agency, they are in the form of a master organism under the conditions set out in section L. 214-34.
Corporate mutual funds and investment companies with variable shareholding capital cannot invest in shares or shares of investment funds mentioned in the 5th of Article R. 214-5.
By derogation from II of section R. 214-12, the undertaking of a securities collective investment organization under section L. 214-40 is constituted by the potential loss of the securities collective investment organization assessed at any time.
The rule in section D. 214-21 for the minimum amount of assets of mutual funds is not applicable to joint investment funds under sections L. 214-39 and L. 214-40.
Where the composition of the supervisory boards of joint investment funds governed by Article L. 214-40 and the terms and conditions for the designation of their members are set out in the second paragraph of Article L. 214-39, the third, fourth and fifth paragraphs of that Article shall be applied.
The assets of the joint investment funds governed by articles L. 214-39 and L. 214-40 may include shares of anonymous companies with limited liability issued by the companies governed by Act No. 47-1775 of 10 September 1947 relating to the status of cooperation when these funds are subscribed by the employees of the said companies or by the employees of the companies that are related to it within the meaning of the second paragraph of Article L.
The settlement of joint investment funds may provide that they may invest within the limit of 10% in the assets referred to in section R. 214-5 of this Code, with the exception of those funds that are constituted in order to manage securities issued by the company or by any other corporation that is related to it within the meaning of the second paragraph of section L. 444-3 of the Labour Code, and that are not permitted to negotiations on a contract. This limit is increased to 30% for shares or shares of securities collective investment organizations governed by subsections 10 and 12 of this section, in accordance with Article L. 443-4 of the Labour Code.
The variable capital investment corporation defined in Article L. 214-40-1 is referred to as a variable capital investment company for employee shareholding. The management of its assets is governed by the provisions applicable to the funds referred to in Article L. 214-40.
By derogation from the provisions of Article D. 214-20, the minimum amount of the initial capital of an investment company with variable capital of employee share is Euro25,000.
For the assessment of the 60% quota in Article L. 214-41 I:
1° The numerator consists of the subscription or acquisition price of the securities or rights of the portfolio and the book value of the other assets.
The denominator is constituted by the amount released from subscriptions in the fund. This amount is reduced from the share purchases requested by the holders and made under conditions such as the settlement of the fund does not allow them to oppose the provisions of Article L. 7 214-36 and increased amounts reinvested by the shareholders in accordance with the obligation of reinvestment provided for in Article 163 quinquies B of the general tax code;
2° When a corporation whose securities or rights are included in the 60 per cent quota is subject to judicial liquidation, the securities or rights cancelled are deemed to be retained on the assets for their subscription or acquisition price for five years from the liquidation closing judgment; where a corporation whose securities or rights are included in the quota of 60% is experiencing difficulties in jeopardizing the continuity of operation within the meaning of Article L. 234-1 of the Commercial Code and is subject to amicable liquidation under the conditions defined in Articles L. 237-1 to L. 237-13 of the Commercial Code or a reduction of capital followed by an increase of capital under the terms defined in Article-2.
3° When securities or rights included in the 60% quota are disposed of, the assigned securities or rights are deemed to be retained on the assets for their subscription or acquisition price for a period of two years from the date of the assignment. Beyond this period, where the fund proceeds to a distribution or redemption of shares in the amount of the proceeds of the assignment, the amount of the distribution or redemption that has not been deducted under the provisions of 1° is deducted from the denominator within the limit of the subscription price or acquisition of the assigned securities or rights; from the date on which the fund may enter into a pre-liquidation period as referred to in sections R. 214-65 and R. 214-66, the denominator may, if any, be reduced from the amount of the distribution of the sale of securities or rights not included in the quota of 60% within the limit of the subscription or acquisition of the same securities or rights, provided that the new investment quota of 60%
4° Where securities or rights received in exchange for securities or rights included in the 60 per cent quota are not themselves eligible for these quotas, the securities or rights returned to the exchange are deemed to be retained on the assets for their subscription or acquisition price for two years from the date of the exchange or until the end of the period during which the asset corporation has committed to retain the securities or rights in that fund if
5° New subscriptions in a common risk investment fund are taken into account from the closing inventory of the year following the year in which they were released;
6° In the event of non-compliance with the quota of 60% in a semi-annual inventory, the fund is not dropped from its plan if it regulates its situation at the latest in the following inventory subject to, on the one hand, that the management company informs the tax service to which it files its return of results within the month following the inventory having revealed that the quota has not been met and, on the other hand, is missing.
I. - The limit set out in the sixth paragraph of Article L. 214-4 and the provisions of Articles R. 214-2 to R. 214-10 and R. 214-18 are not applicable to joint investment funds in innovation.
II. - The assets of a joint investment fund in innovation can be used to:
1° 10% at the most in securities of the same transmitter;
2° 35% in shares or shares of the same securities collective investment organization;
not more than 10% in shares or shares of collective investment organizations in securities with a reduced investment rules under Article L. 214-35;
4° 10% not more in titles or rights of the same entity referred to in paragraph 2(b) of Article L. 214-36 falling within the other provisions of Article L. 214-36, Article L. 214-41, or Article L. 214-41-1.
III. - A joint investment fund in innovation must comply with the provisions of this Article upon the expiration of two years from its approval by the Autorité des marchés financiers.
A joint investment fund in innovation may not employ more than 10% of its assets in representative rights of a financial investment in entities referred to in (b) of Article L. 214-36 that do not fall within the other provisions of this Article L. 214-36, or sections L. 214-1, L. 214-37 and L. 214-41.
For the assessment of the limits set out in sections R. 214-60 and R. 214-61:
1° Where the securities held by the fund are not admitted to negotiations on a market of financial instruments within the meaning of Article L. 214-36, they are retained for their acquisition or subscription value;
2° When securities held by the fund are exchanged with securities not admitted to negotiations on a market of financial instruments within the meaning of 1 of Article L. 214-36, the securities received for exchange by the fund are taken into account in the asset for the purchase or acquisition of the securities traded;
3° Where securities held by the fund are admitted to the negotiations on a market of financial instruments within the meaning of 1 of Article L. 214-36 or when they are exchanged with securities admitted to the negotiations on a market of financial instruments within the meaning of 1 of Article L. 214-36, the securities held or handed over to the exchange by the fund shall be deemed to be held at the end of the stock for their purchase price At the end of this period, the ratio of Article R. 214-60 to 1° of II is increased to 20% and is appreciative of the securities held or received in exchange as any other title allowed to negotiations on a market of financial instruments within the meaning of Article L. 214-36;
4° When the securities or rights held by the fund are issued by an entity referred to in paragraph 2(b) of Article L. 214-36, the contractual undertaking of subscription or acquisition made by the fund shall be entered for its amount to the numerator;
5° The maximum denominator of the following two amounts is the net assets of the fund or the total amount of contractual obligations for subscription or acquisition received by the fund.
For the assessment of the 15% limit referred to in paragraph 2(a) of section L. 214-36, the maximum denominator of the following two amounts is the net assets of the fund or the amount released from the subscriptions in the fund.
The limit set out in the eighth preambular paragraph of Article L. 214-4 is not applicable to mutual investment funds in innovation. A joint investment fund in innovation:
1° No more than 35% of the capital or voting rights of the same issuer. However, because of the exercise of trade, subscription or conversion rights and in the interest of shareholders, this limit may be temporarily exceeded. In this case, the management company shall communicate to the Autorité des marchés financiers, to the depositary and to the auditor of the fund the reasons for this exceedance and the forecast schedule of regularization. Regularization must occur no later than the year following the overtaking;
2° Do not hold, or undertake to subscribe or acquire, more than 20% of the total amount of the securities or rights and contractual obligations of the same entity referred to in (b) of Article L. 214-36 not falling within the other provisions of Article L. 214-36 or Article L. 214-41 or Article L. 214-41-1;
3° Do not hold more than 10% of the shares or shares of a securities collective investment organization that do not fall within the scope of Article L. 214-36.
After a statement to the Autorité des marchés financiers and to the Tax Service to which its management company files its return of results, a joint venture investment fund may enter into a preliquidation period:
1° From the beginning of the year following the closing of its fifth fiscal year if, since the expiry of a period of subscription of no more than eighteen months immediately following the date of its constitution, no subscriptions have been made from shares other than those made with its shareholders who have subscribed during the period of eighteen months referred to above:
(a) To enable it to reinvest in shares, shares, reimbursable obligations, convertible bonds or participatory securities as well as in advances in current accounts in companies not admitted to negotiations on a market of financial instruments within the meaning of Article L. 214-36 or in entities referred to in Article L. 214-36, whose titles or rights are in its assets;
(b) Or to satisfy the obligation of reinvestment under Article 163 quinquies B of the General Tax Code;
2° From the beginning of the fiscal year following the closing of the fifth fiscal year following the year in which the last subscriptions occurred, in the other cases.
As from the year in which the declaration referred to in the first paragraph is filed, the 60% quota in the I of Article L. 214-41 may not be met.
During the pre-liquidation period, the fund:
1° Can no longer make any new subscriptions of shares other than those of its shareholders on the date of its entry into pre-liquidation period to reinvest in shares, shares, repayable obligations, convertible bonds or participatory securities as well as in advances in current accounts in companies not admitted to negotiations on a market of financial instruments within the meaning of 1 of Article L. 214-36, or in assets 2
2° Can, by derogation from Article R. 214-68, assign to a related company capital or debt held for more than twelve months. In this case, assignments are assessed by an independent expert on the report of the External Auditor; these assignments and the related report are communicated to the Autorité des marchés financiers;
3° Do not hold on to its assets from the opening of the fiscal year following the opening of the preliquidation period that:
(a) Securities or rights of companies not admitted to negotiations on a financial market within the meaning of 1 of Article L. 214-36 or securities or rights of companies admitted to negotiations on a financial market within the meaning of 1 of Article L. 214-36 where such securities or rights have been taken into account in the assessment of the quotas referred to in Article R. 214-59 if the fund had not entered into assets
(b) Investments made for the investment of the proceeds of disposal of its assets and other products pending distribution by the end of the year following the year in which the assignment was made or the proceeds realized, and the placement of its cash in the amount of 20% of the liquidative value of the fund.
Where, by the fund management company, the purchase or sale of securities that are not allowed to be negotiated on a market of financial instruments within the meaning of Article L. 214-36 is carried out, the agreements relating to these transactions are entered into within and under the conditions specified in the settlement of the fund.
The management company may not, on behalf of a fund, carry out, for its assets that are not negotiated on a market of financial instruments within the meaning of Article L. 214-2, other transactions than those of purchase or sale in term or in cash within the limits set by this subsection, or carry out for those same assets to be disposed of or acquired by a corporation that has been held in respect of a capital property that is owned or owned by the corporation. Is presumed to be "related business" any enterprise controlled by the management company in an exclusive or joint manner within the meaning of Article L. 233-16 of the Commercial Code, any enterprise controlling the management company in an exclusive or joint manner within the meaning of this Article L. 233-16, any subsidiary enterprise of the same parent company and any company with which the management company has social agents or common executives and who perform participation management functions on behalf of the undertaking, or management functions within the meaning of 4 of section L. 321-1 and section L. 214-24, or advice within the meaning of 4 of section L. 321-2.
I. - When the settlement of the fund provides for a progressive appeal of capital, it shall be released by the holders of shares at the request of the management company before the end of the blocking period provided for in Article L. 214-36.
The settlement of the fund sets out the terms and conditions under which the amounts not paid on the due date fixed by the management corporation are of interest.
II. - When the conditions for the redemption of the shares of the fund are met, the redemption is made in cash.
However, at the dissolution of the fund, the redemption of shares may be effected in corporate securities in which the fund holds an interest if the settlement of the fund provides, that no particular provision or clause limits the free Cessibility of such securities and that the holder expressly makes the request.
The redemptions shall be effected and settled by the depositary institution under the conditions set out in the settlement of the fund, which also prescribes the time limits that may not exceed a total of one year after the deposit of the redemption request.
When the fund management company or its shareholders or executives or the natural or legal persons responsible for the management of that fund have shares conferring on them special rights under the provisions of Article 8 L. 214-36, they may only obtain the redemption from the fund or after the other shares issued have been redeemed or amortized to the amount to which the other shares were released. The fraction attributed to the management company provided for in Article 11 L. 214-36 may not exceed 20% of the liquidation bonus.
III. - At the end of the subscription period(s) referred to in Article L. 214-36, the management corporation may distribute a fraction of the assets of the fund in cash.
However, such distribution may be made in financial instruments allowed to negotiate on a regulated market within the meaning of section R. 214-2 if the settlement of the fund provides, that no particular provision or clause limits the free Cessibility of these securities and that it is granted to all shareholders an option between the payment of the distribution in cash or shares.
The sums or values thus distributed are assigned as a priority to the damping of the shares.
A special report is prepared by the auditors when distribution is made for the benefit of holders of shares to which special rights are attached.
The management company shall report to the shareholders of the appointments of its social and employee agents to the functions of managers, administrators, directors or supervisory boards of the companies in which the fund holds shares.
Applications made by companies to obtain recognition of the innovative nature of their products, processes or techniques, referred to in Article L. 214-41, are filed with the National Research Valuation Agency.
They shall be accompanied by:
1° From a technical dossier showing the innovative nature of the project and its prospects for economic development;
2° From an accounting and financial record comprising the annual calculation elements of the amount of research and development expenditures, the increased net result of the depreciation and provisions of the previous three years or of the fiscal years since the creation of the company when the company has not completed three fiscal years and their forecasting evolution for the next three years;
3° The balance sheet and results account for the last fiscal year ended by the company;
4° The project's funding plan as well as the company's forecast results and balance sheets for the first three years of implementation.
These requests are instructed under the same conditions as requests for innovation assistance from the National Research Development Agency. They are the subject of a decision by the Director General of the agency or his delegate made after the advice of the Territorial Committee on the Granting of Innovation Assistance.
At each semi-annual inventory, the management company of a common investment fund in innovation or the depositary of the assets of that fund acting on behalf of the management company shall ensure that companies whose securities or advances in current account are retained for the calculation of the proportion referred to in the first paragraph of Article L. 214-41 meet, at the closing date of their last fiscal year preceding the inventory, the conditions set out in 214.
The maximum number of employees referred to in Article L. 214-41 is estimated in accordance with the provisions of Article 235 ter E of the General Tax Code.
The entities referred to in b of 2 of Article L. 214-36 in which mutual funds in innovation can invest are those that limit the liability of their investors to the amount of their contributions.
For the assessment of the 60% quota in 1 of Article L. 214-41-1:
1° The numerator consists of the subscription or acquisition price of the securities or rights of the portfolio and the book value of the other assets.
The denominator is constituted by the amount released from subscriptions in the fund. This amount is reduced from the share purchases requested by the holders and made under conditions such as the settlement of the fund does not allow them to oppose the provisions of Article L. 7 214-36 and increased amounts reinvested by the shareholders in accordance with the obligation of reinvestment provided for in Article 163 quinquies B of the general tax code;
2° When a corporation whose securities or rights are included in the 60 per cent quota is subject to judicial liquidation, the securities or rights cancelled are deemed to be retained on the assets for their subscription or acquisition price for five years from the liquidation closing judgment; where a corporation whose securities or rights are included in the quota of 60% is experiencing difficulties in jeopardizing the continuity of operation within the meaning of Article L. 234-1 of the Commercial Code and is subject to amicable liquidation under the conditions defined in Articles L. 237-1 to L. 237-13 of the Commercial Code or a reduction of capital followed by an increase of capital under the terms defined in Article-2.
3° When securities or rights included in the 60% quota are disposed of, the assigned securities or rights are deemed to be retained on the assets for their subscription or acquisition price for a period of two years from the date of the assignment. In addition to this period, where the fund proceeds to a distribution or redemption of shares up to the proceeds of the assignment, the amount of the distribution or redemption that has not been deducted under the provisions of 1° is deducted from the denominator within the limit of the subscription price or acquisition of the assigned securities or rights. As from the date on which the fund may enter into a pre-liquidation period as referred to in sections R. 214-81 and R. 214-82, the denominator may, if any, be reduced from the amount of the distribution of the sale of securities or rights not included in the quota of 60% within the limit of the subscription or acquisition of the same securities or rights, provided that the new investment quota of 60%
4° Where securities or rights received in exchange for securities or rights included in the 60 per cent quota are not themselves eligible for these quotas, the securities or rights returned to the exchange are deemed to be retained on the assets for their subscription or acquisition price for two years from the date of the exchange or until the end of the period during which the asset corporation has committed to retain the securities or rights in that fund if
5° New subscriptions in a proximity investment fund are taken into account from the closing inventory of the year following the year in which they were released;
6° In the event of non-compliance with the quota of 60% in a semi-annual inventory, the fund is not dropped from its plan if it regulates its situation at the latest in the following inventory subject to, on the one hand, that the management company informs the tax service to which it files its return of results within the month following the inventory having revealed that the quota has not been met and, on the other hand, is missing.
I. - The limit set out in the sixth paragraph of Article L. 214-4 and the provisions of Articles R. 214-2 to R. 214-10 and R. 214-18 are not applicable to local investment funds.
II. - Assets of a community investment fund can be used to:
1° 10% at the most in securities of the same transmitter;
2° 35% in shares or shares of the same securities collective investment organization;
not more than 10% in shares or shares of collective investment organizations in securities with a reduced investment rules under Article L. 214-35;
4° 10% not more in titles or rights of the same entity referred to in paragraph 2(b) of Article L. 214-36 falling within the other provisions of Article L. 214-36, Article L. 214-41, or Article L. 214-41-1.
III. - A proximity investment fund must comply with the provisions of this Article upon the expiry of a two-year period from its approval by the Autorité des marchés financiers.
A community investment fund may not employ more than 10% of its assets in representative rights of a financial investment in entities referred to in (b) of Article L. 214-36 that do not fall within the other provisions of Article L. 214-36, or Articles L. 214-1, L. 214-37 and L. 214-41.
For the assessment of the limits set out in sections R. 214-76 and R. 214-77:
1° Where the securities held by the fund are not admitted to negotiations on a market of financial instruments within the meaning of Article L. 214-36, they are retained for their acquisition or subscription value;
2° When securities held by the fund are exchanged with securities not admitted to negotiations on a market of financial instruments within the meaning of 1 of Article L. 214-36, the securities received for exchange by the fund are taken into account in the asset for the purchase or acquisition of the securities traded;
3° Where securities held by the fund are admitted to the negotiations on a market of financial instruments within the meaning of 1 of Article L. 214-36 or when they are exchanged with securities admitted to the negotiations on a market of financial instruments within the meaning of 1 of Article L. 214-36, the securities held or handed over to the exchange by the fund shall be deemed to be held at the end of the stock for their purchase price At the end of this period, the ratio of Article R. 214-76 to 1° of II is increased to 20% and is appreciative of the securities held or received in exchange as any other title admitted to negotiations on a market of financial instruments within the meaning of Article L. 214-36;
4° When the securities or rights held by the fund are issued by an entity referred to in paragraph 2(b) of Article L. 214-36, the contractual undertaking of subscription or acquisition made by the fund shall be entered for its amount to the numerator;
5° The maximum denominator of the following two amounts is the net assets of the fund or the total amount of contractual obligations for subscription or acquisition received by the fund.
For the assessment of the 15% limit referred to in paragraph 2(a) of section L. 214-36, the maximum denominator of the following two amounts is the net assets of the fund or the amount released from the subscriptions in the fund.
The limit set out in the eighth preambular paragraph of Article L. 214-4 is not opposable to local investment funds. A local investment fund:
1° No more than 35% of the capital or voting rights of the same issuer. However, because of the exercise of trade, subscription or conversion rights and in the interest of shareholders, this limit may be temporarily exceeded. In this case, the management company shall communicate to the Autorité des marchés financiers, to the depositary and to the auditor of the fund the reasons for this exceedance and the forecast schedule of regularization. Regularization must occur no later than the year following the overtaking;
2° Do not hold, or undertake to subscribe or acquire more than 20% of the total amount of the securities or rights and contractual obligations of the same entity referred to in (b) of Article L. 214-36 that do not fall within the other provisions of Article L. 214-36, Article L. 214-41, or Article L. 214-41-1;
3° Do not hold more than 10% of the shares or shares of a securities collective investment organization that do not fall within the scope of Article L. 214-36.
After a statement to the Autorité des marchés financiers and to the Tax Service to which its management company deposits its return of results, a local investment fund may enter into a preliquidation period:
1° From the beginning of the year following the closing of its fifth fiscal year if, since the expiry of a period of subscription of no more than eighteen months immediately following the date of its constitution, no subscriptions have been made from shares other than those made with its shareholders who have subscribed during the period of eighteen months referred to above:
(a) To enable it to reinvest in shares, shares, repayable obligations, convertible bonds or participatory securities as well as in advances in current accounts in companies not admitted to the negotiations on a market of financial instruments within the meaning of Article L. 214-36 or in entities referred to in Article L. 214-36 or in joint venture investment funds or in venture capital corporations referred to in Article L. 214-36
(b) Or to satisfy the obligation of reinvestment under Article 163 quinquies B of the General Tax Code.
2° From the beginning of the fiscal year following the closing of the fifth fiscal year following the year in which the last subscriptions occurred, in the other cases.
As from the year in which the declaration referred to in the first paragraph is filed, the 60 per cent quota in Article L. 214-41-1 may not be met.
During the pre-liquidation period, the fund:
1° 214-36 shares may no longer be subject to new subscriptions of shares other than those of its shareholders on the date of its entry into pre-liquidation period to reinvest in shares, shares, repayable obligations, convertible bonds or participating securities as well as in advances in current accounts in companies not admitted to negotiations on a market of financial instruments within the meaning of 1 of Article L. 214-36 or in entities mentioned
2° Can, by derogation from Article R. 214-84, assign to a related company capital or debt held for more than twelve months. In this case, assignments are assessed by an independent expert on the report of the External Auditor; these assignments and the related report are communicated to the Autorité des marchés financiers;
3° Do not hold on to its assets from the opening of the fiscal year following the opening of the preliquidation period that:
(a) securities or rights of companies not admitted to negotiations on a market of financial instruments within the meaning of 1 of Article L. 214-36 or securities or rights of companies admitted to negotiations on a market of financial instruments within the meaning of 1 of Article L. 214-36 where such securities or rights have been taken into account in the assessment of the quotas referred to in Article R. 214-75 if
(b) Investments made for the investment of the proceeds of disposal of its assets and other products pending distribution by the end of the year following the year in which the assignment was made or the proceeds realized, and the placement of its cash in the amount of 20% of the liquidative value of the fund.
When a fund management company is engaged in procurement or term sale transactions involving securities that are not allowed to be negotiated on a market of financial instruments within the meaning of 1 of Article L. 214-36, the agreements relating to these transactions are entered into within and under the conditions specified in the settlement of the fund.
The management company may not, on behalf of a fund, carry out, for its assets that are not negotiated in a regulated market within the meaning of section L. 214-2, other transactions than those of purchase or sale in term or in cash within the limits set by this subsection, or carry out for these same assets twelve months of disposal or acquisitions of a business that is related to it. Is presumed to be "related business" any enterprise controlled by the management company in an exclusive or joint manner within the meaning of Article L. 233-16 of the Commercial Code, any enterprise controlling the management company in an exclusive or joint manner within the meaning of this Article L. 233-16, any subsidiary enterprise of the same parent company and any company with which the management company has social agents or common executives and who perform participation management functions on behalf of the undertaking, or management functions within the meaning of 4 of section L. 321-1 and section L. 214-24, or advice within the meaning of 4 of section L. 321-2.
I. - When the settlement of the fund provides for a progressive appeal of capital, it shall be released by the holders of shares at the request of the management company before the end of the blocking period provided for in Article L. 214-36.
The settlement of the fund sets out the terms and conditions under which the amounts not paid on the due date fixed by the management corporation are of interest.
II. - When the conditions for the redemption of the shares of the fund are met, the redemption is made in cash.
However, at the dissolution of the fund, the redemption of shares may be effected in corporate securities in which the fund holds an interest if the settlement of the fund provides, that no particular provision or clause limits the free Cessibility of these securities and that the shareholder expressly makes the request.
The redemptions shall be effected and settled by the depositary institution under the conditions set out in the settlement of the fund, which also prescribes the time limits that may not exceed a total of one year after the deposit of the redemption request.
When the fund management company or its shareholders or executives or the natural or legal persons responsible for the management of that fund have shares conferring on them special rights under the provisions of Article 8 L. 214-36, they may only obtain the redemption from the fund or after the other shares issued have been redeemed or amortized to the amount to which the other shares were released. The fraction attributed to the management company provided for in Article 11 L. 214-36 may not exceed 20% of the liquidation bonus.
III. - At the end of the subscription period(s) referred to in Article L. 214-36, the management company may distribute, in cash, a fraction of the assets of the fund.
However, such distribution may be made in financial instruments allowed to negotiate on a regulated market within the meaning of section R. 214-2 if the settlement of the fund provides, that no particular provision or clause limits the free Cessibility of these securities and that it is granted to all shareholders an option between the payment of the distribution in cash or shares.
The sums or values thus distributed are assigned as a priority to the damping of the shares.
A special report is prepared by the auditors when distribution is made for the benefit of shareholders to whom special rights are attached.
The management company shall report to the shareholders of the appointments of its social and employee agents to the functions of managers, administrators, directors or supervisory boards of the companies in which the fund holds shares.
For the purposes of section L. 214-41-1, a company is considered to be operating primarily in establishments located in the geographic area selected by a proximity investment fund when the fiscal year closes before the first investment of the fund in that business:
1° Either these establishments meet two of the following three conditions:
(a) Their cumulative business figures represent at least 30% of the total turnover of the company;
(b) Their accumulated permanent staff account for at least 30% of the total number of employees in the company;
(c) Their used gross capital assets represent at least 30% of the total gross capital used in the business;
2° Either these establishments exercise, in relation to two of the three economic data mentioned in the 1°, an activity more important than that carried out by those of the other establishments of the company that are located in another geographical area chosen by a nearby investment fund. The respective situation of these institutions is appreciated either on January 1 of the investment year, or three months before the date of the investment.
For companies referred to in paragraph 1 (c) of Article L. 214-41-1, the exclusive condition of detention is satisfied where the securities giving access to the capital of companies whose purpose is not the possession of financial participations and which meet the eligibility requirements set out in the first paragraph and a and b of the same 1 represent 90% of their assets.
The entities referred to in b of 2 of Article L. 214-36 in which proximity investment funds can invest are those that limit the liability of their investors to the amount of their contributions.
Section R. 214-13, I, does not apply to the mutual funds for intervention in futures markets under section L. 214-42.
A common fund for intervention in futures markets cannot employ more than 10% of its assets in securities of the same issuer. However, no limitation is applicable to securities issued or guaranteed by a Member State of the Organisation for Economic Co-operation and Development.
For the purposes of section L. 214-42, the values assimilated to liquidity are, where they have less than one year of maturity, Treasury bills, negotiable debt securities or obligations, as well as shares or shares of securities collective investment organizations whose assets are essentially composed of these elements.
The minimum amount of cash or assimilated values to be held in a term market response fund is 40% of its assets.
40% of the assets that are obligatoryly held in liquidity or assimilated values cannot be used as a security deposit in the compensation chambers.
The Fund's settlement defines the fund management strategy.
The joint receivables fund implements its management strategy by acquiring receivables and, where appropriate, by entering into contracts that constitute financial instruments for term in order to bear credit risks related to one or more reference entities of any kind. To finance the implementation of its management strategy, it issues shares and, where appropriate, debt securities, and may resort to borrowing.
The assets of the common debt fund may be composed of:
1° Debts, whether governed by French law or a foreign law, under the conditions defined in article R. 214-94;
2° Liquidity, under the conditions defined in Article R. 214-95;
3° Assets transferred to the Fund in respect of the realization or establishment of security rights attached to the receivables assigned to the Fund, in accordance with the ninth paragraph of Article L. 214-43, or in respect of the guarantees granted to it under the conditions defined in Article R. 214-97;
4° Assets transferred to it under the commitments it undertakes through contracts constituting financial instruments in the term, under the conditions defined in section R. 214-105.
The receivables referred to in 1° of Article R. 214-93 eligible for the assets of the common receivables fund are:
1° Claims arising from either an act that has already taken place or an act to intervene, whether or not the amount and date of due diligence of these claims are determined, including fixed, doubtful or contentious claims;
2° Titles of receivables, each representing a right of receivable on the entity that issues them, transmitted by registration in account or tradition.
The acquisition of receivables by the common receivables fund is through the assignment of receivables to the fund. However, the fund may directly subscribe to the issuance of the debt securities referred to in 2° of this article.
The settlement of the fund specifies the nature and characteristics of the receivables that the fund proposes to acquire and the terms and conditions of acquisition of the receivables.
The liquidity referred to in 2° of Article R. 214-93 eligible for the assets of the common receivables fund is:
1° Deposits made with an establishment referred to in the 1st of Article R. 214-97, excluding investment companies, which may be refunded or withdrawn at any time at the request of the fund for a disposition of the sums within twenty-four hours, subject to hours of foreign exchange investments;
2° Treasury bills;
3° Titles of receivables mentioned in the 2nd of Article R. 214-94, provided that they are admitted to negotiations on a regulated market located in a State party to the agreement on the European Economic Area and with the exception of securities giving direct or indirect access to the capital of a company;
4° Negotiable debt securities;
5° Shares or shares of securities collectively invested primarily in debt securities mentioned in 2°, 3° and 4°;
6° Shares of common receivables or similar entities of foreign law, with the exception of its own shares.
These liquidities are held by the fund within the scope of the requirements related to the implementation of its management strategy. They may, in particular, correspond to the placement of outstanding amounts in the Fund, referred to in the fourth paragraph of Article L. 214-43.
The fund regulations specify the rules for the use of these liquidities.
The coverage against the risks that the common debt fund supports in the implementation of its management strategy is obtained by:
1° The issuance of specific shares or debt securities that bear these risks, provided that these shares or securities are only subscribed or held by qualified investors within the meaning of Article L. 411-2, by non-resident investors or by a person mentioned in 3° or 4° of Article R. 214-97;
2° The transfer to the fund of an amount of receivable exceeding the amount of the shares and securities issued;
3° The existence of security rights, guarantees and accessories attached to the receivables assigned to it, referred to in the eighth paragraph of Article L. 214-43;
4° obtaining guarantees from a person referred to in R. 214-97;
5° obtaining one or more subordinate loans under the conditions defined in Articles R. 214-101 and R. 214-102;
6° The conclusion of contracts constituting long-term financial instruments under the conditions set out in section R. 214-105.
The settlement of the fund specifies the rules of these coverage transactions.
The guarantees mentioned in the 4th of Article R. 214-96 are granted to the common debt fund by one of the following persons:
1° A credit institution whose headquarters is established in a Member State of the Organisation for Economic Co-operation and Development, an investment company whose headquarters is located in a Member State of the European Community or a party to the Agreement on the European Economic Area, or the Caisse des dépôts et consignations or any foreign law establishment with a similar function and listed by order of the Minister for the Economy;
2° An insurance or reinsurance company governed by the insurance code or an insurance or reinsurance company with an equivalent enabling position established in a Member State of the European Community or a party to the European Economic Area Agreement, or in a Member State of the Organisation for Economic Cooperation and Development;
3° A person who has assigned receivables to the fund, a corporation under the control of that person within the meaning of section L. 233-3 of the Commercial Code, a corporation that controls that person within the meaning of that same section or a corporation that is controlled by one of these companies;
4° A counterparty to contracts constituting financial instruments to the term that the fund concludes, under the conditions defined in section R. 214-105, a corporation under the control of that counterparty within the meaning of section L. 233-3 of the Commercial Code, a corporation that controls that counterparty within the meaning of that same section or a corporation that is controlled by one of these companies.
I. - The liability of a common debt fund at any time includes a minimum of two shares.
The minimum amount on the issue is 150 euros or its equivalent in the monetary unit of the issue.
II. - The proceeds of the shares issued by the fund shall be allocated to the establishment of the assets of the fund, the reimbursement or remuneration of shares or debts already issued by the fund or the reimbursement or the remuneration of borrowings already made by the fund.
III. - The settlement of the fund specifies the terms and conditions for the issuance of shares.
I. - The common debt fund may issue negotiable debt securities and obligations or debt securities issued by the foundation of a foreign law.
II. - The proceeds of the receivables issued by the fund shall be allocated to the establishment of the assets of the fund, the reimbursement or remuneration of shares or debts already issued by the fund or the reimbursement or remuneration of borrowings already made by the fund.
III. - The settlement of the fund specifies the characteristics and conditions for the issuance of debt securities.
The settlement of the fund specifies in which cases and conditions the common receivables fund may acquire receivables and issue new shares and debt securities after the initial issuance of shares and debt securities. It sets out the modalities for determining the level of security available to shareholders and debt securities issued previously in these operations and the conditions for maintaining that level of security.
It is up to the fund management company to ensure compliance with these conditions.
I. - The common receivables fund may use cash borrowings within the limits of the requirements related to the implementation of its management strategy or in order to repay or repay shares or debt securities already issued by the fund or to repay or repay loans already made by the fund. These borrowings are made from an establishment mentioned in the 1st of section R. 214-97, excluding investment companies.
II. - The fund may also obtain subordinate loans as a cover against the risks it supports in the implementation of its management strategy. These loans are granted by an establishment referred to in I or by a person referred to in 3° or 4° of R. 214-97.
The settlement of the fund specifies the objects and limits of the borrowings referred to in R. 214-101. It sets out the modalities for determining the level of security offered to holders of shares and debt securities issued previously under these borrowings and the conditions for maintaining this level of security.
It is up to the fund management company to ensure compliance with these conditions.
I. - The settlement of the common receivables fund specifies the order of allocation of the amounts collected by the fund between the different categories of shares, receivables and loans.
II. - The payment of the amounts due in respect of the shares issued by the fund is subject to the payment of the amounts due to the holders of receivables issued by the fund.
The use by the common receivables fund of contracts constituting financial instruments for the term, of acquisition or temporary assignment of securities, or of transactions in the assignment of receivables held by the joint debtor when they are not terminated or terminated from their term must not lead to a departure from its management strategy.
The joint receivables fund may enter into contracts that constitute long-term financial instruments as a cover or to carry out its management strategy under the terms and conditions set out in R. 214-104 and R. 214-108 and the following three conditions:
1° These contracts are concluded with:
(a) An establishment referred to in the 1st of Article R. 214-97 or a legal person of French law or a similar entity of foreign law guaranteed under the obligations resulting from such contracts by such an institution;
(b) An establishment referred to in 2° of Article R. 214-97, within the limits where the legislation and regulations specific to that institution authorize it, or a legal person of French law or a similar entity of foreign law guaranteed under the obligations resulting from such contracts by such establishment;
2° The commitments made by these contracts are:
(a) either at the delivery or transfer of receivables mentioned in the 1st of Article R. 214-93;
(b) Either a cash settlement;
(c) The transfer of shares of common receivables, excluding its own shares, or shares of similar entities of foreign law;
3° The maximum net loss of the fund resulting from all contracts constituting long-term financial instruments, valued at any time by taking into account the coverage referred to in section R. 214-96 of which it benefits, cannot exceed the value of its assets; the general regulation of the Autorité des marchés financiers specifies the terms and conditions for the application of this commitment rule.
The settlement of the fund sets out the objectives and conditions for the use of future financial instruments. When the Fund proposes to conclude future financial instruments to support credit risks, the Fund's settlement specifies the nature and characteristics of the reference entities to which these credit risks relate.
The common receivables fund may, within 100% of its assets, carry out pension transactions or any other temporary acquisition and assignment of securities under the conditions set out in R. 214-104 and the following three conditions:
1° These operations are carried out with an establishment or person mentioned in the 1st of Article R. 214-105;
2° They relate to the titles of receivables referred to in 2° of Article R. 214-94 or to the liquidity mentioned in 2° to 6° of Article R. 214-95;
3° They are taken into account for the application of the commitment rule referred to in 3° of Article R. 214-105.
The settlement of the fund sets out the objectives and conditions of use of these operations.
Non-exhausted or undeposed receivables from their term acquired by the common receivables fund may not be disposed of, in one or more times or for their totality, only under the conditions set out in Articles R. 214-104 and R. 214-108 and in the following cases:
1° When the fund is disposed of in the interest of the holders of shares and securities issued previously;
2° When the remaining capital due to unpaid receivables from the fund is less than a percentage of the maximum remaining capital due to undue receivables recognized since the establishment of the fund, defined in the settlement of the fund and not exceeding 10%;
3° Where the shares and titles of receivables issued by the fund are no longer held by a single carrier and at the request of the fund or when they are no longer held by the assignor(s) and at their request;
4° When the fund is to fulfill its commitments resulting from a contract that constitutes a financial instrument for the term;
5° Where a favourable or unfavourable change in the risks that the fund sustains as part of the implementation of its management strategy may be identified or anticipated based on criteria defined in the Fund's settlement;
6° Where market developments make it timely to change the composition of the assets of the fund, if these transactions are limited to an annual volume of receivables disposal defined in the settlement of the fund and not exceeding 30% of the assets of the fund.
The assignment of receivables shall be carried out in accordance with the terms and conditions set out in Article L. 214-43. The divestment voucher contains the indications defined in Article R. 214-109.
The settlement of the fund sets out the rules applicable to the assignment of receivables that are not expired or lost from their term. It sets out the terms and conditions for determining the level of security available to shareholders and receivables issued by the fund under these assignments and the conditions for maintaining that security level. It is up to the fund management company to ensure compliance with these conditions.
The provisions of this Article shall not apply to the assignments of receivables held as liquidity, which may be effected freely, or to the temporary assignments of receivables, which are carried out under the conditions defined in R. 214-106.
I. - Where the settlement of the common receivables fund provides for the use of financial instruments for the purpose of exposing the fund to credit risks or the assignment of receivables that are not expired or not fallen from their term in the cases referred to in 5° and 6° of Article R. 214-107, the fund management company directly or by delegation the management of such instruments or transfers shall provide for management systems and an organization adapted to the management of
1° An analysis of the risks posed by these operations by an independent unit of operational units;
2° Independent oversight of operational functions.
II. - The general regulation of the Autorité des marchés financiers specifies the requirements referred to in I for the approval of the fund management company provided for in the second paragraph of section L. 214-47.
The slip provided for in the eighth paragraph of Article L. 214-43 includes the following statements:
1° The name "disposal of receivables";
2° The mention that the assignment is subject to the provisions of articles L. 214-43 to L. 214-48 relating to common receivables funds;
3° The designation of the assignee;
4° The designation and individualization of the assigned receivables or the elements likely to make such designation or individualization, for example by the indication of the debtor, the place of payment, the amount of the receivables or their valuation, and, where appropriate, their maturity. When the transfer of the assigned receivables is carried out by a computer process to identify them, the banknote may only indicate, in addition to the mentions referred to in 1°, 2° and 3° above, the means by which they are transmitted, designated and individualized, and the assessment of their total number and amount.
The assignment entails the obligation for the assignor or any institution responsible for recovery to carry out, at the request of the assignee, the retention of receivables under the conditions set out in article R. 214-111, and any act necessary for the preservation of the security rights, guarantees and accessories attached to such receivables, their possible modification, their release, their release and their forced execution.
I. - The account specially allocated for the benefit of the mutual fund of receivables, provided for in the third paragraph of Article L. 214-46, is a bank account held by an establishment referred to in 1° of Article R. 214-97, excluding investment companies, including an existing account opened on behalf of any institution charged, directly or indirectly, with the recovery of receivables transferred to the fund.
The specially affected nature of this account takes effect on the signature of an account agreement between the fund management company, the depositary of the assets of the fund, the institution responsible for the recovery of receivables transferred to the fund and the establishment of account, without needing any other formality.
II. - The amounts credited to the account shall be paid exclusively to the fund. The fund management company has these amounts under conditions defined in the account agreement.
Where amounts other than those recovered under receivables transferred to the fund are paid on that account, the institution responsible for the recovery of receivables transferred to the fund must demonstrate that such amounts are not due to the fund. These sums are then withdrawn from the account as soon as possible according to the terms set out in the account agreement.
III. - The account setting is subject to the following obligations:
1° He informs third parties seizing the account that the account is the subject of a special assignment, pursuant to Article L. 214-46 for the benefit of the mutual fund of receivables, rendering the account and the amounts that are not available to it;
2° The account cannot be merged with another account;
3° It complies with the only instructions of the fund management company for the debit transactions of the account, unless the account agreement authorizes the institution responsible for the recovery of receivables transferred to the fund to carry out debits of the account under the conditions it defines.
The depositary of the assets of the fund ensures the conservation of the assets of the common receivables fund.
However, the assignor or institution responsible for the recovery of receivables transferred to the fund may ensure the retention of the receivables referred to in 1° of section R. 214-94, subject to the following cumulative conditions:
1° The custodian of the assets of the fund shall, under his responsibility, ensure the retention of the transfer slips of these receivables to the fund;
2° The assignor or institution responsible for the recovery of receivables transferred to the fund shall, under his or her responsibility, ensure the retention of contracts and other materials relating to such receivables and the security rights, guarantees and accessories attached to it, and shall establish documented retention procedures and a regular and independent internal control over compliance with such procedures;
3° Under the terms defined in a convention between the assignor or the institution responsible for the recovery of receivables transferred to the fund, the depositary of the assets of the fund and the fund management company:
(a) The depositary of the assets of the fund shall ensure, on the basis of a declaration by the assignor or institution responsible for recovery, the establishment of the procedures referred to in 2°. This declaration shall allow the depositary of the assets of the fund to verify that the assignor or institution responsible for the recovery of claims has established procedures guaranteeing the reality of the assigned receivables and the security rights, guarantees and accessories attached to it and the security of their retention and that these receivables are recovered solely for the benefit of the fund;
(b) At the request of the fund management company or the depositary of the assets of the fund, the assignor or institution responsible for the recovery of the receivables transferred to the fund shall promptly hand over to the depositary of the assets of the fund or to any other entity designated by the depositary of the assets of the fund and the fund management company the originals of the contracts and materials referred to in 2° of this Article.
The settlement of the fund specifies the modalities for the conservation of the assets of the fund.
The document provided for in section L. 214-44 is prepared before the issuance of shares or debt securities by the common debt fund when they are subject to a public appeal for savings. This document describes the management strategy, the operating rules and the management costs of the fund, as defined in the general regulation of the Autorité des marchés financiers.
The organization that established the above-mentioned document monitors the level of security offered by the shares and securities issued. The findings of this follow-up should be made public on a regular basis. The fund management company must provide the organization with all necessary documentation to monitor the fund.
The information referred to in Article L. 214-45 is communicated to the Bank of France by the management company of the common debt fund.
Where the common receivables fund has two or more compartments, the provisions of this section apply to each compartment.
I. - For the purposes of this section to the common receivables funds established before 27 November 2004, the 3rd of section R. 214-97 is replaced by the following provisions:
« 3° A person who assigns receivables to the fund or a person holding, directly or indirectly, 20% of the capital of that person, or whose capital is held, directly or indirectly, by that person at least 20%; "
II. - Where a common debt fund established before the publication of the provisions of the general regulation of the Autorité des marchés financiers set out in the 3rd of Article R. 214-52 and the II of Article R. 214-108 concludes contracts constituting financial instruments to term for the exclusive purpose of having the financial flows it receives and the flows it has pledged to pay, the 2nd and 3rd of Article R.
III. - By derogation from sections R. 214-100, R. 214-102 and R. 214-107, the settlement of a common receivables fund, established prior to November 27, 2004 and whose management strategy is not amended, is not required to specify the terms and conditions for determining the level of security offered to holders of shares previously issued in the operations referred to in these sections, or the conditions for maintaining that level of security. In this case, the fund management company ensures that these operations do not result in a deteriorating level of security offered to shareholders.
IV. - The approval granted to a joint debt management corporation before November 27, 2004 remains valid. However, in order to be able to manage a common receivables fund whose by-law provides for the use of financial instruments for the purpose of exposing the fund to credit risks or the assignment of receivables not expired or unsuccessful from their term in the cases referred to in 5° and 6° of section R. 214-107, this management company must request a new approval.
Expansion or reconstruction work and disposal of property assets to which civil real estate companies governed by Articles L. 214-50 to L. 214-83-1 may carry out the following conditions:
1° Enlargement work:
The cost, all taxes included, of the expansion of a building, carried out during a twelve-month period, must not exceed 30% of the Veal Value of the building concerned and 10% of the Veal Value of the Real Property of the Civil Property Investment Corporation, valued at the balance sheet of the last fiscal year ended. The total amount of work, including the improvement work carried out during the expansion operation of the same building, is taken into account for the assessment of this percentage. If the expansion work is not carried out under the same exercise, the above-mentioned limits of 30% and 10% may be combined with those of the next fiscal year alone.
2° Reconstruction work:
The cost, all taxes included, of reconstruction work carried out during a twelve-month period must not exceed 10% of the value of the real estate assets of civil property investment society, valued at the balance sheet of the last fiscal year ended. The total amount of work, including improvement and expansion work, carried out during the reconstruction operation of the same building is taken into account for the assessment of this percentage. If the reconstruction work is not carried out under the same exercise, the 10 per cent limit can be combined with the one in the next fiscal year.
Compliance with the 10% limit is not required where the total or partial reconstruction of the building is required by a force majeure case or when the work is made necessary due to obligations arising from the law.
3° Cession of elements of real estate:
(a) The civil real estate investment company must be the owner of the property that has been assigned for at least six years at the date of assignment and the expansion or reconstruction work that has been completed must be completed for at least six years at the same date;
(b) The cumulative value of the buildings transferred during a twelve-month period shall not exceed 15% of the value of the real estate assets of the civil real estate company valued at the balance sheet of the last fiscal year ended. If no assignment is made for a fiscal year, or in two successive fiscal years, this limit may be deferred and accumulated with that of the next fiscal year within three fiscal years;
(c) The limit set out in (b) above is not applicable to transfers made in the three years preceding the term of the civil real estate company's statutory period, provided that this period is not subsequently extended and that no new real estate investment is made with the proceeds of the assignments made.
The Commissioners of Contributions are selected from among the auditors listed in the list provided for in Article L. 822-1 of the Code of Commerce or from among the experts listed in the courts and tribunals.
They are appointed by the President of the High Court on request.
They may be assisted, in the fulfilment of their mission, by one or more experts of their choice. The fees of these experts are borne by the company.
The report of the Commissioners of Contributions shall be deposited at least eight days before the date of the General Assembly constitutive to the intended address of the registered office.
It is held at the disposal of the founders, who may be aware of it or obtain a full or partial copy.
In the event of partial intake of assets, sections L. 214-83, R. 214-117 and R. 214-118 apply.
The founders are summoned to the constitutive general assembly by registered letter with a request for notice of receipt at least eight days before the date of the assembly.
Every person has the right, at any time, to obtain from the company's headquarters a certified copy of the company's statutes in effect on the day of application.
The company must attach to this document the list, including their name, common name and domicile, management company leaders, supervisory board members and current auditors.
It cannot, for this issue, require payment of a sum greater than 1.5 euro.
The realisation value and the replenishment value of the civil real estate investment company are determined annually by the management company.
The value of buildings is derived from an independent real estate expert's expertise. Each building must be subject to expertise every five years. She is updated by him every year.
The expert is appointed by the General Assembly for four years. This appointment takes place after acceptance by the Autorité des marchés financiers of its application, which was previously submitted by the management company. It may be revoked and replaced in the form provided for its appointment.
The net value of other assets, determined under the control of the External Auditor, takes into account latent surplus-values and less-values on financial assets.
The replenishment value of the corporation is determined from the increased realization value of the subscription commission at the time of replenishment, multiplied by the number of shares issued, as well as the estimated costs that would be required for the acquisition of the corporation's heritage at the closing date of the fiscal year.
The General Assembly is convened by the Management Society.
If not, it may also be called:
1° By an External Auditor;
2° By the Supervisory Board;
3° By a designated attorney at the request either of any interested in an emergency or of one or more associates meeting at least one tenth of the social capital;
4° By the liquidators.
I. - The associates are summoned to the general assemblies by a notice of convocation inserted in the Bulletin of Mandatory Legal Ads and by an ordinary letter which is directly addressed to them.
The notice and letter of summons indicate the name of the corporation, possibly followed by its acronym, the form of the corporation, the amount of the capital, the address of the head office, the day, time and place of the assembly, as well as its nature, its agenda and the text of the draft resolutions submitted to the general assembly by the leaders of the society, accompanied by the documents to which these projects refer.
The items on the agenda are denominated so that their content and scope appear clearly without reference to other documents other than those attached to the convocation letter.
Subject to the condition that the amount of the recommendation fee be addressed to the company, the partners may request to be summoned by registered letter.
II. - One or more associates representing at least 5% of social capital may apply for inclusion in the agenda of the meeting of draft resolutions. This request is addressed to the head office by registered letter with notice of receipt at least twenty-five days before the date of the meeting held on first convocation.
However, where the capital of the corporation is greater than Euro760,000, the amount of the capital to be represented under the preceding paragraph is, according to the importance of that capital, reduced as follows:
1° 4% for the first 760 000 euros;
2° 2.5 per cent for the capital between Euro760,000 and Euro7,600,000;
3° 1 per cent for the range between Euro7,600,000 and Euro15,200,000;
4° 0.5% for surplus capital.
The text of the draft resolutions can be accompanied by a brief statement of reasons.
The management company acknowledges receipt of draft resolutions by registered letter within five days of receipt. The draft resolutions are on the agenda and submitted to the Assembly.
The period between the date of the insertion containing the notice of summons or the date of the sending of the letters if that consignment is later and the date of the meeting is at least 15 days on first summons and six days on next summons.
When a meeting was unable to deliberate regularly, due to the lack of a quorum required, the second meeting shall be convened in the forms provided for in article R. 214-125; the notice and letters recall the date of the first meeting.
The correspondence form must allow a vote on each of the resolutions, in the order of their presentation to the assembly; he must offer the partner the opportunity to express on each resolution a favorable or unfavourable vote for his adoption or his will to abstain from voting.
It must inform the partner in a very apparent manner that any abstention expressed in the form or resulting from the absence of a vote will be assimilated to a vote unfavourable to the adoption of the resolution.
The correspondence form sent to the company for an assembly is valid for successive assemblies convened with the same agenda.
The form includes the date before which, in accordance with the statutes, it must be received by the corporation to be taken into account; where it has been agreed between the corporation and the intermediaries authorized by it that the latter would no longer accept to transmit to the corporation forms of voting received by them after a date prior to that fixed by the corporation, reference is made to that date.
The text of the proposed resolutions accompanied by a statement of the reasons and indication of their author is annexed to the form.
If the correspondence form and the proxy form are on a single document, the document shall include, in addition to the references provided for in articles L. 214-74 and L. 214-75, the following:
1° The name, common name, domicile and number of shares of which the partner is the holder;
2° The signature of the partner or his legal or judicial representative;
3° The mention that the document may be used for each resolution either for a vote by correspondence or for a vote by proxy;
4° The mention that it may be given power to vote on behalf of the signatory to a designated agent under the conditions of Article L. 214-74, the provisions of which must be reproduced on that document;
5° The accuracy that, if new resolutions were presented to the assembly, the signatory has the ability to express in this document its will to abstain, or to give a warrant to the President of the General Assembly or to a designated agent under the conditions of Article L. 214-74.
The following documents and information should be sent to any partner no later than fifteen days before the meeting:
1° The report of the management company;
2° The report(s) of the Supervisory Board;
3° The report(s) of the auditors;
4° The voting formula(s) by correspondence or by proxy;
5° If this is the ordinary general meeting provided for in the first paragraph of section L. 214-73: the balance sheet, the result account, the schedule, if any, the reports of the supervisory board and auditors.
When the agenda includes the designation of the supervisory board, the summons shall indicate:
(a) The names, common names and age of candidates, their professional references and activities over the past five years;
(b) The jobs or functions occupied in society by the candidates and the number of shares they hold.
At each assembly is held a presence sheet that contains the following:
1° The names, common names and domiciles of each partner present and the number of shares of which he or she holds;
2° The names, common names and domiciles of each agent and the number of shares of its principals;
3° The name, common name and domicile of each partner represented and the number of shares of which he or she is a holder.
The powers given to each agent must bear the names, common names and domiciles of each principal and the number of shares of which he or she holds. They shall be annexed to the presence sheet and be communicated under the same conditions as the presence sheet.
The attendance sheet, duly demarcated by the associates present and the agents, is certified as accurate by the office of the assembly. At the presence sheet is attached a summary of the votes by correspondence. The forms are annexed to this statement.
The meetings of associates are chaired by the person designated by the statutes. Otherwise, the assembly elects its president.
The two members of the assembly who have the greatest number of voices and accept this function shall be examined.
The office of the assembly formed by the president and the two deputy returning officers shall designate the secretary who, unless otherwise provided by the statutes, may be chosen outside the partners.
The minutes of the proceedings of the meeting indicate the date and place of the meeting, the method of convening, the agenda, the composition of the bureau, the number of votes cast and the quorum reached, the documents and reports submitted to the assembly, a summary of the debates, the text of the resolutions put to the vote and the result of the votes. It is signed by officers.
Minutes are prepared on a special register held at the head office and listed and issued either by a judge of the court of proceedings, or by the mayor of the commune or a deputy mayor, in the ordinary form and without charge.
Copies or records extracts of meetings are validly certified by the management company or a member of the supervisory board. They can also be certified by the secretary of the assembly.
Any partner, assisted or not assisted by a person of his or her choice, has the right, at any time, to take by himself or by agent, and at the head office, knowledge of the following documents concerning the last three exercises: balance sheets, results accounts, annexes, inventories, reports submitted to the assemblies, attendance sheets and minutes of these assemblies, the overall remuneration for the management, management and administration of the society, as well as monitoring if
Except with respect to the inventory, the right to read includes the right to take a copy.
The inventory and annual accounts are made available to the auditors within one month of the year's closing, the management report within forty-five days of the closing.
Not later than one month after receiving the management report or, where appropriate, the revised annual accounts as a result of their observations, the auditors shall file their reports to the company's head office and the special report under section L. 214-76.
The auditors are subject, in the performance of their duties, to the provisions of articles 64 to 67 and 69 of Decree No. 69-810 of 12 August 1969 concerning the organization and professional status of the auditors of companies.
Can only be merged with companies whose heritage is made up of a majority of buildings either for primary use of housing or for commercial primary use. To characterize a heritage in relation to the use of housing or commercial use, it is taken into account the value of the buildings that compose it.
The merger project is decided by the management company of each of the companies participating in the transaction.
It shall contain the following indications:
1° The inventory of real estate, the name and head office of all participating companies;
2° The motives, purposes and conditions of the merger;
3° The dates on which the accounts of the companies concerned were determined to establish the conditions of the transaction;
4° Exchange parities and method of calculation;
5° The date of the merger.
At the latest, one month before the date of the first general assembly to be decided on the operation, the proposed merger is the subject of a notice inserted in the Bulletin of Mandatory Legal Ads and a deposit at the office of the commercial court of the headquarters of the companies concerned.
The proposed merger and the report of the auditors on the terms and conditions of implementation of the transaction are attached to the summons addressed to the associates at least fifteen days before the date of the general meeting called for action on the operation.
A partner who would not be entitled, given the parity of exchange, to a whole number of shares may obtain the refund of the breach or pay in cash the necessary supplement to the allocation of one share. These refunds or payments will not be reduced or increased by the costs and commissions of redemption or subscription.
Forest savings companies established pursuant to section L. 214-85 and their management companies are governed by this subsection and by the provisions of chapter IV, sections 3 and 4, title I, of Book II, with the exception of sections R. 214-116, R. 214-122, R. 214-139 and R. 214-140.
This subsection is not applicable to forest savings companies that devote a fraction of their assets to the enhancement or guarantee of loans.
I. - The assets of forest savings companies referred to in Article R. 214-144 have a forest heritage of at least 60% including:
1° Forests and woods;
2° Naked land to wood;
3° Inseparable accessories and dependencies of wood and forests such as:
(a) Buildings, including forest houses;
(b) Infrastructure related to wood and forest management;
(c) Forestry and forestry equipment;
(d) Pastoral land under the conditions set out in the second paragraph of Article L. 241-6 of the Forest Code and in Article R. 241-2 of the same Code;
(e) Gagnage and game culture grounds;
(f) Ponds enclaved or adjacent to a forest massif.
The maximum percentage of areas that may be consecrated by a forest society to the accessories and dependencies mentioned in d, e and f above shall be determined by joint decree of the Minister for Forests and the Minister for Economic Affairs;
4° Interest shares of forest groupings and shares of companies whose exclusive purpose is the possession of wood and forests.
II. - The assets of forest savings companies may also include cash or assimilated values consisting of cash recorded in account, invested in term accounts, cash vouchers issued by a bank or financial institution, Treasury bills, negotiable debt securities, shares or shares of French or foreign securities collective investment organizations regularly marketed in France and whose information document provides for a monetary or bond classification,
III. - If it is found, at the end of the year's accounts, that the 60% percentage referred to in I is not reached, the forest savings company has a one-year time limit for compliance. This period is extended to three years in the event of a storm, hurricane, cyclone or natural phenomena of abnormal intensity either by a joint decree of the Minister for Forests and the Minister for Economics that determines the state of natural disaster, or, where an antibiotic agent is involved, by a decision of the Minister for Forests.
Exchange and disposal of wood and forests, interest shares of forest groupings or parts of companies whose exclusive purpose is the possession of wood and forests to which forest saving companies can proceed must comply with the following conditions:
1° For exchange transactions, the forest savings company must be the owner of the forest or of the share of a corporation that has been assigned for at least three years at the date of the trade. This condition is not required for the exchange of management units whose area is less than 10 hectares. Exchanges may be limited to goods of comparable value, with, where appropriate, a relief, at the expense or to the benefit of the corporation, representing a maximum of 30% of the value of the exchanged property;
2° For disposal operations, the Forest Savings Corporation must be the owner of the forest or the share of a corporation that has been assigned for at least six years at the date of disposal. This condition is not required for the disposal of management units whose area is less than 10 hectares.
In the event of an assignment, the Forest Savings Corporation is required to submit a simple management plan to which its assets are subject in order to remove the assigned parcels and to devote within three years the proceeds of the assignment either to the purchase of wood and forests, interest shares of forest groupings or parts of companies whose exclusive purpose is the possession of wood and forests, or to work to improve the disposal of forest assets.
Subject to the provisions set out in III of Article R. 214-145, the cumulative value of the assets and shares of the corporation exchanged or disposed of during a twelve-month period shall not exceed 15% of the value of the entire heritage of the forest savings corporation valued at the balance sheet of the last fiscal year ended. If no assignment is made in a fiscal year, the limit for maturity and disposals made in the following fiscal year is increased to 30%.
Exchanges, alienations or constitutions of real rights relating to the forest heritage of forest saving societies are subject to the authorization of the ordinary general assembly of associates.
However, there is a mere information to the general assembly of the partners as long as each of these operations covers a surface of less than 1% of the woods and forests held by the forest savings company and within a maximum of 10 hectares:
1° Normal management operations allowing for an improvement of either forest parcels belonging to the forest saving company, or the structure of the enclave resorption property or modification of the limits;
2° Transfers of enjoyment or ownership for the realization of equipment, facilities or constructions of public interest;
3° Declared operations of public utility as well as the exchanges or aliénations carried out in one of the land use modes defined in Article L. 121-1 of the rural code.
It is also the subject of a mere information of the changes with a commitment to sustainable management and, where appropriate, a legal mortgage for the benefit of the Treasury under sections 199 decies H, 793 or 885 H of the General Tax Code, as well as commitments made in the framework of transactions with public assistance.
All characteristics of the forest heritage of a forest savings company and the risks involved must be reported to the buyers of the shares of that company.
Pursuant to the second paragraph of Article L. 214-85, the forest heritage held directly or indirectly by a forest saving corporation must be managed in accordance with one or more simple approved management plans.
If at the time of acquisition of the property no simple management plan is approved, the forest savings company is required to have one approved within three years. In this case, the forest savings company must make a commitment to apply to the forest the regime provided for in the Decree of 28 June 1930 on the conditions for the application of Article 15 of the Financial Law of 16 April 1930 until the date of the approval of the simple management plan.
Land acquired after the establishment of the simple management plan is the subject of an advent to organize their management.
When the heritage of a forest savings company includes bare land to be wooded, it must take the commitment to reforest them within three years and apply a simple approved management plan to them.
I. - In the case where a forest savings company holds at least 50% of the interest portions of a forest group or of a society whose exclusive purpose is the possession of wood and forests, the provisions provided for in the second paragraph of Article R. 214-149 also apply to the forest heritage of the forest group or society whose exclusive purpose is the possession of wood and forests.
II. - In the event that a forest savings company holds less than 50% of the interest shares of a forest group or a corporation whose exclusive purpose is the possession of wood and forests, the heritage of the forest group or the corporation concerned must, at the time of acquisition of these shares, be managed in accordance with a simple approved management plan whose application duration is not less than three years.
Work and cuts of wood in wood and forests held by forest saving companies must meet the following conditions:
1° Subject to the provisions of Article R. 214-149, the work and cuts of wood shall be carried out in accordance with a simple approved management plan;
2° The cuts not provided for in the simple management plan shall be subject to prior authorization from the Regional Centre for Forest Ownership pursuant to sections R. 222-14 to R. 222-18 of the forest code and the mandatory replenishment work resulting from it shall be subject to a simple management plan in accordance with section R. 222-12 of the same code. In addition, if this work covers an amount greater than 10% of the last value of the forest under consideration, they must be subject to special authorization from the ordinary general assembly of the partners.
I. - For the application to forest saving companies of articles R. 214-137 and R. 214-138, read the words: "state of property" instead of: "inventory".
II. - The provisions of sections R. 214-138 and R. 214-135 apply to forest savings companies subject to the following modifications:
1° The length of time required to make available to the auditors the documents referred to in section R. 214-138 shall be extended to four months after the end of the fiscal year and the time required to make the management report available to the auditors shall be reduced to one month after the previous due date;
2° The special register referred to in R. 214-135 may also be listed and approved by the Registrar of the Trade Court of the headquarters of the companies concerned.
The realisation value and the replenishment value of the forest savings company are determined annually by the management company.
The value of the forest heritage of a forest saving society is derived from an expertise carried out by one or more independent forest experts on the list of forest experts provided for in Article 1 of Decree No. 75-1022 of 27 October 1975 on the list of agricultural and land experts and forest experts.
Forest experts are appointed by the ordinary general assembly of associates for five years upon nomination by the management company and after acceptance by the Autorité des marchés financiers. They may be revoked and replaced in the forms provided for their appointment.
For the purposes of this section, the net value of other assets, determined under the control of the External Auditor, takes into account the latent surplus-values and less-values on financial assets.
A forest savings company can merge with another forest savings company as well as a forest group that manages a heritage whose forests are subject to simple approved management plans. However, the merger cannot lead to a forest savings company being absorbed by a forest group.
The merger project is decided by the management company of each of the forest savings companies and the manager of each forest group participating in the operation.
It shall contain the following indications:
1° The status of forest heritage assets, the name and head office of all corporations involved in the merger, the list of bondage and mortgages on the property of societies;
2° The reasons, purposes and conditions of the merger: these indications are accompanied by the documents provided for in section R. 214-130 and, where applicable, for companies making public savings use, in section R. 214-158, to which may be added the report of the Commissioner of Contributions;
3° The dates on which the accounts of the companies concerned were determined to establish the conditions of the transaction;
4° Exchange parities and method of calculation;
5° The date of the merger;
6° The approval of the merger project by the Autorité des marchés financiers.
In a merger between one or more forest groupings and one or more forest saving companies, or between several forest saving companies, sustainable management commitments in accordance with the provisions of 3° of 1 of Article 793 of the General Tax Code or under Article 885 H of the same code by one or more forest groupings prior to this merger or taken over by one or more forest saving companies on the occasion of earlier mergers are taken over by the absorbing forest saving company, for the remaining periods of time, on the plots that forest groupings and forest saving companies bring in the merger operation.
The forest assets held directly or indirectly by a forest saving corporation governed by this subsection and making public use of savings shall, if insured against the fire, be distributed in at least two separate management units over at least two natural regions or two departments, provided that the share of the forest heritage in one of the natural regions or one of the departments is not more than 60% of the total assets.
If the forest heritage of a forest saving corporation referred to in the first paragraph of this Article is not insured against the fire, or that this insurance covers only part of the forest heritage, it shall be divided into at least two separate management units on at least two non-contiguous departments, provided that the share of the forest heritage in one of the departments is not more than 60% of the total assets.
The forest assets of a publicly-used forest savings company shall not be composed for more than 40% of interest shares of forest groupings or companies whose exclusive purpose is the possession of wood and forests in which it would not have acquired more than 50% or more of interest shares.
The Forest Savings Corporation shall be granted a period of three years from its inception to comply with the provisions of this section.
The forest heritage of a forest saving company that uses public savings must be the subject of expertise every fifteen years. The first expertise must be involved in the acquisition of property by the company. It is updated every three years on the basis of the documents provided by the management company, except for exceptional events, works or cuts that require a new update before this deadline. A second expertise is carried out from the second year of the forest savings company's existence at least 20% of the forest heritage of the society each year, so that the entire forest heritage is expertized at the end of the fourteenth year.
I. - In the case where a forest savings company that is publicly funded, has at least 50% of the interest shares of a forest group or a society whose exclusive purpose is the possession of wood and forests, the expertise provided for in section R. 214-158 is also realized on the heritage of the forest group or society whose exclusive purpose is the possession of wood and forests.
II. - In the case where a forest savings company holds less than 50% of such shares, it shall, at the time of the expertise provided for in Article R. 214-158, obtain from each forest group manager and from the companies concerned a written certificate or assessment indicating the value of the interest held or acquired.
This subsection does not include regulatory provisions.
The ceiling of the amounts that can be deposited on a booklet A of the National Savings Fund or a booklet A bank of savings and foresight or a special account on a booklet of the Mutual Credit is fixed by decree.
The capitalization of interest may bring the balance of Booklet A or Special Account on Booklet of Mutual Credit beyond the ceiling referred to in R. 221-1.
The ceiling provided for in R. 221-1 is set at 15,300 euros, unless otherwise provided.
No withdrawal transaction may have the effect of rendering the account receivable.
The interest served to the depositors departs from 1 or 16 of each month after the day of payment. He ceases to run at the end of the fifteenth precede the day of the refund.
On December 31 of each year, the acquired interest is added to capital and becomes itself productive of interest.
Upon a decision of the competent administrative authority, violators to the provisions of the third paragraph of Article L. 221-1 shall be subject to a penalty that may go to the loss of the interests of all amounts deposited during the period of coexistence of a Booklet A of the National Savings Fund and a Booklet To savings and foresight funds, or a booklet A and a special booklet account of the Mutual Credit, without this deduction being able to go up to more than a year from the day of the finding of this coexistence.
However, if the accumulated amount does not exceed the cap of Booklet A, the deduction of interest is limited to the most recently opened booklet.
The competent administrative authority referred to in R. 221-6 is the Minister responsible for the economy.
Interest deductions made pursuant to the provisions of Article R. 221-6 shall be assigned to the reserve and guarantee fund referred to in Article L. 512-101 or to that referred to in Article L. 518-28, or to a special fund opened in the writings of the Mutual Credit.
Low-rent housing and real estate credit organizations are allowed to deposit their booklet A without being subject to a ceiling.
A special ceiling for Booklet A is set by Order in Council for mutualist societies and cooperation, charitable institutions and other similar societies falling under categories defined by decree of the Minister responsible for the economy.
The ceiling provided for in R. 221-10 is set at 76,500 euros.
Capitalization of interest may bring the balance of Booklet A to the companies and institutions referred to in Article R. 221-10 beyond the ceiling referred to in Article D. 221-11.
No payments in savings funds can be less than 1.5 euro.
Depositors are informed of the terms and conditions of reimbursement by posting in the Savings Banks Local or by an inscription placed at the top of the booklet.
The procedures for the transfer of funds from one caisse to another provided for in Article L. 221-3 are provided by an order of interested ministers.
The opposition, referred to in Article L. 221-4, of the legal representative for the withdrawal by the minor of the credits of the booklet A of which the minor is a holder is notified to the depositary institution by registered letter with a request for notice of receipt.
Savings funds are required to address six months prior to the expiration of the thirty-year period provided for in section L. 221-5, for refund purposes, a notice to the holder of any account that is affected by the limitation and whose capital and interest is equal to or greater than 75 euros. If the eligible person cannot be known, or if the refund cannot be made for another cause, the amount on his or her credit shall be apportioned under the conditions set out in section L. 221-5.
Savings funds are not required to keep records relating to current accounts or requests for booklets over thirty years of date. This period is reduced to 10 years for other registries, for repayments and other parts. However, this period is two years for the control slips and transaction slips as well as for the booklets sold or replaced.
Subject to the funds deemed necessary to provide the reimbursement service, the amounts that the National Savings Fund receives from depositors as well as those deposited by the Savings and Allowance Banks are used by the Caisse des dépôts et consignations:
1° In values issued by the French State and in values or loans enjoying its guarantee;
2° In loans to municipalities, public institutions of intercommunal cooperation, departments, communities governed by articles 73 and 74 of the Constitution and New Caledonia, regions, chambers of commerce and industry, chambers of trade and their permanent assemblies, as well as loans or values guaranteed by these communities or institutions;
3° As obligations issued by land credit companies defined in articles L. 515-13 to L. 515-33;
4° Financial instruments admitted to negotiations on regulated markets;
5° In promissory notes governed by articles L. 313-42 to L. 313-48;
6° To finance the loans made by the savings funds, in accordance with the provisions of sections L. 315-1 to L. 315-3 of the Construction and Housing Code in cases where the funds collected under the housing savings would be insufficient;
7° To finance additional loans to housing savings loans;
8° To finance personal loans made by savings and insurance funds authorized to make such loans;
9° Other values or jobs authorized by the Minister responsible for the economy.
Any amount paid to a savings fund is the property of the holder of the booklet under the credit union.
Savings and allowances are issued to each recipient, if requested, one or more booklets on which payments, refunds and acquired interests are recorded.
For the six months preceding the expiration of the thirty-year period set out in section L. 221-5, the list of depositors holding accounts that are affected by the limitation is posted on the premises accessible to the public of the Savings Bank and branches or, for those with more than five hundred accounts abandoned, held at the seat of the Savings Bank.
Exempt from the display prescribed in section R. 221-22 are accounts with a capital and interest value of less than 7.5 euros.
The interest rate used by the Caisse des dépôts et consignations aux caisses d'économie et de prévoyance on the funds from Booklet A is greater than 1.10 per cent than that used to the depositors.
The remuneration set out in the preceding paragraph, paid by the Caisse des dépôts et consignations, is increased by an interest or reduced by a refaction calculated on the basis of changes in annual average stock of the filings of Booklets A. This increase or refocus shall be determined by the Minister responsible for the economy in relation to a rate of change in deposits that he determines each year after consultation with the National Savings and Allowance Fund, without the difference between the rate of interest served by the Caisse des dépôts et consignations and that which is served to the applicants may exceed 1.15 per cent or be less than 1.05 per cent.
Rates of interest paid by the National Savings Fund to its depositors may not be greater than those served by the Savings and Allowance Banks for booklets of the same category, with the exception of the additional booklets and young booklets.
The Post delivers free of charge to each recipient, if requested, one or more booklets on which payments, refunds and acquired interests are recorded.
The service of the military branches of the National Savings Fund is provided by Decree No. 55-1638 of 20 November 1955.
A special ceiling may be established by decree for special accounts on books of mutual credit unions of the following legal persons:
1° Non-profit associations governed by the Act of 1 July 1901 or governed by the local law maintained in the departments of Lower Rhine, Upper Rhine and Moselle;
2° Non-profit organizations of a cult nature;
3° The trade unions and their unions referred to in Chapter I of Book IV of the Labour Code;
4° Corporate committees.
The ceiling provided for in Article D. 221-28 is set at 76,500 euros.
The balance of the special account on the booklet of the legal persons referred to in Article D. 221-28 may exceed the limit provided for in Article D. 221-29 by interest capitalization.
The interest rate for the holders of a special account on a booklet of the Mutual Credit is that set for Booklet A, after all tax and social levies to which the products of the special account on a booklet of the Mutual Credit are subject.
People's savings book accounts may be opened on behalf of natural persons who justify either that they meet the conditions set out in section L. 221-15, or that they are the spouse of a taxpayer that meets these conditions.
They remain open as long as their licensees justify, by the annual production of the document required in section R. 221-34, that they continue to meet these conditions.
For the purposes of the first paragraph of section L. 221-15, the justification for the tax amount is provided by the production of the original of the income tax notice issued the previous year.
For the purposes of the third paragraph of section L. 221-15, may benefit from the opening of a Popular Savings Book Account by producing the notice issued during the current year to persons who, by the simultaneous production of the tax notice issued the previous year, establish that the amount of their taxation became less than the limit calculated under section L. 221-15 as well as persons who, the previous year, were
The depositary establishment shall obliterate the notice submitted. The same notice may only be subject to an obliteration in respect of the taxpayer's and other rights in respect of the spouse's rights.
The quality of the spouse is justified:
In the case of married persons according to the forms prescribed by French law, by the production of the family booklet or a family civil registration card.
In the other cases, by the production of a document that may be either a residence permit issued by the French authorities or any foreign official act demonstrating marriage. If the document is written in a foreign language, it must be accompanied by a sworn translator.
When the holder of a Popular Savings Book Account ceases to meet the conditions set by law to benefit from it, it is required to request the closure by December 31 of the year following the one in which, for the last time, he produced the supporting documents establishing his right.
Depositary establishments are required to dispose of accounts for which the required annual justifications have not been produced as of 31 December. The amounts on the credit of the account are transferred to another account that is opened in the same institution on behalf of the same licensee or, if not, on a waiting account.
However, the account may be maintained open if the licensee determines by the production of the notice issued the current year that as a result of a change of situation it refills the legal conditions for opening an account on a popular savings booklet.
When a popular savings pound account was opened at the request of a minor without the intervention of his legal representative, the latter's opposition to the withdrawal by the minor of the sums credited to the account is notified to the depositary by registered letter with a request for notice of receipt.
People's savings book accounts may be opened to the National Savings Fund as well as to banks, institutions and agencies authorized to receive public deposits within the meaning of Article L. 511-9 and meeting the conditions laid down in Article R. 221-61.
The initial payment made on a popular savings book account must be at least 30 euros.
Authorized transactions on the popular savings book accounts can only be performed at the window where the account was opened.
The credits of an account on the popular savings booklet are refundable in sight.
The transactions authorized on the accounts on popular savings booklets are, at the choice of depositary institutions, either for registration on a leaflet booklet or for the establishment of receipts and for the issuance of periodic account extracts that take into account the transactions carried out.
The transactions referred to in sections R. 221-42 and R. 221-44 are those defined, for the book accounts, by order of the Minister responsible for the economy, in accordance with the terms set out in section L. 611-1.
The ceiling of the sums that can be deposited on a popular savings booklet account is set at 7,700 euros.
No withdrawal transaction may have the effect of rendering the account receivable.
The pay for the People's Savings Book Account includes an interest and possibly a supplement to pay to maintain the purchasing power of deposits that meet the stability requirement laid down in Article L. 221-17.
The additional remuneration is calculated on the portion of the deposits equal to the minimum balance recorded on the account during the preceding six calendar months. It is only taken into account consecutive whole months. This fraction is determined at the end of each month. The method of calculating the supplement of pay is determined by the Minister responsible for the economy according to the evolution, during the filing period, of the monthly index of consumer prices of urban households whose "leader" is a worker or employee (national series).
As of December 31 of each year interest and, possibly, the supplement of earned remuneration are added to capital and become themselves productive of interest and, where applicable, of additional remuneration.
The capitalization provided for in R. 221-50 may extend the amount of the account beyond the limit of the authorized deposits referred to in D. 221-46.
In the event of the closing of the account during the year, the interest and additional compensation earned shall be credited to the closing day of the account. The additional compensation is in this case liquidated over the period run from the beginning of the year until the end of the month preceding the closing.
The holder of a popular savings book account may transfer his or her funds from one institution to another, without loss of interest or additional remuneration. The procedures for this transfer are provided by the Minister responsible for the economy.
People's savings booklets and the rights belonging to their holders can not be given by way of money.
Any breach of the rules defined by sections L. 221-13 to L. 221-17, by sections R. 221-33 to R. 221-35, R. 221-37 to R. 221-39, R. 221-42, R. 221-45, D. 221-46, R. 221-47 and R. 221-54 committed by the holder of an account on an administrative record may
In the event of non-compliance with commitments under section R. 221-61, the competent administrative authority may, after placing the institution or agency concerned in a position to submit its observations, proceed to a total or partial withdrawal of the authorization.
The competent administrative authority referred to in sections R. 221-55 and R. 221-56 is the Minister responsible for the economy.
The deposits collected under the People's Savings Plan are centralized and paid to a Fund managed by the Caisse des dépôts et consignations under conditions established by an agreement between the Minister responsible for the Economy and the Director General of that institution.
Subject to the specific rules of the National Savings Fund, a fraction of the stock of these deposits may, however, be left to the free use of the collector establishments provided that the collectors take charge of an equivalent percentage of the total amount of remuneration to be used to the depositors and that they undertake not to refer in their credit transactions to the amount of the remuneration served on the account on the popular savings pound. This fraction cannot exceed 15% of the deposit stock.
The annual expenses of the fund established under section R. 221-58 include:
1° The amount of interest and additional compensation due to depositors, to the centralized share of deposits;
2° Compensation for collection networks;
3° Reimbursement, in accordance with the provisions of the Convention referred to in R. 221-58, of the costs incurred by the Caisse des dépôts et consignations for the management of the centralized share of the deposits;
4° Reimbursement of State-supported expenses under the control of the popular savings regime.
The centralized popular savings deposits at the Caisse des dépôts et consignations give rise to a reserve fund to which are allocated:
1° The annual result of the management of the fund created pursuant to Article R. 221-58;
2° Income from the reserve fund itself.
When the reserve fund exceeds 8% of the amount of centralized deposits at the Caisse des dépôts et consignations, the surplus is paid to the housing finance reserve fund established by Decree No. 93-735 of 29 March 1993.
Each year is taken from the reserve fund of the People's Savings Booklet, and allocated to the General Budget, credits necessary for the compensation of the guarantee granted by the State to the booklet funds defined by Article L. 221-13. The amount of such remuneration shall be determined by order after notice of the Supervisory Board of the Caisse des dépôts et consignations. It cannot lead to the reduction of the reserve fund of the People's Savings Book to a sum of less than 2% of the funds of the centralized People's Savings Booklet to the Caisse des dépôts et consignations, including capitalized interests.
By a decision of the Minister responsible for the economy, exceptional expenses that are of direct interest to the operation of the entire popular savings plan can be charged to this reserve fund.
In order to be authorized to open accounts on popular savings booklets, institutions authorized to receive public deposits within the meaning of Article L. 511-9 must conclude with the Caisse des dépôts et consignations, acting both on its own behalf and on behalf of the State, an enabling agreement in accordance with the model conventions approved by the Minister responsible for the economy.
Enabling agreements include the commitment of these institutions and organizations to comply with the rules set out in this subsection. These include the organization of financial and accounting relations between the Caisse des dépôts et consignations and authorized establishments, as well as arrangements to facilitate the control of the transactions and information of the applicants.
Authorized institutions and agencies act in their relations with depositors as agents of the Fund of deposits and consignations for the centralized fraction of deposits.
The terms and conditions for the remuneration of these institutions and organizations are determined by order of the Minister responsible for the economy.
The opening of a popular savings plan is the subject of a written contract between the subscriber and one of the organizations mentioned in article L. 221-18 and having acceded to an enabling agreement with the State. This agreement is arrested and signed by the competent administrative authority on behalf of the State.
This model agreement sets out the obligations of the organizations with respect to the information of subscribers, the statements to be made to the administration for the purposes of statistics, management and control of the savings premium, and the terms and conditions for payment of this premium.
A popular savings plan can only have one licensee.
Payments to a popular savings plan may be allocated to a cash deposit account or life insurance transaction.
The competent administrative authority referred to in R. 221-65 is the Minister responsible for the economy.
Payments are limited to 92,000 euros per plan.
The opening date of the popular savings plan is the first payment made on the account or under the insurance contract.
I. - The transactions authorized under the People's Savings Plan under the Insurance Code are life insurance transactions that fall under business lines 20, 22, 23 and 26 of Article R. 321-1 of this Code and which include a redemption or reduction value and a life guarantee.
II. - The transactions authorized under the People's Savings Plan under the code of mutuality are the old-age and life transactions provided for in Article L. 321-1 of this code, which have a redemption or reduction value and a life-saving guarantee.
III. - The transactions authorized under the People's Savings Plan under the Social Security Code are the savings transactions that are carried out by the institutions referred to in Article R. 731-1 of this code and which have a redemption or reduction value and a life guarantee.
IV. - The transactions authorized under the popular savings plan under the rural code are the savings transactions that are carried out by the institutions mentioned in article L. 727-2 of the rural code and which have a redemption or reduction value and a life guarantee.
Payments made under an insurance contract that are taken into account to assess compliance with the payment cap provided for in section R. 221-68 are constituted by the fraction of the premiums representative of the savings transaction defined by Decree No. 84-269 of 11 April 1984 on the modalities for calculating the fraction of the premiums of the life insurance contracts representative of the savings transaction.
In the event that the provisions provided for in the second paragraph of section L. 221-18 are not complied with, the sums in all the popular savings plans of the person who has not complied with these provisions are deemed to be withdrawn by the date on which the overcrowded popular savings plan was opened.
In the event of payment exceeding the amount provided for in section R. 221-68, all amounts on the popular savings plan shall be deemed to be withdrawn immediately. It is the same if, more than ten years after the opening of the popular savings plan, a payment is made after a withdrawal has been made. However, this measure is not applied if the individual demonstrates that the overpayment or payment has been involuntary.
The transfer of a popular savings plan from one management organization to another does not constitute a withdrawal, if the licensee gives the management agency of the popular savings plan a certificate of identification of the popular savings plan on which the transfer must take place; this certificate is established by the agency to which the popular savings plan is transferred.
In this case, the plan manager is required to communicate to the new manager the plan's opening date and the annual payment amount and the amounts on a deposit account in the first agency are transferred by transfer to the account opened for that purpose in the new agency. The capital acquired under an insurance contract is transferred to a maximum of the amount of the mathematical provision made by the premiums paid under the popular savings plan.
The operation of the popular savings plans is subject to the control on-site of the specialized control bodies in each of the insurance sectors referred to in I to IV of section R. 221-70.
The young booklet may be opened in the credit institutions or in the financial services of La Poste, which are approved for this purpose under the conditions set out in R. 221-98.
When requesting the opening of a young booklet, the petitioner states on the honour that he is not already a holder of such a booklet and that he fulfills the condition of residence laid down in article L. 221-24.
It justifies the age requirement set out in the same article by the production of any French or foreign official document or act establishing its date of birth. If the document or act presented is written in a foreign language, it must be accompanied by its translation by a sworn translator.
If he is a minor, the petitioner further indicates, at the time of the submission of his application, the name and address of his legal representative.
When requesting the opening of a young booklet, the petitioner shall be informed by the establishment or depositary body of the terms and conditions for the operation of that account, including the consequences of unawareness of the regulations. A written document containing this information is submitted to the interested party at the same time as his booklet.
The holder of a young booklet is required to request the closure by December 31 of the year of its 25th anniversary.
Depositary establishments are required to sell the accounts of the holders who have reached the age of twenty-five years as of December 31. The amounts shown on the account credit are transferred to another account designated by the holder of the youth booklet or, if not, to a waiting account whose balance is returned on first request to the person concerned.
The licensee's lack of knowledge of the conditions established at the opening of its young booklet results in the closing of the booklet. In this case, the establishment or depositary body shall apply the provisions of the second paragraph of Article R. 221-79.
When pursuant to the second paragraph of Article L. 221-26, the competent administrative authority shall consider punishing an offence under the rules laid down by that article by the loss of the interests of the booklet, it shall notify that intention by stating the reason, by registered letter with request for a notice of receipt to the holder of the young booklet concerned and, if so, to his legal representative so as to allow the person concerned, within a period of thirty days, to make an acceptance. Where the competent administrative authority dismisses these observations, the decision must be substantiated.
The institutions and bodies involved in this procedure are kept informed by the competent administrative authority who, for this purpose, copy their correspondence and decisions.
The competent administrative authority referred to in R. 221-81 is the Minister responsible for the economy.
The young booklet is subject to the provisions relating to book accounts issued under Article L. 611-1.
The ceiling of the sums that can be deposited on the young booklet is fixed by decree.
The amount provided for in Article R. 221-84 is 1 600 euros.
Capitalization may increase the balance of the account beyond the limit set out in R. 221-84.
Only the holder of the young booklet can proceed with deposit operations.
A credit for a young booklet is refundable in sight.
Only the holder of the young booklet can proceed with withdrawal operations.
The withdrawal authorization referred to in the second paragraph of Article L. 221-24, as the objection of the legal representative referred to in the same paragraph, shall be notified to the establishment or depositary body by registered letter with request for notice of receipt.
No withdrawal transaction may have the effect of rendering the account receivable.
The interest rate for the applicant is set under section L. 611-1.
Payments are of interest beginning on the first day of the fifteen following deposit. They cease to run at the end of the fortnight preceding the day of the refund.
On December 31 of each year, the acquired interest is added to capital and becomes itself productive of interest.
If the account is closed during the year, the interest earned is credited on the day the account is closed.
The transactions carried out on a young booklet shall, at the option of depositary institutions or bodies, be registered on a leaflet booklet or at the establishment of receipts and extracts of periodic accounts taking into account the transactions carried out.
No fees or commissions of any kind are collected for the opening, management or closing of the young booklet.
To be allowed to open young booklets, the institutions and organizations mentioned in article R. 221-76 must first conclude an enabling agreement with the State setting their commitments. The competent administrative authority signs this agreement on behalf of the State.
This agreement specifies, inter alia, the modalities for establishing an information system for the identification of applicants. It also specifies the terms and conditions for the allocation of funds deposited in accordance with the provisions of the order in R. 221-100.
The competent administrative authority referred to in R. 221-98 is the Minister responsible for the economy.
The Minister responsible for the economy, by order, determines the percentage of the funds collected under the youth booklet that depositary institutions and bodies are required to centralize deposits and consignations with the Caisse. The same order sets out, on the basis of the Fund ' s terms and conditions of management of the deposits and consignations, the terms and conditions of the Fund ' s remuneration to the institutions and organizations concerned.
In the event of failure by the institution or collector of the legislative and regulatory provisions applicable to the young booklet or of the commitments entered into in the agreement provided for in Article R. 221-98, the competent administrative authority may, after placing the institution or agency concerned in a position to submit its observations, make a total or partial withdrawal of its authorization.
The competent administrative authority referred to in R. 221-101 is the Minister responsible for the economy.
The ceiling provided for in the 9th quater of Article 157 of the General Tax Code is set at 4,600 euros per account for industrial development (Codevi).
The capitalization of interest may carry the credits of a Codevi beyond that ceiling.
The amounts credited to the Codevi must be placed:
1° As obligations issued, individually or through groupings, by institutions or bodies authorized to receive deposits and having passed with the Caisse des dépôts et consignations, acting on behalf of the State and on its own behalf, a convention in accordance with one of the model models approved by the Minister responsible for the economy;
2° In securities for industrial development issued by the Caisse des dépôts et consignations under conditions fixed by order of the Minister responsible for the economy.
The distribution between these categories of values and the rules relating to outstanding funds are determined by order of the Minister responsible for the economy.
Values acquired pursuant to section D. 221-105 and pending funds are subject to collective management by the establishment where the Codevi has been opened, under the conditions established by a collective management regulation in accordance with one of the model models approved by order of the Minister responsible for the economy.
The opening of a Codevi must be the subject of a convention between the establishment and its client. This agreement must reproduce the regulation referred to in the previous article.
In this agreement, the client must declare on the honour that he has the status of a taxpayer with his tax domicile in France or a spouse of such a taxpayer and that he has no other Codevi in any establishment.
Sections R. 315-1 to R. 315-42 of the Construction and Housing Code determine the terms and conditions for the application of the rules on housing savings plans set out in sections L. 315-1 to L. 315-3 of that code.
The opening of a Share Savings Plan is the subject of a written contract between the subscriber and one of the organizations mentioned in section L. 221-30.
This contract informs the subscriber that it can only be opened by a plan by taxpayer or each of the spouses subject to a common taxation and that the amount of payments on the equity savings plan is limited to 132,000 euros. It also indicates the consequences of non-compliance with one of these conditions.
The text of articles L. 221-30 to L. 221-32 of this Code and articles 150-0A, 150-0D, 157, 200A and 1740 septies of the General Tax Code is annexed to this contract.
The contract provides the conditions under which the licensee may obtain the transfer of its plan to another organization, including the costs incurred.
The transactions authorized under the Insurance Code Share Savings Plan are the transactions that fall within the business branch of Article R. 321-1 of this Code.
I. - The opening date of the Share Savings Plan is the first payment.
II. - When the Share Savings Plan is opened to an organization other than an insurance company, the plan's management agency shall credit the cash account with the payments made by the licensee, the amount of the cash products provided by the values in the associated securities account and the tax assets or tax credits returned by the administration, the refunds and the amount of the sales of these values. It shall debit the account the amount of subscriptions or acquisitions of the values in the associated securities account and the amount of cash withdrawals. Management fees may also be charged to the cash account. This account cannot present a debtor balance.
III. - When the plan is opened to an insurance company, the manager organization records in the plan cash payments and purchases of the subscriber.
The organization responsible for a Share Savings Plan addresses each year to the professional organization of which it reports a retail state for the previous calendar year:
1° The number of plans opened and closed during the year, as well as the number of plans in progress at the end of the year;
2° The amount of payments made during the year;
3° The amount of withdrawals made during the year;
4° The stock of equity savings plans at the end of the year.
This information is communicated to the Ministry of Economy and Finance by the professional body referred to in the first paragraph before the end of March.
Provisions relating to the transfer of an equity savings plan from a managerial organization to another are set out in section 91 quater I of Schedule II to the general tax code.
Sections R. 443-1 to R. 443-14 of the Labour Code determine the terms and conditions for the application of the rules relating to the business savings plan, as set out in sections L. 443-1 to L. 443-8 of this Code.
This chapter does not include regulatory provisions.
The rules relating to breaches of the provisions of Article R. 213-13 are defined in Article 242 of Decree No. 67-236 of 23 March 1967 on commercial companies.
The fact, for any officer of law or fact, of association, of contravening the provisions of Article R. 213-21 is punishable by the fine provided for in the offences of the fifth class. The recidivism of the contravention provided for in this section is punishable under section 132-11 of the Criminal Code.
Credit institutions are required to bring to the attention of their clients and the public the general terms and conditions of bank they practice for the operations they carry out.
When opening an account, credit institutions must inform their clients of the terms and conditions of use of the account, the price of the various services to which they provide access and the mutual commitments of the establishment and the client.
The banker must, prior to opening an account, verify the domicile and identity of the applicant, who is required to present an official document bearing his photograph. The characteristics and references of this document are recorded by the banker.
For the purposes of the above provisions, the address of the host organization on the national identity card pursuant to the provisions of the fifth paragraph of Article 2 of Decree No. 55-1397 of 22 October 1955 establishing the national identity card is a justification for the domicile.
When a credit institution, one of the institutions or one of the services referred to in Article L. 518-1 objects to a refusal to a written request for the opening of a deposit account, the refusal must be made in writing. The notice of refusal must be submitted to the interested party or sent by registered letter with a request for notice of receipt.
The rules relating to the unseparable bank balance are set out in articles 44 to 47-4 of Decree No. 92-755 of 31 July 1992 establishing new rules relating to civil enforcement procedures for the application of Act No. 91-650 of 9 July 1991 on the reform of civil enforcement procedures reproduced below:
Art. 44. - When an account is credited with the amount of an unsecurable debt in whole or in part, the unsecurability is deferred to due competition on the balance of the account.
The elusive receivables shall be made available to the account holder by the seized third party under the conditions specified in the following articles.
Art. 45. - Where an account provided for by pay for work is the subject of a direct payment procedure on the basis of the Act of 2 January 1973 on the direct payment of maintenance, the seized third party shall, in any case, leave to the disposition of the debtor, without any request being required, the sum set out in article R. 145-3 of the Labour Code under article L. 145-4 of the same Code.
In the case of multiple accounts, this amount is charged to one of them.
Art. 46. - When an account has been seized, the licensee may request that the third party seized the immediate disposition, within the limit of the creditor balance of the account on the day of receipt of the application, of a food-in-kind amount equal to that of the minimum monthly insertion income for an allocator alone.
The application must be submitted within fifteen days of the seizure.
In the event of a plurality of accounts, the application can only be submitted on one account.
In the event of a plurality of account holders, the co-holder(s) may submit only one request.
It can only be submitted one request for the same seizure.
Another application may be filed in the event of a new seizure on the expiry of one month from the previous application.
Art. 46-1. - The application is filed by a form whose model is set by joint order of the Minister for Economics and the Minister of Justice. This form is attached to the denunciation of the seizure to the debtor. It may also be made available to the account holder upon request by the seized third party.
A copy of the application is sent by the seized third party to the seizing creditor.
Art. 47. - When the unseizable amounts come from periodic receivables, such as pay for work, retirement pensions, amounts paid as family allowances or unemployment benefits, the account holder may, on justification of the origin of the sums, request the immediate disposition of the accounts, deducting transactions that have come in debit of the account since the last payment of the elusive debt.
If, at the expiry of the fifteen-day period provided for in section 47 of the Act of 9 July 1991 for the regularization of the current transactions, the amount of the amounts requested by the debtor because of their inseizability exceeds the balance that remains available on the account, the supplement is taken from the amounts not available to date. The seized third party shall inform the creditor of the withdrawal at the time of the request for payment; The latter has only 15 days to challenge this imputation.
Art. 47-1. - Where the non-periodable amounts arise from a non-periodable receivable, the account holder may, on justification of the origin of the sums, request that the amount of such amounts be made available to the account holder, deducting the amounts that have been debited from the date the debt was entered.
The availability may not take place before the expiry of the fifteen-day period for the regularization of ongoing operations. If at that date the balance available on the account is not sufficient to make available to the licensee the full amount requested by the licensee on the basis of their unseizability, the supplement shall be retained by the seized third party on the amounts not available on the same date. The seized third party shall inform the creditor of the deduction at the time of the request for payment.
The sums so deducted shall be made available to the account holder if the seizing creditor declares not to oppose it or if he or she raises no dispute within fifteen days of his or her request for payment. At any time, the account holder may appeal to the enforcement judge to request, the creditor heard or called, the disposition of the amounts held on the basis of their elusive character.
Art. 47-2. - The request to make available elusive sums must be submitted before the seizing creditor has requested payment of the sums seized.
Art. 47-3. - The amounts made available to the account holder pursuant to sections 45 and 46 deduct from the amount of unseparable receivables that may subsequently be requested by the account holder under sections 47 and 47-1, or obtained by the account holder under section 43.
The elusive amounts made available to the account holder pursuant to sections 45, 47 or 47-1 deduct the amount that could be claimed later under section 46.
Art. 47-4. - Without prejudice to any criminal penalties incurred, the holder of the account who would be given an amount greater than the amount that may be made available to him under the preceding articles may, at the request of the creditor, be sentenced to return the unduly collected amounts and damages.
The basic banking services referred to in the third and fourth paragraphs of Article L. 312-1 include:
1° The opening, holding and closing of the account;
2° A change of address per year;
3° The issue at the request of bank or postcard identity statements;
4° The domicile of bank transfers or postal transfers;
5° Monthly shipment of an account transaction statement;
6° Carriage operations;
7° Cashing cheques and bank or post transfers;
8° Cash deposits and withdrawals at the agency's account store;
9° Payments by debit, interbank payment or bank transfer or postal transfer;
10° means of remote consultation of the balance of the account;
11° A payment card with systematic authorization, if the credit institution is able to issue it or, if not, a withdrawal card authorizing weekly withdrawals on the credit institution's ticket distributors;
12° Two bank cheque forms per month or equivalent means of payment offering the same services.
Any natural or legal person domiciled in France having opened a deposit account with an establishment designated in accordance with the procedure defined in the second paragraph of Article L. 312-1 may be entitled to the banking services referred to in Article D. 312-5 without contributive consideration on his or her part.
The term of office of the members of the Banking Mediation Committee, established by Article II of Article L. 312-1-3, who are appointed by order is three years. It's renewable once.
In the event of a vacancy on a committee member's seat for any cause, the replacement for the remaining term of office shall be made.
The committee is convened by its chair. It only deliberates validly if four of its members are present.
In the event of an emergency, in particular when the committee is seized for advice pursuant to the provisions of section L. 351-1, the committee may deliberate if three of its members are present.
Decisions are adopted by a majority of the members present. In the event of a vote-sharing, the president's vote is preponderant.
The committee adopts rules of procedure to clarify, inter alia, its organizational and operational terms and the ethical obligations of members.
The secretariat of the Banking Mediation Committee is provided by the Bank of France.
The committee's annual report is public. The committee may also decide to make public general recommendations regarding the exercise of mediator activities.
The rules for the overall actual rate are set out in articles R. 313-1 to R. 313-5 of the following code of consumption:
Art. R. 313-1. - Except for the credit transactions referred to in Article L. 311-3 and Article L. 312-2 of this code for which the total effective rate is an annual rate, proportional to the period rate, to term expired and expressed per cent monetary units, the overall effective rate of a loan is an annual rate, to term expired, expressed per cent monetary units and calculated according to the method of equivalence defined by the formula The period rate and duration of the period must be expressly communicated to the borrower.
The period rate is calculated actuarially, from a unitary period corresponding to the periodicity of payments made by the borrower. It ensures, on the basis of the compound interest method, equality between, on the one hand, the sums lent and, on the other hand, all payments due by the borrower under this loan, in capital, interest and miscellaneous expenses, being, if any, estimated.
When the periodicity of payments is irregular, the unitary period is the shortest interval between two payments. However, the smallest calculation interval cannot be less than one month.
For transactions referred to in the 3rd of Article L. 311-3 and Article L. 312-2, where payments are made with a frequency other than yearly, the overall effective rate is obtained by multiplying the period rate by the ratio between the duration of the calendar year and that of the unitary period. The report is calculated, if any, with at least one decimal accuracy.
APPENDIX TO ARTICLE R. 313-1
(TEG form)
Art. R. 313-2. - In the case of an uncovered account, the amount of the credit to be taken into account for the calculation of the overall effective rate is reported, according to the number method, to a period of one day at the expiry of which it is deemed to be refunded at the same time as the agios thereto. For this purpose, each of the successive accounts receivable balances recorded in the interval between two contractual orders is multiplied by its own duration in days.
If the credit takes the form of an opening of drawing fees, the overall effective rate is calculated on the totality of the fees available to the client.
Art. R. 313-3. - In the case of a discount transaction, the period rate is the ratio between the different interest and expenses caused by the borrower under the discount and the amount of the expected effect. The period is equal to the number of calendar days, from the trading date excluded to the actual due date of the included effect; this period may not be retained for a period of less than 10 days.
Art. R. 313-4. - Where the amount of transactions referred to in sections R. 313-2 and R. 313-3 is less than an amount determined by order of the Minister for Economy and Finance, a lump sum minimum may be collected for each operation that is not taken into account in determining the overall effective rate; this minimum must be notified to the borrower.
Art. R. 313-5. - When the grant of a loan is subject to a pre-supply phase, the overall effective rate is calculated without taking into account this phase of savings.
The rules for the rate of wear are set out in articles D. 313-6 to D. 313-8 of the following consumer code:
Art. D. 313-6. - The average actual rates that were applied in a calendar quarter by the credit institutions for the categories of similar transactions with similar risks, as defined by the decree of the Minister for Economics and Finance under section L. 313-3, are calculated by the Bank of France. The Minister responsible for the economy and finance shall publish these rates in the Official Gazette of the French Republic and the corresponding wear thresholds that will serve as a reference for the following quarter; it shall, if any, make corrections to the rates observed in accordance with the provisions of the second paragraph of Article D. 313-7.
Art. D. 313-7. - The Bank of France conducts a quarterly survey of loans in euros to collect from credit institutions the data needed to calculate the average actual rates. This calculation is based on a simple arithmetic mean of the overall actual rates observed. Loans whose rates are regulated, administered or improved by the State are not taken into account. For businesses, loans are not considered for the calculation of the average effective rate when they are higher than amounts defined by order of the Minister for Economics and Finance.
In the event of an exceptional change in the cost of credit facilities, the average actual rates observed by the Bank of France can be adjusted to reflect this variation. These rates are published no later than forty-five days after the assessment of this variation.
Art. D. 313-8. - lenders must bring to the attention of borrowers the thresholds of wear corresponding to the loans they offer. Credit institutions shall keep this information available to their clients as well as to the general terms and conditions of bank referred to in Article R. 312-1 of the monetary and financial code.
For balance-of-title credit transactions, the Bail Credit Company shall request the publication, in the register opened for this purpose, of the information provided for in section R. 313-3, at the Registry of the Commercial Court of Commerce or the Court of Grand Instance.
When the client of the leasing business is registered in the business and corporate register, the publication is made at the court office in which the client is registered as principal.
When the client is not registered in the Business and Corporate Register, the publication is made at the Registry of the Commercial Court or the Court of Grand Instance which is commercially held in the jurisdiction of which the establishment of the beneficiary client of the Bail Credit is located.
Any change affecting the information referred to in section R. 313-3 is published on the margins of the existing registration in the register referred to in section R. 313-4.
In the event that this amendment involves a change of the territorially competent court, the Bail Credit Company must also postpone the amended registration on the registry of the new court.
Inscriptions regularly made pursuant to articles R. 313-4 and R. 313-6 take effect on their date.
Registrations are terminated, either on the basis of the agreement of the parties, or on the basis of a judicial decision passed by force of evidence.
The Clerk shall issue to any applicant a copy of the full statement or copies of the amendments.
If the publicity formalities have not been completed under the conditions set out in sections R. 313-4 to R. 313-6, the leasing company may not object to the creditors or persons who cause the property to the client, its rights to the property of which it has retained the property, unless it determines that the persons concerned had been aware of the existence of these rights.
The supporting documents to be submitted to the Clerk, as well as the terms and conditions of publication or deletion, and the models of registration slips, copies or excerpts are set by joint order of the Seal Guard, Minister of Justice, and the Minister responsible for the economy.
The contracts referred to in 2 of Article L. 313-7 shall, according to the stipulations they contain, on compulsory or optional advertising, take place at the mortgage office in accordance with the terms fixed for similar contracts governed by Articles 28 and 37 of Decree No. 55-22 of 4 January 1955 amended reforming land advertising.
The lack of publicity results in unopposability to third parties under the conditions set out in Article 30 of the aforementioned Decree of 4 January 1955.
I. - Commercial companies that use leasing operations to obtain equipment, equipment or immovables for professional use and that do not benefit from the simplified reporting regime, as provided for in section L. 123-16 of the Commercial Code and section 17 of Decree No. 83-1020 of 29 November 1983, pursuant to Act No. 83-353 of 30 April 1983 and relating to the following accounting obligations
1° The value of these assets at the time of signing the contract;
2° The amount of royalties for the fiscal year and the cumulative amount of royalties for previous years;
3° The depreciation allowances that would have been recorded for these assets for the fiscal year ended if acquired by the undertaking and the cumulative amount of depreciation that would have been made for the preceding years;
4° The assessment on the closing date of the balance sheet of the outstanding royalties to be paid and the residual purchase price of those properties specified in the contracts.
The information provided for in 1° to 4° shall be disaggregated according to the posts of the balance sheet of the property in question; the information provided in the 4th report is disaggregated by maturity at a maximum of one year, not more than one year and not more than five years.
II. - Other legal persons and natural persons with the quality of merchants must, by distinguishing furniture leasing operations and real estate leasing operations:
1° Include separately, in their result account, the rents corresponding to the execution of the above-mentioned contracts;
2° Evaluate in the schedule and at the closing date of the balance sheet the total amount of the remaining royalties to be borne in accordance with the obligations stipulated in one or more of the lease agreements.
This subsection does not include regulatory provisions.
The notification provided for in Article L. 313-28 may be made by any means.
The notification to the debtor of a debtor of a debtor of a debtor of a debtor, pursuant to sections L. 313-23 to L. 313-35, includes the following mandatory statements:
1° Under the conditions provided for in sections L. 313-23 to L. 313-35 of the monetary and financial code, the name of the assignor or the person who consents to the pledge, as follows:
"We have ceded/unnounced the receivable(s)";
2° The designation of the (or) receivable(s) assigned or denied as follows:
"You owe him/her.
In accordance with the provisions of Article L. 313-28, we ask you to cease, from the date of this notification, any payment under this/this receivable to ...";
3° The method of settlement and indication of the person to whom the regulation is to be made, as follows:
"Accordingly, the settlement of your debt (indication of the method of settlement) will have to be made in the order of... (indication of the person to whom the settlement must be made). »
When the receivable is disposed of under a charter contract, the registrant must, as part of the notification to the debtor assigned to the assignment of the receivable under sections L. 313-23 to L. 313-35, include on the invoice for the receivable that was assigned to it, the following mandatory mentions:
1° The name of the charter company, as follows:
"The debt in respect of this invoice has been transferred to... under articles L. 313-23 to L. 313-35 of the monetary and financial code";
2° The method of settlement, as follows:
"The payment must be made by cheque, trade, tickets, etc., established in the order of (name of the charter company or its agent)... and sent to... or by transfer to account no ... at... or to CCP no..."
Where the receivable is assigned or denied under a public procurement contract, the notification must be made in the hands of the designated assignee accountant in the contractual documents. It shall include the following mandatory entries in accordance with Articles L. 313-23 to L. 313-35:
1° Under the conditions set out in sections L. 313-23 to L. 313-35 of the monetary and financial code, the holder of the market/subcontractor/the beneficiary of the invoice listed below as follows (social season and address of the transferor company):
"We have given us/unsubstantiated in whole/in part by bordereau on... the following receivable(s):
Market #... »
2° The order indication, as follows:
"Order n°...
"Order of Service No... (specify in the case of a standing market or customer markets).
"Payment or invoice...
"Subcontracted No. (1)...
« Place of execution...
"Contracting Administration..."
3° The amount or valuation of the receivable is assigned or denied as follows:
"In the event of a total sale or sale: amount or valuation:
"In the event of a partial divestment or sale, the contract or subcontractor's share designation: amount or valuation:
"In accordance with the provisions of Article L. 313-28, we ask you to cease, from the date of receipt of this notification, any payment under this (the) receivable to... (social season and address of the transferor company). »
4° The method of settlement, as follows:
"Accordingly, the payment of the amounts returned to the above company must be made to... (indication of the person to the order of which it must be made and the method of settlement). »
In the event of a dispute, the establishment that has notified must demonstrate the knowledge by the debtor of the notification. This evidence is established in accordance with the rules of evidence applicable to the debtor of the debtor of the debtor or debtor.
The provision of the second paragraph of Article L. 313-25, that the date of assignment or sale is set by the assignee, may not apply to the assignments of financial receivables under Article L. 313-31.
The debtor's commitment to pay directly to the assignee of financial receivables in accordance with the rules laid down in Article L. 313-29 is found in a written title:
"Act of acceptance of the assignment of a financial receivable".
This paragraph does not include regulatory provisions.
The quotity provided in the last paragraph of Article L. 313-42 is defined, when it is valued at the time of the conclusion of the loan contract, by the relationship between the due capital and the value of the property and, when it is valued at the time of making available to the holder of the ticket, by the relationship between the remaining capital due and the value of the property.
It is set at 60% of the value of the property financed for bonded receivables or the property provided as a guarantee for mortgage claims.
It may be increased to 80% of the value of the property if the loans made available to the holder of the promissory note by the issuing company of this ticket have been granted to natural persons to finance the construction or acquisition of housing or to finance both the acquisition of a building land and the cost of construction of housing. Assimilated to the construction of the works intended for the creation or transformation of a living space, by enlargement or by rehabilitation. For mortgage debts, the property provided as a guarantee must also be a housing.
The assessment of the assets funded or provided as collateral for the receivables mobilised shall be carried out by the issuers of promissory notes in accordance with the terms and conditions provided for by an order of the Minister responsible for the economy, taken after advice from the Advisory Committee on Financial Legislation and Regulation.
The quotity of funding referred to in the penultimate paragraph of section R. 313-20 may be exceeded:
1° Within 90% of the value of the property where the amount of receivables mobilised exceeds 25% at least the amount of promissory notes they guarantee;
2° Within the limit of 100% of the value of the secured property, for loans benefiting from the guarantee of the guarantee fund to the social concession to the property referred to in Article L. 312-1 of the code of construction and housing or the loans covered, for the party exceeding the quotity fixed, by a surety meeting the conditions laid down in Article L. 313-42 of this code or by the guarantee of a number of persons mentioned
A real estate security right, giving a guarantee equivalent to a 1st-row mortgage within the meaning of Article L. 313-42, is that which confers on the creditor, regardless of the legal situation of the debtor, the right to have the sale of the immovable encumbered by that security right in a few hands it is and to be paid on the selling price in preference to other creditors.
For bonded claims, personal intake cannot be lower:
1° 10% of the purchase price of the property excluding fees and taxes if it is a housing;
2° 5 % of the price of the property without charge and taxes if it is a housing and if the contribution is made from deposits on a contractual plan of housing savings.
Personal contribution cannot be made by borrowing.
For the application of 2° of the I of Article L. 515-14, eligible bonded receivables are those of which a credit institution or an insurance company holding equity of at least 12 million euros is a solidarity bond.
The total amount of secured claims mobilised cannot exceed 20% of the total amount of receivables made available to the holder of promissory notes issued pursuant to sections L. 313-42 to L. 313-48.
The contract to issue obligations under section L. 313-42 explicitly states:
1° The purpose of mobilization;
2° The exclusive purpose of the issuing credit facility;
3° The exemption provided for in article R. 214-8;
4° The privilege of the issuing credit facility in accordance with the provisions of sections L. 313-42 to L. 313-49.
Pursuant to Article L. 313-50, the bond guarantee mechanism shall cover the bond guarantees granted by an authorized credit institution in France under:
1° Article 1799-1 of the Civil Code, Article 1 of the amended Act No. 71-584 of 16 July 1971, which regulates retention-of-duty contracts defined by Article 1779 of the Civil Code and Articles 13-1 and 14 of the amended Act No. 75-1334 of 31 December 1975 on subcontracting;
2° Article L. 124-8 and Article L. 763-9 of the Labour Code;
3° Article L. 530-1 of the Insurance Code;
4° From the h of Article L. 222-3, the k of Article L. 231-2, the g of Article L. 232-1 and Articles R. 222-9 and R. 222-11 of the Construction and Housing Code;
5° From the d of Article L. 261-11 and articles R. 261-17 to R. 261-24 of the code of construction and housing and articles 6 and 15 of Act No. 84-595 of 12 July 1984 defining the lease-accession to the property;
6° Article R. 141-2 of the Rural Code;
7° Section 3 (2°) of Act No. 70-9 of 2 January 1970 regulating the conditions for the exercise of activities relating to certain transactions relating to buildings and trade funds;
8° From the second paragraph of Article 27 of Law No. 71-1130 of 31 December 1971 on the reform of certain legal and judicial professions;
9° From the I of Article 7-1 of Law No. 82-1153 of 30 December 1982 to guide inland transport;
10° From Article L. 519-4;
11° Du c de l'article L. 212-2 du code du tourisme, du b de l'article L. 213-3 du même code jusqu'à la date prévue au première alinéa de l'article 4 de l'ordre n° 2005-174 du 24 février 2005, puis, à partir de cette date, du d'article L. 213-3 et des articles L. 213-7 du même code jusqu'article no au date prévue
12° Articles L. 522-11 and L. 522-12 of the Commercial Code;
13° Article 3 of Decree No. 99-752 of 30 August 1999 concerning the road transport of goods;
14° Articles 7 and 14 of Decree No. 90-200 of 5 March 1990 concerning the exercise of the profession of transport commissioner;
15° From 2° of Article 3 of Decree No. 89-273 of 26 April 1989 implementing the decree of 9 January 1852 amended on the exercise of the marine fisheries with regard to the first marketing of the products of the marine fishery and the rules relating to the communication of statistical information;
16° From 2° of Article 9 of Decree No. 98-58 of 28 January 1998 concerning the conditions for the attribution of the identity card of foreign merchant;
17° Section 331-5 of the General Regulations of the Autorité des marchés financiers;
18° Section 16 of the 6 May 1995 aerodromes and other locations used by helicopters.
Are excluded from any compensation or reinstatement by the bond guarantee mechanism:
1° Bail obligations for the benefit of:
(a) Credit and investment companies, on their behalf and on their own account;
(b) Insurance companies;
(c) Collective investment organizations in securities;
(d) Pension organizations and pension funds;
(e) Persons referred to in Article L. 518-1;
(f) Personally responsible and sponsored partners, holders of at least 5% of the capital of the credit institution, directors, directors, directors and supervisory board members, executives and auditors of the institution, as well as any recipient with the same qualifications in other companies of the group;
(g) Corporations with the credit institution, directly or indirectly, of capital bonds conferring on one of the related companies an effective control over others;
(h) Other financial institutions within the meaning of Article L. 511-21;
(i) Tiers acting on behalf of the above-mentioned persons;
2° bonds guaranteeing transactions for which a final criminal conviction was made against the beneficiary for a money-laundering offence, on the basis of articles 222-38, 324-1 and 324-2 of the Criminal Code or section 415 of the Customs Code;
3° The bond obligations for which the recipient has obtained from the credit institution, individually, of the financial benefits that have contributed to the financial situation of that institution.
Credit institutions provide the beneficiaries with the bond commitments referred to in section D. 313-26, as well as any person who has made the application, with any useful information on the bail guarantee mechanism, in particular the nature and extent of the coverage offered.
Credit institutions adhering to the bond guarantee mechanism must include in their bond contracts entering the scope of sections D. 313-26 to D. 313-31 the following statement: "This undertaking is covered by the bond guarantee mechanism referred to in Article L. 313-50 of the monetary and financial code. »
Recipients of the bonds referred to in Article D. 313-26 may obtain, upon request from the deposit guarantee fund, additional information on the conditions or time limits of compensation as well as on the formalities to be paid.
The information for the beneficiaries and the documents relating to the conditions and formalities to be filled in for payment under the bail guarantee mechanism are written in French in a detailed and easily understandable manner.
This title does not include regulatory provisions.
The list of systems of interbank regulations and systems of regulation and delivery of financial instruments notified to the European Commission by the Minister responsible for the economy, pursuant to Article I L. 330-1, is published in the Official Journal of the French Republic.
Managers of the systems referred to in Article R. 330-1 shall communicate to the Bank of France and, in relation to the systems for the regulation and delivery of financial instruments, to the Autorité des marchés financiers the list of persons participating directly or indirectly and shall inform them without delay of any modification of this list.
The Bank of France and the Autorité des marchés financiers keep this information, as well as the identity and address of system managers, at the disposal of any person who makes the request.
Any person participating in any of the systems referred to in R. 330-1 is required to provide to any applicant, including a legitimate interest, information on the system and its operating rules. This information is related to the terms and conditions of accession, currency or financial instruments processed, the transactions performed, the status of the settlement agent, the risk management mechanisms, the modalities to ensure the irrevocable nature of the instructions for payment and delivery of financial instruments, as well as payments and deliveries of financial instruments.
It may, if applicable, be satisfied by a reference to the operating rules published by the Autorité des marchés financiers.
The thresholds provided for in 1° of Article L. 341-2 are fixed to:
1° 5 million euros for total balance sheet;
2° 5 million euros for the turnover or default for the amount of revenues;
3° 5 million euros for the amount of managed assets;
4° 50 people for the average annual workforce.
These thresholds are not cumulative. They are valued in the light of the latest consolidated or default accounts, as published and, where applicable, certified by the auditors.
Physical individuals and natural persons who have the power to manage or administer legal persons mandated under section I L. 341-4 shall meet the following conditions:
1° Have the legal majority;
2° Justify prior to their entry into office either of the baccalaureate or equivalent, or of a professional training adapted to the conduct of the operations mentioned in 1° to 5° of Article L. 341-1.
In the absence of diplomas or levels of training provided in 2° above, they must justify a professional experience of a minimum of two years in functions related to the conduct of operations falling under the categories listed in 1° to 5° of Article L. 341-1. This experience must have been acquired over the five years prior to the designation of interested persons as processors or directors of legal persons mandated under Article I L. 341-4;
3° Do not be subject to a temporary or final ban on the exercise of an activity or service pursuant to the provisions of Article L. 621-15 or as a penalty imposed by the Exchange Commission, the Financial Markets Council or the Financial Management Discipline Council before 24 November 2003 or to the sanctions provided for in Article L. 613-21 of this Code or to Article 3° to 5°.
A statement on honour shall be made to that effect by the persons mentioned in the first paragraph of this article.
The minimum level of guarantee of the professional liability insurance contract provided for in Article L. 341-5 shall be determined as follows:
1° 75,000 euros per claim and 75,000 euros per year of insurance for natural persons engaged in a demarcation activity for the transactions referred to in 2° of Article L. 341-1;
2° 150,000 euros per claim and 300,000 euros per year of insurance for legal persons engaged in a demarcation activity for the transactions referred to in 2° of Article L. 341-1;
3° 150,000 euros per claim and 150,000 euros per year of insurance for natural persons engaged in a demarcation activity under the operations mentioned in 1°, 3°, 4° and 5° of Article L. 341-1;
4° 300,000 euros per claim and 600,000 euros per insurance year for legal persons engaged in a demarcation activity under the operations mentioned in 1°, 3°, 4° and 5° of Article L. 341-1.
For the purposes of Article L. 341-6, La Poste, la Caisse des dépôts et consignations et les sociétés de capital-risks have registered with the Committee on Credit Institutions and Investment Companies employees, employees or agents who exercise a demarcation activity on their behalf.
Risk-capital companies that use approaches produce a copy of the letter of option to the Tax Service pursuant to section 171 AR of Schedule II to the General Tax Code to the Committee of Credit Institutions and Investment Companies.
Where a natural person or a legal person mandated under section I of section L. 341-4 carries out a demarcation activity on behalf of several employers or principals, a single registration number shall be assigned to him.
When a natural person engages in a demarcation activity on behalf of a legal person mandated under the conditions set out in I of section L. 341-4, the demarcation card provided for in section L. 341-8 shall be issued by that legal person.
If the demarcation activity is terminated for any reason, the holder of the card issued pursuant to section L. 341-8 shall return the demarcation without delay.
The form referred to in the second paragraph I of Article L. 341-16, which is entitled "Form relating to the withdrawal period provided for in Article L. 341-16 of the monetary and financial code", includes the following:
1° The mention that this form must be returned no later than 14 days from the conclusion of the contract by registered letter with notice of receipt;
2° The identity of the agency with which the contract was concluded, its address and the designation of the contract, among the categories referred to in Article L. 341-1 of the monetary and financial code, subject to the prohibitions provided for in Article L. 341-10 and the exceptions provided for in Article L. 341-16 III;
3° The indication that this withdrawal is valid only if it is addressed before the expiry of the 14-day period provided for in Article L. 341-16, legibly and duly completed;
4° The indication that the demarcated person declares to give up the contract, with the description of the proposed product or service for which the contract was signed;
5° The name of the organization that marketed the product or service and with which the person started entered into the contract;
6° The date, the signature of the client and, if applicable, other contracting partners.
The file established in Article L. 341-7 is entitled "the file of the processors". In particular, it allows persons under the conditions set out in section L. 341-1 to ensure that persons who request them are empowered, as a processor.
The persons referred to in 1° and 3° of Article L. 341-3 shall communicate to the authorities whose information is provided for in Article D. 341-12, with the exception of the registration number of the processor. The establishments or companies approved in another Member State of the European Community authorized to intervene in French territory shall communicate this information to the authority that, in France, has received, from the authority of the country of origin competent for these establishments or companies, the declaration of intervention in France.
The information provided pursuant to the preceding paragraph is:
1° When subject to the registration obligations provided for in Article L. 341-6, the processors, natural persons, carrying out a demarcation activity directly on behalf of the persons referred to in 1° and 3° of Article L. 341-3;
2° The processors, legal persons, mandated under Article L. 341-4;
3° Les démarcheurs, personnes physique, relevant des personnes morales mandatées conformément au I de l'article L. 341-4.
The file of the processors is maintained by the Bank of France, on behalf of the authorities mentioned in Article L. 341-7.
The terms and conditions of file management and the relations between the Bank of France and the authorities concerned are set out in a convention. This includes the terms and conditions under which the information, provided for in Article D. 341-13, can be communicated directly to the Bank of France. It may also provide for the direct assignment by the Bank of France of the registration number provided for in the fourth paragraph of Article L. 341-6.
This agreement also sets out the financial conditions to which the Bank of France carries out the implementation and operation of the file.
The information contained in the processor file is as follows:
1° The operator's registration number;
2° The name, name of use, first names, date and place of birth of the processor, natural person;
3° The professional address of the trainer;
4° The name, address and, where applicable, SIREN number of the legal person or legal persons falling within one of the categories mentioned in 1° and 3° of Article L. 341-3, on behalf of which or where the principal carries out a banking or financial demarcation activity;
5° The nature of the operations, services or benefits, defined from 1° to 5° of Article L. 341-1, for which the approacher received instructions from his employer or his principal;
6° In the event that the approachor carries out this activity on behalf of one or more legal persons, themselves mandated under the conditions set out in I of Article L. 341-4: the names, addresses and, where appropriate, SIREN numbers of these legal persons and their constituents;
7° Where applicable, the number or registration numbers of the legal person or legal persons mandated under the conditions set out in I of Article L. 341-4 and the nature of the transactions for which they were mandated;
8° The expiry date of the warrant.
The above information is made available to the public, with the exception of the date and place of birth of the processors.
Pursuant to Article L. 341-4, the renewal of the term shall be declared no later than five days before the expiry date of the term.
The failure to report, within the specified time limits, the renewal of a solicitor's mandate by the persons mentioned in 1° and 3° of Article L. 341-3 to the authorities under their jurisdiction, has the effect of automatic deletion of the file of the information relating to the mandate concerned, after the two-year period provided for in II of Article L. 341-4. If applicable, the deletion of information relating to all of the mandates of which the same approachor holds results in the automatic deletion of the file's approacher.
In the event of a cessation of the demarcation activity, for any reason, the persons mentioned in 1° and 3° of Article L. 341-3 ask the authorities of which they are responsible to proceed to the deletion of the file of their agents, natural and legal persons, of their employees or employees, and of the employees or employees of the legal persons mandated under the conditions laid down in Article L. 341-4. These radiations are requested from the end of the demarcation activity of the persons concerned.
The deleted information from the actuators' file pursuant to the two preceding paragraphs or that has been modified as a result of changes affecting the operating conditions of the demarcation activity is retained for a period of ten years.
Pursuant to the third paragraph of Article 38 of Law No. 78-17 of 6 January 1978 on computer science, files and freedoms, the right of opposition is not applicable to the file provided for in Article D. 341-9.
The rights of access and rectification provided for in sections 39 and 40 of the Act of 6 January 1978 referred to above shall be exercised with the Bank of France and persons who have designated or mandated the processors.
This chapter does not include regulatory provisions.
Tax fines punishing the offences referred to in Articles L. 351-2 and L. 351-3 are recovered as stamps and, in particular, in accordance with the provisions set out in Part IV of the Tax Procedures Book.
The Treasury's action for the finding of the offences referred to in sections L. 351-2 and L. 351-3 is prescribed on the expiry of the period provided for in the second paragraph of section L. 188 of the Tax Procedures Book.
The authority to decide on the requests made by the offenders to obtain the award of the fines incurred is reserved for the competent administrative authority. The latter is a decision on request transmitted jointly by the Chief Tax Officer and the Chief Tax Officer of the Treasury and Economic Policy.
The competent administrative authority referred to in section D. 351-3 is the Minister responsible for the economy.
The fact, for any ruler of law or fact, of a commercial corporation referred to in section R. 313-14 to contravene the obligations referred to in section I of that section, or for any other legal person or natural person who is a merchant, to contravene the obligations referred to in section II of that section is liable to the fine provided for the contraventions of Class 5.
The recidivism of the contravention of this section is punishable under section 132-11 of the Criminal Code.
This chapter does not include regulatory provisions.
I. - The quality of qualified investors within the meaning of Article L. 411-2 when acting on their own behalf:
1° The credit institutions and the financial companies mentioned, respectively, in Article L. 511-9 and Article L. 517-1;
2° The institutions and services referred to in Article L. 518-1;
3° Investment companies referred to in Article L. 531-4;
4° Investment companies governed by Ordinance No. 45-2710 of 2 November 1945 on investment companies;
5° Insurance and capitalization companies, as well as reinsurance companies governed by the insurance code;
6° Provident institutions governed by the Social Security Code;
7° Mutuals, unions and federations governed by Book II of the code of mutuality;
8° The Social Debt Relief Fund established by Article 1 of Ordinance No. 96-50 of 24 January 1996 on the reimbursement of social debt.
II. - Also the quality of qualified investors within the meaning of Article L. 411-2, when acting on their own account, and from the date of publication in the Bulletin of mandatory legal announcements of a decision made in this regard, as the case may be, by the board of directors, by the directorate or by the manager:
1° The venture capital corporations referred to in Article 1 of Act No. 85-695 of 11 July 1985 with various economic and financial provisions;
2° Financial innovation companies referred to in the III of Article 4 of Law No. 72-650 of 11 July 1972 with various economic and financial provisions;
3° Commercial companies governed by the securities I to IV of Book II of the Commercial Code, including the total of the consolidated balance sheet, or in the absence of the total of the social balance sheet, of the last fiscal year, as published and certified by the auditors, is more than 150 million euros;
4° National industrial and commercial public institutions whose securities are admitted to negotiations on a regulated market of a State party to the agreement on the European Economic Area;
5° Companies of which one or more qualified investors referred to in I above or 1° to 4° of this II hold, together or separately, directly or indirectly, at least 99% of the capital or voting rights.
The decision taken by the board of directors, by the directorate or by the manager(s) relating to the decision referred to in the first paragraph of this II shall take effect from its publication in the Bulletin of Mandatory Legal Ads.
III. - The persons referred to in I above shall be deemed to act as a qualified investor when acting on behalf of a securities collective investment organization or a qualified investor in any of the categories referred to in I or II above.
For the purposes of section L. 411-2, a circle of investors with less than 100 persons is deemed to constitute a restricted circle of investors.
A foreign market of securities, term contracts or all financial products may only be recognized when the rules for the protection of investors, security, monitoring and control of that market are equivalent to those that exist in the markets under the authority of the Autorité des marchés financiers and provided that persons authorized to intervene in these markets and products that may be subject to transactions receive equivalent treatment in the country concerned.
The list of recognized markets is stopped by the Minister responsible for the economy, after advice from the Autorité des marchés financiers.
Individuals domiciled or with their head office outside the territory of the Republic are allowed to apply to the public in France for transactions in a recognized foreign market of securities, term contracts or all financial products, when they have been approved by the competent supervisory authority in their country of origin and after the competent French authorities have ascertained that the rules of competence, honesty and solvency to which are subject.
The general regulation of the Autorité des marchés financiers determines, as appropriate, the terms and conditions for the application of sections D. 423-1 to D. 423-3.
The pledge declaration of a financial instrument account registered with an authorized intermediary, a central depositary or, where applicable, the issuing legal entity shall be dated and shall contain:
1° The name "Financial Instruments Account Statement";
2° The mention that the declaration is subject to the provisions of Article L. 431-4;
3° The name or name, as well as the address of the constituent and the gagiste creditor or their head office, if it is legal persons;
4° The amount of the secured debt or, if not, the elements to ensure the identification of that receivable;
5° The identification elements of the special account referred to in Article L. 431-4, when such an account exists;
6° The nature and number of financial instruments initially recorded in the leased account.
The stipulation in the V of Article L. 431-4 shall contain the following indications:
1° Without payment, the pledge may be made by the creditor within eight days or at the expiry of any other period previously agreed with the account holder;
2° The account holder may, until the expiry of the period referred to above, disclose to the account content the order in which the amounts or values must be allocated in full ownership or sold, at the discretion of the creditor.
Within the limit of the amount of the secured receivable and, where applicable, in accordance with the order indicated by the account holder, the execution of a financial instrument account set out in the IV and V of section L. 431-4 shall be effected:
1° For money in any currency contained in the pledged account, directly by transfer to the gagiste creditor in full ownership;
2° For securities, French or foreign admitted to negotiations on a regulated market that the holder of the leased account or, in default, the gagiste creditor has designated, by sale on a regulated market or ownership of the amount determined by the gagiste creditor. This amount is determined by the gagiste creditor on the basis of the last closing course available on a regulated market;
3° For shares or shares of a collective investment agency within the meaning of Article L. 211-1, that the holder of the leased account or, if not, the creditor has designated, by presentation to the redemption or ownership of the amount determined by the creditor. This amount is established by the gagiste creditor on the basis of the last available value of the said shares or shares.
The account holder bears all costs resulting from the pledge. These costs are charged against the amount resulting from this achievement.
Where, not the amount of account referred to in Article L. 431-4, the creditor has authorized the account holder to dispose of the financial instruments and amounts in any currency contained in the leased account, the account holder and the creditor shall notify in writing the account content of the terms and conditions of that provision. The account content cannot derogate from the instructions received without the agreement of the creditor.
Where, being not the account content referred to in the II of Article L. 431-4, the gagiste creditor considers the terms and conditions for the performance of the collected pledge, the creditor shall, in writing, request the account content to carry out such performance under the conditions provided for in Article D. 431-3. At the expense of the creditor, the account content shall execute the instructions received.
The provisions of sections D. 431-1 to D. 431-4 do not apply to transactions relating to financial instruments that do not give rise to an entry into account with an authorized intermediary, a central depositary or, where applicable, the issuing legal entity. These claims remain subject to the provisions, as the case may be, of articles 2071 et seq. of the Civil Code or L. 521-1 et seq. of the Commercial Code.
The terms and conditions of delivery referred to in Article L. 432-14 shall be determined as follows:
1° The values, titles or effects created materially are said to be delivered if, at the time of the boarding, they are effectively and physically delivered to the assignee or his agent; with respect to orderly effects, they must be previously endorsed in accordance with Article L. 511-8 of the Commercial Code;
2° The values, titles or dematerialized effects and those materially created, retained in a central depositary, but circulating by transfer of account to account, are said to be delivered if, at the time of the boarding, they are registered in an open account on behalf of the assignee in an authorized intermediary, at a central depositary or, where applicable, at the issuer.
This title does not include regulatory provisions.
Staff members of a credit institution, when they have been given the authority to sign for that institution, may not occupy another job or perform any work that is paid outside the facility without having previously informed the management of the facility.
This provision does not apply to the production of scientific, literary or artistic works.
When they have received the authority to sign on behalf of a credit institution, the staff of that credit institution may not, unless authorized by the general management, perform administrative, managerial or managerial functions, or in another credit institution, or in an investment company, or in a business corporation governed by Book II of the Commercial Code.
In addition to the collective approval referred to in R. 515-1, the Committee on Credit Institutions may, after the advice of the central body, issue a collective approval to a regional or federal credit union for itself and for local funds that are affiliated to it or are affiliated to the same regional federation, where the liquidity and solvency of local funds are guaranteed by the fact that they are affiliated to it or affiliated to the same regional federation.
In this case, compliance with the rules set out by the Minister for Economics for the purposes of section L. 611-1 is collectively appreciated.
When a financial institution has justified the terms and conditions referred to in the second paragraph of section L. 511-28 to the credit and investment establishments committee, the committee shall issue a certificate. The Committee shall also transmit a certificate to the competent authorities of the host Member State, together with the notification referred to in the first paragraph of Article L. 511-28, or the declaration referred to in the fourth paragraph of the same article.
When the Committee on Credit Institutions and Investment Companies is seized by a financial institution of the notification provided for in the first paragraph of Article L. 511-28 and decides not to transmit this notification to the competent authority of the host Member State, it shall state the reasons for its decision to the establishment within three months of the regular receipt of the notification.
In the event of a change in the situation of a financial institution, which affects the conditions referred to in the second paragraph of Article L. 511-28, the establishment shall promptly inform the Committee of Credit Institutions and Investment Companies. If the latter considers that the establishment cannot now benefit from the regime provided for in the first paragraph and in the fourth paragraph of Article L. 511-28, it shall inform the competent authorities of the host Member State.
When the Banking Commission initiates disciplinary proceedings against a credit or financial institution of another Member State of the European Community or another State Party to the Agreement on the European Economic Area operating in the territory of the French Republic, it shall communicate to the competent authority of the Member State of origin of the establishment in question the letter referred to in Article R. 613-4.
It also communicates to the said authority any comments, if any, by the establishment and the notice of summons under the second paragraph of section R. 613-5.
It provides the procedure with all information provided by this authority on the measures it may have adopted.
Unless an emergency occurs, a period of not less than 30 frank days must be respected between communication to the authority of the Member State of origin and the hearing provided for in the second paragraph of Article R. 613-5.
Before following the procedure provided for in the preceding paragraphs, the Banking Commission may, in the event of an emergency, take any precautionary measures to ensure the protection of the interests of the depositors.
In the event of a breach of general interest provisions, the Banking Commission may, without following the procedure provided for in the preceding paragraphs, impose one of the disciplinary sanctions listed in section L. 613-21.
Credit institutions are required to close their social work as at 31 December. However, the Banking Commission may authorize credit institutions to derogate from this rule for the year in which they received their approval.
Except as otherwise granted by the Banking Commission, credit institutions must submit their annual accounts to the appropriate body before 31 May to approve these accounts.
Section R. 511-6 is not applicable to establishments referred to in sections L. 511-22 and L. 511-23.
For the performance of their mission in the credit institutions, the auditors referred to in Article L. 511-38 shall be appointed by the body of these competent institutions to approve the accounts.
They are designated for six exercises. Their functions expire after the competent authority to approve the accounts has decided on the accounts of the sixth fiscal year. Their mandate is renewable.
In branches in France of credit institutions that do not have their head office in a State Party to the agreement on the European Economic Area, the auditors are appointed by the persons in charge of these branches.
Any credit institution subject to the control of the Banking Commission shall notify the Banking Commission of the name of the auditors that it intends to designate.
When the proposed auditor is a corporation of auditors incorporated in accordance with the terms of section L. 822-9 of the Commercial Code and listed in section L. 822-1 of the same code, the establishment of credit shall specify the name of the associate auditor, shareholder or officer, responsible for the mission on behalf of that corporation. It informs the Banking Commission of any further changes to this situation.
If the Banking Commission considers it necessary, it may request additional information by registered letter with a request for a notice of receipt addressed either to the institution concerned or to the proposed External Auditor. In the latter case, she informs the credit institution. It sets in its request for additional information a response period, which cannot be less than one month.
The Banking Commission may also collect from the Financial Markets Authority pursuant to section L. 631-1 information relating to the proposed External Auditor or, where appropriate, the person responsible for the mission.
The Banking Commission has a period of two months to notify the credit institution of its opinion on the proposal to appoint the auditor. In the absence of a response from the Banking Commission within the time limit, its notice is deemed favourable.
When the Banking Commission uses the additional information provided for in the third paragraph of Article D. 511-10, the two-month period provided for above is suspended until additional information is received.
The Banking Commission may not issue an unfavourable or with reservations without placing the proposed External Auditor in a position to make his written submissions known. The unfavourable or with reservations is motivated. It may be based, inter alia, on the fact that the proposed External Auditor does not present all the necessary guarantees of experience, competence or independence for the performance of his or her functions, taking into account the person responsible for the mission or nature and the characteristics of the activity of the credit institution.
It is notified by registered letter with a request for notice of receipt at the credit institution concerned and the proposed auditor. A copy of this notification is sent to the regional company that is a member of the External Auditor.
The directors of the credit institution shall communicate the opinion of the Banking Commission to the competent body to designate the auditors.
The provisions of sections D. 511-10 and D. 511-11 apply to the designation and renewal of the incumbent auditors and alternate auditors.
When the Banking Commission envisages, pursuant to the first paragraph of section L. 511-38, the appointment of an additional auditor in a credit institution, it shall notify the executives and auditors in office by registered letter with a request for notice of receipt. She invited them to submit their written comments by setting them a deadline that could not be less than one month.
When an application for recusal pursuant to section L. 225-230 of the Commercial Code applies to an auditor of a credit institution subject to the control of the Banking Commission, the court shall rule in the form of references after consultation with the Governor of the Bank of France, Chairman of the Banking Commission.
The Federal Bank of Popular Banks can authorize popular banks to incorporate a fraction of their reserves into their social capital. This incorporation can only take place on the occasion of an increase in capital made for half by the said incorporation and, for the rest, by a subscription in cash. Moreover, the fraction of reservations thus incorporated cannot exceed half of those reservations.
In the event of successive incorporations, the fraction of incorporable reserves cannot exceed half of the increase in reserves observed since the previous incorporation.
The increase in capital generated by cash subscriptions must be at least equal to the amount of the levy on reserves.
Can be admitted as members of mutual agricultural credit unions, in addition to the persons, groups and communities referred to in articles L. 512-22 and R. 512-4:
1° Owners of residential buildings located in rural areas defined in R. 512-3, or in rural and mountain-economy areas, excluding agglomerations of more than 75,000 inhabitants, as well as owners of secondary residences located in rural areas;
2° Heads of businesses registered in the repertoire of trades and working in rural areas;
3° Agricultural or forestry enterprises;
4° Non-operating owners of land for agricultural or forestry purposes, and owners of social rights of any legal person who owns such property;
5° Veterinarians, expert gems and members of medical and paramedical professions in rural areas;
6° Associations, societies, institutions of vocation or rural interest, having been the subject of a special approval of the central organ of the Agricultural Credit;
7° As well as employees and retirees with their main residence in rural areas.
Municipalities of less than 7,500 inhabitants, with the exception of municipalities with a population of more than 65,000 inhabitants, are considered to belong to the rural community of less than 7,500 inhabitants, with the exception of municipalities with a population of 3,000 inhabitants.
Can be combined with mutual agricultural credit unions:
1° Agricultural cooperative societies and their unions;
2° Trade union associations with an exclusively agricultural object, their unions and land associations;
3° Agricultural collective interest societies;
4° Agricultural professional trade unions, livestock companies, agricultural associations recognized by law and dependent on the Ministry of Agriculture to promote agricultural production, as well as their unions and federations;
5° Agricultural mutual insurance and reinsurance schemes and mutual funds for agricultural family allowances, agricultural social insurance schemes and agricultural old-age insurance schemes;
6° Family garden organizations;
7° On the one hand, limited liability farms, on the other hand, civil societies of persons whose purpose is the joint exploitation of agricultural and forestry goods and the implementation of the products of these farms, constituted between operators of such goods and, eventually, their employees and workers;
8° The Chambers of Agriculture and the Permanent Assembly of the Chambers of Agriculture;
9° The municipalities, unions of municipalities and departments;
10° Institutions of education, vocational training or agricultural education and institutes of agronomic research, established in the form of public institutions or approved under the conditions established by an order of the Minister of Agriculture;
11° The organizations mentioned in chapter 2, section 3, title I, of Book I of the Rural Code;
12° The intervention bodies mentioned in title II of Decree No. 53-974 of 30 September 1953;
13° The interprofessional grouping of perfume flowers and plants created by Law No. 41-3408 of 16 July 1941;
14° Mixed unions provided for in Book VII of Part 5 of the General Code of Territorial Communities;
15° Mixed economy societies formed with the participation of local public authorities, as provided for in sections L. 1521-1 et seq. of the general code of local authorities;
16° Associations, societies and establishments of vocation or agricultural interest having been the subject of a special approval of the central organ of the Agricultural Credit;
17° Agricultural cooperatives of mutual bond.
Mutual agricultural credit unions can provide financial assistance to users who, who do not have the quality of the company, fall under the following categories:
1° Companies whose main activity concerns the production, storage, processing or marketing of agricultural or food products;
2° The liberal professions, holders of ministerial offices and officers, business, industrial, craft and service delivery companies;
3° Owners, building builders;
4° Associations, groups, civil societies and other organizations of a comparable nature;
5° Individuals, regardless of their commune of residence, for loans intended for their family needs and housing;
6° Public legal entities, mixed economic societies.
Regional funds for mutual agricultural credit can provide housing savings loans to account holders or housing savings plans, as well as loans under the conditions set out in Section 3 of Title III of Book III of the Construction and Housing Code.
One of the copies of the statutes and the list of members of the mutual agricultural credit union is, by the judge of the court of proceedings, filed at the court of large instance.
Each year, before 1 June, a director or director of the caisse shall, in duplicate, file a copy of the balance sheet for the previous fiscal year with the court of proceedings in the jurisdiction of which the seat of the caisse is located, and the list of directors and auditors shall be as of the date of the filing.
One of the copies is transmitted by the judge of the court of proceedings to the court of large instance.
Documents filed at the court of proceedings and the court of large instance are communicated to any appellant.
The statutes of mutual agricultural credit unions must expressly recall the rules referred to in the third paragraph of Article L. 512-23 and Articles L. 512-31, L. 512-41 and R. 512-9.
A discount committee is established with local funds and regional mutual agricultural credit funds. This committee, composed of at least two members, including a specially delegated administrator, is responsible for examining loan applications. The decisions of this committee are recorded on a special register.
Directors shall, with the exception of any percentage on profits or operations, receive a fixed treatment approved by the central organ of the Agricultural Credit. An exceptional gratification may, each year, according to the services, be granted to them by the Board of Directors after approval of the Central Organ of the Agricultural Credit.
Each year, after deduction of general expenses and expenses, payment of interest to borrowings and deposits, establishment of reserves for the amortization of capital assets, establishment of sufficient provisions to deal with the risks of losses that the mutual agricultural credit funds may have to bear and payment of interest to the share of social capital, excess revenues are allocated, up to at least three quarters, to the establishment of a reserve fund.
The balance sheet, the write-off account and the proposed allocation of the annual surpluses of the regional mutual agricultural credit funds must be submitted to the approval of the central organ of the agricultural credit at least one month before the general assembly.
In no case can it be attributed to social shares a higher interest than that approved by the central organ of the Agricultural Credit.
The annual accounts of the local funds are subject, under the same conditions, to the approval of the regional mutual agricultural credit funds.
The deposits of funds up to two years of maturity received by the regional or local funds of mutual agricultural credit benefiting from advances from the central organ of the Agricultural Credit must be used exclusively in short-term credit transactions.
Mutual agricultural credit unions that do not observe this requirement could not, until their situation is regularized in this regard, receive new advances from the central organ of the Agricultural Credit for medium-term loans or for individual and collective long-term loans.
The deposits received by these funds, with a maturity of more than two years, are used by them in medium-term or long-term credit transactions of a corresponding duration or in short-term credit transactions.
Bonds issued by mutual agricultural credit unions at the latest two years must be used in short-term credit transactions in accordance with the provisions of the first and second paragraphs of Article R. 512-12.
Bonds with a maturity of more than two years may be used in accordance with the provisions of the third paragraph of section R. 512-12.
Advances and loans to the regional funds of the Central Organ of the Agricultural Credit become immediately repayable in the event of violations of the Regulations and amendments to those Regulations that would diminish the guarantees of reimbursement. They may be payable in the event of misappropriation of directors and directors of companies that have received advances or loans.
Advances and loans to regional caisses also become payable in the absence of payment of refunds due within three months, unless exceptional circumstances allowed for each case by the Board of Directors of the Central Organ of the Agricultural Credit.
For the duration of the delay, repayments due and not made shall be in interest to the central organ of the Agricultural Credit at a rate of 5% per year. If the delay exceeds one year, interest is capitalized in the forms provided for in Article 1154 of the Civil Code.
The funds allocated to the regional funds of mutual agricultural credit by the central organ of the Agricultural Credit either as advances for the realization of their own advances or loans, or for the realization through them of loans from the central organ of the Agricultural Credit, are made available to them on the basis of their needs and can only be allocated to the realization of the transactions for which they obtained the agreement of the central organ of the Agricultural Credit.
The regional funds reimburse the central body for the advances it has made to them as they obtain the repayment of the loans granted using these advances and at the latest within the time limit set out in the grant of each advance.
The National Confederation of Mutual Credit establishes and maintains the list of mutual credit funds subject to the provisions of articles L. 512-55 to L. 512-58.
In order to be included in the list referred to in R. 512-19, mutual credit unions must justify objectives consistent with the general principles of mutual credit, including non-profit, limit their activity to a specific territorial exchange or a homogeneous group of societies, and establish the responsibility of societal persons.
They must undertake to respect the statutes, rules of procedure, instructions and decisions of the National Confederation of Mutual Credit and the regional federation to which they must adhere in accordance with the provisions of Article L. 512-56.
Registration on the list provided for in section R. 512-19 is made by the Board of Directors of the National Mutual Credit Confederation, where the conditions set out in section R. 512-20 are met and when the requested registration is consistent with the correct general organization of the Mutual Credit and its place in the country's financial organization.
The Board of Directors' decision is notified to the mutual credit union within eight days.
The decisions of the Board of Directors of the National Confederation of Mutual Credit are motivated and specify, where appropriate, the terms and time limits of application. They are subject to litigation.
Only the boxes listed in the list provided for in article R. 512-19 may avail themselves of the name of Mutual Credit Fund and include this name in their name, social reason or advertising, and use it in any way in their activity.
The board of directors of the National Confederation of Mutual Credit may take in respect of a caisse that would violate the regulations in force one of the following sanctions:
1° The warning;
2° The blame;
3° The delisting of mutual credit unions.
Mutual credit unions are advised of the sanctions they have incurred and invited to express their comments or to be represented at the session of the National Confederation to which their case will be examined.
The board of directors of the confederation shall impose sanctions on a two-thirds majority of the members present.
Sanctions decisions are motivated, brought to the attention of the Government and notified to the concerned body.
The delisting of the list of mutual credit funds may be referred within two months, by the interested body or by the federation to which it is attached, to the general assembly of the confederation, which shall rule within three months to the majority of its members present or represented.
If the delisting is confirmed, the interested body may be brought before the competent court.
The Agricultural and Rural Mutual Credit Network is formed by the local mutual agricultural credit funds governed by this Code, other than those referred to in Article L. 512-35, as well as the unions that these local funds are authorized to form. The National Confederation of Mutual Credit referred to in Article L. 511-30 is the central organ of this network.
By delegation of the National Confederation of Mutual Credit, the central credit union is responsible for ensuring the solvency and liquidity of the mutual agricultural credit unions referred to in the preceding paragraph.
The statutes of the National Confederation of Mutual Credit and local credit unions referred to in the first paragraph and their unions are subject to the necessary modifications to the application of the preceding paragraphs, in particular with a view to ensuring the representation of these funds and their unions with the central body.
Individuals who may be societal of regional mutual maritime credit funds or unions pursuant to 1° of Article L. 512-74 are:
1° Marine fishermen practicing marine fishing as a primary professional activity;
2° Former fishermen who have practised marine fishing as a primary professional activity for at least five years, or who have ceased to practice it because of physical incapacity, or who have the status of pensioners of the French Mariners General Provident Fund;
3° Other persons who, as a principal, carry out the operations and activities referred to in the first paragraph of Article L. 512-68, and in particular dealers of fishing establishments on the marine public domain and persons practicing marine cultures, as well as persons who, because of physical incapacity, have ceased to practise such a profession;
4° The ascendants, widows and, to the younger majority, orphans of the above mentioned persons.
Groups that may be societal of the caisses and unions pursuant to Article L. 512-74 are those whose purpose is attached to one of the activities listed in Article L. 512-68 and which are constituted in one of the following forms:
1° Professional marine organizations;
2° Professional marine trade unions;
3° Maritime cooperative societies and unions of marine cooperatives;
4° Maritime mutual insurance companies;
5° Prud'homies Fishing;
6° Producer organizations recognized by the Minister for Maritime Fisheries;
7° Associations governed by the law of 1 July 1901;
8° Economic interest groups;
9° Société à forme civile ou commerciale, et notamment les sociétés de Pêche artisanals.
The Model Regulations provided for in Article L. 512-73 are approved by a joint decree of the Ministers responsible for marine fisheries and the economy.
The statutes of the regional credit unions and their unions as well as their amendments are submitted to the Federal Bank of the People's Bank, which verifies that they are in conformity with these Model Regulations.
Mutual maritime credit institutions are subject to advertising procedures to which commercial companies are subject by Decree No. 84-406 of 30 May 1984 on the register of trade and corporations.
The Minister for Maritime Fisheries defines the terms and conditions for the granting of loans to members of the mutual marine credit under the first paragraph of section L. 512-68.
Representatives of the Minister for Maritime Fisheries attend meetings of the Board of Directors and meetings of regional funds and unions.
In the event of a vacancy of a regional caisse director or union director, the nominations are the subject of a first selection organized by the Board of Directors of the Central Mutual Maritime Credit Corporation that transmits to the regional caisse or the union the records of the successful candidates.
The appointment of a director shall be made by the board of directors of the regional caisse or union, for a probationary period of one year, possibly renewable once. At the end of this probationary period, the Board of Directors decides whether to confirm this appointment should be confirmed subject to the approval of the Board of Directors of the Federal Bank of Popular Banks, following the advice of the Board of Directors of the Central Maritime Credit Corporation. The Director General of the Central Corporation is appointed by the Board of Directors. His appointment is subject to the approval of the Board of Directors of the Federal Bank of Popular Banks.
The withdrawal of approval from the director of a regional bank or union is pronounced by the board of directors of the Federal Bank of Popular Banks, after advice from the board of directors of the Central Corporation of Mutual Maritime Credit. The Board of Directors of the Federal Bank of Popular Banks is seized by the Board of Directors of the Regional Bank or the Union concerned, by the Director General of the Federal Bank or by that of the Central Maritime Credit Corporation. In the latter two cases, the board of directors of the regional caisse or the union concerned is consulted beforehand.
The withdrawal of approval from the Director General of the Central Mutual Maritime Credit Corporation is pronounced by the Board of Directors of the Federal Bank of Popular Banks after consultation with the Board of Directors of the Central Mutual Maritime Credit Corporation.
The withdrawal of approval results in the resignation of the individual. Prerequisitely to any decision, the reasons for the withdrawal are communicated to the individual and his or her observations are collected.
In the event of an emergency, the suspension of the Director General of the Central Mutual Maritime Credit Corporation and that of a Regional Cash or Union Director shall be pronounced by the Director General of the Federal Bank of the People's Bank, who immediately seizes the Board of Directors of that institution.
No suspension can exceed six months.
In the cases provided for in Article L. 512-80, the Federal Bank of Popular Banks may only propose the dissolution of the Board of Directors after the advice of the Central Mutual Maritime Credit Corporation.
The Federal Bank of Popular Banks, the central organ of the mutual maritime credit, can carry out all financial transactions and provide services to the mutual maritime credit.
It consults with the Central Maritime Credit Corporation on the draft decisions it establishes as part of its central organ mission. It informs it of the findings of the inspections conducted in regional bodies and unions.
It defines the conditions under which the Central Mutual Maritime Credit Corporation authorizes the granting of credits by regional funds and mutual maritime credit unions.
In the event of failure of the conciliation procedure defined in the general regulation provided for in R. 512-39, any dispute shall be brought before a special commission composed of two representatives of the Federal Bank of Popular Banks, two representatives of the Central Mutual Maritime Credit Corporation, a representative of the Minister for Maritime Fisheries and the Commissioner of the Government to the central organ of the mutual maritime credit. The Commission develops a memorandum of understanding submitted to the legislative bodies of the institutions concerned.
For the exercise of the control provided for in Article L. 511-31 and Article L. 512-72, the Federal Bank of Popular Banks conducts on-site investigations and communicates any documents that it considers useful.
The Central Mutual Maritime Credit Corporation may carry out all financial transactions and services to other mutual maritime credit institutions. It centralizes all surplus resources of the regional funds and unions and coordinates the financial and accounting practices of their operations. It ensures control of commitments under the rules defined by the Federal Bank of Popular Banks.
It submits to the approval of the Federal Bank of Popular Banks a general regulation that sets out the rules relating to the operations of the regional funds and their unions. This regulation also sets out the principles of the common policy for the development of mutual maritime credit and can define a financial solidarity arrangement between mutual maritime credit institutions.
The general regulation establishes a conciliation procedure to resolve the difficulties that may arise in the relationship between the Federal Bank of Popular Banks, when it is not a central organ, and a mutual maritime credit institution.
The general regulation must be approved by the Minister responsible for the economy and by the Minister responsible for marine fisheries.
The Committee of Credit Institutions and Investment Companies referred to in Article L. 612-1 may, after the advice of the Federal Bank of Popular Banks, issue a collective approval to the Central Bank of Mutual Maritime Credit for itself and for those of regional funds or mutual maritime credit unions that have entered into a convention with this company to ensure their liquidity and creditworthiness.
For the purposes of the regulation referred to in Article L. 611-1, the Central Mutual Maritime Credit Corporation and the regional and union funds that have entered into with it the agreement referred to in the paragraph above shall be considered as a single credit institution.
The total of funds for State advances held by a regional caisse or a union may not exceed ten times the total of its paid capital and, if applicable, the open guarantee fund in its books.
It is created in the books of the Central Maritime Credit Corporation a specific general bank risk fund, known as the "Central Fund of Solidarity of the Mutual Maritime Credit", established to guarantee the solvency and liquidity of the establishments mentioned in Article L. 512-69. The terms and conditions for the organization and operation of the Central Solidarity Fund are set out in the general regulation set out in R. 512-39.
The Superior Commission on Mutual Maritime Credit is composed as follows:
1° Six members appointed by the National Assembly;
2° Three senators appointed by the Senate;
3° A member of the Council of State appointed by the Vice-President of the Council of State;
4° A member of the Court of Auditors appointed by the first President of the Court of Auditors;
5° The Director General of Treasury and Economic Policy or his representative;
6° The Commissioner of the Government near the central organ of the mutual maritime credit;
7° Four representatives of the Minister for Fisheries, including the Director of Maritime Fisheries and Aquaculture;
8° A representative of the minister responsible for overseas departments and territories;
9° The Governor of the Bank of France or his representative;
10° The Director General of the Federal Bank of Popular Banks or his representative;
11° The Chair of the National Committee on Maritime Fisheries and Marine Livestocks;
12° The President of the National Committee of Conchyliculture;
13° Nineteen members appointed for three years by decree of the Minister for Maritime Fisheries and comprising six representatives of the mutual maritime credit institutions, three representatives of the Confederation of Cooperation, Mutuality and Maritime Credit, four representatives of the trade union organizations of marine fishermen, three representatives of the producer organizations mentioned in the 6th of section R. 512-28 and three personalities chosen because of their particular competence.
The chair and vice-chair of the commission shall be appointed by order of the Minister for Maritime Fisheries.
The commission meets at least once a year.
The Higher Commission on Mutual Maritime Credit may sit in a restricted formation, including at least the Chair and Vice-Chair of the Commission, two MPs and one Senator appointed annually by members of the committee, the Director General of the Federal Bank of the People's Bank or his representative, the Director General of the Treasury and Economic Policy or his representative, the Director of Maritime Fisheries and Aquaculture, or his representative, as well as three less members elected by
The name of mutual maritime credit may only be used by companies subject to the provisions of Articles L. 512-68 to L. 512-84.
In the event of the dissolution of a mutual marine credit facility, the allocation of the asset's reliquest to a marine interest agency is decided by the Minister responsible for marine fisheries after the advice of the Joint Maritime Credit Commission.
The geographical sources of savings and insurance funds and other credit institutions affiliated to the National Savings and Savings Banks Fund are set, pursuant to section L. 512-95, by the National Savings and Allowance Fund. Savings and pension funds and the above-mentioned credit institutions may open branches after the authorization of the National Savings and Allowance Fund.
Territorial authorities can only become socialists of local savings companies affiliated with the Savings and Allowance Fund that operates within their jurisdiction.
Requests for subscription by local authorities of social units of local savings companies are served within the limits of the limit set out in section L. 512-93.
Representatives of the societal territorial authorities of local savings companies on the Council for Guidance and Monitoring of the Savings and Allowance Fund to which these affiliates are elected by a single college constituted by the mayors, presidents of the General Councils and presidents of the regional councils of these communities among the members of their legislative assemblies. The mayors, the presidents of the general councils and the presidents of the regional councils each have a number of votes proportional to the amount of the social shares held by the territorial community that they represent, but this number can be more than 30% of the total vote.
The number of seats to be filled, which cannot be more than three, is determined for each Savings and Allowance Fund based on the total amount of the social shares of the affiliated local savings companies held by all territorial authorities.
If this amount is less than 10% of the maximum amount that may be held by local authorities, under the ceiling set out in section L. 512-93, they have one seat.
If this amount is between 10 per cent and 50 per cent of the maximum amount, they have two seats.
If this amount exceeds 50 per cent of the maximum amount, they have three seats.
The number of seats to be filled is set four months before the renewal date of guidance and oversight boards.
In the event that there is only one seat to be filled, the representative of the local authorities is elected by a single majority vote of two towers. Any nomination must include the designation of an alternate, meeting the same eligibility requirements as the candidate. It must be signed by the candidate and the alternate. No one can be alternate to several candidates.
In the other cases, the election shall be made by a proportional list, without dressing and without modification in the number and order of presentation of the candidates. The lists must have twice as many candidates as seats to be filled. They must be signed by each of these candidates.
Nominations and lists of candidates are received, against receipt, at the headquarters of the Savings and Allowance Fund no later than the twenty-first day preceding the date of the election.
The vote is by correspondence.
Each Savings and Allowance Fund ensures the organization of elections, prepares lists of electors, receives nominations and ensures the smooth running of electoral operations.
It conducts counting operations, which are public and give rise to a record.
When a representative of the territorial authorities on the Council for the Guidance and Supervision of the Savings and Allowance Fund loses his or her elective mandate or reaches the age limit provided for in the Savings and Allowance Fund Regulations, he or she shall be replaced, as the case may be, by his or her alternate if elected by a single majority vote of two ballots, or by the first unelected candidate of the list if he or she has been elected.
When the provisions of the previous paragraph no longer allow for a vacancy, a new election is made to fill it.
The controlled credit institutions referred to in Article L. 512-95 are defined as those under direct or indirect control in an exclusive or joint manner, within the meaning of Article L. 233-16 of the Commercial Code, namely, the National Savings and Allowance Fund with one or more institutions affiliated to the National Savings Fund, or one or more institutions affiliated to the National Savings Fund.
The decision to abort or withdraw an affiliate of an institution made by the National Savings and Allowance Fund shall be notified to the credit institution concerned and to the credit institutions and investment companies committee.
Credit institutions affiliated to the Caisse nationale des caisses d'économie d'économie et de prévoyance on 17 February 2000 remain, except for the express withdrawal of the Caisse nationale des caisses d'économie de secours et de prévoyance.
The affiliation referred to in section R. 512-57 is subject to the approval of the executives by the National Savings and Allowance Fund.
This subsection does not include regulatory provisions.
The reserve and guarantee fund referred to in the first paragraph of Article L. 512-101 shall be assigned:
1° The current reserve fund;
2° Interests and amortization premiums from this fund itself;
3° The difference between, on the one hand, the income of the portfolio values and the current account with the Consolidated Revenue Fund and, on the other hand, the amount of interest, dividends and the share of the fidelity premiums served each year at the Savings Funds under Booklet A;
4° Interest deductions imposed on holders of multiple booklets A in accordance with section R. 221-8.
Can only be charged to the reserve and guarantee fund referred to in Article L. 512-101:
1° The losses that would result from either differences in interest or transactions intended to provide for the repayment service under Booklet A;
2° The sums to be deducted either on a final basis or as a advance in the event of insufficient personal assets of a savings fund to meet the losses already recorded or subsequently recognized in its management to the extent that these losses are related to the management of the funds deposited by the savings and foresight funds under Booklet A;
3° The remuneration of the State guarantee referred to in Article R. 512-62. The amount of such remuneration shall be determined by decree, after notice of the Supervisory Board of the Caisse des dépôts et consignations;
4° By a decision of the Minister responsible for the economy, the exceptional expenses of which nature are of interest to all savings funds.
Where the amount of the reserve and guarantee fund exceeds 8% of the amount of the funds paid to the Caisse des dépôts et consignations by the Savings and Allowance Funds under Booklet A, the amount of that surplus shall be paid to the Housing Fund established by Decree No. 93-735 of 29 March 1993.
Each year shall be taken from the reserve and guarantee fund the credits necessary for the remuneration of the guarantee granted by the State to the funds collected by the savings and insurance funds. The amount of such remuneration shall be determined by decree, after notice of the Supervisory Board of the Caisse des dépôts et consignations.
Can also be deducted from the reserve and guarantee fund the expenses set out by the Savings and Allowance Funds during the confrontation of their writings with the information collected from the depositors at the request of the guardianship authority.
The amount of the remuneration provided for in section R. 512-62 may not have the effect of reducing the amount of the reserve and guarantee fund provided for in section R. 512-59 to less than 2% of the funds paid by the savings and insurance funds to the Caisse des dépôts et consignations.
This subsection does not include regulatory provisions.
This subsection does not include regulatory provisions.
The committee of credit institutions and investment companies may, after the advice of the central body, issue a collective approval to a mutualist and cooperative bank for itself and mutual bond companies granting it statutoryly the exclusivity of their bond, if these companies have entered into a mutualist and cooperative bank agreement with that mutual bank to guarantee their liquidity and creditworthiness.
In this case, compliance with the rules set out by the Minister for Economics for the purposes of section L. 611-1 is collectively appreciated.
This subsection does not include regulatory provisions.
This subsection does not include regulatory provisions.
The quotities provided for in Article L. 515-14 are defined, when they are valued at the time of the conclusion of the loan contract, by the relationship between the due capital and the value of the property, when they are valued at the time of the acquisition of the debt if the loan was consented by a third party, by the relationship between the remaining capital due and the value of the property.
They are set at 60 per cent of the value of the property financed for bonded loans or the property provided for mortgage loans.
They may be increased to 80% of the value of the property when all guaranteed loans on the assets of the land credit company have been made available to natural persons to finance the construction or acquisition of housing or to finance both the acquisition of a land to be built and the cost of construction of housing. Assimilated to the construction of the works intended for the creation or transformation of a living space, by enlargement or by rehabilitation. For mortgage loans, it is also necessary to ensure that the property is a housing.
Guaranteed loans with a property security right that confer an equivalent guarantee within the meaning of 1° of I of Article L. 515-14 are loans with a security right that confers on the creditor, regardless of the legal situation of the debtor, the right to make the sale of the property encumbered by that security right in a few hands that it is and to be paid on the selling price in preference to other creditors.
The equivalent guarantees within the meaning of Article L. 515-16 are those that, according to the law applicable to them, confer on the holders of the receivables that are accompanied by the right to collect, directly or indirectly, the refund of an underlying loan or a set of underlying loans that meet the characteristics defined in Article I L. 515-14 or Article L. 515-15 and the proceeds of the performance of the loan This right must be exercised, even in the event of a failure of the debtor of the underlying loan or an interposed entity, without the assistance of another creditor except those who derive their rights from the management of the assigned receivables and guarantees.
The quotity of funding referred to in Article L. 515-14 may be exceeded:
1° Within the limit of 100% of the value of the guarantee property, for loans benefiting from the guarantee of the guarantee fund to the social concession to the property referred to in Article L. 312-1 of the code of construction and housing, or the loans covered, for the party exceeding the quotity fixed, by a surety of a credit institution or an insurance company referred to in Article L-15 or
2° Within 80 per cent of the value of the secured property, where these loans, for the portion exceeding the set quotity, are financed by non-privileged resources. Land credit companies calculate the amount of overtaking on all loans they hold and for each loan that has been overrun at the time of the grant or acquisition of the loan. The arithmetic sum of the excesses calculated on all loans must be at all times less than or equal to the outstanding resources of the land credit company.
The personal contribution referred to in 2° of I of Article L. 515-14 may not be less than:
1° 20% of the purchase price of the property excluding fees and taxes if it is a property for professional use;
2° 10% of the purchase price of the property excluding fees and taxes if it is a dwelling;
3° 5% of the purchase price of the property excluding fees and taxes if it is a housing and if the contribution is made from deposits on a contractual plan of housing savings.
Personal contribution cannot be made by borrowing.
For the application of 2° of the I of Article L. 515-14, bonded loans eligible for the assets of the land credit companies are loans of which a credit institution or an insurance company holding equity of at least 12 million euros is a solidarity bond.
The total amount of bonded loans cannot exceed 20% of the total amount of the assets of the land credit companies.
For the purposes of Article L. 515-17, securities and values that are sufficiently safe and liquid are assets that may be mobilised with the European System of Central Banks as well as receivables less than a year on credit institutions. The share of these safe and liquid assets cannot exceed 20% of the total assets of the land credit companies. On the authorization of the bank commission, this share may be temporarily reduced to 30%.
When a contract is entered into for the purpose of obtaining resources that are entitled to the privilege set out in section L. 515-19, it is expressly mentioned that such resources benefit from that privilege. It must also be referred to the attestation provided for in the IV of section R. 515-13.
The associated costs referred to in the last paragraph of Article L. 515-19 include insurance and bonding fees, amounts due to the guarantee fund for social accession and the property referred to in Article L. 312-1 of the Construction and Housing Code, amounts due to the depositary of the issuance, as well as those relating to the expertise of the receivables, the maintenance and repair of the immovables that became property of
The bordereau, referred to in Article L. 313-23, by which the assignment of the receivables held by a land credit company, must include the following statements:
1° The denomination act of assignment of receivables;
2° The mention that the act is subject to the provisions of articles L. 313-23 to L. 313-35 and articles L. 515-13 to L. 515-33;
3° The name or name of the beneficiary credit institution;
4° The designation or individualization of assigned receivables or elements likely to make such designation or individualization, in particular by the indication of the debtor, the place of payment, the amount of receivables or their assessment and, where appropriate, their maturity.
However, when the transfer of receivables is carried out by a computer process to identify them, the banknote may only indicate, in addition to the mentions mentioned in 1°, 2° and 3° above, the means by which they are transmitted, their number and their overall amount.
The voucher by which, pursuant to Article L. 515-21, the assignment to a land credit company of the loans referred to in Article L. 515-13 shall include the following statements:
1° The denomination act of assignment of receivables;
2° The mention that the act is subject to the provisions of articles L. 515-13 to L. 515-33;
3° The name or name of the beneficiary credit institution;
4° The designation or individualization of assigned receivables or elements likely to make such designation or individualization, in particular by the indication of the debtor, the place of payment, the amount of receivables or their assessment and, where appropriate, their maturity.
However, when the transfer of receivables is carried out by a computer process to identify them, the banknote may only indicate, in addition to the mentions mentioned in 1°, 2° and 3° above, the means by which they are transmitted, their number and their overall amount.
This subsection does not include regulatory provisions.
When, pursuant to section L. 511-10, a corporation requests the Committee on Credit Institutions and Investment Enterprises the approval necessary to obtain the quality of a land credit corporation, it shall indicate to the committee the name of the specific, holder and alternate controllers that it proposes to appoint. The Committee on Credit Institutions and Investment Companies collects the opinion of the Banking Commission on these appointments, after it has been previously seized of their proposal by the leaders of the land credit company.
In the event of a non-compliant opinion of the Banking Commission, the leaders of the land credit company must immediately propose another name to it.
I. - The functions of the specific controllers, holder and alternate, shall expire after the report has been submitted and certified by the end of the fourth fiscal year following their appointment. Their mandate is renewable. When they wish to renew the terms of reference of the said controllers, the directors of the land credit company submit their proposal to the Banking Commission at least three months before the end of the fourth fiscal year following the appointment of these controllers.
II. - The specific controller designated to replace the controller whose functions have ended before their normal term terminates the term of office of the controller that it replaces.
III. - The provisions of Article 188 of the Decree of 23 March 1967 on commercial companies are applicable to the specific controller. The request for recusal of the specific controller is made by registered letter with a request for notice of receipt when it comes from the bank commission.
IV. - The specific controller certifies compliance with the rule set out in section L. 515-20 on the basis of a quarterly program of resource issuances with the privilege referred to in section L. 515-19. It certifies compliance with this same rule for any issue of resources benefiting from this privilege and whose unit value is greater than or equal to 500 million euros, or its equivalent in the monetary unit of the issue.
Any land credit company maintains a specific state of the loans it has granted or acquired. This statement also shows the nature and value of the relevant guarantees and the nature and amount of the privileged claims.
Anonymous real estate credit companies are governed by articles R. 422-10 to R. 422-15 of the building and housing code and by Decree No. 92-341 of 1 April 1992 on the trade union board of anonymous real estate credit companies.
The publication of the list of financial institutions specializing in the Committee of Credit Institutions and Investment Companies is annual.
The provisions relating to the social rental housing guarantee fund are set out in Chapter II of Title V of Book IV of the Construction and Housing Code.
The French Development Agency, referred to as "the agency", is an industrial and commercial public institution with civil personality and financial autonomy, whose statutes and missions are set out in this section.
The agency is subject to the provisions of this Code relating to the activity and control of credit institutions.
The agency's competitions can be made in the form of loans, advances, participation, guarantees, donations or any other form of financial assistance. Such competitions shall be granted to States, legal persons of public or private law, international organizations or natural persons.
The agency funds investment projects contributing to the development of the States belonging to the zone of priority solidarity determined by the inter-ministerial committee of international cooperation and development established by Decree No. 98-66 of 4 February 1998 establishing the inter-ministerial committee of international cooperation and development.
The agency also funds programmes for economic development or financial recovery in the states defined in the preceding paragraph.
Finally, it funds investment projects that contribute to the development of states that do not belong to the zone of priority solidarity, the list of which is prepared by joint decree of the Minister for Economics and the Minister for Foreign Affairs.
The agency is also responsible for the communities governed by articles 73 and 74 of the Constitution and New Caledonia.
The agency manages, on behalf of the State, transactions financed on credits that are attributed to it by the ministers concerned in terms set by specific conventions.
The agency can ensure the representation of other French or foreign credit institutions as well as of the European Community or of international institutions or bodies within the framework of agreements concluded with them.
It can also manage operations financed by the European Community or by international institutions or agencies within the framework of agreements with them.
The agency provides technical assistance, counselling, study and training services in areas related to its activities.
The office of the agency is in Paris.
The agency can open agencies or representations.
The amount of the agency's initial endowment is 400 million euros.
This allocation may be increased by incorporation of reserves on deliberation of the supervisory board approved by order of the Minister responsible for the economy.
It may also be increased by allocation of public funds in accordance with existing legislation or regulations.
The management and administration of the agency shall be entrusted to a Director General appointed for three years by order made on the proposal of the Minister for the Economy after consultation with the Minister for Foreign Affairs, the Minister for Cooperation and Development and the Minister for Overseas.
The Director General represents and engages the agency. He appoints staff and sets the conditions for his employment. It is authorized to give any delegation necessary to the operation of the agency.
I. - The Supervisory Board comprises fifteen members:
1° Ten members, appointed for three years by decree issued on the report of the Minister for Economic Affairs and the Minister for Cooperation and Development, including:
(a) The President;
(b) Six members representing the State, including two members representing the Minister for Economic Affairs, three members representing the Minister for Foreign Affairs and one member representing the Minister for Foreign Affairs;
(c) Three members designated because of their knowledge of economic and financial problems;
2° Two deputies designated by the National Assembly;
3° A senator appointed by the Senate;
4° Two members representing staff and elected by secret ballot for three years under the conditions established by a regulation made by the Director General.
II. - For each member, other than the President, the appointment of an alternate shall be made under the same conditions as the member.
In the event of an incapacity, the president is begged by the oldest of the six members representing the state.
When a member does not carry out his or her term of office until his or her term of office is completed, his or her alternate shall be designated for the duration of that term remaining to be carried out.
The mandate of parliamentarians members of the Supervisory Board shall terminate the elective mandate for which they have been appointed.
Are subject to the approval of the Supervisory Board:
1° The conventions referred to in article R. 516-7 and the competitions provided for in these conventions if they specify it and the contests or participations mentioned in articles R. 516-5 and R. 516-6;
2° The annual amount of borrowings to be contracted by the agency within the limits set by the Minister responsible for the economy;
3° The forecast state of the products and operating expenses;
4° The scale of interest rates applied by the agency;
5° Annual accounts and management report prepared by the Director General;
6° Purchases and sales of buildings;
7° Creations or suppressions of agency or representation;
8° Transactions on the interests of the agency and arbitration clauses;
9° The agreements concluded pursuant to the second paragraph of Article R. 516-8 as long as they relate to operations in excess of a threshold established by the Supervisory Board.
I. - The Supervisory Board shall meet at least six times a year, either on the initiative of the President or at the request of three of its members.
II. - He may delegate some of his powers to the committees listed below and constituted within him. These committees may join personalities outside the board. The Committee was informed of the operations approved by these committees. The Chair of the Supervisory Board is the law chair of these committees.
A committee deliberates on competitions in communities governed by articles 73 and 74 of the Constitution and New Caledonia. It includes, in addition to members of the Supervisory Board and appointed by the Supervisory Board, two representatives of the Overseas Minister and a representative of the Minister responsible for the economy appointed each by order of the Minister he represents. An alternate is designated under the same conditions for each representative.
One or more committees deliberate on low-value competitions to communities and states other than those mentioned in the preceding two paragraphs. The Ministers concerned may designate, in order to sit on these committees, in addition to members of the Council and appointed by the Council, representatives of their administration, chosen because of their particular competence, outside the category of members, appointed under the departments, referred to in paragraph 1(b) of Article R. 516-13.
The committees may decide, on a proposal by the Commissioner of the Government or the Director General or any of the members of the committee, to submit to the Supervisory Board for decision. In this case, the files must be accompanied by the advice of the committee.
III. - The Supervisory Board may also delegate some of its powers to the Director General, who reports to him on the decisions he has taken.
The Supervisory Board sets out the rules of its sessions and the procedures for the adoption and registration of its deliberations.
The mandate of the Supervisory Board members is free of charge.
The inter-ministerial delegate for regional cooperation in the Caribbean area and the Permanent Secretary for the South Pacific, with advisory voices, are present to the deliberations affecting them.
The President of the Supervisory Board and the Director General may invite any person whose presence appears to be useful to them to be heard by the Supervisory Board.
The agency borrows in the short, medium and long term, in France and abroad, either from financial agencies or through the issuance of vouchers, notes, securities or any other title of receivable. It carries out any financial transaction necessary for its activity.
The agency's operations are recorded in accordance with the applicable trade rules in accordance with the rules applicable to credit institutions.
The agency does not distribute any benefits. The allocation of the balance payable to the result account is subject to a decision by the supervisory board.
A Commissioner of the Government, appointed by the Minister responsible for the economy, shall carry out with the agency the mission defined in accordance with the rules applicable to credit institutions.
The audit of the agency's accounts is carried out by two auditors appointed by order of the Minister responsible for the economy on the proposal of the supervisory board and after advice from the Banking Commission.
The auditors are subject to the obligations set out in Article L. 511-38.
French equity companies, known as regional development companies, compete in the form of capital participations in the financing of companies located in the national territory.
These companies are authorized to provide, under the conditions established by the Minister responsible for the economy, loans to companies for five years and more regardless of legal form; they can also give their guarantee to loans at two years and more than contract these companies. They are also authorized to make loans to local authorities, mixed economy companies and chambers of commerce and industry under the conditions set by the Minister responsible for the economy, to contribute either to the financing of collective tourism equipment or to the financing of industrial or commercial buildings for specified entrepreneurs.
They may also, within the limits and conditions set out in the preceding paragraphs, contribute to the financing of investments made by commercial enterprises and for a reduction in sales prices by improving the distribution resulting from the implementation of modern tools or techniques.
They may also, under the same conditions and within the same limits, and each for operations of interest to its area of action, assist private companies that have the statutory purpose of contributing directly to the development, conversion or adaptation of activities defined in the preceding paragraphs. They must, however, be authorized, in each case, by a decision of the competent administrative authority made on the proposal of the Government Commissioner.
The competent authority referred to in the last paragraph of section R. 516-21 is the Minister responsible for the economy.
For the performance of their mission in the financial companies, the auditors referred to in section L. 511-38 shall be designated by the body of these competent institutions to approve the accounts.
They are designated for six exercises. Their functions expire after the competent authority to approve the accounts has decided on the accounts of the sixth fiscal year. Their mandate is renewable.
Any financial company subject to the control of the Banking Commission shall notify the Banking Commission of the name of the auditors it proposes to designate.
When the proposed auditor is a corporation of constituted auditors and registered in accordance with the terms and conditions set out in section L. 225-218 of the Commercial Code, the financial company shall specify the name of the associate auditor, shareholder or officer, responsible for the mission on behalf of that corporation. It informs the Banking Commission of any further changes to this situation.
If the Banking Commission considers it necessary, it may request additional information by registered letter with a request for a notice of receipt addressed either to the company concerned or to the proposed External Auditor. In the latter case, she informs the financial company. It sets in its request for additional information a response period, which cannot be less than one month.
The Banking Commission may also collect from the Financial Markets Authority pursuant to section L. 631-1 information relating to the proposed External Auditor or, where appropriate, the person responsible for the mission.
The Banking Commission has a period of two months to notify the financial company of its opinion on the proposal to appoint the External Auditor. In the absence of a response from the Banking Commission within the time limit, its notice is deemed favourable.
When the Banking Commission uses the additional information provided in the third paragraph of Article D. 517-2, the two-month period provided for above shall be suspended until additional information is received.
The Banking Commission may not issue an unfavourable or with reservations without placing the proposed External Auditor in a position to make his written submissions known. The unfavourable or with reservations is motivated. In particular, it may be based on the fact that the proposed External Auditor does not present all the necessary guarantees of experience, competence or independence for the performance of his duties, taking into account the person responsible for the mission or nature and the characteristics of the activity of the financial company.
It is notified by registered letter with a request for notice of receipt to the relevant financial company and the proposed auditor. A copy of this notification is sent to the regional company that is a member of the External Auditor.
The directors of the financial company communicate the opinion of the Banking Commission to the competent body to designate the auditors.
When an application for recusal pursuant to section L. 225-230 of the Commercial Code applies to an auditor of a financial company subject to the control of the Banking Commission, the court shall rule in the form of references after consultation with the Governor of the Bank of France, Chairman of the Banking Commission.
The provisions of articles D. 517-1, D. 517-2 and D. 517-3 shall apply to the designation and renewal of the auditors and alternate auditors.
When the Banking Commission envisages, pursuant to the first paragraph of section L. 511-38, the appointment of an additional auditor in a financial company, it shall notify the executives and auditors in office by registered letter with a request for notice of receipt. The Banking Commission shall continue to provide the executives and auditors with written comments, within a period not less than one month, before deciding on the appointment of an additional auditor.
The provisions of Articles D. 517-2, D. 517-5 and D. 517-6 shall apply to financial companies subject to the control of the Banking Commission having their head office in a State Party to the Agreement on the European Economic Area, for persons responsible for the legal control of the consolidated accounts and taking into account the applicable foreign legislation.
The Director General orders all operations. It prescribes the necessary measures for the regular maintenance of accounting. He orders payments. It targets and stops the various states of all kinds.
The Director General is appointed by decree.
To administer the services under its authority and to exercise all of its functions, the Director General of the Caisse des Dépôts et consignations is assisted by five directors, one of whom has the title of Secretary General as well as by heads of service, deputy directors and deputy directors whose number is determined by the departmental budget approval order.
In order to conduct one or more projects and to coordinate for this purpose the activities of the services, it may also have project managers, whose number is fixed under the same conditions.
The Secretary General is selected from the Chiefs of Service, Deputy Directors or Assistant Directors of the Institution. For access to other Director jobs, there is no requirement for other conditions than those for Central Directors.
The general cashier is selected from the deputy directors.
Appointments to the positions of Director and General Cashier are made by Order in Council on the report of the Minister of Economy and Finance, and after advice from the Director General.
The appointments to the positions of Chief of Service, Deputy Director, Deputy Director and Project Director are made by a joint order of the Prime Minister and the Minister responsible for the economy on the proposal of the Director General after the advice of the Minister responsible for the Public Service.
Can be appointed to the positions of Chief of Service, Deputy Director and Deputy Director of Civil Professional Officers and, in the proportions set out in Article 2 of the Decree of 19 September 1955 on the conditions of appointment and advancement in the positions of Chief of Service, Deputy Director and Deputy Director of the Central Administrations of the State, other class officials A of the public service of the State, the territorial public service or the hospital public service meeting the conditions laid down in a and b of the same article. They must fulfil the conditions set out in Article 3 of the decree of 19 September 1955 mentioned above.
Only employees who meet the conditions set out in section 3 of amended Decree No. 2000-449 of 23 May 2000 on the jobs of Project Manager can be appointed as Project Manager.
Subject to the powers conferred on the Prime Minister and the Minister responsible for the Public Service in respect of certain categories of officers with the status of an employee, the Director General shall appoint to all other jobs, subject to the conditions provided for in the particular status of each body.
Directors, chiefs of service and deputy directors shall be sworn before the supervisory committee.
The directors shall exercise, with respect to the management of the establishment, its technical missions and financial transactions, the powers delegated to them by the Director General.
The Secretary General assists and specifically supplements the Director General with respect to the administration of the institution.
The deputy directors are each placed at the head of a subdirector. Sub-directions may be grouped into departments each under the authority of a Chief of Service or an Assistant Director. The organization and responsibilities of departments and sub-directions shall be resolved by order of the Director General, as determined by the Supervisory Board.
Chiefs of Service, Assistant Directors, Deputy Directors, Project Managers, Civil Directors responsible for a sub-director, as well as Category A officials and academic directors may receive the Director General's signature delegation to sign, within the limits of their responsibilities, correspondence, terms of expenditure and all service documents.
In the event of absence or illness of the Director General, the Secretary General replaces him in the performance of his duties. It is, in this case, subject to the same rules and to the same responsibility as the Director General.
In the second month of the year following each fiscal year, the Director-General shall forward to the directors and establishments for which the Caisse des dépôts et consignations is responsible for making revenues and expenditures the annual account of the operations for each administration and establishment.
These accounts must be returned within the following month to the Director General, after they have been arrested by such institutions and administrations.
They are attached to the Caisse des dépôts et consignations general account.
The general cashier maintains an accounting to justify his income operations and expenses.
The active effects and values have been transferred to the General Cashier, and addressed to the Director General, who deals with the receipts given by the General Cashier.
The general cashier signs and delivers receipts from funds paid to the cashier.
No payment may be made by the general cashier only on supporting documents as a rule, and under the terms of reference of the Director General.
On a daily basis, cashier-general accounting is included in the Fund ' s general accounts for audits.
Every month, the accounting situation is justified to the Director-General by the General Accounts of the Deposits and Consignations Fund.
Every month in alternation, the availability accounts and the securities accounts opened on behalf of the general cashier are audited by the supervisory board.
At the end of each fiscal year, the accounting situation is verified by the Supervisory Board and by the Director General, regardless of the audits that the Supervisory Board and the Director General can do whenever they consider it useful.
Every month, the general cashier communicates to the Chief Accounts, to be audited, revenue and cash expenditures and previous month's inflows and outflows.
The situation of the body is verified by the Director General at least once a month, regardless of the audits that the supervisory board can do whenever it considers it useful.
The Director General shall conduct the verification of the execution of transactions in cash and values by the agents authorized under a delegation of signature.
The officers referred to in section R. 518-19 relate to the mandates executed by the General Cashier.
In order to carry out their duties, the supervisors referred to in R. 518-19 have access, both at the headquarters of the General Management in Paris and in decentralized services, to all the documents that precede, accompany or trace the executions in their various forms, to the species, the securities and the representative documents of values of which the Caisse des dépôts et consignations à la garde as well as to the strong rooms and the safes of the securities
The Director General of the Caisse des dépôts et consignations shall, after the opinion of the Supervisory Board, establish the procedures for the operation of the controls referred to in R. 518-19.
The Caisse des dépôts et consignations is responsible for the amounts received by its staff members.
When dealing with the consignations and deposits of clients whose account is opened in the Caisse des dépôts et consignations books, the Treasury's accountants are its agents.
The Caisse des dépôts et consignations refunds to the State the charges that it undertakes for the service of the attendants, under the conditions provided by a convention that takes into account the practices of the banking profession.
The Fund ' s staff members are responsible for the receipts and expenses of the Fund.
The Caisse des dépôts et consignations staff members shall issue receipts of the amounts they make on behalf of the Caisse des dépôts et consignations.
Control over the Fund of Deposits and Consignations by the Court of Auditors is carried out under Articles R. 131-14 to R. 131-25 of the Financial Courts Code.
Without prejudice to the provisions of Book II of the Heritage Code:
1° The Caisse des dépôts et consignations is authorized to cease the retention of all documents and documents relating directly or indirectly to payments of securities or transfers of securities or trade effects recorded or deposited when forty years have elapsed from the date of payment or surrender of securities;
2° It is authorized to cease to retain, after the same period, any documents or documents directly or indirectly related to the payments or refunds of capital and incidental interest made on behalf of itself or on behalf of the services or organizations managed by it;
3° By derogation from the rule provided for in the preceding paragraphs, it is authorized to cease to retain, after a period of only ten years, all documents and documents directly or indirectly related to the payments and remissions of securities made to the Consolidated Revenue Fund pursuant to special texts establishing for the benefit of the State a breach or a prescription acquired, as well as to the payments or repayments of capital for which the persons concerned may not, under specific texts, exercise their rights for a maximum period of five years.
The Caisse des dépôts et consignations is also authorized to discontinue the retention of expenses for annuities, pensions, increments and allowances served by the Fund or by the services or organizations managed by the Fund when ten years have elapsed from the due date of the arrears.
This subsection does not include regulatory provisions.
The receipts of consignations issued in Paris by the general cashier and, outside Paris, by his attendants, summarise the judgments, judgments, acts or causes that give rise to the said consignations; and in the case where the funds recorded would be borrowed, and that a subrogation in favour of the lender would be required, it is made express mention
The payment of the sums or the delivery of the documents attesting to the return of the recorded values shall be made, in the place where the receipt has been granted, to those who justify their rights no later than ten days after the request for payment of the sums or restitution of the values to the deposit and consignments clerk of the Fund.
Such requests for payment or restitution are made at the place where the designation has been made. They shall be accompanied by the supporting documents necessary for restitution and shall be duly referred to by the attendant.
Deposits and consignations may only refuse the rebates claimed in the following cases:
1° On the basis of opposition in their hands, either on the generality of the summons, or on the portion claimed, or on the applicant;
2° On the lack of regularity of the parts produced in support of the payment request.
They must, in this case, before the tenth day expires, denounce such objections or irregularities to the appellants, by service to the elected home, and are only compensable ten days after the meaning of the released or the report of the regularized documents.
In order to ensure the regularity of payments required as a result of order, the clerk of the court shall make an extract from the record prepared by the judge, which shall contain:
1° The names and names of the bonded creditors;
2° The sums allocated to them;
3° Mention of the order of the judge who, in respect of taxpayers, is relieved of the registration of forclos or rejected creditors.
The cost of this extract is included in the prosecution fees. Within ten days of the closing of the order, this excerpt is handed over by the prosecuting lawyer: in Paris, to the cashier general, and in other cities, to the agent of the Caisse des dépôts et consignations, barely of damages to creditors collocated to whom this delay may be detrimental.
The Caisse des dépôts et consignations may not be required to pay any mandance or collocation slip prior to the handover of this extract, except in the case of section 773 of the Civil Procedure Code relating to consignations.
The Caisse des dépôts et consignations is authorized to receive voluntary deposits from individuals.
These voluntary deposits can only be made in Paris and in the form of legal currency or bank notes.
The Caisse des dépôts et consignations and its attendants may not, under any pretext, require custody or retribution, under any denomination, both at the time of the filing provided for in R. 518-35 and at the time of its restitution.
The Caisse des dépôts et consignations is responsible for the amounts paid by the recipients of the cashier general referred to by the Director in accordance with section R. 518-15. The voluntary applicant shall, on the same receipt and by declaration of his signature, elect a domicile in the city of Paris that is attributable to jurisdiction for all matters relating to the filing, in accordance with Article 111 of the Civil Code.
The voluntary deposit shall be returned to the person who made it, to the person in charge of power or to the persons in question, to the time agreed by the depositary, and, if it has not been agreed, to a simple presentation. Those who hold their funds will not be subject to any other condition than that of giving the credit union recognition and signing their leave.
The amounts voluntarily deposited may only be seized in the cases, the forms and conditions provided for in sections 42 et seq. and 67 et seq. of Act No. 91-650 of 9 July 1991.
However, it will be possible to be received from the oppositions, without such forms being observed, by the applicant who declares to have lost his or her receipt.
The Caisse des dépôts et consignations or its attendants shall make refunds in the hands of the recipient of the establishment on whose behalf the voluntary deposit was made, according to the mandates of the prefects, mayors or competent administrators.
In the event of a loss of a receipt, the applicant must file an opposition based on that cause; the said opposition shall be inserted by extract in the Official Journal, at the expense and diligence of the claimant; one month after the insertion, the cash register will be validly released by paying the deposit amount on its motivated leave.
The Post may freely distribute savings products on behalf of its affiliates or any other third party in accordance with banking legislation and regulations. In particular, it may contract with other institutions other than the Caisse des dépôts et consignations. She informs the Minister of Posts and Telecommunications and the Minister of Economy, at least one month before offering these products to her customers.
The Post may offer new savings and financial investments for its own account. In order to ensure that La Poste remains in the area of activities defined in Article 8 of the terms of reference annexed to Decree No. 90-1214 of 29 December 1990 on the terms of reference of La Poste and the Post and Telecommunications Code, these decisions of La Poste are subject to the prior agreement and approval of two competent administrative authorities. They also verify that the protection of savers is properly ensured.
The competent administrative authorities are, respectively, the Minister for Posts and Telecommunications and the Minister for Economics for the Agreement and for Accreditation referred to in R. 518-43.
The agreement or approval of the competent administrative authorities referred to in section R.* 518-44 shall be deemed tacitly granted on the expiry of a period of three months from the transmission of the project.
I. - The Post Office provides administrative and commercial management of the National Savings Fund on behalf of the State.
It ensures the collection of savings products from the National Savings Fund, i.e., pounds A, supplementary pounds defined in article L. 221-1, pounds and savings plans, popular savings pounds, industrial development accounts (Codevi) and popular savings plans distributed within the framework of the National Savings Fund.
II. - The Post Office is responsible for the full centralization of the funds received under Booklets A and the Supplementary Booklet of the National Savings Fund to the Caisse des dépôts et consignations in accordance with the terms specified by an agreement with the Caisse des dépôts et consignations. This agreement, which is approved by the Minister for Posts and Telecommunications and the Minister for Economics, specifies the conditions for holding the accounts.
III. - The post is responsible for the full centralization of the funds received under the other products mentioned above to the Fund of deposits and consignations in accordance with the terms specified by agreements with the Fund of Deposits and Consignations. These agreements, which are approved by the Minister for Posts and Telecommunications and the Minister for Economics, include the conditions for holding the accounts and the manner in which the Minister of Posts and Telecommunications and La Poste are informed by the Fund of the deposits and records of the management of the funds collected.
The Home Savings Agreement also specifies the conditions under which La Poste offers major and complementary housing savings loans.
The administrative and commercial management of Booklet A, provided by La Poste on behalf of the State, under the conditions provided for in Article R. 518-46, is the subject of a commission taking into account the cost of collection, the gains of productivity and an incentive to collect, in accordance with the terms fixed by the plan contract. This commission is due to La Poste regardless of the portfolio performance managed by the Caisse des dépôts et consignations.
The administrative and commercial management of the other savings products of the National Savings Fund is paid by commissions, whose calculation methods are set out by the agreements between La Poste and the Caisse des dépôts et consignations, which are referred to in the III of Article R. 518-46.
The National Savings Fund is required to pay to the Caisse all deposits and consignations that it receives from depositors.
The provisions of this Code do not preclude the use of part of the funds deposited in the National Savings Fund under the Act of 5 December 1922 on moderate rent housing and subsequent laws.
The acts relating to the assignments, seizures and seizures-allotment of the holders of accounts of the National Savings Fund shall be notified to the centre of the National Savings Fund, where the accounts for which these acts are held.
I. - The National Savings Fund is earmarked annually:
1° The recipient outcome of the fund management itself for the previous year;
2° The beneficial result of the management of the funds of Booklet A or the supplementary booklet of the National Savings Fund, after payment by the Caisse of deposits and consignations of interest due to the depositors and the commission that pays La Poste;
3° Interest deductions made pursuant to the provisions of Article R. 221-6;
4° The amounts acquired to the National Savings Fund pursuant to the provisions of Article L. 221-5.
II. - Can only be charged to the reserve and guarantee fund of the National Savings Fund:
1° The losses that would result either from differences in interest or from transactions intended to provide the repayment of their funds to depositors on pounds A and additional of the National Savings Fund;
2° Payments to the National Savings Fund on a final basis or in advance to meet the losses already recorded or subsequently recognized in its management under these pounds.
III. - Subject to the provisions of II above, the provisions of Article L. 512-101 shall apply to the reserve and guarantee fund of the National Savings Fund.
Each year, the reserve and guarantee fund of the National Savings Fund is allocated to the general budget of the credits necessary for the remuneration of the guarantee granted by the State to the funds of Booklets A and the supplementary booklets of the National Savings Fund. The amount of such remuneration shall be determined by order after notice of the Supervisory Board of the Caisse des dépôts et consignations.
The amount of compensation provided for in section R. 518-53 shall not have the effect of reducing the amount of the reserve and guarantee fund of the National Savings Fund established by section L. 518-28 to an amount less than 2% of the average annual stock of the funds received by La Poste under pounds A and additional pounds and paid to the Caisse des dépôts et consignations.
When the amount of the reserve and guarantee fund of the National Savings Fund exceeds 8% of the amount of the funds paid by La Poste to the Caisse des dépôts et consignations au titre des livrets A and additional pounds, the amount of the surplus shall be paid to the reserve fund of the housing financing provided for in Decree No. 93-735 of 29 March 1993 on the reserve fund for housing financing.
The National Savings Fund may obtain that part of its funds be used each year to finance additional loans from the housing savings loans granted to its depositors.
The amount of these investments is set annually by decision of the Minister responsible for the economy after consultation with the Minister responsible for the position, taking into account, inter alia, the changes in the stock of funds usable by the financing of these loans.
A committee to empower the not-for-profit associations referred to in 5th of Article L. 511-6 and to follow their activities is placed with the Minister responsible for the economy.
The enabling committee includes the following members:
1° Three representatives of the Minister responsible for the economy, including a member of the General Financial Inspection;
2° Two representatives of the Minister responsible for employment, including one member of the General Inspection of Social Affairs;
3° A representative of the Minister for Small and Medium Enterprises;
4° A representative of the minister responsible for the solidarity economy;
5° Two representatives of credit institutions;
Two qualified personalities.
Committee members are appointed by order of the Minister responsible for the economy for a period of five years. This order designates an alternate for each member. The appointment of the members mentioned in 2°, 3° and 4° is made on the proposal of the minister concerned, that of the members mentioned in 5° on the proposal of the French Association of Credit Institutions and Investment Companies and the French Banking Federation.
The chair of the committee is appointed, among its members, by order of the Minister responsible for the economy.
The committee secretariat is provided by the services of the Minister responsible for the economy.
The committee meets at least twice a year, at the convocation of its chair, who stops the agenda. The meetings are not public.
The committee shall decide by a majority of the members present. In the event of a vote-sharing, the president has a predominant voice.
The committee sets out its rules of procedure.
The members of the committee and the persons who participate in its activity are held in professional secrecy with regard to the information they are aware of during their duties. Any member of the committee refrains from deliberating if he or she has or has had a direct and personal interest in the association on which the committee is required to make a decision.
The request is made with the committee secretariat. It gives rise, on its part, to the issue of a receipt upon receipt of all the documents necessary for the instruction of the application.
The committee shall decide on the application by reasoned decision, within a maximum of four months from the date of issue of the recipient. The absence of a response beyond this period is a tacit agreement on the part of the committee.
The authorization granted by the committee is valid for three years. It may be withdrawn during this period if the association no longer meets the criteria of articles R. 518-60 to R. 518-64. It may be renewed, at the end of this period, by express decision of the committee.
Associations that request empowerment must meet the following conditions:
1° A seniority of at least three years in the support activity of projects financed by loans of honour granted by them or by bank credits;
2° The processing, as such, of a minimum number of cases per year, fixed by order of the Minister responsible for the economy;
3° The competence required by the committee to consider, inter alia, past achievements, the results of the support activity, the credit reimbursement rate and the ability to control risks and management;
4° Membership in the quality charter of the National Council for Enterprise Creation and commitment to adopt the performance indicators defined by the committee;
5° The signing of an appropriate guarantee agreement for loans contracted by the association.
The directors of the association must have the honourability, competence and experience necessary for the performance of their duties.
Authorized associations are subject to the following obligations:
1° Include in their statutory object the loan activity for the creation and development of companies created or taken over by unemployed or holders of social minima;
2° Implement, as part of their lending activity, an internal control that must include the rules of risk selection and monitoring, the separation of decision and control functions, the signature by two persons authorized to grant loans, the designation of an internal control officer and the indicators for monitoring the results of the activity;
3° To certify their annual accounts by an External Auditor.
The loan transactions carried out by the associations as part of the authorization granted under section R. 518-59 shall meet the following characteristics:
1° Loans are made on an expensive basis;
2° Loans can only be allocated to businesses created or developed within the first five years of their creation or recovery;
3° Except as an exceptionally motivated rescheduling decision, all loans granted to the same beneficiary are refundable and interest payable within a maximum of five years from the date of first disbursement of the funds paid;
4° During the period referred to in 2°, the association may only grant a new loan to the beneficiary company, pursuant to this section, if the repayment schedule of the previously allocated loan(s), possibly rescheduled under the conditions set out in 3°, is met;
5° The total amount of the loan amount allocated, pursuant to this section, is capped at 6,000 euros per project participant, without being able to exceed 10,000 euros for the same company.
Loans granted must be subject to financial monitoring during their duration.
Loans must be guaranteed by an approved guarantee or deposit fund or by a credit institution.
Litigation or doubtful loans must be provided to the likely losses.
The portion of unfunded loan stock that is not covered by the guarantees referred to in section R. 518-62 shall result in the establishment of a reserve fund whose rate applicable to that portion is determined by the committee, for each association, on terms fixed by order of the Minister responsible for the economy. This order includes the conditions under which, for the determination of this rate, the default rate observed on average on the credits granted by the association in the past is taken into account.
At any time, the total amount of equity and assimilated resources must be at least equal to the proceeds of the portion of the outstanding amount referred to in the preceding paragraph by a percentage fixed by order of the Minister responsible for the economy.
The order sets out the list of elements admitted into equity and resources assimilated in addition to the reserve fund provided for in the second paragraph.
At any time, outstanding credits must be financed by at least the same time as loans. This endorsement is generally appreciated, under conditions set by order of the Minister responsible for the economy.
The committee follows the activity of authorized associations, without prejudice to the controls to which they are submitted as non-profit associations. As such, he is the recipient of the balance sheet, the results account, the annual activity report of the association and the report of the External Auditor. The activity report includes a statement and analysis of the production and repayment of loans.
The committee may hear the leaders and be provided with any information or material that is relevant to the fulfilment of its mission. It may collect the opinion of any expert of its choice, including the services of the General Secretariat of the Banking Commission. These experts are required, in carrying out their duties, to comply with the rules of professional secrecy. If applicable, the committee may request an external agency to conduct an audit of the association.
This chapter does not include regulatory provisions.
This title does not include regulatory provisions.
In order to obtain the approval of an investment service provider other than that of a portfolio management company, the applicants apply to the Committee on Credit Institutions and Investment Enterprises.
The application for approval, based on paper, must be accompanied by a file in accordance with the standard file prepared jointly by the Committee on Credit Institutions and Investment Companies and the Autorité des marchés financiers and published in the Official Journal.
The standard file referred to in the preceding paragraph includes the information to be provided for the application of the procedures for the accreditation and approval of the program of activity under sections L. 532-1 to L. 532-5 and, where applicable, for the application of the procedures provided for in sections R. 532-20, R. 532-21, R. 532-22, R. 532-23, R. 532-26 and R. 532-27.
Where the applicant requests an approval that includes the right to exercise the retention account service or the financial instrument compensation activity, such approval shall be issued as part of the registration procedure as an investment service provider.
Where the applicant has been approved as an investment service provider and is requesting an authorization for the retention account service or the financial instrument compensation activity, such authorization shall be issued as part of the amendment of its approval in accordance with the procedure set out in sections L. 532-3-1 and R. 532-6.
Upon receipt of an application, the Committee on Credit Institutions and Investment Companies shall verify that it is in accordance with the standard file referred to in the second paragraph of Article R. 532-1 and, if so, proceed to its instruction.
The Committee on Credit Institutions and Investment Companies shall communicate to the Autorité des marchés financiers the file within five working days from the date of receipt of the application. The Committee on Credit Institutions and Investment Companies may, at its own initiative or at the request of the Autorité des marchés financiers, request the applicant any additional information necessary for the investigation of the file. The deadline for these authorities is suspended until additional information is received.
In the event that the application includes the service referred to in 4th of Article L. 321-1, the Autorité des marchés financiers may also request the applicant any additional information necessary for the instruction of the activity program. The deadline is suspended until additional elements are received.
When the application does not include the service referred to in the 4th of Article L. 321-1, the Autorité des marchés financiers shall forward its comments to the Committee on Credit Institutions and Investment Companies within two months of the receipt of the record under section R. 532-1. These observations relate to the competence and honourability of managers, the adequacy of their experience to their duties, and the conditions under which the company plans to provide investment or conservation account services.
The Committee on Credit Institutions and Investment Companies shall notify the applicant within four months of the date of receipt of the file in accordance with the standard file. He informs the Autorité des marchés financiers.
When the application includes the service referred to in 4th of Article L. 321-1, the Autorité des marchés financiers approves the related activity program.
The Autorité des marchés financiers notifies its decision to the applicant by registered letter with a request for a notice of receipt or hand-delivered against receipt within three months of receipt of the file. It informs the Committee of Credit Institutions and Investment Companies and transmits its observations on the exercise of other services.
The Committee on Credit Institutions and Investment Enterprises shall notify the applicant within two months of receipt by the Committee of the decision to approve the activity programme and the comments of the Autorité des marchés financiers. He informs the latter.
I. - Without prejudice to the provisions of sections L. 531-6 and L. 532-3-1, the Committee on Credit Institutions and Investment Enterprises is previously informed of any proposed amendments relating to elements taken into account in the approval of a provider other than portfolio management companies.
The Committee on Credit Institutions and Investment Companies shall inform the Autorité des marchés financiers within five working days.
When the proposed amendment relates to the service referred to in 4th of Article L. 321-1, the Autorité des marchés financiers has two months to decide on this amendment. The Committee on Credit Institutions and Investment Companies shall notify the applicant within two months of the date of receipt of the decision of the Autorité des marchés financiers.
In other cases, the Autorité des marchés financiers (AMF) submits its comments within one month to the Committee on Credit Institutions and Investment Companies, which has a period of three months from the date of receipt of the application to decide on the proposed amendment.
II. - The Committee on Credit Institutions and Investment Companies may be provided with all additional information. The deadline for this authority to decide on the proposed amendment is then suspended until additional elements are received.
Where the applicant is a direct or indirect subsidiary of an investment company or a credit institution that does not have a seat in France, the applicant is required to provide, in addition, specific information on the monitoring of the applicant and on the structure of the group to which it belongs and, where applicable, on the nature and extent of the enabling of its parent company to provide investment services.
Where the applicant is either a direct or indirect subsidiary of an investment company or an authorized credit institution in another Member State of the European Community or in another State Party to the Agreement on the European Economic Area, or a direct or indirect subsidiary of the parent company of an investment undertaking or of a registered credit institution in such State, or a company or an institution controlled by the same natural or legal persons
Where the applicant is a direct or indirect subsidiary of an investment company or a credit institution having its seat in a State that is not a member of the European Community or a party to the agreement on the European Economic Area, the Committee of Credit Institutions and Investment Companies may, on its own initiative or at the request of the authority responsible for the approval of the business programme, request any additional information to the authority responsible for the investment
The Committee on Credit Institutions and Investment Companies informs the European Commission of the approval of investment service providers with the status of direct or indirect subsidiaries of investment companies or credit institutions with their headquarters in a State that is not a member of the European Community or a party to the European Economic Area Agreement.
This subsection does not include regulatory provisions.
To obtain their approval as a portfolio management company, the applicants apply to the Autorité des marchés financiers.
The application for approval, based on paper, must be accompanied by a file in accordance with the standard file established by the Autorité des marchés financiers and published in the Official Journal.
This standard file includes the information to be provided for the application of the procedures for the accreditation and approval of the program of activity set out in section L. 532-1 and, where applicable, for the application of the procedures set out in sections R. 532-25, R. 532-26, R. 532-28 and R. 532-29.
Upon receipt of an application for approval, the Autorité des marchés financiers verifies that it is in accordance with the standard file provided for in the second paragraph of section R. 532-10 and, if so, proceeds to its instruction.
The Authority may request any additional information necessary for the investigation of the case. The deadline for this authority is suspended until additional elements are received.
The Autorité des marchés financiers notifies its decision to the applicant within three months of the date of receipt of the file in accordance with the standard file.
The Autorité des marchés financiers (AMF) is previously informed of any proposed amendments relating to elements taken into account in the approval of a portfolio management company. It shall inform the declarant of any consequences for the approval of the proposed amendment within three months of the date of receipt of the application.
The Autorité des marchés financiers may be provided with all additional information. The deadline for this authority to decide on the proposed amendment is then suspended until additional elements are received.
Where the applicant is a direct or indirect subsidiary of an investment company or a credit institution that does not have a seat in France, the applicant is required to provide, in addition, specific information on the monitoring of the applicant and on the structure of the group to which it belongs and, where applicable, on the nature and extent of the enabling of its parent company to provide investment services.
Where the applicant is either a direct or indirect subsidiary of an investment company or an authorized credit institution in another Member State of the European Community or in another State Party to the Agreement on the European Economic Area, or a direct or indirect subsidiary of the parent enterprise of an investment undertaking or of a registered credit institution in such a State, or a company or institution controlled by the same natural or legal persons
Where the applicant is a direct or indirect subsidiary of an investment company or a credit institution that has its headquarters in a State that is not a member of the European Community or a party to the European Economic Area Agreement, the Autorité des marchés financiers may request any additional information from the authority responsible for the approval of the State in which the investment undertaking or the credit institution of which the applicant is the subsidiary has its headquarters.
The Autorité des marchés financiers informs the European Commission of the approval of portfolio management companies having the status of direct or indirect subsidiaries of investment companies or credit institutions having their headquarters in a State that is not a member of the European Community or a party to the agreement on the European Economic Area.
The Committee on Credit Institutions and Investment Businesses shall be the recipient of the notifications of free establishment and free provision of services of the investment service providers referred to in Article L. 532-18. The committee shall transmit to the Autorité des marchés financiers copies of notifications received within five working days of receipt.
The Autorité des marchés financiers (AMF) shall inform investment service providers under the provisions of Article L. 532-18 of the rules of good conduct and other provisions of general interest that they are required to respect to ensure the protection of investors and the regularity of operations.
The Committee on Credit Institutions and Investment Companies shall, where appropriate, inform the providers referred to in the preceding paragraph of the provisions of general interest that they are required to respect for the provision of banking services.
I. - When the Banking Commission initiates disciplinary proceedings against an investment service provider of another Member State of the European Community or another State Party to the Agreement on the European Economic Area operating in the territory of the French Republic, it shall communicate to the competent authority of the Member State of origin of the establishment in question the letter referred to in article R. 613-4.
It also communicates to the said authority any comments, if any, by the establishment and the notice of summons under the second paragraph of section R. 613-5.
It provides the procedure with all information provided by this authority on the measures it may have adopted.
Unless an emergency occurs, a period of not less than 30 frank days must be respected between communication to the authority of the Member State of origin and the hearing provided for in the second paragraph of Article R. 613-5.
Before following the procedure provided for in the preceding paragraphs, the Banking Commission may, in the event of an emergency, take any precautionary measures to ensure the protection of persons to whom investment services or related services are provided in France.
In the event of a breach of general interest provisions, the Banking Commission may, without following the procedure provided for in the preceding paragraphs, impose one of the disciplinary sanctions listed in section L. 613-21.
II. - The Autorité des marchés financiers may punish all breaches of the rules it is responsible for ensuring compliance, committed in France by an investment service provider including a branch or operating in the free service.
When the Financial Markets Authority finds that an investment service provider with a branch or operating in a free service on its territory does not comply with the rules to which it is responsible for ensuring compliance, it may issue an injunction to the institution concerned to terminate, within a specified period of time, the irregular situation observed. It informs the competent authority of the State of origin of the provider concerned and asks it to take appropriate measures to ensure that the denier terminates the relevant irregularities and protect the interests of investors. It provides the procedure with all information provided by this authority on the measures it may have adopted.
If, despite the injunction and measures taken by the member State of origin, the provider continues to violate the rules that apply to it, the Autorité des marchés financiers, after having informed the competent authority of the State of origin, shall take appropriate measures to prevent or punish new irregularities and, if necessary, to prevent the provider concerned from carrying out new operations in France. It informs the authority of the Member State of origin.
In the event of an emergency the Autorité des marchés financiers may temporarily suspend activity in France the provider concerned and take any precautionary measures to ensure the protection of the persons provided in France of the investment services. It informs the competent authority of the Member State of origin and the European Commission.
All providers of investment services other than portfolio management companies governed by Article L. 532-9, who, having their head office in the territory of Metropolitan France and the communities governed by Article 73 of the Constitution, wish to establish a branch in another State of the European Community or another State party to the agreement on the European Economic Area to provide investment services to the Authority, shall notify, The Autorité des marchés financiers provides its observations on this project to the Committee on Credit Institutions and Investment Companies within one month.
The free establishment notification provided for in the preceding paragraph is accompanied by the following information:
1° The name of the State in whose territory the provider plans to establish a branch;
2° The activity program in which, inter alia, the proposed investment services and related services are indicated, as well as the structure of the branch organization;
3° The address of the branch to which the State authorities mentioned at the 1st may request information for the exercise of their competence;
4° The name of the branch executives.
The interested investment service provider must also communicate, at the request of the Committee on Credit Institutions and Investment Companies or the Autorité des marchés financiers (AMF), all the elements of appreciation to inform these authorities on the adequacy of its administrative structures or financial situation to the proposed project, as well as any useful details on the compensation or equivalent protection device of customers of the branch.
The free-of-charge notification referred to in the first paragraph may be sent to the Committee on Credit Institutions and Investment Companies, together with its application for approval.
Except in the case where the Committee of Credit Institutions and Investment Companies or the Autorité des marchés financiers establish, where appropriate, in the light of the information provided by the Banking Commission, that the administrative structures or financial situation of the investment service provider do not permit the establishment of a branch, the Committee of Credit Institutions and Investment Companies shall transmit the notification and the information referred to in the 2°, 3° and 4° of the relevant Article 32-20. The committee also transmits to these competent authorities information on the compensation, or equivalent protection, of customers of the branch. It advises the Autorité des marchés financiers and the company concerned.
When an investment service provider wishes to exercise the free-of-charge conservation account service in a Member State of the European Community or in another State Party to the agreement on the European Economic Area, it must, without prejudice to the conditions required by the competent authority of the host State, have been previously approved to exercise this service in France.
When the Autorité des marchés financiers, with respect to the exercise of the service referred to in the 4th of Article L. 321-1, refuses to be transmitted to the competent authorities of the host State referred to in the 1st of Article R. 532-20 the elements of information referred to in Article R. 532-21, it must state the reasons for this refusal to the Committee of Credit Institutions and Investment Companies as well as to the period provided for
When the Committee on Credit Institutions and Investment Companies refuses to transmit the information referred to in Article R. 532-21, it shall inform the Autorité des marchés financiers and the company concerned under the conditions and time limits mentioned in the preceding paragraph.
When an amendment to one of the elements mentioned in 2°, 3° and 4° of R. 532-20 or one of the elements of appreciation communicated to the Committee of Credit Institutions and Investment Companies is considered, the company concerned must notify the Committee of Credit Institutions and Investment Companies and the authorities of the host States at least one month before it intervenes. The Committee on Credit Institutions and Investment Companies informs the Autorité des marchés financiers within five working days.
When the Committee on Credit Institutions and Investment Enterprises or, with respect to the exercise of the service referred to in the 4th of Article L. 321-1, the Autorité des marchés financiers considers that measures must be taken by the company to adapt its administrative structures or its financial situation to the activities carried out or envisaged to exercise, these authorities ask the company, by registered letter with a request for notice of receipt or against receipt.
I. - Any portfolio management company governed by Article L. 532-9, which, having its head office in the territory of Metropolitan France and the communities governed by Article 73 of the Constitution, wishes to establish a branch in another Member State of the European Community or another State Party to the agreement on the European Economic Area to provide investment services must notify, in advance, its project to the Autorité des marchés financiers.
The notification of free establishment provided for in the preceding paragraph is accompanied by the information provided for in the second paragraph of Article R. 532-20. The portfolio management company must also communicate, at the request of the Autorité des marchés financiers, all the elements of appreciation and the details mentioned in the seventh paragraph of the same article.
The free-of-charge notification referred to in the first paragraph may be sent by the relevant portfolio management company to the Autorité des marchés financiers at the same time as its application for approval.
II. - Except in the case where the Autorité des marchés financiers determines that the administrative structures or the financial situation of the portfolio management company do not permit the establishment of a branch, it transmits the notification and the information elements mentioned in 2°, 3° and 4° of this article R. 532-20 to the competent authorities of the host State mentioned in 1° of the same article within three months of their receipt.
The Autorité des marchés financiers also provides, where appropriate, information on the equivalent compensation or protection device of customers in the branch and advises the company concerned.
III. - When the Autorité des marchés financiers refuses to transmit to the competent authorities of the host State mentioned at the 1st of Article R. 532-20 the information referred to in Article R. 532-21, it must make known the reasons for this refusal to the undertaking concerned within the three-month period provided for in this Article R. 532-21.
When an amendment to any of the elements mentioned in 2°, 3° and 4 of Article R. 532-20 or one of the elements of appreciation communicated to the Autorité des marchés financiers is considered by a portfolio management company, it shall notify the Authority at least one month before it intervenes to the Autorité des marchés financiers and to the competent authorities of the other Member State of the European Community or party
When the Autorité des marchés financiers considers that measures must be taken by the portfolio management company to adapt its administrative structures or financial situation to the activities carried out or envisaged to be carried out, it requests the company, by registered letter with a request for a notice of receipt or against receipt, to take such measures.
I. - Any provider of investment services who, having its head office in the territory of Metropolitan France and the communities governed by Article 73 of the Constitution, wishes for the first time to provide investment services in the free provision of services in another Member State of the European Community or in another State Party to the agreement on the European Economic Area must notify the Committee of the credit institutions and the investment companies concerned of the name
The Committee on Credit Institutions and Investment Companies shall communicate this notification to the Autorité des marchés financiers within five working days.
The Committee on Credit Institutions and Investment Businesses or the Financial Markets Authority may request the investment service provider referred to in the first paragraph any information on the terms and conditions for the exercise of the activities it plans to undertake in the free provision of services.
The notification of free service delivery referred to in the first paragraph may be addressed to the Committee on Credit Institutions and Investment Companies, together with its application for approval.
II. - The Committee on Credit Institutions and Investment Enterprises shall transmit to the competent authorities of the State concerned the notification of free service provided for in the first paragraph of the I within one month of its receipt. However, this period is suspended when additional information has been requested from the provider until such information is received.
When an investment service provider wishes to exercise the service of account keeping in free service delivery in a State of the European Community or a State Party to the agreement on the European Economic Area, it must, without prejudice to the conditions required by the competent authority of the host State, have been previously approved to exercise this service in France.
Any proposed amendments with respect to the elements notified pursuant to the provisions of the first paragraph of Article R. 532-26 shall be communicated to the Committee of Credit Institutions and Investment Companies and to the authorities of the Member States of welcome before this amendment takes place. The Committee on Credit Institutions and Investment Companies informs the Autorité des marchés financiers within five working days.
I. - Any portfolio management company that, having its head office in the territory of Metropolitan France and the communities governed by Article 73 of the Constitution, wishes for the first time to provide investment services in the free provision of services in another Member State of the European Community or another State Party to the agreement on the European Economic Area must notify the Autorité des marchés financiers by indicating the name of the State concerned and
The Portfolio Management Corporation shall, at the request of the Autorité des marchés financiers, provide any information on the terms and conditions for the exercise of its services-free activities.
The notification of free service delivery referred to in the first paragraph may be sent by the relevant portfolio management company to the Autorité des marchés financiers at the same time as its application for approval.
II. - The Autorité des marchés financiers shall transmit to the State concerned the declaration of free performance provided for in this article within one month of its receipt. However, this period is suspended when additional information has been requested from the provider until such information is received.
Any change in respect of the elements notified pursuant to the provisions of the first paragraph of Article R. 532-28 is communicated beforehand to the Autorité des marchés financiers and to the authorities of the Member State of the European Community or to the agreement on the European Economic Area which is concerned.
Investment companies are required to close their social exercise as of December 31. However, the Banking Commission may authorize investment companies to derogate from this rule for the year in which they received their approval.
Except as otherwise granted by the Banking Commission, investment companies must submit their annual accounts to the appropriate body before 31 May to approve these accounts.
The provisions of sections R. 533-1, R. 613-2, R. 613-4 to R. 613-6 and R. 613-9 to R. 613-23 also apply to persons referred to in section L. 421-8 and section L. 442-2 authorized to be, by derogation, a member of a regulated market of financial instruments, with the exception of natural persons authorized to join a regulated market exclusively to negotiate their own account.
The Banking Commission may authorize the persons referred to in the preceding paragraph as well as investment companies whose activity deals exclusively with the financial instruments referred to in 4° of II of Article L. 211-1 to close their social exercise at a different date of December 31 when their activity justifies it. Recipients of this exemption must submit their annual accounts to the appropriate body to approve them no later than five months after the year's closing date.
For the performance of their mission in the investment companies, the auditors referred to in Article L. 511-38 shall be designated by the body of those institutions competent to approve the accounts.
They are designated for six exercises. Their functions expire after the competent authority to approve the accounts has settled on the accounts of the sixth fiscal year. Their mandate is renewable.
Any investment company under the control of the Banking Commission shall notify the Banking Commission of the name of the auditors it proposes to designate.
When the proposed auditor is a corporation of auditors incorporated in accordance with the terms and conditions of section L. 822-9 of the Commercial Code and listed in section L. 822-1 of the same Code, the investment company shall specify the name of the associate auditor, shareholder or officer, responsible for the mission on behalf of that corporation. It informs the Banking Commission of any further changes to this situation.
If the Banking Commission considers it necessary, it may request additional information by registered letter with a request for a notice of receipt addressed either to the concerned company or to the proposed External Auditor. In the latter case, she informs the credit institution. It sets in its request for additional information a response period, which cannot be less than one month.
The Banking Commission may also collect from the Financial Markets Authority pursuant to section L. 631-1 information relating to the proposed External Auditor or, where appropriate, the person responsible for the mission.
The Banking Commission has a period of two months to notify the investment company of its opinion on the proposal to appoint the auditor. In the absence of a response from the Banking Commission within the time limit, its notice is deemed favourable.
When the Banking Commission uses the additional information provided in the third paragraph of Article D. 533-4, the two-month period provided for above shall be suspended until additional information is received.
The Banking Commission may not issue an unfavourable or with reservations without placing the proposed External Auditor in a position to make his written submissions known. The unfavourable or with reservations is motivated. In particular, it may be based on the fact that the proposed External Auditor does not present all the necessary guarantees of experience, competence or independence for the performance of his or her functions, taking into account the person responsible for the mission or nature and the characteristics of the activity of the investment company concerned.
It is notified by registered letter with a request for notice of receipt to the relevant investment company and the proposed auditor. A copy of this notification is sent to the regional company that is a member of the External Auditor.
The directors of the investment company shall communicate the opinion of the Banking Commission to the competent body to designate the auditors.
The provisions of articles D. 533-3, D. 533-4 and D. 533-5 apply to the designation and renewal of the incumbent auditors and alternate auditors.
When the Banking Commission intends to conduct, pursuant to the first paragraph of section L. 511-38, the appointment of an additional auditor in an investment undertaking, it shall notify the executives and auditors of the appointment by registered letter with a request for notice of receipt. The Banking Commission shall continue to provide the executives and auditors with written comments, within a period not less than one month, before deciding on the appointment of an additional auditor.
When an application for recusal pursuant to section L. 225-230 of the Commercial Code applies to an auditor of an investment company subject to the control of the Banking Commission, the court shall rule in the form of references after consultation with the Governor of the Bank of France, Chairman of the Banking Commission.
Staff of an investment company, when they have been given the authority to sign on behalf of the investment company, may not occupy another job or perform work that is paid outside of the business without having previously informed the company management.
This provision does not apply to the production of scientific, literary or artistic works.
When they have received the authority to sign on behalf of an investment company, the staff of that investment company may not, unless authorized by the general management, perform administrative, managerial or managerial functions, or in a credit institution, or in another investment company, or in a business corporation governed by Book II of the Commercial Code.
The list established in Article L. 541-5 and held by each of the registered associations, in accordance with Article L. 541-4, includes the information provided for in Article D. 541-2 relating to advisors in financial investments, natural persons and legal persons.
The information on the list of financial investment advisors for each association is as follows:
1° The registration number of the Financial Investment Advisor and the attribution date of this number;
2° Names, names, date of birth, place of birth and professional address of the financial investment advisor, natural person;
3° When the financial investment advisory activity is exercised by a legal entity;
(a) The name, address and, if applicable, number SIREN of this legal person;
(b) The names, names, date of birth, place of birth and personal address of natural persons who have the power to manage or administer this legal person;
(c) The names, names, date and place of birth of natural persons employed by this legal entity to carry out advisory activities in financial investments.
4° The nature of the transactions, as defined in 1 to 4° of section L. 541-1, under which the financial investment advisor carries out his advisory activity.
The information referred to in section D. 541-2 is made available to the public, with the exception of the date and place of birth of the financial investment advisor, the natural person, the date of birth, the place of birth and the personal addresses of the leaders and persons who have the power to manage or administer the legal person referred to in section D. 541-2, and the date and place of birth of the persons employed by the latter.
The changes to the information referred to in Article D. 541-2 shall be communicated by each financial investment advisor to the association to which he/she reports by registered letter with notice of receipt. The association shall update the list it is responsible for holding within five days from the date of receipt of the letter.
In the event of the termination of the activity of a financial investment advisor, for any reason, the association concerned shall, within the same period, proceed to its delisting.
Information modified or deleted in accordance with the terms and conditions set out in the preceding two paragraphs shall be retained for a period of ten years.
Pursuant to the third paragraph of Article 38 of Act No. 78-17 of 6 January 1978 on computer science, files and freedoms, the right of opposition is not applicable to the list provided for in Article D. 541-1.
The rights of access and rectification, as set out in sections 39 and 40 of the Act of 6 January 1978 referred to in Article D. 541-5, shall be exercised with the associations approved in accordance with Article L. 541-4.
The establishment, by each association, of the list of financial investment advisors will take place during the month following the notification of approval by the Autorité des marchés financiers.
For the purposes of section L. 541-2, financial investment advisors, natural persons, and natural persons who have the power to manage or administer legal persons authorized as financial investment advisors must meet the following conditions:
1° Have the legal majority;
2° Not to be the object:
(a) A prohibition on the temporary or final exercise of an activity or service pursuant to the provisions of Article L. 621-15 or a sanction imposed by the Commission on Exchange Operations, the Financial Markets Council or the Financial Management Discipline Council by 24 November 2003;
(b) Sanctions provided for in 4 and 5 of Article L. 613-21 of this Code or 3° to 5° of Article L. 310-18 of the Insurance Code.
The minimum level of guarantee of the professional liability insurance contract provided for in Article L. 541-3 is as follows:
1° 150,000 euros per claim and 150,000 euros per year of insurance for natural persons and legal persons employing less than two employees engaged in a financial investment advisory activity in accordance with the provisions of Article L. 541-1;
2° 300,000 euros per claim and 600,000 euros per year of insurance for legal persons employing two employees at least carrying out a financial investment advisory activity in accordance with the provisions of Article L. 541-1.
The amounts referred to above do not apply to financial investment advisors carrying out advisory activities exclusively on the services referred to in 4 of section L. 321-2.
In order to obtain the Conservative Account Enabling referred to in Article L. 542-1, the applicants apply to the Credit Institutions and Investment Business Committee.
Application for empowerment and subsequent amendments are subject to the conditions and procedures set out in sections L. 532-1 to L. 532-5 and R. 532-1 to R. 532-9.
This chapter does not include regulatory provisions.
This chapter does not include regulatory provisions.
The information document that must be deposited by any intermediary in miscellaneous property prior to any public appeal for savings or demarcation to propose the acquisition of rights or property under the conditions set out in section L. 550-3 shall contain all indications relevant to the information of the savers.
It describes the nature and purpose of the proposed operation. He gives the identity of his initiator and the people who will be responsible for the management of property.
It indicates the amount of expenses of any nature that will be borne directly or indirectly by the savers. It specifies the modalities for resale of acquired rights and property.
For the purposes of section L. 550-4, the manager must submit accounts by distinguishing according to the nature, class or mode of asset management. These documents are sent, with the comments of the auditors, to the rights holders.
The auditor referred to in section L. 550-2 shall be appointed by order on request of the president of the commercial court of the place of the manager's domicile or head office, after notice of the Autorité des marchés financiers. This court is competent to report to the auditors on their duties in the cases provided for in Article L. 550-5.
For the performance of his mission, the External Auditor is subject to the provisions of Decree No. 69-810 of 12 August 1969 concerning the organization and professional status of corporate auditors.
This chapter does not include regulatory provisions.
Any financial organization or person referred to in section L. 562-1 shall communicate to the service provided for in section L. 562-4 and to the supervisory authority the identity of its officers and agents normally authorized to make the declaration referred to in section L. 562-2.
Any officer or officer of a financial organization, even if it is not normally authorized by application of the provisions of the preceding paragraph, may take the initiative to declare himself at the service, in exceptional cases and, in particular, because of the urgency, an operation appearing to him to be referred to in section L. 562-2. It shall report as soon as possible to one of the persons normally authorized.
When the statement relates to an operation that has not yet been executed, it is accompanied by the indication of its delivery time.
Any financial body or person referred to in section L. 562-1 shall communicate to the service referred to in section L. 562-4 and to the supervisory authority the identity of its officers or officers responsible for responding to any request, including that referred to in section R. 563-2, from the service or control authority, to receive the accused of receiving statements made by the agency under the provisions of section 62-2
The service established by Article L. 562-4 is known as the coordination unit responsible for the processing of intelligence and action against clandestine financial circuits (TRACFIN).
The mission of the TRACFIN Unit is in the areas of competence of the Minister responsible for the economy and the Minister responsible for the budget, and taking into account the powers conferred on officials of these departments by the laws in force:
1° To collect, process and disseminate information on clandestine financial circuits and money laundering;
2° To conduct and coordinate, as appropriate, at the national and international levels, the investigative capacity of the administrations or services of the Minister responsible for the economy and the Minister responsible for the budget, as well as the organizations attached to it for the purposes of the search for customs or tax offences related to clandestine financial circuits and money laundering;
3° To work with relevant national and international departments, agencies and agencies in the study of the measures to be implemented to prevent clandestine financial circuits and money laundering;
4° To ensure, as appropriate, the common representation, at the national or international level, of the services or organizations mentioned in the 2nd of this article.
The TRACFIN cell includes:
1° An orientation committee;
2° An operational division;
3° A general secretariat.
The orientation committee has a mission in the area of intelligence and the fight against clandestine financial circuits and money laundering:
1° To determine, under the authority of the Minister responsible for the economy and the Minister responsible for the budget, the general guidelines to be implemented by the TRACFIN cell;
2° To propose to the Minister responsible for the economy and the Minister responsible for the budget any necessary legislative, regulatory or administrative reform;
3° Define the necessary professional training activities.
The guidance committee may also be consulted by the Minister responsible for the economy and the Minister responsible for the budget on any general or specific issues related to the fight against clandestine financial circuits and money laundering.
The orientation committee is composed of the Chief of the General Finance Inspection Service, the Chief Executives of the Treasury and Economic Policy, Taxes and Customs and Indirect Rights, the Senior Defence Officer to the Minister responsible for the economy or their representatives, and, as appropriate, representatives of other government departments, services or inspections to the Minister responsible for the economy concerned, and officials selected for their appropriate authority, as designated by the Minister responsible for the economy
The operational division is responsible for:
1° To establish the practical modalities of the collection, processing and dissemination of information in the fight against clandestine financial circuits and money-laundering;
2° To ensure, on an ad hoc basis, the coordination of the means of action of the investigative or inspection services referred to above;
3° To analyze the results of the actions undertaken.
The operational division is composed of officials of the investigative or inspection services of the Minister responsible for the economy, appointed by himself and by the Minister responsible for the budget.
The General Secretariat is responsible for:
1° To prepare the decisions of the steering committee and ensure its implementation;
2° To lead the operational division;
3° To manage the operation of the TRACFIN cell.
The General Secretariat is provided by the General Directorate of Customs and Indirect Rights, which is empowered in this capacity to relate and correspond directly, on behalf of the Ministers responsible for the economy and responsible for the budget, with other French and foreign central services carrying out similar missions.
The Secretary General is jointly appointed by the Minister responsible for the economy and by the Minister responsible for the budget.
Investigation and inspection services of the Minister responsible for the economy and the Minister responsible for the budget are involved in the exercise of the TRACFIN mission as part of their investigative powers under the legislation in force.
In accordance with the regulations in force, the Ministers responsible for the economy and the budget shall issue to officials who work under the authority or within the framework of the TRACFIN cell the necessary authorizations for the protection of secrets under national defence.
The head of the TRACFIN cell is appointed by decision of the ministers responsible for the economy and responsible for the budget.
Only public officials of the State who have received a prior authorization from the ministers responsible for the economy can be assigned to this cell.
The Minister of the Interior designates, among the officers assigned to the department responsible for the suppression of large financial crime, the judicial police officers referred to in section L. 563-5.
The services referred to in the first and third paragraphs shall be communicated to each other the updated list of officers who have received the authorization provided for in Article L. 562-4 or who have been designated in accordance with the provisions of the second paragraph of Article L. 563-5. These lists and updates are also provided for information to the Minister of Justice.
The purpose of the Anti-Laundering of Proceeds of Crimes and Crimes Committee established by Article L. 562-10 is to:
1° To ensure a better mutual information of the professions mentioned in Article L. 562-1 and the State and control authorities concerned, on the whole matter covered in this title, in order to improve the participation of these professions in the fight against money laundering;
2° To make proposals on improvements to the national anti-laundering system.
The liaison committee is co-chaired by the secretary general of the TRACFIN cell and the director of criminal affairs and pardons of the Ministry of Justice. The Treasury and Economic Policy Branch provides the secretariat.
The liaison committee is composed of the two co-chairs and 28 permanent members, appointed for three years, including:
1° Under the professions referred to in Article L. 562-1:
(a) Five representatives of credit institutions;
(b) A representative of the Bank of France;
(c) A representative of La Poste;
(d) Two representatives of insurance companies;
(e) A representative of the mutuals governed by the code of mutuality;
(f) A representative of investment companies;
(g) A representative of the manual exchanger profession;
(h) A representative of the insurance broker profession;
(i) A representative of the High Council of the Notariat;
(j) A representative of the real estate agent profession;
(k) A representative of casinos;
(l) Two representatives of the professions referred to in Article L. 562-1;
2° Under the supervisory authorities:
(a) The Secretary General of the Banking Commission or his representative;
(b) The Secretary General of the Insurance, Mutual and Provident Institutions Supervisory Board or his representative;
(c) The Director General of the Autorité des marchés financiers or its representative;
(d) The Chief of the General Financial Inspection Service or his representative;
3° Under State services:
(a) Two representatives of ministers responsible for the economy and responsible for the budget;
(b) Two representatives of the Minister of Justice;
(c) Two representatives of the Minister of Interior.
The committee may join, as appropriate, representatives of the departments, departments or services concerned on a timely basis.
The liaison committee meets at least twice a year on the convocation of its co-chairs, which set the agenda. They may, for that reason, seek the advice of other members. They may ask them to hold an extraordinary meeting on an important and urgent issue.
Before opening an account, the financial organization referred to in Article L. 562-1 shall ensure the identity of its partner, by the presentation, in the case of a natural person, of an official document bearing the photograph of the person. The financial organization retains references or copies of this document.
For legal persons, the financial organization requests the presentation of the original or the certified shipment or copy of any act or official record extract that determines the name, legal form and head office, as well as the powers of persons acting on behalf of the legal person. It retains references or copies.
The financial organization shall ensure in the same conditions that the identity of any occasional client who asks them to do any transaction relating to a sum greater than 8,000 euros, or to rent a safe.
When it appears to the financial organization that the person who requests the opening of an account or the carrying out of an operation may not act on his or her own behalf, except in cases where the person is itself a financial organization, he or she informs himself of the true identity of the person(s) for whom the account would be opened or the transaction carried out. In this regard, the Committee requests the submission of any document or supporting document that it considers necessary.
Where transactions carried out by a customer are not usually greater than 150,000 euros, the amount provided for in Article L. 563-3 is set to that amount.
The financial organization shall take the necessary organizational measures to be able to communicate as soon as possible to the TRACFIN cell or the supervisory authority, upon request, the written documents referred to in the second paragraph of Article L. 563-3.
The financial institutions shall adopt internal written rules defining procedures for implementing the provisions relating to anti-money-laundering obligations set out in sections L. 561-1 to L. 564-3, R. 562-1, R. 562-2, R. 563-1, R. 563-2 and R. 564-1.
They provide information and training for all relevant staff members.
The professional or administrative regulations made for the purposes of the provisions relating to the obligations relating to the control of money-laundering set out in sections L. 561-1 to L. 564-3, R. 562-1, R. 562-2, R. 563-3, R. 562-11, R. 563-1, R. 563-2, D. 564-2, R. 725-1, R. 735-4, R. 745-4, R., R.
The Minister responsible for the economy sets out these regulations for interbank market agents and organizations referred to in section L. 518-1.
Control of the general financial inspection of La Poste's financial services under section L. 564-3 is exercised in conjunction with the general inspection of the positions and telecommunications.
For the purposes of the first paragraph of Article L. 564-1, casinos must record the names and addresses of players who give or receive payment in exchange for chips or plates, as well as the reference of the document probating identity produced, as long as the amounts in question exceed 1000 euros per session.
The register must be kept for ten years.
The provisions of the second paragraph of Article L. 564-1 apply from an amount of 5,000 euros. This amount is valued by reference to the gain produced for each type of game, by game taking, or for each type of bet, per bet unit.
This subsection does not include regulatory provisions.
This subsection does not include regulatory provisions.
This subsection does not include regulatory provisions.
This section does not include regulatory provisions.
The fact, for the directors of a mutual bail company, that they do not make the declarations and the deposit of documents prescribed by articles L. 515-8 and L. 515-10 or make a false declaration is punishable by a fine of 3,750 euros.
This section does not include regulatory provisions.
This section does not include regulatory provisions.
This chapter does not include regulatory provisions.
This chapter does not include regulatory provisions.
This chapter does not include regulatory provisions.
The Minister responsible for the economy may extend to the financial services of La Poste, the Caisse des dépôts et consignations and Treasury Accountants the provisions relating to the conditions of the bank transactions carried out by the credit institutions taken under this chapter.
However, the provisions mentioned in the preceding paragraph may not be made applicable either to consignations or to the scheme of funds whose legislative or regulatory provisions specific to these funds entrust the management to the Fund of deposits and consignations because of the status of that institution.
The Minister responsible for the economy may extend to the financial services of La Poste, the Caisse des dépôts et consignations and Treasury Accountants the provisions relating to the organization of common services to credit institutions under this chapter.
The Minister responsible for the economy may extend to La Poste's financial services and Treasury accountants the accounting provisions made under this chapter. However, this extension cannot go beyond the establishment of correspondence tables to provide on bank transactions that they perform accounting information identical to those of credit institutions.
The Minister responsible for the economy may extend the accounting provisions made under this chapter to the Caisse.
For the purposes of Article L. 612-2, the Committee on Credit Institutions and Investment Enterprises shall determine each year as of 31 December the list of credit institutions and, after communication by the Autorité des marchés financiers of the approvals it has issued, the list of investment service providers operating in France and authorized to provide investment services and the list of establishments serving as accounts.
When the Committee on Credit Institutions and Investment Business decides by way of written consultation pursuant to the second paragraph of Article L. 612-4, its Chair shall, within a time limit fixed by the Committee, collect, but not less than two working days, the votes of the members of the Committee on a proposal for a decision.
For its results to be taken into account, the consultation must have collected at least half of the votes of the members of the committee within the time limit set by the chair.
The Chair shall inform, as soon as possible, the members of the committee of the decision resulting from the consultation. However, if a member makes the written request within the time limit set out in the first paragraph, the Chairperson shall terminate the written consultation procedure and convene a committee meeting.
Decisions made through written consultation are annexed to the minutes of the next meeting. Mention is made of the names of the members who voted and members who did not participate in the consultation.
The members of the Committee on Credit Institutions and Investment Enterprises report annually to the Minister for the Economy and to the Financial Sector Advisory Committee. This report is made public.
The competent jurisdiction to hear decisions of the Committee on Credit Institutions and Investment Companies is the State Council.
The General Secretariat of the Banking Commission is placed under the authority of a Secretary General appointed by order of the Minister responsible for the economy, on the proposal of the Governor of the Bank of France, Chairman of the Banking Commission.
When a decision of the Banking Commission is made pursuant to sections L. 613-18, L. 613-21, L. 613-22 and L. 613-32 or sections L. 520-2 and L. 520-3, the Banking Commission may order any advertising that it considers necessary.
The agreements concluded by the Banking Commission under Article L. 613-13 with authorities responsible for a mission similar to that entrusted to the Banking Commission in France are published in the Official Gazette.
When the Banking Commission determines the commencement of disciplinary proceedings, it shall bring to the attention of the credit institution or the investment company, by registered letter with a request for a notice of receipt addressed to the legal representative of the institution or company or by any other means to ensure receipt by that representative, the facts that would be likely to constitute offences. It also informs the representative of the institution or company that he or she may, at the general secretariat of the commission, take note of the documents relating to facts that may constitute offences.
When the establishment is affiliated with a central body, the Banking Commission shall inform the latter of the opening of this procedure.
The representative of the credit or investment company must send his comments to the Chairman of the Banking Commission within a time limit set out in the letter referred to in R. 613-4. This period cannot be less than eight days.
The representative of the establishment or business shall be convened, as provided for in section R. 613-4, to be heard by the Banking Commission. The summons must be sent to the Commission at least eight days before the date of the meeting.
He may be assisted by a lawyer and a representative of the central body to which the institution or company is affiliated or of the professional association to which he adheres.
When the Banking Commission decides under section L. 613-21, the hearing shall be public at the request of the persons concerned. However, the chair of the board may prohibit the public from accessing the room for all or part of the hearing in the interest of public order or where the advertisement is likely to infringe on the secret of business or any other secret protected by law.
When the Banking Commission decides to seize certain facts that may result in the application of the penalties set out in section L. 520-3 against a manual changer, the procedures set out in the first paragraph of section R. 613-4, the first two paragraphs of section R. 613-5 and section R. 613-6 are applicable.
The manual changer can be assisted by a lawyer.
Where the Banking Commission decides to seize certain facts that may result in the application of the penalties set out in section L. 613-32, the procedures set out in the first paragraph of section R. 613-4 and the first two paragraphs of section R. 613-5 are applicable.
The financial company can be assisted by a lawyer.
The decisions of the Banking Commission are notified to the person concerned.
When the person is a credit institution and the decision is made pursuant to sections 5 or 6 of this chapter, the decision of the Banking Commission shall be notified to the Committee on Credit Institutions and Investment Businesses, to the professional body to which that institution adheres or to the central body to which it is affiliated. When this person is an investment service provider, the Banking Commission also informs the Autorité des marchés financiers.
When the Banking Commission considers that it is necessary to designate a provisional administrator or liquidator pursuant to sections L. 613-18, L. 613-19 or L. 613-22 respectively, it shall be notified of the credit institution or the undertaking concerned, by a registered letter with a request for a notice of receipt addressed to its legal representative or by any other means to ensure its receipt by the said representative, the reasons for which it intends to proceed. The representative of the establishment or business shall be convened, as provided for in section R. 613-4, to be heard by the Banking Commission.
When the establishment is affiliated with a central body, the Banking Commission shall inform the latter of the opening of this procedure.
The representative of the credit institution or investment company must send his comments to the Chairman of the Banking Commission within a time limit set out in the letter referred to in R. 613-10. This period cannot be less than three days.
The representative of the establishment or business shall be convened, as provided for in section R. 613-4, to be heard by the Banking Commission. The summons must be sent to the Commission at least three days before the date of the meeting.
He may be assisted by a lawyer and a representative of the central body to which the institution is affiliated or of the professional association to which the credit institution or company adheres.
When the Commission has issued the measures set out in sections L. 613-18 and L. 613-22 without conflicting procedure, in accordance with section L. 613-23, the Banking Commission shall immediately notify the credit institution or the company concerned and shall, at the time of a three-month period, notify the Banking Commission of its decision to lift or confirm these measures by following the procedure set out in sections R. 613-10 and R. 613-11.
The deadlines for these articles are in this case extended to eight days.
The interim measure ceases to produce its effects if it has not been confirmed within three months.
The appointment decisions of a provisional administrator or liquidator specify the expected duration of the assignments as well as the conditions of the monthly remuneration, which include the nature and volume of the activity as well as the situation of the credit institution or the company concerned.
The provisional directors shall be appointed for a one-year renewable mission for the same period, if the circumstances warrant, by a decision of the Banking Commission made by a majority of the members composing the latter.
Liquidators are appointed for a mission of not more than three years renewable, if the circumstances warrant, by a decision of the Banking Commission made by a majority of the members composing it.
Before a decision is taken on the commencement of a judicial reorganization or liquidation procedure in respect of a credit institution, an investment company or a member of a compensation board, the President of the Court shall refer the Banking Commission to an application for notice. The clerk shall forward this request without delay. He informs the prosecutor of the Republic.
The referral of the Banking Commission is written. It is accompanied by the necessary documents for its information. This referral is, at the due diligence of the Banking Commission, promptly brought to the attention of the Chairman of the Deposit Guarantee Fund when the person concerned is a member of the fund.
The Banking Commission shall render its notice within a period of twenty-one free days from receipt of the notice request. In the event of an emergency, the time limit may be shortened by the president of the court, but may not be less than five working days. In the absence of a response from the Banking Commission within the time limit, its notice is deemed to be favourable to the commencement of the proceedings.
The opinion of the Banking Commission is written. It specifies whether the person participates in a system and, in this case, recalls the provisions of the third paragraph of Article L. 330-1. It is transmitted by any means to the clerk, who gives it to the president of the court and to the prosecutor of the Republic. The notice is placed on file.
When the court decides on the commencement of a judicial recovery or liquidation proceeding against one of the persons referred to in R. 613-14, the clerk shall forward this information, in writing and without delay, to the Banking Commission.
The legal representative of a credit institution or an investment company that plans to file an application for an amicable settlement procedure must, by registered letter with acknowledgement of receipt or letter against receipt, file a request to the Banking Commission for notice before the court's referral. This request contains the necessary documents for the information of the Banking Commission. The request for an opinion is, at the due diligence of the Banking Commission, brought promptly to the attention of the Chairman of the Guarantee Fund.
The Banking Commission renders its notice within one month of receipt of the notice request. In the absence of a response from the Banking Commission within the time limit, its notice is deemed to be favourable to the commencement of the proceedings.
The opinion of the Banking Commission is written and transmitted by any means to the applicant. The latter shall attach this notice, or failing to receive it from its application, to its request in accordance with the terms set out in the second and third paragraphs of Article 36 of Decree No. 85-295 of 1 March 1985, adopted for the application of Act No. 84-148 of 1 March 1984 on the prevention and amicable settlement of business difficulties.
When the chair of the court makes an order providing for the provisional suspension of proceedings against one of the persons referred to in R. 613-16, the clerk shall forward this information, in writing and without delay, to the Banking Commission.
I. - The Banking Commission shall:
1° When notified in R. 613-15 and R. 613-17;
2° When a member of a system is removed under section L. 312-5, section L. 322-2, section L. 313-50 and section L. 613-21;
3° When informed by an authority of a Member State or a competent third country for the supervision of a credit institution or an investment company of the opening of a proceeding that has an effect comparable to that of the procedures referred to in this paragraph for a participant in a system,
inform, without delay and by any means, the manager of the systems to which the person concerned participates and the Bank of France, as well as, in the case of a system of regulation and delivery of financial instruments, the Autorité des marchés financiers.
II. - The Banking Commission shall inform, under the same conditions, the authorities designated for this purpose by the Member States of the European Community of the measures mentioned in the 1st and 2nd of the I taken against a credit institution, an investment company or a member of a compensation board that participates in a system of interbank regulation or regulation and delivery of financial instruments, which has established a branch in another branch of the Banking Council.
In the event of the commencement of a judicial recovery or liquidation procedure in respect of a credit institution or an investment undertaking, the deposit guarantee fund referred to in Article L. 312-4, if it intervenes, shall inform each depositor of the amount of the receivables excluded from the scope of its intervention in the same time as it indicates the amount and nature of the receivables covered by the guarantee mechanism
It also indicates that the amount of claims in whole or in part in its scope of action, including the party exceeding the compensation limit for the applicable guarantee mechanism, does not have to be reported to the creditor representative. The fund specifies to the applicant, with respect to the receivables totally excluded from the scope of its intervention, the terms and conditions of declaration provided for in Article L. 621-43 of the Commercial Code and Decree No. 85-1388 of 27 December 1985 relating to the judicial recovery and liquidation of the business as well as Articles R. 613-21 and R. 613-22.
The guarantee fund shall inform the representative of the creditors or the judicial liquidator of any extensions of the deadlines granted by the Banking Commission for the compensation of the depositors.
Based on the documents and information provided by the debtor, the depositors, the guarantee fund, the directors designated by the Banking Commission and the court, as well as by the liquidator appointed by the Banking Commission, the representative of the creditors or the judicial liquidator, checks the claims referred to in the first paragraph of Article L. 613-30.
The statements of these claims are prepared by the creditor representative or the judicial liquidator no later than nine months after the opening judgment is pronounced. They mention the identity of each of the applicants, the number, nature and amount of the deposits by specifying the amount not covered by the deposit or securities guarantee mechanisms. The records are, at the diligence of the representative of creditors or the judicial liquidator, handed over to the guarantee fund after being mentioned by the Commissioner and deposited in the Registry of the Commercial Court.
The receivables referred to in R. 613-20 are, at the diligence of the representative of the creditors or the judicial liquidator, the publication, the Official Bulletin of Civil and Commercial Adverts and a newspaper authorized to receive legal announcements in the department of the debtor's seat, of a notice indicating that the records of these receivables are filed at the office of the commercial court. This notice is signed by the creditor representative or the judicial liquidator and dated the day of the publication in the above-mentioned Official Bulletin. This is the time limit set out in the third paragraph of section L. 613-30.
At the same time, the representative of creditors or the judicial liquidator shall, by any means, inform each applicant and the guarantee fund of the nature and amount of their claims by specifying those that have been admitted or rejected and shall indicate the date of the deposit to the registry of the statement concerning them. The Committee reminds the Committee that the time limit set out in the third paragraph of section L. 613-30 is short from the publication mentioned in the previous paragraph.
Depositors may be relieved of their forclusion under the conditions set out in Article L. 621-46 of the Commercial Code and within one year of the advertising measure provided for in the first paragraph.
The deposit guarantee fund, the administrators designated by the Banking Commission and the court, as well as the liquidator appointed by the Banking Commission, shall provide the representative of the creditors or the judicial liquidator with all relevant information on the ongoing claims or proceedings.
Claims that are not referred to in section R. 613-20 may, by derogation from the provisions of section 66 of Decree No. 85-1388 of 27 December 1985 referred to above, be declared until the expiry of a two-month period from the advertising measure provided for in section R. 613-21.
These claims are then the subject, at the diligence of the representative of creditors or the judicial liquidator, of a publication of a notice in the Official Bulletin of Civil and Commercial Adverts and in a newspaper entitled to receive legal announcements in the department of the office of the debtor. This notice indicates that the records of these claims are filed at the Registry of the Commercial Court. It is signed by the representative of the creditors or the judicial liquidator and dated the day of the publication in the aforementioned Official Bulletin. This is the time limit set out in the third paragraph of section L. 613-30.
Creditors whose debt has not been declared may be relieved of their forclusion under the conditions set out in Article L. 621-46 of the Commercial Code and within one year of the advertising measure provided for in the preceding paragraph.
By derogation from the provisions of Decree No. 85-1390 of 27 December 1985 setting the tariff of judicial administrators in commercial matters and judicial agents in the liquidation of enterprises, the remuneration of the judicial administrator, the representative of creditors and the judicial liquidator of a credit institution or an investment company is, in the light of a statement of costs and on justifications, arrested by the president of the court, after notice of the judge and the prosecutor of the court.
I. - When the competent court or the Banking Commission decides to take a remediation or liquidation measure in respect of a credit institution having one or more branches in another Member State within the meaning of Article L. 613-31-1, the Banking Commission shall promptly inform the competent authority for the supervision of credit institutions of each Member State concerned.
When the competent court or the Banking Commission decides to take a remediation or liquidation measure in respect of a branch in France of a credit institution having its seat outside the European Economic Area, the Banking Commission shall forthwith inform the competent authority for the supervision of the credit institutions of each Member State in which that institution has a branch.
This information specifies the effects that this decision can take.
II. - The administrator or liquidator, designated as part of an open procedure with respect to an establishment branch located outside the European Economic Area, shall endeavour to coordinate its actions with its designated counterparts, if any, in other Member States where the establishment has established branches.
III. - Where the competent court or the Banking Commission considers it necessary to implement a remediation measure in respect of a branch in France of a credit institution having its seat in another Member State, the Banking Commission shall promptly inform the competent authority for the supervision of the credit institutions of that other Member State.
IV. - Information on remediation measures taken by the competent authorities of a Member State hosting a branch of a credit institution with its headquarters in France is communicated to the Banking Commission.
I. - The administrator or liquidator, designated as part of an open procedure for a credit institution with its headquarters in France, shall issue the publication as soon as possible in the Official Journal of the European Union and in two national newspapers of each Member State in which the establishment has a branch of an extract of the following measures:
1° The measures referred to in 3 of Article L. 613-21;
2° The judgment opening amicable settlement or a judicial remedy;
3° The judgment stopping a plan of continuation or assignment;
4° Judgment opening or pronouncing judicial liquidation;
5° The assignment of one or more production units on the basis of Article L. 622-17 of the Commercial Code.
The extract referred to in the first paragraph must mention, in the official language or languages of the Member States concerned, including the purpose and legal basis of the measure adopted, the deadlines for appeal and the expiration date of the measure and the address of the competent court to hear an appeal.
II. - With regard to the decisions referred to in 4° and 5° of I, the extract must further state that any creditor may take note of the liquidation report to the Registry of the competent court, in accordance with Article 123 of Decree No. 85-1388 of 27 December 1985 on the judicial recovery and liquidation of the enterprises.
I. - Pursuant to Article 66 of Decree No. 85-1388 of 27 December 1985 referred to in Article R. 613-25, the representative of the creditors advised the creditors known to have to declare their claims to him. This warning is entitled: "Invitation to produce a debt. Time to respect." This title is written in all official languages of the European Union.
The representative of creditors also sends to known creditors a form entitled "Producing debt". This title is also written in all official languages of the European Union.
The known creditor may complete the form referred to in the preceding paragraph using either of the official languages of the Member State in which he has his domicile, habitual residence or statutory seat.
II. - For the purposes of Article 72 of the Decree of 27 December 1985 referred to in Article II of R. 613-25, the representative of the creditors shall notify the creditor of the possibility of making comments regarding his debt. This notice is entitled: "Invitation to make representations on a receivable. Time to respect." This title is written in all official languages of the European Union.
The representative of the creditors attached to this notice a form entitled "Presentation of observations on claims". This title is written in all official languages of the European Union.
The creditor may complete the form referred to in the preceding paragraph using either of the official languages of the Member State in which he or she has his or her domicile, habitual residence or statutory seat.
III. - In all cases, the creditor representative may require a creditor to have a translation into the French language of the production of the receivable and the related observations.
In the event of the implementation of a remediation or opening of a liquidation procedure of a credit institution, proof of the appointment of a director or liquidator by the Member State in the territory of which the seat of that establishment is located is established by the presentation of a certified copy conforming to the original of the act which appoints it or any other certificate issued by the competent authorities of that State.
In order to be able to act on French territory, the administrator or liquidator designated in a Member State other than France must also produce the translation into French of the certified copy of the certificate issued by the competent authorities of his country.
I. - The Financial Sector Advisory Committee shall consist of thirty members and their alternates appointed by order of the Minister responsible for the economy:
1° A member appointed by the President of the National Assembly;
2° A senator, appointed by the Speaker of the Senate;
3° Ten representatives of credit institutions, investment companies, insurance companies, general agents and insurance brokers, including:
(a) Four representatives of credit institutions;
(b) A representative of investment companies;
(c) Three representatives of insurance companies;
(d) A representative of the General Service;
(e) A representative of insurance brokers;
4° Five representatives of credit institutions, insurance companies and investment companies, designated after consultation with representative trade union organizations at the national level;
5° Ten representatives of credit institutions, insurance companies and investment companies, including:
(a) Six representatives of individual clients;
(b) Four representatives of the clients of professionals and companies;
6° Three personalities appointed because of their competence.
The Chair of the Financial Sector Advisory Committee is appointed to the 6th by order of the Minister responsible for the economy. It has a general secretariat to assist it in the performance of its functions.
Representatives of the State and, at the request of the President, any other public authority, including the Bank of France, may participate in the meetings of the committee. They don't take part in the vote.
II. - As part of its responsibilities, the committee may, by an absolute majority of its members, charge some of its members to consider specific issues and, to that end, establish working or studying groups. The committee may, on the proposal of its chair, hear any expert.
III. - The committee meets on the convocation of its president. It can only deliberate on matters on the agenda annexed to the convocation. In the event of equal sharing of votes, the president's voice is preponderant.
I. - The Financial Legislation and Regulation Advisory Committee is chaired by the Minister for the Economy or his representative. The committee comprises fourteen other members:
1° A member appointed by the President of the National Assembly;
2° A senator, appointed by the Speaker of the Senate;
3° A member of the active State Council, appointed on the proposal of the Vice-President of the State Council;
4° The Governor of the Bank of France, Chairman of the Banking Commission, or his representative;
5° The Chairman of the Insurance, Mutual and Provident Institutions Supervisory Commission or his representative;
6° The Director of Civil Affairs and Seal in the Ministry of Justice, or his representative;
7° Two representatives of credit institutions and investment companies;
8° Two representatives of insurance companies governed by the insurance code;
9° A representative of representative trade union organizations at the national level of banking and insurance personnel, and investment companies;
10° A representative of clients of credit institutions, insurance companies and investment companies;
11° Two personalities chosen because of their competence.
When considering general requirements for the activity of the investment service providers, the Financial Legislation and Regulation Advisory Committee also includes the President of the Financial Market Authority or its representative.
Members designated at 1° and 2° shall participate in the work of the committee when draft regulations or community directive or bills are examined.
The members of the committee designated at 1°, 2°, 3°, 7°, 8°, 9°, 10° and 11° and their deputy shall be appointed by order of the minister responsible for the economy.
II. - The Financial Legislation and Regulation Advisory Committee has a general secretariat headed by a secretary general appointed by an order of the Minister responsible for the economy. The Secretary-General is assisted by two Deputy Secretaries-General appointed under the same conditions.
III. - The committee meets on the convocation of its president. It can only deliberate on matters on the agenda annexed to the convocation. In the event of equal sharing of votes, the president's voice is preponderant.
IV. - In the event of an emergency identified by the chair, the committee may decide by written consultation.
When the committee makes use of this opportunity, the chair shall, within a time limit that it sets but which may not be less than two working days, collect the comments and opinions of the members of the committee. However, if a member makes the written request within that period, the chair shall bring the committee together in the forms and conditions set out in the III.
For its results to be taken into account, the written consultation must have made it possible to obtain advice from at least half of the committee members within the time limit set by the chair. The Chair shall inform, as soon as possible, the members of the committee of the decision resulting from the consultation.
Written notices are annexed to the minutes of the next meeting. Mention is made of the names of members who issued a notice and members who did not participate in the consultation.
I. - The functions of a member of the Financial Sector Advisory Committee and a member of the Financial Legislation and Regulatory Advisory Committee are free of charge.
II. - The Bank of France makes available to the General Secretariats of the Staff Advisory Committees and the means necessary to carry out their missions.
III. - Representatives of parliamentary assemblies sit in the advisory committees until the renewal of the mandate under which they were appointed. They are replaced during this renewal. Other committee members, with the exception of members of law, are appointed for a period of three years.
In the event of the death or resignation of a member or loss in the course of a warrant of the quality that justified his or her designation, it shall be done within two months and in the same forms to replace him or her for the remainder of his or her term.
IV. - The members of the Advisory Committees have a duty of discretion for the information they are aware of because of their functions.
V. The Financial Sector Advisory Committee and the Financial Legislation and Regulatory Advisory Committee shall each submit an annual report to the President of the Republic and Parliament. These reports are public.
The five personalities of the High Council of the Public and Semi-Public Financial Sector, chosen for their financial and credit institution skills assigned to a public interest mission, are designated for a period of three years by order of the Minister responsible for the economy after the advice of the President of the High Council of the Public Sector.
The President of the High Council for the Public Sector is the Chairman of the High Council for the Public and Semi-Public Financial Sector.
The High Council of the Public and Semi-Public Financial Sector is placed with the Minister responsible for the economy. Its secretariat is provided by the Secretary-General of the High Council for the Public Sector. The High Council for the Public and Semi-Public Financial Sector can appeal as necessary to the General Secretariat of the Financial Sector Advisory Committee.
The commissioners of the Government shall represent the State to the bodies in which they are appointed pursuant to the provisions of Article II of Article L. 511-32. They also provide such representation to agencies with a Government Commissioner under specific legislation or regulations.
The Government Commissioners, whose number cannot exceed ten, are appointed by order of the Minister responsible for the economy, on the proposal of the Director General of the Treasury and Economic Policy. The commissioners of the Government appointed among the State controllers are appointed after the opinion of the head of the general economic and financial control department.
The Commissioners of the Government appointed to an organization pursuant to the provisions of Article II of Article L. 511-32 shall ensure that the agency, either directly or through its subsidiaries or institutions of which it holds control, carries out its public interest activity in accordance with the laws governing it. They report to the Minister responsible for the economy of public interest missions entrusted to the organization to which they are appointed and submit an annual report on the activity of the institution.
The Commissioners of the Government participate in the meetings of the Board of Directors and the Supervisory Board and the General Meetings. They are also invited to meetings of committees and commissions responsible for preparing the decisions of the above-mentioned bodies or having received delegations of authority from them.
Government Commissioners may be provided by the agency with any documents and provide any information necessary to carry out their mission.
The agency shall provide them with the internal inspection and external audit reports, as well as the inspection reports and the decisions of the Banking Commission necessary to carry out their mission.
The Commissioners of the Government may, pursuant to section D. 615-3, address the body to which they are appointed recommendations and may request them to carry out the inspections or checks that they deem useful, including any establishment that is affiliated to it.
The Commissioner of the Government may object to any deliberation or decision by the organization in the implementation of the prerogatives of public power or the public service entrusted to him, and request a second deliberation. For this purpose, it has 15 days. His request must be motivated. He reports to the minister responsible for the economy.
If, after a second deliberation, disagreement remains, the Government Commissioner may object to a reasoned refusal to this decision.
The controlled bodies provide the government commissioners with the means to carry out their mission.
Those of the government commissioners who do not carry out other functions at the central administration of the ministry responsible for the economy are gathered within the financial oversight mission of the Treasury and Economic Policy Branch.
This mission is led by one of its members appointed by order of the Minister responsible for the economy.
Individuals providing the secretariat of the Financial Sector Advisory Committee, the Financial Legislation and Regulatory Advisory Committee, the Credit Institutions and Investment Companies Committee and the Banking Commission, as well as the Bank of France officials and those responsible for conducting the on-site and on-site checks may not exercise any functions retributed to a credit or investment firm.
I. - The College shall meet at the invitation of its President or at the request of half of its members. In the event of absence, the chair entrusts to one of the other members of the college the care to chair the session. The College can only deliberate if at least half of its members are present. When, pursuant to section L. 621-4, a member does not participate in a deliberation, he or she is deemed to be present under the quorum. A member may empower another member to vote on his or her behalf at a session to which he or she cannot attend. Each member can only have one power.
II. - An agent of the Financial Markets Authority, acting as secretary of sitting, shall prepare a record of the proceedings of the College. Mention is made of the names of the members present, the members who gave power, the members who received power and the members who did not participate in the deliberations under Article L. 621-4. The minutes are subject to the College's approval. Once approved, the minutes shall be signed by the chair of the meeting and a copy shall be made available to each member of the College and the Commissioner of the Government.
III. - Any member of the college who, apart from the case of force majeure found by the president, did not attend three consecutive sessions of the college is deemed to be resigned ex officio. The President of the Autorité des marchés financiers informs the Minister responsible for the economy.
When the College, or where appropriate a specialised commission, decides by way of written consultation, pursuant to the second paragraph of Article L. 621-3, the Chair shall, within such time as the College determines, collect the votes of the members and the comments of the Commissioner of the Government. This period may not be less than two working days. If a member makes the written request within that period, the deliberation shall take place during the next meeting of the training concerned. In order for the results to be taken into account, the consultation must have collected at least half of the votes of the members of the training concerned within the time limit set by the President. The President shall promptly inform the members of the training concerned and the Commissioner of the Government of the decision taken.
Decisions made by way of written consultation shall be deemed to have taken place after the period referred to in the first paragraph. They are annexed to the minutes of the next session of the relevant training. Mention is made of the name of the members who voted and of the members who did not participate in the consultation. When, pursuant to section L. 621-4, a member did not take part in the deliberation, he is deemed to have taken part in the vote under the count of the votes referred to in the first paragraph.
When the College is a specialized commission, it establishes:
1° The materials in which it empowers it to make individual decisions. These decisions may not be made in the substances referred to in Article L. 621-14.
2° His composition. Each specialized commission shall include, in addition to the Chairperson, at least five members.
3° The duration for which it empowers it to make the decisions mentioned in 1°.
This decision is published in the Official Journal of the French Republic.
When several specialized commissions are empowered for the same matter, the president of the Autorité des marchés financiers distributes the files between them.
The president of the Autorité des marchés financiers reports to the next meeting of the College decisions adopted by each specialized commission.
I. - Each specialized commission shall meet on the convocation of the President of the Autorité des marchés financiers or at the request of half of its members. In the event of absence, the president of the Autorité des marchés financiers entrusts to one of the other members of the specialized commission the care to preside over the session. Each specialized commission can only deliberate if at least half of its members are present. When, pursuant to section L. 621-4, a member does not participate in a deliberation, he or she is deemed to be present under the quorum. A member may empower another member to vote on his or her behalf at a session to which he or she cannot attend. Each member can only have one power.
II. - An agent of the Financial Markets Authority, acting as secretary of sitting, shall prepare a record of the proceedings of the specialized commission. Mention is made of the names of the members present, the members who gave power, the members who received power and the members who did not participate in the deliberations under Article L. 621-4. The report is submitted to the Specialized Commission for approval. Once approved, the minutes shall be signed by the chair of the meeting and a copy shall be made available to each member of the College and the Commissioner of the Government.
III. - Any member of a specialised commission who, apart from the case of force majeure found by the president, did not attend three consecutive sessions of the specialised commission is deemed to be resigned ex officio.
The president of the sanctions commission is elected by a majority of the members. Under the chairmanship of his dean of age, the election of the president of the sanctions commission during his first session and after each renewal by half.
A Service Officer of the Autorité des marchés financiers, acting as secretary of sitting, shall prepare a record of these transactions. The report is signed by each member of the sanctions commission and by the Commissioner of the Government. It is transmitted to the Minister responsible for the economy and to the President of the Autorité des marchés financiers.
When the sanctions commission is a section:
1° It sets its composition. Each section includes a member chosen from among the persons mentioned in the 1st of the IV of Article L. 621-2, a member chosen from among the persons mentioned in the 2nd of the IV of Article L. 621-2, three members chosen from among the persons mentioned in the 3rd of the IV of Article L. 621-2 and one member selected from among the persons mentioned in the 4th of Article L. 621-2;
2° It designates the chair of the section.
This decision is published in the Official Journal of the French Republic.
I. - The Sanctions Commission shall meet on the summons of its President when it decides in plenary formation, on the convocation of the president of the section concerned in the other cases. It can only deliberate in the presence of at least seven members when deciding in plenary, at least four members when deciding in section. When, pursuant to section L. 621-4, a member does not participate in a deliberation, he or she is deemed to be present under the quorum.
In the event of absence, the chair of the commission shall entrust to one of the other members under the 1st or 2nd of the IV of Article L. 621-2 the care to preside over the plenary session.
In the event of absence, the chair of a section may be replaced by the president of the other section, or by another member noting the 1st or 2nd of the IV of Article L. 621-2, to whom he entrusts the presiding of the session.
In the event of the absence of a member from one of the categories of persons mentioned in the 3rd or 4th of the IV of Article L. 621-2, the chair of the section may ask a member of the other section, chosen in the same category of persons, to supple it. In the event of the absence of another member, the chair of the section may ask another member of the other section, chosen in one of the categories of persons mentioned in 1° or 2° of IV of Article L. 621-2, to supple it.
II. - Any member of the sanctions commission who, apart from the case of force majeure found by the president, did not attend three consecutive sessions is deemed to be resigned ex officio. The president of the sanctions commission informs the minister responsible for the economy.
The Commissioner of the Government to the Autorité des marchés financiers is appointed by order of the Minister responsible for the economy. One or more alternates may be appointed under the same conditions. The Government Commissioner has a period of three working days to request a second deliberation. When the College, or where appropriate a specialised commission, has decided by written consultation, the deadline is short from the date of receipt of the decision.
I. - The College of the Autorité des marchés financiers may delegate to its President and, in the event of absence or incapacity of the President, to another of its members to make individual decisions within its jurisdiction, with the exception of those mentioned in the I of Article L. 621-15. The delegate shall report to the next meeting of the College on decisions taken under that delegation.
II. - In matters where it has a specific jurisdiction, the President of the Autorité des marchés financiers may, after having informed the College, give delegation to sign all acts taken under this jurisdiction to the Secretary General and, where applicable, to persons exercising supervisory or similar functions, on the proposal of the Secretary General.
III. - Les délégations sont publié au Journal officiel de la République française.
The College of the Autorité des marchés financiers deliberates on:
1° The annual budget and its changes during the year;
2° The financial account and the allocation of results;
3° The accounting and financial regulations, which are forwarded to the Minister responsible for the economy;
4° General conditions of recruitment, employment and remuneration of staff;
5° Rules of procedure and rules of conduct applicable to service personnel;
6° General conditions for contracting, conventions and contracts;
7° General terms and conditions of use of available funds and placement of reserves;
8° Acquisitions, exchanges and alienations of real estate;
9° The loans;
10° Transactions beyond an amount fixed by the Secretary-General on the proposal of the Secretary-General;
11° Donations and bequests.
The Secretary General shall direct the services of the Autorité des marchés financiers and have authority over the staff. For the application of the labour code, he exercises the skills of the business leader. Apart from representation in court, he represents the Autorité des marchés financiers in all acts of civil life. He is an orderer of the revenues and expenses of the Autorité des marchés financiers.
As part of the general rules established by the college, it is of the following quality:
1° Liquidate and order revenues and expenses;
2° Keeping the accounting of obligations under the terms and conditions defined by the accounting and financial regulations;
3° Manage availability and decide on investments;
4° Pass on behalf of the Autorité des marchés financiers all contracts, conventions and markets and decide on the taking or lease of real property;
5° Engage, manage and dismiss staff and set remuneration and allowances;
6° Provide the College with the rules of procedure and rules of conduct applicable to service personnel;
7° Fix the mission and travel allowances regime of the Financial Markets Authority.
In matters within its jurisdiction, the Secretary-General is authorized to transfer on behalf of the Autorité des marchés financiers under the conditions set out in sections 2044 to 2058 of the Civil Code.
In matters within his jurisdiction, the Secretary-General may delegate his signature within the limits he or she determines and designates the persons authorized to represent him.
The remuneration of the Secretary-General shall be determined by the President after notice of the College.
I. - The President of the Autorité des marchés financiers receives an annual remuneration equal to the treatment of the first top group of state jobs classified off-scale, with a service allowance fixed by the Minister responsible for the economy.
II. - Members of the college other than the president receive an annual allowance equal to one-third of the average salary for the fifth upper group of state jobs classified off-scale.
III. - The President of the Sanctions Commission receives an annual allowance equal to half of the average salary for the first upper group of state jobs classified off-scale and a supplementary hardship allowance fixed by the Minister responsible for the economy.
The chair of a section of the sanctions commission, if he is not chairman of the sanctions commission, shall receive an annual allowance equal to one-third of the average salary for the first upper group of state employment classified off-scale and a supplementary hardship allowance fixed by the Minister responsible for the economy.
The members of the Sanctions Commission, other than those mentioned in the first and second paragraph of the III, receive an annual allowance equal to the sixth of the average salary for the fifth upper group of state jobs classified off-scale.
IV. - The college can fix:
1° For members of the College, other than the Chair, a supplementary allowance for their participation in the work of the specialized commissions;
2° For members of the sanctions commission designated as Rapporteur, a supplementary compensation in relation to the deposited.
V. The amount of compensation provided for in I and IV, as well as additional hardship allowances referred to in III, is published in the Official Gazette of the French Republic.
The fiscal and accounting year begins on January 1 and ends on December 31.
The College determines the budget of the Autorité des marchés financiers each year before the beginning of the fiscal year. The budget includes the forecast of expected revenues and expenses required by the exercise of the missions entrusted to the Autorité des marchés financiers. It can be modified during the year. The budget appropriations are not limited.
Before the College deliberates on the budget, the Secretary-General shall receive the advice of the Chair of the Sanctions Commission on the means for his operation.
The deliberations of the College relating to the budget and its amendments are enforceable in full right after the time limit available to the Government Commissioner to request a second deliberation.
The Autorité des marchés financiers has an accounting officer appointed by order of the minister responsible for the budget.
The accounting officer is personally and financially liable under the terms of section 60 of the Financial Act for 1963 (No. 63-156 of 23 February 1963) and Decree No. 64-1022 of 29 September 1964 on the recognition and suitability of public accountants and assimilated debentures. It is responsible for the maintenance of the accounts of the Autorité des marchés financiers, the recovery of the rights and contributions mentioned in Article L. 621-5-3 and all other revenues of the Autorité des marchés financiers, the payment of the expenses and the handling of the funds and the movements of accounts of availability.
With the agreement of the Secretary-General, the accounting officer may entrust, under his control, accounting and accounting to the services of the Autorité des marchés financiers.
The accounting officer may appoint agents who are approved by the Secretary General.
The accounts of the Autorité des marchés financiers are established according to the rules of the General Accountant Plan. This may be subject to adaptations proposed by the Secretary General after advice from the College and approved by the Minister responsible for the budget.
The depreciation and depreciation rates and the procedures for holding inventories are set out in the accounting and financial regulations.
The accounting officer shall establish a financial account at the end of each fiscal year. The financial account includes the result account, the balance sheet, the schedule, the overall balance sheet at the end of the year, the reconciliation table for forecasts and actual accomplishments and, where applicable, the balance of special accounts.
The financial account of the Autorité des marchés financiers is prepared by the accounting agent and submitted by the secretary general to the college that hears the accounting agent. The financial account is stopped by the college. It is transmitted to the Court of Auditors by the Secretary General of the Autorité des marchés financiers, accompanied by the deliberations of the College relating to the budget, its amendments and the financial account, and all other documents requested by the ministers or the court, within four months after the end of the fiscal year.
The annual report makes a presentation of the financial account and reproduces the result account and balance sheet.
The accounting officer is required to make due diligence to ensure the recovery of all resources of the Autorité des marchés financiers. Revenues are recovered by the accounting officer either spontaneously or in accordance with the instructions of the secretary general. With the exception of the fees and contributions referred to in Article L. 621-5-3 whose recovery falls under the procedure of the executory statement, the accounting officer shall send the corresponding invoices to the debtors and shall receive their regulations. All rights acquired during an exercise must be taken into account in this exercise.
Where the claims of the Autorité des marchés financiers, other than the rights and contributions referred to in Article L. 621-5-3, could not be recovered in amicable manner, the proceedings shall be carried out in accordance with the uses of trade or may be the subject of enforceable statements by the Secretary General. Executive statements may be notified to debtors by registered letter with acknowledgement of receipt. Their recovery is continued until opposition to the competent court.
The accounting officer is suing. These may, at any time, be suspended in writing by the Secretary-General if the debt is the subject of a dispute. The Secretary-General also suspends proceedings if, in accordance with the accounting officer, he considers that the receivable is irrecoverable or that the award of a time by the accounting officer is in accordance with the interest of the Autorité des marchés financiers.
The Secretary General may decide, after the compliant opinion of the accounting officer:
1° In the event of a debtor's inconvenience, give a gracious handover of the accounts of the Autorité des marchés financiers, except for the rights and contributions mentioned in Article L. 621-5-3;
2° Upon justified request from debtors, grant the total or partial surrender of delay increases or penalties applied to the fees and contributions referred to in Article L. 621-5-4;
3° A non-value admission of the accounts of the Autorité des marchés financiers, in the event of proven irresponsibility or insolvency of debtors.
The college determines the amount beyond which one of the discounts mentioned in 1° or 2° is subject to its approval.
When the gracious, total or partial surrender relates to an accountant's debt, the compliant notice provided for in section 8 of Decree No. 64-1022 of 29 September 1964 relating to the recognition and suitability of the debentures of public and assimilated accountants is rendered by the college.
The accounting officer suspends the payment of expenses when, on the occasion of the exercise of his or her controls, he or she finds irregularities or that the certifications issued by the Secretary General are inaccurate. He informs the Secretary-General.
When the accounting officer has suspended the payment of expenses, the Secretary General may, in writing and under his responsibility, require the accounting officer to pay. The accounting officer shall refer to the requisition and report to the Minister responsible for the budget, who shall forward the order of requisition to the Court of Auditors.
By derogation from the provisions of the second paragraph above, the accounting officer must refuse to refer to the order of requisition when the suspension of the payment is motivated by:
1° The absence of justification for the service made;
2° The non-liberative nature of the regulation;
3° The lack of funds available.
In cases of refusal of requisition, the accounting officer shall immediately report to the Minister responsible for the budget.
All expenses must be liquidated and ordered in the fiscal year to which they relate. The expenses of the Autorité des marchés financiers are paid by the accounting officer on the order given by the secretary general or after being accepted by the secretary general. Orders of expenditure are supported by necessary supporting documents, including invoices, memoranda, markets, leases or agreements. The acceptance of the expenditure shall be in the form of either a dated and signed statement affixed to the memory, invoice or any other document taking place, or a separate certificate of service performance, one or the other specifying that the settlement may be validly operated for the amount indicated.
The accounting officer may pay without prior order certain categories of expenditures under the terms and conditions set out in the accounting and financial regulations.
The list of supporting documents for revenues and expenditures is prepared by the accounting officer and proposed by the Secretary-General for the approval of the Minister responsible for the budget. In the event of loss, destruction or theft of justifications given to the accounting officer, the Minister responsible for the budget may authorize the accounting officer to be replaced. Exhibits are kept in the records of the accounting officer for at least 10 years from the closing date of the fiscal year to which they relate.
Revenue and expenditure authorities may be established with the Autorité des marchés financiers by a decision of the Secretary-General on the advice of the accounting officer in accordance with the terms set out in Decree No. 92-681 of 20 July 1992 on revenue and advance authorities of public bodies and the accounting and financial regulations.
The Autorité des marchés financiers deposits its funds to the Treasury. It may also open accounts with a credit institution or an institution referred to in section L. 518-1. Bank accounts abroad may be opened upon authorization from the college. The funds of the Autorité des marchés financiers may result in remuneration and be subject to investments under the general conditions defined by the college.
The accounts of the accounting officer of the Autorité des marchés financiers are judged directly by the Court of Auditors. The management control of the accounting officer is also provided by the Receiver General for Finance.
The Autorité des marchés financiers is subject to the provisions of Part II of Act No. 91-3 of 3 January 1991 amended on the transparency and regularity of contract procedures and subjecting the transfer of certain contracts to advertising and competition rules.
The fixed right owed under Article L. 621-5-3 is fixed to:
1° 750 euros for any document deposit of the declaration mentioned at 1°;
2° 3,200 euros during the examination of the obligation to deposit a public offer mentioned at 2° ;
3° 1000 euros for any deposit of a reference document or a basic document mentioned in the 3°;
4° 1000 euros for any authorization of a group investment agency in securities or a compartment of such a body, subject to the legislation of a foreign State;
5° 1,500 euros per filing of an information document on a debt issuance program subject to a prior registration or relating to term financial contracts mentioned at 5°;
6° 150 euros per set of warrants mentioned at 6° of this same article;
7° 8 000 euros per deposit of an information document or a draft type contract mentioned at 7° .
The rate of contributions due under Part II of Article L. 621-5-3 is fixed:
1° For public offerings mentioned in 1°, to 0.20 of the value of the financial instruments purchased, exchanged, presented or compensated when the transaction is carried out on securities giving or which can give direct or indirect access to capital or voting rights, and to 0.15 in other cases, these rates used to calculate the amount that is added to a fixed contribution of 10,000 euros per transaction;
2° In the case of transactions referred to in 2°, at 0.15 of the value of the financial instruments issued, disposed of, admitted to negotiations or redeemed when the transaction is carried out on securities giving access or giving access to capital, the amount of that contribution may not be less than 1,000 euros, and at 0.05 within a limit of 100 million euros when the transaction is carried out on debt securities.
In the framework of the control of the persons mentioned in 1° to 9° of II of Article L. 621-9:
1° The reference contribution due by the persons mentioned in Article L. 621-5-3, paragraph 3 (a), is set at 2,400 euros;
2° The amount of the contribution referred to in Article L. 621-5-3, paragraph 3 (b), is 600 euros;
3° The rate referred to in c of 3° of II of Article L. 621-5-3 is 0.3%;
4° The rate referred to in the d of 3° of II of Article L. 621-5-3 is fixed at 0.008; it applies to the net assets of collective investment organizations or managed portfolio, without reprocessing of potential management delegations; the outstanding amounts are calculated as at 31 December of the previous year and reported no later than 30 April;
5° The amount of the contribution mentioned in the 4th of Article L. 621-5-3 is set at 600 euros.
The contributions referred to in 1°, 2°, to a, b and c of 3° and to 4° of II of Article L. 621-5-3 are subject to a notice of payment prepared by the Autorité des marchés financiers.
For the persons mentioned in the d of 3° of II of the same article, the annual declaration addressed to the Autorité des marchés financiers is accompanied by the payment of the contribution. Under the same conditions, the annual contribution to the 4th I of Article L. 621-5-3 is paid each year following the filing of the application for marketing authorization in France.
This subsection does not include regulatory provisions.
I. - To exercise its control and investigation powers, the Autorité des marchés financiers may use:
1° To his staff;
2° Pursuant to the 2nd of Article L. 621-9-2:
(a) To the General Secretariat of the Banking Commission;
(b) To the central bodies referred to in Article L. 511-30, for institutions affiliated to them;
(c) To the central depositaries mentioned in the 3rd of Article L. 621-9, for the institutions adhering to these depositaries;
(d) Has an authority of another Member State of the European Community or a party to the agreement on the European Economic Area responsible for the control of financial markets or investment service providers;
(e) To auditors;
(f) To account experts;
(g) To experts on a list of judicial experts;
(h) A competent person or agency in the field of financial studies or advice.
II. - Pursuant to the 1st of Article L. 621-9-2, the Autorité des marchés financiers may use a market company or a compensation board to ensure the control of the activity and operations carried out by members of a regulated market or by an investment service provider that has forwarded orders on the market.
I. - The use of one of the persons referred to in 2° of I and II of Article R. 621-31 is part of a memorandum of understanding with the Autorité des marchés financiers.
II. - Mission orders are established by the Secretary-General, who specifies their purpose and the persons responsible for it.
I. - No person may be authorized or designated to conduct an investigation or control if he or she has been subject to any of the convictions referred to in Article L. 500-1.
No one may be designated to conduct an investigation or control with a legal entity in which he or she has engaged in a professional activity in the previous three years.
II. - Before entrusting an order of mission to one of the persons referred to in 2° I and II of Article R. 621-31, the Secretary General shall ensure that the person is not likely to be in conflict of interest with the person called to be the subject of the inspection or investigation mission. To this end, when the person is one of those mentioned in the e, f, g or h of the 2nd of the I of Article R. 621-31, the Secretary General asks him to inform him of all the professional relations that he had with the person called to be the subject of the mission, in the previous three years. The Secretary-General may not entrust him with a mission if, during the reporting period, he or she has monitored or advised the persons concerned about the services or transactions involved.
III. - To be authorized by the Secretary General as an investigator, the applicant must have the status of a framework or assimilated or justify a professional experience of at least two years.
In the case of an investigation entrusted to one of the persons referred to in 2° I of Article R. 621-31, the Secretary-General shall, prior to the authorization of the investigators, ensure that the conditions provided for in this section are met.
As part of its investigations, the investigator submits his or her mission order in response to any request.
Investigators may summon and hear any person who may provide them with information.
The summons shall be sent to the person by registered letter with a request for notice of receipt, hand-delivered against receipt or act of bailiff, at least eight days before the date of summons. It refers to the name of the investigator appointed by the Secretary General or his delegate. She reminds the summoned person that she is entitled to a counsel of her choice.
The minutes of the investigations set out the nature, date and place of the findings. They are signed by the investigator and the person concerned by the investigations. In the event of a refusal to do so, mention is made in the minutes.
The results of investigations and controls are reported in writing. This report indicates the facts that may constitute breaches of the general regulation of the Autorité des marchés financiers, breaches of other professional obligations or a criminal offence.
When the Secretary General proposes to the College to implement the procedure set out in I of Article L. 621-14, he shall first indicate to the person concerned by registered letter with request for notice of receipt, hand-over against receipt or act of bail, the practices that appear to him to be contrary to the legislative or regulatory provisions and to produce any of the effects mentioned in I of Article L. 621. He specifies that he has a period of time that he sets at least three working days to make his observations known in writing.
Before deciding, the College shall be aware of the comments made, if any, by the person concerned.
When the College decides on the commencement of a sanction procedure, the notification of grievances shall be sent, by registered letter with a request for notice of receipt, hand-delivered against receipt or act of bail, to the person concerned, together with the report of investigation or control or the request made by the Chairman of the Banking Commission or by the Chairman of the Insurance, Mutuals and Pre-Trial Institutions.
Notification of grievances is transmitted to the president of the sanctions committee.
The respondent shall have a period of one month to transmit to the Chair of the Sanctions Commission its written comments on the grievances that have been notified to him. If one of the persons in question has his domicile outside the European Economic Area, this period is extended to two months. The notification of the grievances mentions this time limit and specifies that the person concerned may take note of and copy of the other documents in the file to the sanctions committee and be assisted or represented by any counsel of his or her choice.
I. - The president of the sanctions commission assigns the case either to the latter or to one of its sections. He designates the rapporteur. It carries out all useful diligences. It can join the services of the Autorité des marchés financiers. The person concerned may be heard at his or her request or the rapporteur considers it useful. The rapporteur may also hear any person whose hearing seems useful to him.
When he considers that the grievances must be completed or that the grievances are likely to be notified to one or more persons other than the grievances, the rapporteur seizes the college. The college shall rule on this request of the rapporteur in the conditions and forms provided for in article R. 621-38. The deadlines set out in the third paragraph of section R. 621-38 are applicable in the event of further notification of grievances.
II. - The Rapporteur shall record in writing the results of these operations in a report. This is communicated to the person questioned by registered letter with a request for a notice of receipt, hand-delivered against receipt or act of bailiff.
III. - The person in question shall be summoned to the sanctions commission or the section by registered letter with request for a notice of receipt, hand-delivered against receipt or act of bail, within a period not less than 30 frank days. This letter states that the person in question has a period of 15 frank days to make his or her observations in writing.
I. - The session is public at the request of one of the persons involved. However, the presiding officer may prohibit the public from accessing the room for any or part of the session in the interest of public order or where the advertisement is likely to infringe the secret of business or any other secret protected by law.
The presiding officer is the police of the meeting.
II. - At the session, the rapporteur introduced the case. The Government Commissioner may make comments. The person involved and, where appropriate, his or her counsel present the defence of the person. The presiding officer of the seized training may make any person to whom he or she considers the relevant hearing. In all cases, the person in question and, where appropriate, the person in question must be able to speak last. When the training is considered insufficiently enlightened, she asks the rapporteur to continue his diligence in accordance with the procedure set out in II and III of article R. 621-39.
III. - The training shall be held in the presence of its members and an agent of the services of the Autorité des marchés financiers acting as secretary of the sitting, outside the presence of the rapporteur and the Commissioner of the Government.
IV. - The meeting secretary shall prepare a record of the meeting. The report is signed by the chair of the training, the rapporteur and the secretary of the meeting and then transmitted to the members of the sanctions commission and the Commissioner of the Government.
V. - The decision mentions the names of the members of the training who decided. It is notified to the person concerned by registered letter with request for notice of receipt, hand-over against receipt or act of bailiff.
The decision is communicated to the Commissioner of the Government and to the President of the Autorité des marchés financiers who reports to the College.
When it comes to an investment service provider other than a management company, the decision is also notified to the Credit Institutions and Investment Companies Committee and the Banking Commission.
VI. - The sanction decision mentions, where applicable, those of the procedural costs that are borne by the person against whom a penalty has been imposed.
The remuneration of judicial officers acting under this section is tariffed as provided for in sections R. 181 to R. 184 of the Code of Criminal Procedure.
VII. - When a notification is made under this section by a judicial officer, the court shall proceed in accordance with the procedure provided for in Articles 555 to 563 of the Code of Criminal Procedure.
When a temporary or final ban on activity or a temporary suspension of activity is imposed against one of the legal persons referred to in Article II of Article L. 621-9, the President of the Autorité des marchés financiers, after having sought the advice of the sanctioned legal entity, designates another of those persons with the agreement of the latter, to exercise the activity in question. The designated person's mission expires either at the end of the prohibition or suspension period, or when there is no open position on behalf of any of the clients.
The Autorité des marchés financiers informs, where appropriate, the European Commission and the competent authorities of the other Member States of the European Community of the decisions it makes pursuant to this section.
Where the Autorité des marchés financiers is unable to provide to an authority of another Member State of the European Community or a party to the agreement on the European Economic Area exercising similar competence the information that the latter requests under Article L. 621-21, it shall notify the Authority of the reasons and, in the case referred to in the fourth paragraph of the same article, shall provide the Authority with information as closely as possible on the proceedings or the final decision.
When the Autorité des marchés financiers considers that the practices referred to in the I of Article L. 621-14 have been carried out in the territory of another Member State of the European Community or a party to the Agreement on the European Economic Area, or relate to financial instruments negotiated on a regulated market of another Member State, it shall inform the competent authority of that State and, without prejudice to the competence of that State, shall transmit to it the elements relating to the measures taken. The Autorité des marchés financiers examines with the competent foreign authority the actions to be taken.
When a competent authority of another Member State of the European Community or a party to the agreement on the European Economic Area requests the Autorité des marchés financiers to conduct an investigation, it may request that its investigators be allowed to accompany those of the Autorité des marchés financiers. The investigation remains under the control of the Autorité des marchés financiers.
The deadline for appeal against the decisions taken by the Autorité des marchés financiers is ten days, except for sanctions, where it is two months. The deadline is short, for persons who are the subject of the decision, beginning with notification and, for other interested persons, beginning with publication.
The publication in the Bulletin of Legal and Mandatory Announcements of Individual Decisions of the Autorité des marchés financiers (AMF) makes the deadline for appeal against third parties.
I. - Appeals against individual decisions taken by the Autorité des marchés financiers relating to the approvals or sanctions concerning the persons and entities referred to in the II of Article L. 621-9 shall be brought before the Council of State, in accordance with the terms provided for in the Administrative Justice Code.
With regard to sanctions, appeals are appeals of full jurisdiction.
The parties and the Autorité des marchés financiers have the power to be assisted by a lawyer in the Council of State and the Court of Cassation.
II. - Appeals against individual decisions taken by the Autorité des marchés financiers, other than those mentioned in I, are brought before the Paris Court of Appeal. By derogation from the provisions of Title VI of Book II of the new Code of Civil Procedure, appeals shall be filed, heard and tried in accordance with the provisions of Article R. 621-46 of this Code.
I. - The appeal before the Court of Appeal of Paris is filed by a written statement filed in quadruple copy at the office of the Court of Appeal of Paris against receipt. As soon as it is declared inadmissible, it shall contain the references prescribed by Article 648 of the new Code of Civil Procedure and specify the subject matter of the appeal. Where the statement does not contain the statement of the alleged means, the applicant must, under the same penalty, file the statement to the Registry within 15 days of the filing of the statement. The notice of appeal refers to the list of documents and supporting documents produced. These documents and documents are delivered to the Court of Appeal Registry at the same time as the statement. A copy of the decision under appeal is attached to the complaint.
II. - Requests for a stay of execution must be submitted within the same time limit as that provided for in the appeal. They are made with the first president of the Paris Court of Appeal by simple request filed at the office of the Registry. As soon as it is unreceivable, it contains a statement of the means invoked and specifies the date on which the appeal against the decision on which the stay of execution is requested. The first chair or delegate shall determine by order the date of the hearing to which the request for a stay will be examined.
III. - Upon registration of the appeal, the Registry of the Court of Appeal shall forward a copy of the statement to the Autorité des marchés financiers by registered letter with a request for a notice of receipt. If the appeal arises from a person other than the person who was the subject of the decision, the notice of appeal shall be denounced by the Registry to the person in the same form. A copy of the statement is provided by the Registry to the Public Prosecutor ' s Office.
IV. - The Court of Appeal shall rule after the Autorité des marchés financiers and, where appropriate, the persons to whom the appeal was denounced have been able to present their observations.
The first president of the Court of Appeal or his delegate sets out the deadlines in which the parties to the proceeding must submit their written submissions and file a copy thereof at the court's office, as well as the deadlines in which the Autorité des marchés financiers may file written submissions. It also sets the date for discussion. The Registry shall notify the parties and the Autorité des marchés financiers and summons them at the hearing scheduled for the debates by registered letter with a request for notice of receipt.
The observations produced by the Autorité des marchés financiers are brought to the attention of the parties by the Registry. The Autorité des marchés financiers may make oral comments at the hearing.
V. - The Public Prosecutor ' s Office receives appeals from the Registry to determine the cases in which it considers it to be required to intervene.
The representation and assistance of the parties and the Autorité des marchés financiers shall be exercised under the conditions laid down in Article 931 of the new Code of Civil Procedure.
The decisions of the Court of Appeal of Paris or its first president are notified by the Registry, by registered letter with request for a notice of receipt.
The Institute for the Emission of Overseas Departments has civil personality and financial autonomy.
The headquarters of the Institute may be transferred by decision of the supervisory board.
The institute can only open agencies in its area of intervention.
The Institute has a capital endowment that can be increased by incorporation of reserves on deliberation of the supervisory board.
The Supervisory Board shall administer the establishment and deliberation of the conventions referred to in section L. 711-3. He approves the accounts and decides on assignment to reservations.
He approves the Institute's rules of procedure.
The Supervisory Board meets at least twice a year and as often as it is necessary to convene its President. It must be met at the request of half of its members.
The board shall only deliberate validly in the presence of at least eight incumbent or alternate members, and if the number of representatives of the Bank of France is at least equal to that of members of the other two categories. The deliberations shall be taken by a majority of the votes of the members present or represented.
The Director General of the Institute attends meetings of the Board.
When the Supervisory Board deliberates through written consultation pursuant to the last paragraph of section L. 711-5, the Chair shall, within a time limit fixed by the Supervisory Board but not less than two working days, collect the votes of the members of the Board on a proposed decision. However, if a member makes the written request within that period, the Chairperson shall bring the board together in the forms and conditions set out in the second paragraph above. In order for the results to be taken into account, the consultation must have made it possible to collect at least half of the votes of the members of the Board within the time limit set by the Chair. The Committee shall inform, as soon as possible, members of the Council of the decision resulting from the consultation.
The representative of the Institute's staff on the Supervisory Board shall be elected for four years by and among the officers governed by a fixed-term or indeterminate contract with the Institute, excluding trial periods, and staff who have been detached for more than three months at the Institute. He is re-elected.
The election takes place by secret uninominal majority vote in a tower.
The Director General manages the establishment. He will hold the Institute's accounts on December 31 of each year. He represents the institute in all acts of civil life. He runs the services and recruits the staff. It may delegate its powers under the conditions and limits established by deliberation of the supervisory board.
The Institute has a capital endowment that can be increased by 15% on the benefit, as a statutory reserve, until it reaches half of the endowment.
The operations of the Institute can be verified by the agents of the Bank of France at the request of the President of the Supervisory Board or the Director General.
In the departments of Guadeloupe, Guyana, Martinique and Reunion, as well as in Mayotte and Saint-Pierre-et-Miquelon, the Institute for the Emission of Overseas Departments, in conjunction with the Bank of France, exercises the powers vested in it by articles R. 131-16, R. 131-29 to R. 131-47, R. 131-55 and R. 132
The Bank of France and the Institute for the Emission of Overseas Departments shall communicate, for dissemination purposes and in agreed terms, information collected pursuant to the provisions of Articles R. 131-16, R. 131-29 to R. 131-47, R. 131-55 and R. 132-1.
The Institute for the Emission of Overseas Departments is responsible for the centralization of the statements referred to in Articles R. 721-2 and R. 731-2 for the sole purpose of carrying out the tasks assigned to it by Article L. 711-8 and Article R. 711-12.
In order to identify all accounts held by the persons referred to in Article L. 131-72:
1° The Institute for the Emission of Overseas Departments consults the statements referred to in R. 721-1 and R. 731-1.
2° The Institute for the Emission of Overseas Departments receives, through the Bank of France, information held by the administration of taxes under section 1649 A of the general tax code.
3° The Institute for the Emission of Overseas Departments, the Institute for the Emission of Overseas and the Bank of France shall communicate to the bankers concerned all information collected under the 1st and 2nd of this article and article R. 712-19.
The Bank of France may, by agreement, entrust the Institute for the Emission of Overseas Departments to exercise the mission entrusted to it by Article L. 312-1 on its behalf and under its authority.
The missions of the overseas department emission institute relating to the rate of wear are defined by Article D. 313-9 of the Consumer Code, as follows:
Art. D. 313-9. - The Institute for the Emission of Overseas Departments is responsible in these departments for carrying out the missions entrusted to the Bank of France by articles D. 313-6 and D. 313-7.
In Mayotte and Saint-Pierre-et-Miquelon, no one is required to accept more than fifty pieces in euros in one payment.
The provisions of section D. 711-15 do not apply to the Institute for the Emission of Overseas Departments and the Treasury.
Sections R. 121-3, R. 121-4, R. 122-3 to R. 122-10, R. 123-1 to R. 123-3 and R. 162-5 apply to Mayotte.
The parity of the CFP franc expressed in thousand units is set at 8.38 euros.
The Overseas Institute is a national public institution with civil personality and financial autonomy.
The Institute's operations must relate to the territories in which it is authorized to intervene. They are executed and recorded in accordance with commercial and banking rules and practices.
The headquarters of the Institute may be transferred by decision of the supervisory board.
The institute can only open agencies in its emission area.
The Overseas Emission Institute has a capital endowment that is set by joint order of the Minister for the Economy and the Minister for the Overseas.
The incorporation of reserves to the capital endowment must be approved by order of the said ministers.
The issuing institute has the exclusive privilege of issuing banknotes and metallic coins in New Caledonia, French Polynesia and the Wallis and Futuna Islands. These bills and metal coins are legal.
Decisions concerning the creation of the Institute's metal notes and coins, their characteristics, withdrawal or cancellation are within the competence of the supervisory board.
The countervalue of the bills and metal pieces is paid to the Treasury.
The Institute executes transfers of funds between the metropolis and the territories listed in Article D. 712-5.
The Institute may expect or take a pension at credit institutions representative effects of short-term credits or medium-term credits of up to seven years. The maturity of the effects on which the deposit or pension is requested does not exceed six months.
The Institute may also provide credit institutions and other market stakeholders with advances secured by appropriate security rights.
The Institute opens current accounts to Treasury and credit institutions. Accounts for credit institutions cannot be receivable.
The Overseas Emission Institute is responsible for the centralization of statements relating to cheque accounts under sections R. 741-2, R. 751-2 and R. 761-2 for the sole purpose of carrying out the duties assigned to it by section L. 712-5 and section R. 712-18.
The Supervisory Board, chaired by the Governor of the Bank of France or his representative, is composed of the Director General of the Treasury and Economic Policy or his representative, a representative of the Minister responsible for the economy, two representatives of the Minister responsible for the overseas, a representative of the Bank of France and three personalities representing New Caledonia, French Polynesia and the Wallis and Futuna Islands. The two personalities representing New Caledonia and French Polynesia shall be appointed in accordance with the provisions of the statute governing them, the third shall be appointed by joint order of the Minister of Finance and the Minister responsible for the Overseas.
A staff representative, who is elected by secret ballot under the conditions established by a by-law of the Director General, is also a member of the Supervisory Board.
Members other than the President and Director General of the Treasury and Economic Policy are appointed for a term of four years. An alternate may be designated in the same form as the licensee for members other than the President and the Chief Executive Officer of the Treasury and Economic Policy.
The Supervisory Board shall meet at least twice a year and as often as it is necessary to convene its President either on the initiative of the President or at the request of half of its members.
No deliberation is valid without the effective presence of at least five members, holders or alternates. The deliberations shall be taken by a majority of the votes of the members present or represented. In the event of equal sharing of votes, the president's voice is preponderant.
Absent members may be represented by one of their colleagues. In no case can this faculty give the same advisor more than two votes in addition to his own.
The Supervisory Board sets out the conditions of the Institute's operations. These operations are subject to its approval as well as to the participation of the Minister responsible for the economy and the Minister responsible for the overseas.
The supervisory board establishes the rules of procedure of the institute.
The Director General of the French Development Agency shall serve as Director General of the Overseas Emission Institute under the supervision of the Supervisory Board.
He represents the Institute alone in all acts of his civil life. He runs the services. He can delegate his powers.
The Institute's accounts are closed on December 31 of each year and approved by the Supervisory Board.
It is taken from the Institute's profit 15% as a statutory reserve until it reaches half of the capital endowment.
After endowment to other reserves, the balance of the benefit is paid to the Consolidated Revenue Fund. The same is true of the counter-value of bills and bills.
The control of the Institute's operations is ensured by a panel of censors composed of the Commissioner of the Government of the French Development Agency and a representative of the Bank of France. The censors attend the surveillance board sessions. The Censor College reports annually to the Supervisory Board.
The operations of the Institute can also be verified by the agents of the Bank of France at the request of the President of the Supervisory Board or the Director General.
The Institute of Overseas Emission, in New Caledonia, in French Polynesia and in the Wallis and Futuna Islands in conjunction with the Bank of France, has the powers vested in it by articles R. 131-16, R. 131-29 to R. 131-47, R. 131-55 and R. 132-1.
In order to identify all accounts held by persons referred to in Article L. 131-72:
1° The Overseas Emission Institute and the Bank of France consult the statements referred to in R. 741-1, R. 751-1 and R. 761-1;
2° The Overseas Emission Institute receives, through the Bank of France, information held by the administration of taxes under section 1649 A of the general tax code;
3° The Institute for the Emission of Overseas Departments, the Institute for the Emission of Overseas and the Bank of France shall communicate to the bankers concerned all information collected under the 1st and 2nd of this article and article R. 711-12.
In Saint-Pierre-et-Miquelon, bankers declare the opening, closing or modification of accounts on which cheques can be drawn. A joint order of the Minister for the Economy and the Minister for the Overseas specifies the content of these statements.
The statements referred to in R. 721-1 above are addressed to the Institute for the Emission of Overseas Departments.
The declaration of amounts, securities or values, as provided for in Article L. 721-2, shall be filed by natural persons who make the transfer of these amounts, securities or values on their behalf or for that of others to the Customs Service of Saint-Pierre-et-Miquelon. The procedure for the establishment and filing of this declaration shall be specified by order of the representative of the State.
The provisions of section R. 721-3 apply to postal shipments.
are considered to be amounts, securities or values to be the subject of the declaration referred to in R. 721-3:
1° Bank notes;
2° The coins;
3° Cheques with or without recipient indication;
4° The bearer's cheques;
5° Endossable cheques other than those intended for or sent by companies exercising an international trade activity on a regular and professional basis;
6° Travel checks;
7° Non-resident trade effects;
8° Letters of credit not domiciled;
9° Anonymous cash vouchers;
10° Securities and other receivables negotiable to the carrier or endossable;
11° Gold bars and gold or silver coins listed on an official market.
When the transfer is made on behalf of a third party, the declaration referred to in section R. 721-3 includes the identification of the owner of the transferred amounts, titles or values.
In Mayotte, bankers declare the opening, closing or modification of accounts on which cheques can be drawn. A joint order of the Minister for the Economy and the Minister for the Overseas specifies the content of these statements.
The statements referred to in R. 731-1 are addressed to the Institute for the Emission of Overseas Departments.
Subject to R. 731-5, R. 131-1, R. 131-5 to R. 131-24, R. 131-26 to R. 131-55, R. 132-1 and R. 163-2 are applicable to Mayotte.
Section D. 131-25 is applicable to Mayotte.
In Mayotte, the liberatory penalty provided for in sections L. 131-75 and L. 131-76 is paid by cash to a direct accountant of the Consolidated Revenue Fund or paid a cheque issued under the conditions set out in section R. 131-2.
The declaration of amounts, securities or values, as provided for in Article L. 731-3, shall be filed by natural persons who make the transfer of these amounts, securities or values on their behalf or for that of others to the Mayotte Customs Service. The procedure for the establishment and filing of this declaration shall be specified by order of the representative of the State.
The provisions of Article R. 731-6 apply to postal shipments.
are considered to be amounts, securities or values to be the subject of the declaration referred to in R. 731-6:
1° Bank notes;
2° The coins;
3° Cheques with or without recipient indication;
4° The bearer's cheques;
5° Endossable cheques other than those intended for or sent by companies exercising an international trade activity on a regular and professional basis;
6° Travel checks;
7° Non-resident trade effects;
8° Letters of credit not domiciled;
9° Anonymous cash vouchers;
10° Securities and other receivables negotiable to the carrier or endossable;
11° Subject to article R. 731-5, gold bars and gold or silver coins listed on an official market.
When the transfer is effected on behalf of a third party, the declaration referred to in section R. 731-5 includes the identification of the owner of the transferred amounts, titles or values.
R. 211-1 to R. 211-8 and R. 211-16 are applicable to Mayotte.
This subsection does not include regulatory provisions.
Articles R. 214-1 to R. 214-19, R. 214-23, R. 214-24, R. 214-26, R. 214-27 to R. 214-28 except its IV, R. 214-29 to R. 214-50 and R. 214-90 are applicable to Mayotte.
Sections D. 214-20 to D. 214-22 and D. 214-91 apply to Mayotte.
The provisions of Articles R. 214-92 to R. 214-115 apply to Mayotte.
Sections R. 214-116 to R. 214-143 are applicable to Mayotte.
Articles R. 312-1 and R. 312-3 are applicable to Mayotte.
Sections D. 312-5 and D. 312-6 apply to Mayotte.
The provisions of Article R. 313-1 apply to Mayotte.
The provisions of Article D. 313-2 apply to Mayotte.
Articles R. 313-15 to R. 313-19 are applicable to Mayotte.
I. - Articles D. 313-26 to D. 313-31 are applicable to Mayotte.
II. - For the purposes of section D. 313-26:
1° References to the Labour Code, the Insurance Code, the Rural Code and the Construction and Housing Code are replaced by references to the applicable provisions locally, having the same object;
2° References to the provisions are deleted:
(a) Act No. 70-9 of 2 January 1970 regulating the conditions for the operation of certain transactions relating to real property and trade funds;
(b) Article 27 of Act No. 71-1130 of 31 December 1971 on the reform of certain legal and judicial professions;
(c) Act No. 82-1153 of 30 December 1982 on the orientation of inland transport;
(d) Act No. 84-595 of 12 July 1984 defining the rental-accession to the real estate;
(e) Decree No. 89-273 of 26 April 1989 implementing the decree of 9 January 1852 amended on the exercise of the marine fisheries with regard to the first development of the marine fishery products and the rules relating to the communication of statistical information;
(f) Decree No. 90-200 of 5 March 1990 on the exercise of the profession of commissioner of transport;
(g) Decree No. 98-58 of 28 January 1998 on the conditions for the attribution of the foreign merchant identity card;
(h) Decree No. 99-752 of 30 August 1999 on road transport of goods;
(i) From the 6 May 1995 aerodromes and other locations used by helicopters.
III. - For the purposes of section D. 313-27, references to the Customs Code are replaced by references to the local applicable provisions having the same object.
This section does not include regulatory provisions.
Articles R. 330-1 to R. 330-3 are applicable to Mayotte.
Sections D. 341-1 to D. 341-8 apply to Mayotte, subject to the deletion of the words "and venture capital corporations" in section D. 341-4, first and second paragraph.
Sections D. 341-9 to D. 341-15 apply to Mayotte, with the exception of the second sentence of the first paragraph of article D. 341-11.
For the application of the fifth and seventh paragraphs of Article D. 341-13, after the words "ISREN numbers" are added the words "or equivalent numbers".
This subsection does not include regulatory provisions.
This subsection does not include regulatory provisions.
This section does not include regulatory provisions.
This subsection does not include regulatory provisions.
This section does not include regulatory provisions.
This section does not include regulatory provisions.
Articles R. 511-1, R. 511-2, R. 511-6, R. 511-13 and R. 511-14 are applicable to Mayotte.
Sections D. 511-8 to D. 511-12 are applicable to Mayotte.
This subsection does not include regulatory provisions.
The French Development Agency referred to in R. 516-3 et seq. also exercises its powers in favour of Mayotte.
Sections D. 517-1 to D. 517-3 and D. 517-5 to D. 517-7 apply to Mayotte.
This subsection does not include regulatory provisions.
Manual exchangers residing in Mayotte address their activity statement to the Institute for the Emission of Overseas Departments.
Articles R. 532-1 to R. 532-7, R. 532-8 with the exception of its first paragraph, R. 532-10 to R. 532-14, R. 532-15 with the exception of its first paragraph and R. 542-1 are applicable to Mayotte.
The provisions of the second paragraph of articles R. 532-8 and R. 532-15 are applicable to the direct or indirect subsidiaries of a credit institution or an investment company registered in another State Party to the European Economic Area.
Articles R. 533-1, R. 533-2 and R. 533-8 to R. 533-10 are applicable to Mayotte.
Sections D. 533-3 to D. 533-7 are applicable to Mayotte.
Sections D. 541-1 to D. 541-9 are applicable to Mayotte.
This section does not include regulatory provisions.
Articles R. 562-1, R. 562-2, R. 562-11, R. 563-1, R. 563-2, R. 563-3 and R. 564-1 are applicable to Mayotte.
The provisions of Article D. 564-2 apply to Mayotte.
Articles R. 612-2, R. 612-3 and R. 612-5 apply to Mayotte.
Articles R. 621-1 to R. 621-26 and R. 621-31 to R. 621-46 are applicable to Mayotte.
Sections D. 621-27 to D. 621-30 apply to Mayotte.
In New Caledonia, bankers declare the opening, closing or modification of accounts on which cheques can be drawn. A joint order of the Minister for the Economy and the Minister for the Overseas specifies the content of these statements.
The statements referred to in R. 741-1 are addressed to the Overseas Emission Institute.
Subject to R. 741-5, R. 131-1, R. 131-9 to R. 131-27, R. 131-29 to R. 131-55, R. 132-1 and R. 163-2 are applicable to New Caledonia.
The provisions of Article D. 131-28 are applicable in New Caledonia.
In New Caledonia, the liberatory penalty provided for in sections L. 131-75 and L. 131-76 is paid by means of one or more tax stamps sold by a direct accountant of the Treasury and affixed to the injunction letter that is returned by any means to the banker.
However, from an amount of 3,600 euros, the release penalty may be paid to the Treasury's direct accountant.
The settlement is then made by cash or a cheque issued under the conditions set out in section R. 131-3.
The declaration of amounts, securities or values, as provided for in Article L. 741-4, shall be filed by natural persons who make the transfer of these amounts, securities or values on their behalf or for that of others to the New Caledonia Customs Service. The procedure for the establishment and filing of this declaration shall be specified by order of the representative of the State.
The provisions of Article R. 741-6 apply to postal shipments.
Are considered to be amounts, securities or values to be the subject of the declaration referred to in R. 741-5:
1° Bank notes;
2° The coins;
3° Cheques with or without recipient indication;
4° The bearer's cheques;
5° Endossable cheques other than those intended for or sent by companies exercising an international trade activity on a regular and professional basis;
6° Travel checks;
7° Non-resident trade effects;
8° Letters of credit not domiciled;
9° Anonymous cash vouchers;
10° Securities and other receivables negotiable to the carrier or endossable;
11° Gold bars and gold or silver coins listed on an official market.
When the transfer is made on behalf of a third party, the declaration referred to in section R. 741-6 includes the identification of the owner of the transferred amounts, titles or values.
Single Section
Sections R. 211-1 to R. 211-8 and R. 213-16 are applicable in New Caledonia.
This subsection does not include regulatory provisions.
Articles R. 214-1 to R. 214-19, R. 214-23, R. 214-24, R. 214-26, R. 214-27, R. 214-27 to R. 214-28 except its IV, R. 214-29 to R. 214-50 and R. 214-90 are applicable in New Caledonia.
Sections D. 214-20 to D. 214-22 and D. 214-91 are applicable in New Caledonia.
Sections R. 214-92 to R. 214-115 are applicable in New Caledonia.
Sections R. 214-116 to R. 214-143 are applicable in New Caledonia.
Sections R. 312-1 and R. 312-3 are applicable in New Caledonia.
Sections D. 312-5 and D. 312-6 are applicable in New Caledonia.
The provisions of Article R. 313-1 are applicable in New Caledonia.
The provisions of Article D. 313-2 are applicable in New Caledonia.
Sections R. 313-15 to R. 313-19 are applicable in New Caledonia.
I. - Articles D. 313-26 to D. 313-31 are applicable to New Caledonia.
II. - For the purposes of section D. 313-26:
1° References to the Labour Code, the Insurance Code, the Rural Code and the Construction and Housing Code are replaced by references to locally applicable provisions with the same object;
2° References to the provisions are deleted:
(a) Act No. 70-9 of 2 January 1970 regulating the conditions for the operation of certain transactions relating to real property and trade funds;
(b) Article 27 of Act No. 71-1130 of 31 December 1971 on the reform of certain legal and judicial professions;
(c) Act No. 82-1153 of 30 December 1982 on the orientation of inland transport;
(d) Act No. 84-595 of 12 July 1984 defining the rental-accession to the real estate;
(e) Decree No. 89-273 of 26 April 1989 implementing the decree of 9 January 1852 amended on the exercise of the marine fisheries with regard to the first development of the marine fishery products and the rules relating to the communication of statistical information;
(f) Decree No. 90-200 of 5 March 1990 on the exercise of the profession of commissioner of transport;
(g) Decree No. 98-58 of 28 January 1998 on the conditions for the attribution of the foreign merchant identity card;
(h) Decree No. 99-752 of 30 August 1999 on road transport of goods;
(i) From the 6 May 1995 aerodromes and other locations used by helicopters.
III. - For the purposes of section D. 313-27, references to the Customs Code are replaced by references to the local applicable provisions having the same object.
This section does not include regulatory provisions.
Sections R. 330-1 to R. 330-3 are applicable in New Caledonia.
Sections D. 341-1 to D. 341-8 are applicable in New Caledonia, subject to the deletion in section D. 341-4, first and second paragraph, of the words "and venture capital corporations".
For the purposes of Article D. 341-2 in New Caledonia, at 3°, the phrase "or at 3° to 5° of Article L. 310-18 of the insurance code" is deleted.
Sections D. 341-9 to D. 341-15 are applicable in New Caledonia, with the exception of the second sentence of the first paragraph of Article D. 341-10.
For the purposes of section D. 341-9, the phrase "and the insurance company committee" is deleted.
For the application of the fifth and seventh paragraphs of Article D. 341-13, after the words "ISREN numbers" are added the words "or equivalent numbers".
This subsection does not include regulatory provisions.
This subsection does not include regulatory provisions.
This section does not include regulatory provisions.
This subsection does not include regulatory provisions.
This subsection does not include regulatory provisions.
This section does not include regulatory provisions.
This section does not include regulatory provisions.
Articles R. 511-1, R. 511-2, R. 511-6 and R. 511-13 and R. 511-14 are applicable in New Caledonia.
Sections D. 511-8 to D. 511-12 are applicable in New Caledonia.
This subsection does not include regulatory provisions.
This subsection does not include regulatory provisions.
This paragraph does not include regulatory provisions.
The French Development Agency referred to in R. 516-3 et seq. also exercises its powers in favour of New Caledonia.
Sections D. 517-1 to D. 517-3 and D. 517-6 to D. 517-7 are applicable in New Caledonia.
This subsection does not include regulatory provisions.
This section does not include regulatory provisions.
Manual changers residing in New Caledonia address their activity statement to the overseas emission institute.
Articles R. 532-1 to R. 532-7, R. 532-8 with the exception of its first paragraph, R. 532-10 to R. 532-14, R. 532-15 with the exception of its first paragraph and R. 542-1 are applicable in New Caledonia.
The provisions of the second paragraph of articles R. 532-8 and R. 532-15 are applicable to the direct or indirect subsidiaries of a credit institution or an investment company registered in another State Party to the European Economic Area.
Sections R. 533-1, R. 533-2 and R. 533-8 to R. 533-10 are applicable in New Caledonia.
Sections D. 533-3 to D. 533-7 are applicable in New Caledonia.
Sections D. 541-1 to D. 541-9 are applicable in New Caledonia.
For the purposes of article D. 541-8 in New Caledonia, the phrase "or 3° to 5° of article L. 310-18 of the insurance code" is deleted.
This section does not include regulatory provisions.
Sections R. 562-1, R. 562-2, R. 562-11 to R. 563-3 and R. 564-1 are applicable in New Caledonia.
The provisions of Article D. 564-2 are applicable in New Caledonia.
Sections R. 611-1 to R. 611-3 are applicable in New Caledonia.
Sections R. 612-2, R. 612-3 and R. 612-5 are applicable in New Caledonia.
Sections R. 613-2, R. 613-4 to R. 613-23 are applicable in New Caledonia.
This subsection does not include regulatory provisions.
The Credit Advisory Committee established by Article 214 of Organic Law No. 99-209 of 19 March 1999 on New Caledonia includes, in addition to the High Commissioner of the Republic, President:
1° Six State representatives:
(a) the Secretary-General of the High Commissioner or his representative;
(b) the general treasurer or his representative;
(c) the director of the local agency of the Overseas Emission Institute or its representative;
(d) the director of the local agency of the French Development Agency or its representative;
(e) two designated members and their alternates by the High Commissioner of the Republic.
2° Six representatives of New Caledonia and the provinces:
(a) two representatives of the New Caledonia Congress or their alternates;
(b) a representative of the Government of New Caledonia, Vice-President or alternate;
(c) a representative of each province designated by the provincial assembly or its alternate.
3° Six representatives of economic, social or financial organizations:
(a) the chair of the local committee of the French Banking Federation or its representative;
(b) a representative of credit institutions not members of the French Banking Federation, or his alternate, appointed by the High Commissioner of the Republic after the advice of the President of the Government of New Caledonia;
(c) the President of the Chamber of Commerce and Industry or its representative;
(d) the president of the agricultural chamber or his representative;
(e) the president of the Chamber of Trades or his representative;
(f) a representative designated by the Economic and Social Council or its alternate representative.
The Credit Advisory Committee is consulted by the High Commissioner of the Republic on credit issues in New Caledonia.
The Credit Advisory Committee shall meet at least once a year on the convocation of its Chair, either at the initiative of the Chair or within one month of the written request made by at least ten of its incumbent members. This request indicates the purpose on which the consultation is requested.
The Advisory Committee on Credit cannot properly deliberate if the number of members present is less than ten. If the quorum is not reached, a new convocation shall be notified at least eight days before the date of the new sitting of the committee, which then sits validly, regardless of the number of members present.
The advice of the Credit Advisory Committee shall be taken by a majority of the votes of the members present.
The Credit Advisory Committee may hear, at the initiative of its President or at the request of the majority of members present, any person whose hearing appears to be useful.
The secretariat of the Credit Advisory Committee shall be provided by the Treasurer-General or his representative. The secretary shall prepare a record of the meetings of the committee.
The functions of members of the Credit Advisory Committee are free of charge.
Members of the committee who do not have the status of a civil servant or agent of the State are considered to be reimbursed for their mission expenses to officials performing comparable duties.
Articles R. 621-1 to R. 621-26 and R. 621-31 to R. 621-46 are applicable in New Caledonia.
Sections D. 621-27 to D. 621-30 are applicable in New Caledonia.
In French Polynesia, bankers declare the opening, closing or modification of accounts on which cheques can be drawn. A joint order of the Minister for the Economy and the Minister for the Overseas specifies the content of these statements.
The statements referred to in R. 751-1 are addressed to the overseas emission institute.
Subject to R. 751-5, R. 131-1, R. 131-9 to R. 131-24, R. 131-26 to R. 131-55, R. 132-1 and R. 163-2 are applicable to French Polynesia.
The provisions of Article D. 131-25 are applicable in French Polynesia.
In French Polynesia, the liberatory penalty provided for in sections L. 131-75 and L. 131-76 is paid by means of one or more tax stamps sold by a direct accountant of the Treasury and affixed to the injunction letter that is returned by any means to the banker.
However, from an amount of 3,600 euros, the release penalty may be paid to the Treasury's direct accountant.
The settlement is then made by cash or a cheque issued under the conditions set out in section R. 131-2.
The declaration of amounts, titles or values, as provided for in Article L. 751-4, is filed by natural persons who make the transfer of these amounts, securities or values on their behalf or for others to the customs service of French Polynesia. The procedure for the establishment and filing of this declaration shall be specified by order of the representative of the State.
The provisions of Article R. 751-6 apply to postal shipments.
are considered to be amounts, securities or values to be the subject of the declaration referred to in R. 751-6:
1° Bank notes;
2° The coins;
3° Cheques with or without recipient indication;
4° The bearer's cheques;
5° Endossable cheques other than those intended for or sent by companies exercising an international trade activity on a regular and professional basis;
6° Travel checks;
7° Non-resident trade effects;
8° Letters of credit not domiciled;
9° Anonymous cash vouchers;
10° Securities and other receivables negotiable to the carrier or endossable;
11° Gold bars and gold or silver coins listed on an official market.
When the transfer is made on behalf of a third party, the declaration referred to in section R. 751-6 includes the identification of the owner of the transferred amounts, titles or values.
Articles R. 211-1 to R. 211-8 and R. 211-16 are applicable in French Polynesia.
This subsection does not include regulatory provisions.
I. - Articles R. 214-1 to R. 214-19, R. 214-23, R. 214-24, R. 214-26, R. 214-27 to R. 214-28 except its IV, R. 214-29 to R. 214-50 and R. 214-90 are applicable in French Polynesia.
II. - For the purposes of this code in French Polynesia, references to the trade code are replaced by references to the applicable provisions locally having the same object.
Sections D. 214-20 to D. 214-22 and D. 214-91 are applicable in French Polynesia.
Articles R. 214-92 to R. 214-115 are applicable in French Polynesia.
Articles R. 214-116 to R. 214-143 are applicable in French Polynesia.
Articles R. 312-1 and R. 312-3 are applicable in French Polynesia.
Articles D. 312-5 and D. 312-6 are applicable in French Polynesia.
The provisions of Article R. 313-1 are applicable in French Polynesia.
The provisions of Article D. 313-2 are applicable in French Polynesia.
Articles R. 313-15 to R. 313-19 are applicable in French Polynesia.
I. - Articles D. 313-26 to D. 313-31 are applicable in French Polynesia.
II. - For the purposes of section D. 313-26:
1° References to the Labour Code, the Insurance Code, the Rural Code and the Construction and Housing Code are replaced by references to the applicable provisions locally, having the same object;
2° References to the provisions are deleted:
(a) Act No. 70-9 of 2 January 1970 regulating the conditions for the operation of certain transactions relating to real property and trade funds;
(b) Article 27 of Act No. 71-1130 of 31 December 1971 on the reform of certain legal and judicial professions;
(c) Act No. 82-1153 of 30 December 1982 on the orientation of inland transport;
(d) Act No. 84-595 of 12 July 1984 defining the rental-accession to the real estate;
(e) Decree No. 89-273 of 26 April 1989 implementing the decree of 9 January 1852 amended on the exercise of the marine fisheries with regard to the first development of the marine fishery products and the rules relating to the communication of statistical information;
(f) Decree No. 90-200 of 5 March 1990 on the exercise of the profession of commissioner of transport;
(g) Decree No. 98-58 of 28 January 1998 on the conditions for the attribution of the foreign merchant identity card;
(h) Decree No. 99-752 of 30 August 1999 on road transport of goods;
(i) From the 6 May 1995 aerodromes and other locations used by helicopters.
III. - For the purposes of section D. 313-27, references to the Customs Code are replaced by references to the local applicable provisions having the same object.
This section does not include regulatory provisions.
Articles R. 330-1 to R. 330-3 are applicable in French Polynesia.
Sections D. 341-1 to D. 341-8 are applicable in French Polynesia, subject to the deletion of the words "and venture capital companies" in article D. 341-4, first and second paragraph.
For the purposes of article D. 341-2, at 3°, the phrase "or at 3° to 5° of article L. 310-18 of the insurance code" is deleted.
Sections D. 341-9 to D. 341-15 are applicable in French Polynesia, with the exception of the second sentence of the first paragraph of article D. 341-11.
For the purposes of section D. 341-9, the phrase "and the insurance company committee" is deleted.
For the application of the fifth and seventh paragraphs of Article D. 341-12, after the words "ISREN numbers" are added the words "or equivalent numbers".
This subsection does not include regulatory provisions.
This subsection does not include regulatory provisions.
This section does not include regulatory provisions.
This subsection does not include regulatory provisions.
This section does not include regulatory provisions.
This section does not include regulatory provisions.
Articles R. 511-1, R. 511-2, R. 511-6, R. 511-13 and R. 511-14 are applicable in French Polynesia.
Articles D. 511-8 to D. 511-12 are applicable in French Polynesia.
This subsection does not include regulatory provisions.
The French development agency referred to in articles R. 516-3 et seq. also exercises its powers in favour of French Polynesia.
Sections D. 517-1 to D. 517-3 and D. 517-6 to D. 517-7 are applicable in French Polynesia.
This subsection does not include regulatory provisions.
Manual changers residing in French Polynesia address their activity statement to the overseas emission Institute.
Articles R. 532-1 to R. 532-7, R. 532-8 with the exception of its first paragraph, R. 532-10 to R. 532-14, R. 532-15 with the exception of its first paragraph and R. 542-1 are applicable in French Polynesia.
The provisions of the second paragraph of articles R. 532-8 and R. 532-15 are applicable to the direct or indirect subsidiaries of a credit institution or an investment company registered in another State Party to the European Economic Area.
Articles R. 533-1, R. 533-2 and R. 533-8 to R. 533-10 are applicable in French Polynesia.
Sections D. 533-3 to D. 533-7 are applicable in French Polynesia.
Sections D. 541-1 to D. 541-9 are applicable in French Polynesia.
For the purposes of Article D. 541-8, the phrase "or 3° to 5° of Article L. 310-18 of the insurance code" is deleted.
This section does not include regulatory provisions.
Articles R. 562-1, R. 562-2, R. 562-11, R. 563-1 to R. 563-3 and R. 564-1 are applicable in French Polynesia.
The provisions of Article D. 564-2 are applicable in French Polynesia.
Articles R. 611-1 to R. 611-3 are applicable in French Polynesia.
Articles R. 612-2 to R. 612-5 are applicable in French Polynesia.
Articles R. 621-1 to R. 621-26 and R. 621-31 to R. 621-46 are applicable in French Polynesia.
Sections D. 621-27 to D. 621-30 are applicable in French Polynesia.
In the Wallis and Futuna Islands, bankers declare the opening, closing or modification of accounts on which cheques can be drawn. A joint order of the Minister for the Economy and the Minister for the Overseas specifies the content of these statements.
The statements referred to in R. 761-1 are addressed to the Overseas Emission Institute.
Subject to R. 761-5, R. 131-1, R. 131-9 to R. 131-24, R. 131-26 to R. 131-55, R. 132-1 and R. 163-2 are applicable in the Wallis and Futuna Islands.
The provisions of Article D. 131-25 are applicable in the Wallis and Futuna Islands.
In the Wallis and Futuna Islands, the liberatory penalty provided for in sections L. 131-75 and L. 131-76 is paid by means of one or more tax stamps sold by a direct accountant of the Treasury and affixed to the injunction letter that is returned by any means to the banker.
However, from an amount of 3,600 euros, the release penalty may be paid to the Treasury's direct accountant.
The settlement is then made by cash or a cheque issued under the conditions set out in section R. 131-3.
The declaration of amounts, securities or values, as provided for in Article L. 761-3, shall be deposited by natural persons who make the transfer of these amounts, titles or values on their behalf or for others to the customs service of the Wallis and Futuna Islands. The procedure for the establishment and filing of this declaration shall be specified by order of the representative of the State.
The provisions of section R. 761-6 apply to postal shipments.
are considered to be amounts, securities or values to be the subject of the declaration referred to in R. 761-6:
1° Bank notes;
2° The coins;
3° Cheques with or without recipient indication;
4° The bearer's cheques;
5° Endossable cheques other than those intended for or sent by companies exercising an international trade activity on a regular and professional basis;
6° Travel checks;
7° Non-resident trade effects;
8° Letters of credit not domiciled;
9° Anonymous cash vouchers;
10° Securities and other receivables negotiable to the carrier or endossable;
11° Gold bars and gold or silver coins listed on an official market.
When the transfer is made on behalf of a third party, the declaration referred to in section R. 761-6 includes the identification of the owner of the transferred amounts, titles or values.
Articles R. 211-1 to R. 211-8 and R. 213-16 are applicable in the Wallis and Futuna Islands.
This subsection does not include regulatory provisions.
Articles R. 214-1 to R. 214-19, R. 214-23, R. 214-24, R. 214-26, R. 214-27 to R. 214-28 except its IV, R. 214-29 to R. 214-50 and R. 214-90 are applicable in the Wallis and Futuna Islands.
Articles D. 214-20 to D. 214-22 and D. 214-91 are applicable in the Wallis and Futuna Islands.
Articles R. 214-92 to R. 214-115 are applicable in the Wallis and Futuna Islands.
Articles R. 214-116 to R. 214-143 are applicable in the Wallis and Futuna Islands.
Articles R. 312-1 and R. 312-3 are applicable in the Wallis and Futuna Islands.
Articles D. 312-5 and D. 312-6 are applicable in the Wallis and Futuna Islands.
The provisions of Article R. 313-1 are applicable in the Wallis and Futuna Islands.
The provisions of Article D. 313-2 are applicable in the Wallis and Futuna Islands.
Articles R. 313-15 to R. 313-19 are applicable in the Wallis and Futuna Islands.
I. - Articles D. 313-26 to D. 313-31 are applicable in the Wallis and Futuna Islands.
II. - For the purposes of section D. 313-26:
1° References to the Labour Code, the Insurance Code, the Rural Code and the Construction and Housing Code are replaced by references to locally applicable provisions with the same object;
2° References to the provisions are deleted:
(a) Act No. 70-9 of 2 January 1970 regulating the conditions for the operation of certain transactions relating to real property and trade funds;
(b) Article 27 of Act No. 71-1130 of 31 December 1971 on the reform of certain legal and judicial professions;
(c) Act No. 82-1153 of 30 December 1982 on the orientation of inland transport;
(d) Act No. 84-595 of 12 July 1984 defining the rental-accession to the real estate;
(e) Decree No. 89-273 of 26 April 1989 implementing the decree of 9 January 1852 amended on the exercise of the marine fisheries with regard to the first development of the marine fishery products and the rules relating to the communication of statistical information;
(f) Decree No. 90-200 of 5 March 1990 on the exercise of the profession of commissioner of transport;
(g) Decree No. 98-58 of 28 January 1998 on the conditions for the attribution of the foreign merchant identity card;
(h) Decree No. 99-752 of 30 August 1999 on road transport of goods;
(i) From the 6 May 1995 aerodromes and other locations used by helicopters.
III. - For the purposes of section D. 313-27, references to the Customs Code are replaced by references to the local applicable provisions having the same object.
This section does not include regulatory provisions.
Articles R. 330-1 to R. 330-3 are applicable in the Wallis and Futuna Islands.
Sections D. 341-1 to D. 341-9 are applicable in the Wallis and Futuna Islands, subject to the deletion, in section D. 341-4, in the first and second paragraphs, of the words "and venture capital corporations".
Articles D. 341-10 to D. 341-16 are applicable in the Wallis and Futuna Islands, with the exception of the second sentence of the first paragraph of Article D. 341-11.
For the application of the fifth and seventh paragraphs of Article D. 341-13, after the words "ISREN numbers" are added the words "or equivalent numbers".
This subsection does not include regulatory provisions.
This subsection does not include regulatory provisions.
This section does not include regulatory provisions.
This subsection does not include regulatory provisions.
This section does not include regulatory provisions.
This section does not include regulatory provisions.
Articles R. 511-1, R. 511-2, R. 511-6 and R. 511-13 to R. 511-14 are applicable in the Wallis and Futuna Islands.
Articles D. 511-8 to D. 511-12 are applicable in the Wallis and Futuna Islands.
This subsection does not include regulatory provisions.
The French Development Agency referred to in Articles R. 516-3 et seq. also exercises its powers in favour of the Wallis and Futuna Islands.
Articles D. 517-1 to D. 517-3 and D. 517-6 to D. 517-7 are applicable in the Wallis and Futuna Islands.
This subsection does not include regulatory provisions.
Manual changers residing in the Wallis and Futuna Islands address their activity statement at the overseas emission institute.
Articles R. 532-1 to R. 532-7, R. 532-8 with the exception of its first paragraph, R. 532-10 to R. 532-14, R. 532-15 with the exception of its first paragraph and R. 542-1 are applicable in the Wallis and Futuna Islands.
The provisions of the second paragraph of articles R. 532-8 and R. 532-15 are applicable to the direct or indirect subsidiaries of a credit institution or an investment company registered in another State Party to the European Economic Area.
Articles R. 533-1, R. 533-2 and R. 533-8 to R. 533-10 are applicable in the Wallis and Futuna Islands.
Articles D. 533-3 to D. 533-7 are applicable in the Wallis and Futuna Islands.
Articles D. 541-1 to D. 541-9 are applicable in the Wallis and Futuna Islands.
This section does not include regulatory provisions.
Articles R. 562-1, R. 562-2, R. 562-11, R. 563-1, R. 563-2, R. 563-3 and R. 564-1 are applicable in the Wallis and Futuna Islands.
The provisions of Article D. 564-2 are applicable in the Wallis and Futuna Islands.
Articles R. 611-1 to R. 611-3 are applicable in the Wallis and Futuna Islands.
Articles R. 612-2 to R. 612-5 are applicable in the Wallis and Futuna Islands.
Articles R. 621-1 to R. 621-26 and R. 621-31 to R. 621-46 are applicable in the Wallis and Futuna Islands.
Articles D. 621-27 to D. 621-30 are applicable in the Wallis and Futuna Islands.
This section does not include regulatory provisions.
Table of correspondence Legislative part of the monetary and financial code
New/old articles
You can see the table in the OJ
n° 197 of 25/08/2005 page to
Table of correspondence Legislative part of the monetary and financial code
Ancient articles/new articles
You can see the table in the OJ
n° 197 of 25/08/2005 page to
