Decree Of 29 October 2009 On Prudential Regulation Of Payment Institutions

Original Language Title: Arrêté du 29 octobre 2009 portant sur la réglementation prudentielle des établissements de paiement

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French Official Gazette No. 0253 of October 31, 2009

page 18722 text n ° 10

Order of 29 October 2009 on prudential regulation of payment institutions NOR
:
ECET0924324A ELI: https://www.legifrance.gouv.fr/eli/arrete/2009/10/29/ ECET0924324A / jo / text

The Minister of Economy, Industry and Employment,
Having regard to Directive 2006/48 / EC of the European Parliament and of the Council of 14 June 2006 concerning access to the activity of credit institutions and their activities;
Having regard to Directive 2007/64 / EC of the European Parliament and of the Council of 13 November 2007 on payment services in the internal market;
Given the Monetary and Financial Code;
Considering Ordinance No. 2009-866 of 15 July 2009 on conditions for the provision of payment services and creating payment institutions;
Having regard to Regulation 90-02 of 23 February 1990 relating to capital;
Having regard to Regulation of the Committee of banking regulation and financial No. 96-13 concerning the withdrawal of authorization and cancellation of 20 December 1996 credit institutions;
Having regard to Regulation 96-16 of 20 December 1996 concerning credit institutions situations changes and investment firms other than portfolio management companies;
Given the 97-02 of the Committee for Banking and Financial Regulation relating to internal control of 21 February 1997;
Having regard to Regulation No. 2000-03 of the Committee for Banking and Financial Regulation of 6 September 2000;
Having regard to Regulation No. 2001-04 relating to check clearing;
Having regard to Regulation 2002-01 relating to due diligence in connection with checks for the fight against money laundering and terrorist financing;
Having regard to Regulation No. 2004-01
/
90-05 of 11 April 1990 on the national register of incidents of repayment of loans to individuals;
Considering the decree of 20 February 2007 relating to capital requirements;
Having consulted the Advisory Committee of legislation and financial regulation dated 7 October 2009
Stop:

Article 1
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Payment institutions mentioned in Article L. 522-1 of the Monetary and Financial Code, hereinafter referred to as "reporting institutions" must respect the provisions of this Order.

TITLE I: CONDITIONS OF ACCESS TO ACTIVITY
PAYMENT SERVICES CHAPTER 1ST: DISCLOSURES TO THE COMMITTEE OF CREDIT INSTITUTIONS AND INVESTMENT FIRMS IN ORDER TO OBTAIN APPROVAL OF ESTABLISHMENT OF PAYMENT
Article 2
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Obtaining authorization as payment is subject to the submission to the Committee of credit institutions and investment firms of an application to be made in accordance with the file prepared by the Committee credit institutions and investment firms and published in the Official Bulletin of the credit institutions Committee and investment firms and the banking Commission.


Article 3 More about this article ...

Upon receipt of a request, the Committee of credit and investment firms institutions verifies that it is in the record provided for in Article 2 and, if so, proceeds to its instruction.
The credit institutions and investment firms Committee may ask the applicant any additional piece of information necessary to the investigation of the case. This request suspends the deadlines specified in the following paragraph until receipt of the requested information.
The Committee of credit and investment business establishments shall notify the applicant within three months at most from the date of receipt of the dossier to the one mentioned in Article 2.

CHAPTER 2: MINIMUM CAPITAL PAYMENT SETTLEMENTS

Article 4 More about this article ...

The minimum capital of a supervised institution is:
EUR 20 000 if authorized to provide the service described in 6 of Section II of Article L. 314-1 of the Monetary and Financial Code;
EUR 50 000 if authorized to provide the service mentioned in 7 of Section II of Article L. 314-1 of the aforementioned Code;
EUR 125 000 if authorized to provide at least one of the mentioned services from 1 to 5 of Section II of Article L. 314-1 of the aforementioned code.


Article 5 More about this article ...


For the purposes of the preceding article, are considered capital: social capital taxable institutions set up as commercial companies, reserves whose distribution is prohibited and the amounts that may be assimilated.

CHAPTER 3: STATE OF CHANGING
PAYMENT SETTLEMENTS SECTION 1: SUBJECT TO CHANGE PRIOR AUTHORIZATION OF THE COMMITTEE OF CREDIT INSTITUTIONS AND INVESTMENT FIRMS
Article 6
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Shall be subject to prior authorization of credit institutions committee and investment firms modifications intended to bring the situation of supervised institutions concerning the following:
- the legal form ;
- The identity of the partners with unlimited liability for the debts of the reporting institution;
- The type of payment services for which a reporting institution has been authorized;
- The conditions which was conditional accreditation.


Article 7 Learn more about this item ...

With the exception of transactions within a group, making any operation, expansion or disposal of participation, directly or indirectly within the meaning of Article L. 233-4 of the Code of trade in a supervised institution is subject to prior authorization of credit institutions Committee and investment firms when it allows a person or group of persons acting in concert within the meaning of Article L. 233 -10 of the commercial code:
- Either crossing, upwards or downwards, the thresholds of 10%, 20% or 33 1/3% of the voting rights;
- Either to gain or lose, alone or together, the effective power of control over the company's management.
For the purposes of this Article, the voting rights are determined in accordance with Article 4 of the Regulation of the Committee of banking regulation and financial 96-16 of 20 December 1996 concerning changes in situations of credit institutions and investment firms other than portfolio management companies.

SECTION 2: NOTIFICATION SUBJECT TO CHANGE THE COMMITTEE OF CREDIT INSTITUTIONS AND INVESTMENT FIRMS WITH POWER OPPOSITION
Article 8
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When a transaction between persons under foreign law transfers the effective power of a company control outside France as it directly or indirectly holds 10%, 20% or 33 1/3 % of capital or voting rights or the effective power of control mentioned in Article 7 on a supervised institution, the latter shall notify this operation to the Committee of credit institutions and investment firms in a period of a month.
The Committee shall review the situation of the reporting institution in relation to the factors taken into account at the time of the approval, including pursuant to Articles L. 522-6 to L. 522-8 of the Monetary and Financial Code.

Article 9
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The appointment of any new person called to perform the functions mentioned in b of II of Article L. 522-6 of the Monetary and Financial Code, a reporting institution shall be notified within five business days in Committee credit institutions and investment firms. The Committee may object to the appointment to the criteria of the b II of Article L. 522-6 of the Monetary and Financial Code. The Committee may decide to hear or be heard the person concerned.

Article 10
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Reporting institutions shall without delay notify the administrative sanctions committee, disciplinary, civil or criminal pronounced or disciplinary or legal proceedings, against them as well as against the persons mentioned in b II of Article L. 522-6 supra known to them, which are likely to question the assessment made by the Committee of repute, experience and expertise of the individuals. This notification shall include all information needed to assess the importance of facts.

When the Committee becomes aware of facts which are likely to question the fit and proper requirements as well as adequate experience to perform the functions mentioned in b of Section II of Article L. 522-6 of the Code monetary and financial, it may request the establishment consequences it intends to draw from these facts with regard to the person exercising these functions. The latter is invited to offer comments to the Committee. In view of the observations and information submitted by the above procedures, the Committee may decide to open an accreditation procedure for withdrawal of the reporting institution or forward the file to the Banking Commission.

SECTION 3: SUBJECT CHANGES TO A SIMPLE STATEMENT THE COMMITTEE OF CREDIT INSTITUTIONS AND INVESTMENT FIRMS
Article 11
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The cessation of functions mentioned in b of Section II of Article L. 522-6 of the Monetary and Financial Code is declared within five days to the Committee of credit institutions and investment firms.

Article 12
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Are declared within a month the Committee of credit institutions and investment firms changes:
- the name;
- The name or trade name;
- At the registered office;
- The amount of fixed-capital companies capital;
- The rules on calculation of voting rights;
- The composition of boards of directors or supervisory and management boards of reporting institutions;
- With the exercise conditions of the branch, in accordance with Article L. 225-51-1 of the French Commercial Code;
- The organization of the powers of direction and control, entrusted to an executive board and a supervisory board, pursuant to article L. 225-57 of the Code.
Shall be subject to prior notification of proposed changes position on exchange services and the provision of credit mentioned in Article L. 522-2 of the Monetary and Financial Code.

SECTION 4: GENERAL PROVISIONS
Article 13
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The authorization requests, notifications and statements provided for in this chapter include all own assessment criteria to inform the Committee of credit institutions and investment firms on the causes, objectives and impacts of the amendment concerned. If the investigation of the case requires, additional items may be requested. In this case, the period specified in this Section shall be suspended until receipt of these. Failure by the Committee on an application meets the requirements of this Article beyond the limits fixed by this section is granting the requested authorization or agreement on the notified amendments.

Article 14
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Credit Institutions Committee and investment firms take a decision within two months of receiving the application for authorization and notification under this chapter or, if the application or notification is incomplete, in the same period to receipt of all information necessary for the decision.

Article 15
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The reporting institution has obtained an authorization to change the status, under Article 7 addresses the credit institutions and investment firms Committee, within eight days after the this change, a letter in which one of the persons mentioned in b of II of Article L. 522-6 of the monetary and financial code informs the date of the transaction and certifies its compliance with the authorization

CHAPTER 4: PAYMENT SERVICE PROVISION IN ANOTHER MEMBER STATE THAN FRANCE OR IN FRANCE BY ESTABLISHING A MEMBER STATE
SECTION 1: FREE ESTABLISHMENT AND FREEDOM TO PROVIDE SERVICES IN THE TERRITORY OF OTHER MEMBER STATES OF THE EUROPEAN COMMUNITY
Article 16
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A reporting institution having its registered office in the territory of metropolitan France, in the departments overseas, Saint Martin and Saint Barthelemy, wishing to establish a branch or intervene on freedom to provide services for first time in another member State of the European Community or another State party to the agreement on the European economic Area to provide payment services, according to the provisions of I of Article L. 522-13 of the monetary and financial code, notify the credit institutions committee and investment firms the following information:
1. The name and address of its registered office;
2. The State in which it intends to intervene and the type of payment services it intends to provide in the territory of the State concerned;
and, for the branches:
3. The address of the branch;
4. The identity of the persons responsible for the management of the branch;
5. The organizational structure of the branch;
6. A description of the internal control system, including a description of the device to fight against money laundering and the fight against terrorist financing applicable to the branch.
This information is accompanied by their certified translations in the language of the host state.

Article 17
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In the month following receipt of all the information mentioned in Article 16, credit institutions and investment firms Committee transmits to the competent authority of the host state, shall inform the institution and registered branch or records the declaration of freedom to provide services on the list referred to in Article L. 612-2 of the monetary and financial code. The property can then operate under the free provision of services. Within the declarations of freedom of establishment, the establishment is informed that he can begin operations as soon as the competent authority of the host state acknowledges receipt of the information mentioned in Article 16.

Article 18
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Any changes in the information mentioned in Article 16 shall be communicated immediately by the payment institution in the Credit Institutions Committee and investment firms stating the date of completion. The Committee shall notify the host competent authority and shall, if necessary, amendment of the list referred to in Article L. 612-2 of the aforementioned code.

SECTION 2: FREE ESTABLISHMENT AND FREEDOM TO PROVIDE SERVICES IN FRANCE
Article 19
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For a payment institution having its registered office in another Member State of the European Community or another State party to the Agreement on the European Economic Area can create a branch, use an agent, or intervene free provision of services in order to provide payment services in the territory of metropolitan France, in the departments overseas, Saint-Martin and Saint-Barthélemy and as provided by the II of Article L. 522-13 of the monetary and financial code, the Committee of credit institutions and investment firms must have previously received from the competent authority of the State of origin the following information together with their certified translations in french:
1. The name and address of the registered office or, where appropriate, the central administration of the payment institution;
2. The type of payment that the institution intends to provide services in the territory of metropolitan France, departments overseas, in Saint-Barthélemy and Saint-Martin;
Well as for branches:
3. The address of the branch;
4. The identity of the persons responsible for the management of the branch;
5. The organizational structure of the branch;
6. A description of the internal control system, including in particular a description of the fight against money laundering and terrorist financing;
Well as for agents:
7. The full name of the individual agent or corporate name of the corporation agent;
8. The agent's address;
And for agents established on French territory:
9 ° The identity of directors and persons responsible for the management of the agent;
10 ° A description of the organizational structure of the agent;

11 ° A description of the internal control system implementation to ensure that agents comply with the obligations in the fight against money laundering and against the financing of terrorism.
The home competent authority and the institution are informed of the receipt of such information by the Committee at the earliest.

CHAPTER 5: WITHDRAWAL OF APPROVAL AND CANCELLATION OF PAYMENT
INSTITUTIONS SECTION 1: PUBLICATION OF DECISIONS TO WITHDRAW APPROVAL OF RADIATION OR PAYMENT SETTLEMENTS
Article 20
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The withdrawn approvals made by the Credit Institutions Committee and application investment enterprises of I of Article L. 522-11 of the Monetary and Financial Code are published monthly, if any mentioning date of effect in the Official Bulletin of the credit institutions Committee and investment firms and the banking Commission.

Article 21
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Radiation imposed by the Banking Commission under section IV of Article L. 522-11 of the Monetary and Financial Code are published monthly in the Official Bulletin of the Credit Institutions Committee and investment firms and the Commission banking.

Article 22
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Establishments withdrawal of approval or liquidation is being mentioned in the appendix of the list of payment institutions drawn up pursuant to article L. 612-2 of the Monetary and Financial Code and published in the Official Journal .

SECTION 2: RETURN OF FUND PAYMENT SERVICE USERS
Article 23
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The withdrawal of approval shall take effect upon expiry of a period set by the Credit Institutions Committee and investment firms in accordance with Section II of Article L. 522-11 of the Monetary and Financial Code, the duration may not exceed fifteen months during which the return of funds collected for the payment of services must take place before a date fixed by the Committee.
When the Banking Commission has notified the initiation of disciplinary proceedings, the Committee of credit institutions and investment firms suspend consideration of the request of cancellation of registration until the final ruling of the proceedings by the banking Commission.

Article 24
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Any institution whose withdrawal of approval was given shall immediately notify this decision, by means appropriate to the nature of its clientele, any person holding in its books funds collected for meaning payment for services of II of Article L. 522-4 of the monetary and financial code, specifying the date by which the return of funds intervene under Article 23.

SECTION 3: TRANSFER OF FUNDS FROM A CREDIT INSTITUTION OR ANOTHER ESTABLISHMENT OF PAYMENT OR Caisse des Dépôts et Consignations OF
Article 25
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The payment institution informs its customers transfer arrangements with a credit institution or another payment institution, funds collected for payment services. This transfer is done at no cost to the user of payment services.

Article 26
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The funds still in the possession of the payment institution on the date fixed by the Committee pursuant to Article 23 are transferred to the Caisse des Dépôts et Consignations. The transfer of the funds collected is done at no cost to the user of payment services. Holders of funds are informed of the transfer by the reporting institution.

TITLE II MANAGEMENT RULES AND ORGANISATION FOR PAYMENT INSTITUTIONS, CHAPTER 1
:
EQUITY
Article 27 More about this item ...

For the purposes of this chapter, the capital is determined in accordance with Regulation 90-02 of 23 February 1990 relating to capital.

SECTION 1: CAPITAL REQUIREMENTS RELATING TO PAYMENT SERVICES (3 METHODS)
Article 28
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For the purposes of Article L. 522-14 of the Monetary and Financial Code, the reporting institution shall calculate the amount of capital it must hold, in one of three methods provided in Articles 29 to 31.

At any time, if it considers that the institution chosen by the reporting method is not adapted to the risks associated with activities of the institution or is likely to undermine the quality of supervision of the institution concerned the banking Commission may require the reporting institution that used for the calculation of capital requirements of this chapter, another method among those mentioned in Articles 29 to 31 of this order.
The reporting institution may submit to the Commission a banking method change request for the calculation of capital requirements so that they are determined in either of the other two methods among those provided for in Articles 29 to 31 of this Order.
In support of its request, the reporting institution provides to the Banking Commission all information to compare the results of the new method with those of the method used for the previous two years and to verify that the requested method is more relevant to the prudential supervision requirements.
Any change of method is applied from the fiscal year following that in which the application of the property was accepted by the Banking Commission or required by the latter. A reporting institution may send a new request for change of method within three years following the one from which it was applied.

Article 29
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Method A. The amount of capital is at all times greater than or equal to 10% of the fixed overheads of the previous year.
Overheads as defined in this chapter include personnel costs, taxes and duties related to staff remuneration, other taxes and external services as defined by the accounting rules for reporting institutions. The Banking Commission may adjust that requirement in the event of significant change in activity compared to the previous year.
When the reporting institution has not recorded a full year from the date of the calculation, it is required that the amount of its equity is at least equal to 10% of the corresponding overheads as projected in its business plan, unless the banking Commission requires an adjustment of the program.

Article 30
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Method B.

The amount of capital is at all times greater than or equal to the sum of installments of payment volume calculated as provided below, multiplied by the scaling factor k as defined below.
The volume of payments represents one twelfth of the total amount of payment transactions executed by the institution subject to the previous year:
a) 4.0% of the slice of PV up to EUR 5 000 000;
b) 2.5% of the slice of PV between 5 million and 10 million euros;
c) 1% of the slice of PV between 10 million and 100 million euros;
d) 0.5% of the slice of the VP of between 100 million and 250 million euros;
e) 0.25% of the slice of PV greater than 250 million euros.
The scale factor k is:
a) 0.5 where the reporting institution provides only the payment service mentioned 6 of Section II of Article L. 314-1 of the Monetary and Financial Code;
b) 0.8 where the reporting institution provides the payment service mentioned in 7 of Section II of Article L. 314-1 of the Monetary and Financial Code;
c) 1 where the taxable property provides a payment service mentioned in 1 to 5 of Section II of Article L. 314-1 of the Monetary and Financial Code.
When a reporting institution has not recorded a full year to the date of calculation, the estimates set out in its business plan can be used, unless the Banking Commission requires an adjustment to that plan.

Article 31
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Method C. The amount of capital is at all times greater than or equal to the set point indicator multiplied by the factor p determined in b and the factor k defined in Article 30 of this Order.
a) The relevant indicator is the sum of:
- Interest income;
- Interest expense;
- Commissions and fees received, and
- Other exploitation products.

Each element, as defined by the accounting rules applicable to supervised institutions, is included in the sum with its sign, positive or negative. The extraordinary or irregular items are not used to calculate the relevant indicator. Expenses related to the outsourcing of services provided by third parties may reduce the relevant indicator if incurred by another reporting institution or by another payment service provider. The relevant indicator is calculated on the basis of the observation of twelve months carried out at the end of last year. When the figures used are not from the published accounts, estimates can be used unless the Banking Commission requires an adjustment of these estimates.
The amount of own funds calculated according to this method can not be less than 80% of the average of the previous three years for the relevant indicator.
b) The multiplication factor p is equal to:
10% of the slice of the relevant indicator up to EUR 2 500 000;
8% of the slice of the relevant indicator between 2.5 million and 5 million euros;
6% of the slice of the relevant indicator between 5 million and 25 million euros;
3% of the slice of the relevant indicator between 25 million and 50 million euros;
1.5% of the slice of the relevant indicator above 50 million euros.

Article 32
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When evaluating processes of risk management or assessment databases for the risk of loss or evaluating the internal control system of the reporting institution to justify it, the Banking Commission may within conditions laid down in Article L. 613-16 of the monetary and financial code, decide that the reporting institution is subject to a capital charge can be up to 20% higher than the amount resulting from the method applicable pursuant to Articles 28 to 31.
Under the same conditions, and if the situation warrants, the Banking Commission may authorize the payment institution to be subject to a capital charge can be up to 20% less than the amount resulting from the method applicable pursuant to Articles 28 to 31.

SECTION 2: CAPITAL TRANSACTIONS RELATING TO CREDIT
Article 33
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Reporting institutions providing credit mentioned in II of Article L. 522-2 of the Monetary and Financial Code must at all times have an amount of capital as determined for the standardized approach to risk credit in the order of 20 February 2007 relating to capital requirements for credit institutions and investment firms, given the overall amount of credit granted.

CHAPTER 2: PROTECTION OF FUNDS FROM CUSTOMERS
PAYMENT SETTLEMENTS SECTION 1: Cantonment RULES AND INVESTMENT

Article 34 More about this item ...

Reporting institutions place the funds received for the execution of a payment transaction in one or more accounts opened specifically for this purpose, identified separately from any other account used to hold funds belonging to the reporting institution, with a credit institution authorized in a member State of the European Community or in another State party to the agreement on the European economic Area.
The funds are placed on deposit accounts. The title of these accounts mention of the sums deposited therein.
They can also be invested in financial instruments kept in accounts opened specifically for this purpose from a person referred to in paragraphs 2-5 of Article L. 542-1 of the Monetary and Financial Code. These instruments can only be securities issued by a qualifying money market fund as defined by the Decree of 2 July 2007 concerning the confinement of customer funds of investment firms.
The justification of compliance with this requirement must be provided at all times.

SECTION 2: HEDGE FUNDS CUSTOMER

Article 35 More about this item ...

The coverage required in 2 ° of I of Article L. 522-17 of the Monetary and Financial Code follows:
- Either a written undertaking of an authorized credit institution not belonging to the same group as the payment institution;
- Either a written commitment from an authorized insurance company for this purpose not belonging to the same group as the payment institution.

Payment institutions justify the bank of the constitution of the coverage and amount Commission and its annual update.
The Banking Commission may require a reassessment of the amount of coverage if it appears inadequate for the volume of activity of the institution of the previous year or planned for next year.
The document certifying the constitution of the cover, when made by an autonomous warranty complies with the model in Annex 1, and when comprised of a bond agreement is in the form shown in Appendix 2.

CHAPTER 3 USE OF AGENTS

Article 36 More about this item ...

I. - A reporting institution that intends to carry through an agent, payment services activities must make a request in accordance with the type declaration dossier prepared by the Credit Institutions Committee and investment firms and published in the Official Bulletin of the credit institutions committee and investment firms and the banking Commission with the following information:
a) the name, use name, first name, date and place of birth agents physical persons ;
B) The name and, if applicable, the SIREN number of legal entities agents;
C) The business address for physical persons or legal entities, the address of the head office and, if different, the address where the activity is conducted on behalf of the payment service provider ;
D) The nature of the operations for which the officer is appointed;
E) For corporate agents, the identity of individuals with the power to manage or administer that entity and, in case such an agent habitually acts as an activity other than services payment, the identity of the person to whom is delegated the responsibility of the agent activity;
F) Evidence of professional competence and good repute agents or individuals mentioned in e);
G) In the first application for registration of one or more agents by a taxable property, a description of the implementation of internal control to ensure that officers comply with the particular requirements of fight against money laundering and terrorist financing. For subsequent applications for registration, this taxable person must provide the description of the internal control system in the event of substantial changes.
For the purposes of e, the reporting institution shall provide: 1
A resume justifying the ability of agents or persons mentioned in e to exercise an activity of payment services, either due to training to perform accounting or financial functions or experience of two years in that role, either because of their status as dealers since two years;
2. A document in which the subject institution certifies having secured the verification of the accuracy of the information mentioned in the resume or agents of persons mentioned in e, as well as the reputation of this or these people, including the receipt of a statement by the officer attesting not to fall under the prohibitions and penalties laid down in Article L. 523-2 of the monetary and financial code.
The Professional standing and ability of individuals or agents of persons sent by the reporting institution is presumed when these people:
- have the manual changer quality having obtained the authorization referred to in Article L. 524-3 of the monetary and financial code;
- Or are recorded in the register referred to in I of Article L. 512-1 of the Insurance Code;
- Or have the status of leader mentioned in Articles L. 511-13, L. 532-2, b II of Article L. 522-6-II, or c of article L. 524- 3 of the monetary and financial code or business leader referred to in 1, 3 and 4 of Article L. 310-2 of the insurance code, mutual societies or institutions mentioned in the first paragraph of Article ` L. 310-12 of the insurance code or intermediaries in insurance operations defined in Article L. 511-1 of the insurance code.

II. - When a reporting institution as mentioned in Article 16 wishes to use an agent in order to provide payment services in another Member State of the European Community or party to the Agreement on the European Economic Area, it transmits to the Committee of credit institutions and investment firms the information under I of this article, specifying the type of payment services envisaged.
III. - When a reporting institution as mentioned in Article 16 wishes to intervene in another Member State or party to the European Economic Area, using an agent that has already been registered in the register of agents, it performs a supplementary statement of changes in activities, indicating the type of payment services may be provided by the agent in the State concerned.
This information is accompanied by their certified translations in the language of the host state.


Article 37 More about this item ...

I. - Within one month of the regular reception of the information mentioned in II or III of Article 36, provided by the reporting institutions mentioned in Article 16, the Committee shall forward to the competent authority of the host state information following:
- For an agent located in the home state considered, the information mentioned under a to e and g of I of Article 36, in addition to the declaration of freedom of establishment done by the payment institution in accordance with Article 16;
- For an agent is not considered implanted into the host State, the information in points a to d of section I of Article 36 in addition to the declaration of free provision of services by the payment institution accordance with Article 16.
II. - The Committee has from the regular receipt of information from a maximum period of two months to save the agent or a month to record the supplementary declaration provided for in III of Article 36.
III. - For the officials of reporting institutions making use of the procedure laid down in Article 16, the Committee may consider, until the expiry of the registration period specified in the preceding paragraph, in the opinion of the competent authority of the host State provided for in Article L. 522-13-I (2) of the monetary and financial code.
IV. - The Committee of credit and investment business establishments shall assign a registration number to servants upon registration in the register of agents. No agent can have more than one registration number.
V. - The lack of registration of the agent or the aforementioned activity change statement by the Credit Institutions Committee and investment firms to the deadlines mentioned in II is refusal. The Committee refuses to register a person in the register of agents or record the statement of changes aforementioned activity if it turns out that the information mentioned in Article 36 are incomplete, inconsistent, inaccurate or irrelevant, or because the information mentioned in Article L. 522-13-I (2) of the monetary and financial code, which has been transmitted by the competent authorities of the receiving State.

Article 38
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The register of agents includes the following information:
a) The registration number of the agent;
b) The name of the service provider for whom or which the agent is active and if that provider is licensed as a credit institution or supervised institution;
c) the information mentioned in a, b, c, d of I of Article 36 and, if applicable, the type of payment services that can be provided in the or each State concerned.
This information is posted on the Committee's website for credit institutions and investment firms and freely accessible to the public except for the dates and places of birth of the individual agent.

Article 39
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Any institution subject to ensure that any agent that has mandated brings to customers and to the public by any appropriate means and a visible and legible manner, the following information:
- The name, address and business name of the institution that commissioned;
- Its registration number and address of the agent registry to verify this record.


Article 40 More about this item ...


Any change in the information set a to d and g of I of Article 36 is immediately communicated to the Credit Institutions Committee and investment firms by the taxable principal establishment. The completion date of the change must be specified by the reporting institution.
Is subject to declaration within five working days the appointment of any new person as defined in point e of I of Article 36 and the information mentioned in point f.
Any changes to the information referred a to d and g of I of Article 36 concerning an agent authorized to operate in one or more other Member States or party to the Agreement on the European Economic Area is provided by the Committee credit institutions and investment firms to the competent authorities under the conditions of I of Article 37. the Committee shall, if necessary, modify the register of agents.
For changes mentioned in the e I of Article 36, the Committee has a maximum period of two months to record the identity of the new person.
Until the expiry of that period of two months, the Committee may consider, as appropriate, the information transmitted by the competent authority of the host state.
Lack of registration in this period of two months is refusal.
Institutions subject asking the Credit Institutions Committee and the investment firms to proceed with the delisting of their attorney's register of agents:
- In case of cessation of activity Agent, for any reason whatsoever;
- When they consider that the agents or persons mentioned in e of I of Article 36 no longer fulfill the conditions of good repute or ability they had to justify in the application for registration.
If the agent has been removed from the register was providing services in other Member States or party to the Agreement on the European Economic Area, the competent authorities of the host country or are informed promptly by the Committee of credit institutions and of this radiation investment firms.
The registry deleted information under the two preceding paragraphs, or that have been modified because of changes affecting the conditions of exercise of the agent activity is kept on any durable medium during a period of ten years from the date of removal from register or amendment.

Article 41
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Pursuant to the third paragraph of Article 38 of Law No. 78-17 of 6 January 1978 on computers, files and freedoms, the right of opposition is not applicable to the register of agents.
The rights of access and correction provided for in Articles 39 and 40 of the Act of 6 January 1978 aforesaid exercise to the Committee of credit institutions and investment firms and establishments subject commissioned officers .

CHAPTER 4: MONITORING ON CONSOLIDATED BASIS

Article 42 More about this item ...

Payment institutions, subsidiaries of a credit institution, an investment firm, a financial holding company or a mixed financial holding company, included in the scope of consolidation within the meaning of Regulation No 2000-03 cited above, are not subject to compliance on an individual basis or as appropriate sub-consolidated, the capital requirements set out in Article 28 of this order, subject to the conditions of Article 4.1 of the Regulation .

CHAPTER 5: ACTIVITIES OTHER THAN PAYMENT SERVICES PERFORMED USUAL OCCUPATION TITLE AND ESTABLISHMENTS HYBRID
Article 43
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Payment services, related services mentioned in Article L. 522-2 of the Monetary and Financial Code held by an institution exercising a hybrid kind of activity are subject to prudential supervision pursuant to Chapters 1, 2 and 4 of this title. Pursuant to Article L. 613-8, the documents and information required for the exercise of its supervisory duties are handed to the Banking Commission under conditions set by an instruction.


Article 44 More about this item ...

The control of internal operations and procedures system defined in Article 5 of the aforementioned No. 97-02 include verification of obligations under Article L. 522-3 of the Monetary and Financial Code and the present chapter.

The internal control system of reporting institutions should enable them to ensure permanence in compliance with the provisions of this chapter.


Article 45 More about this item ...

For the purposes of Article L. 522-14 and L. 522-17 of the Monetary and Financial Code, as well as chapters 1 and 2 of this Title, subject institutions engaged in hybrid nature of the activities evaluated representative part of the funds received for the execution of future payment transactions by reporting on a quarterly basis, the volume of the funds actually used to the execution of payment transactions of the funds received for the execution of future operations payment and can also be used for other services as payment. They perform this calculation on the last four quarters sliding and holding the highest figure.
When the reporting institution has not completed a full year to the date of calculation, he returned for the first quarter ahead the figure provided in its program of activities increased by 30%, and the figure of the first quarter increased elapsed 20%, and the figure in the first two quarters at the higher, plus 20%, the last figure in the first three quarters at the higher, plus 10%.
The Banking Commission may adjust these requirements if the situation warrants.

TITLE III: MISCELLANEOUS

Article 46 More about this item ...

The provisions of Section I of Article 36, II, IV and V of Article 37, Article 38, Article 39, Article 40 with the exception of the third, fifth and penultimate paragraphs, and Article 41 of this order shall apply in case of use of an agent by a credit institution authorized by the Committee of credit institutions and investment firms.


Article 47 More about this item ...

Regulation No. 2001-04 relating to check clearing is amended as follows:
In Article 1 of the Regulation of the Committee of banking regulation and financial No. 2001-04 aforesaid, after the words: "Article L. 511-1 of the Monetary and Financial Code," the words "and that" are deleted and after the words "Act 96-597 of 2 July 1996 the modernization of financial activities" are added the words ", as well as payment institutions as defined in Article L. 522-1 of the same code providing collection service checks. "

Article 48
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The Regulation 2002-01 relating to due diligence in connection with checks for the fight against money laundering and terrorist financing is amended as follows:
In Article 1 of Regulation No. 2002-01 of the Committee of the aforementioned banking and financial regulations, after the words: "in Article L. 511-1 of the Monetary and Financial Code" are added the words "and that 'payment institutions as defined in Article L. 522-1 of the code providing check cashing service. "

Article 49
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The provisions of the Regulation of the Committee of banking regulation n ° 90-05 of 11 April 1990 as amended relating to the national database of individual loan repayment incidents are applicable to payment institutions governed by Title II of Book V Monetary and Financial Code.


Article 50 More about this item ...

The Regulation 2000-03 of 6 September 2000 on prudential consolidated supervision and supplementary supervision is amended as follows:
At f i of Article 1 of Regulation No. 2000-03 of the Committee for Banking and Financial Regulation of 6 September 2000 referred to above, the words 'and investment firms' are replaced by the words "the investment firms and payment institutions ".

Article 51
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Regulation 97-02 of 21 February 1997 the Committee on banking regulation on internal control is amended as follows:
1. In Article 1, after the fifth paragraph is added to a paragraph:
"- Payment institutions. ";

2. In a of Article 4, the words "persons who, in accordance with Articles L. 511-13 and L. 532-2, paragraph 4, of the aforementioned Financial and Monetary Code, provide for effective determination of direction of business activity and people who perform the same functions "are replaced by" persons who, pursuant to Articles L. 511-13 and L. 532-2, point 4 b and II Article L. 522-6 of the monetary code and the aforementioned financial ensure the effective determination of the orientation of the activity of the company, the person in the case of establishment of hybrid payment is declared responsible management of payment services activities and the people who perform the same functions ";
Q In 3 of Article 4, the words "through the use of tied agents, as defined in Articles L. 545-1 and following of the Code or any other form" are replaced by "by the use of agents related as defined in Articles L. 545-1 and following of the code, through the use of agents defined in Articles L. 523-1 and following of the code or any other form ";
4. In the second paragraph of r Article 4 the words "banking operations within the meaning of Article L. 311-1 of the abovementioned Monetary and Financial Code and investment services within the meaning of Article L. 321-1 of the code "are replaced by the words" banking operations within the meaning of Article L. 311-1 of the monetary code and the aforementioned financial, payment services as defined in Article II L. 314-1 of the code and investment services within the meaning of Article L. 321-1 of the code ";
5. In the third paragraph of Article 4 r, the words "related operations referred to in paragraphs 1, 2 and 3 of Article L. 311-2 and in paragraphs 1, 2, 5, and 6 of Article L. 321-2 of the French monetary and financial code "are replaced by the words" related operations referred to in paragraphs 1, 2, 3 and 7 of Article L. 311-2, Article L. 522- 2 of the monetary and financial code and paragraphs 1, 2, 5, and 6 of Article L. 321-2 of the French monetary and financial code ";
6. In Article 11.7, paragraph 4, added a final paragraph:
"When reporting institutions use the services of agents under the conditions of Article L. 523-1 I of the Monetary and Financial Code, specific procedures provided for in the implementing rules vigilance obligations under the currency code and financial. ";
7. In Article 37-1 is added a second paragraph as follows: "Where a payment institution intends to outsource operational functions of payment services shall inform the Banking Commission. "

Article 52
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The Committee of the regulation of banking regulation and financial No. 96-13 concerning the withdrawal of authorization and cancellation of 20 December 1996 the credit institutions is amended as follows:
1 ° In the first paragraph of Article 11, the words "bank operations and, where applicable, investment services, provided by its approval and strictly necessary to settle its affairs. "Are replaced by the words" bank operations, where applicable, investment services, under its authorization and payment services, strictly necessary to settle its affairs. ";
2. In Article 11 is added a third paragraph:
"Notwithstanding the first paragraph, a corporation that has obtained an authorization as a payment institution instead of the one she had as a credit institution may develop payment services that its registration during withdrawal allowed it to provide and which is compatible with its new accreditation and related services thereto, in compliance with the regulations applicable to the provision of those services ";
3. The first paragraph of Article 12 is replaced by:
"An institution whose accreditation is being revoked can continue to carry out transactions related to its activity within the meaning of Article L. 311-2 of the Monetary and Financial Code other than those constituting the provision of investment services mentioned in Article L. 321-1 of the monetary and financial code or payment services listed in section II of Article L. 314-1 of the code, he practiced previously in the usual way. "

Article 53
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Regulation 90-02 of 23 February 1990 relating to capital is amended as follows:

In the third paragraph of Article 1 of Regulation 90-02 of 23 February 1990 referred to above, after the words "financial companies" are inserted the words ", to payment institutions".

Article 54
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The Decree of 20 February 2007 relating to capital requirements is amended as follows:
I. - In the first paragraph of Article 1 of the Decree of 20 February 2007 referred to above, after the words: "- credit institutions; "Are inserted the words" payment institutions providing credit mentioned in II of Article L. 522-2 of the Monetary and Financial Code. "
II. - It is inserted in the same decree, an article 3-5 as follows: "Notwithstanding Article 2-1, payment institutions providing credit mentioned in II of Article L. 522-2 of the monetary and financial code must at all times have an amount of capital equal to the sum of the requirements of Article 28 of the decree of 29 October 2009 on the prudential regulation of payment institutions and requirements such as determined for the standardized approach for credit risk. "

Article 55
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Regulation No. 99-09 of 9 July 1999 concerning transfers made within the European Economic Area is repealed.

Article 56
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This Order comes into force on 1 November 2009.

Article 57
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This order shall be published in the Official Journal of the French Republic.
Appendix




APPENDIX 1 TO ADOPTED FOR PRUDENTIAL REGULATION OF PAYMENT INSTITUTIONS FIXING THE MODEL OF CERTIFICATE WHEN MADE BY WARRANTY FIRST APPLICATION UNDER ARTICLE 35
The property ...... (1) registered in the commercial register and ...... Companies under number ...... represented by ...... duly authorized under. ..... (2);
After recalling that it was brought to his knowledge that: ...... (3) hereinafter referred to as (e) the "guaranteed issue," asked the abovementioned hereinafter referred establishing "the guarantor "to provide its independent warranty
Hereby declares, pursuant to Article L. 522-17 of the Monetary and Financial Code and Article 35 of the Decree of [date] on payment institutions form guarantor waiving the benefits of division and discussion on behalf of the secured property in the terms and subject to the conditions below.
1. Article 1 of the Annex to the Order of [date]

Insuring This warranty is a purely financial commitment. It is exclusive of any obligation to do and it is granted within the limit of the maximum amount referred to in Article 2 to cover the funds received by the guarantee institution as a payment or service users payment or through another payment service provider for the execution of payment transactions, in case the guaranteed issue would not be able to meet its financial obligations.
This warranty does not cover compensation owed by the secured property to third parties who could be harmed by the fact of poor or non-performance of an obligation related to the activity of the latter.
2. Article 2 of the Annex to the Order of [date]

Amount 2.1.
amount The maximum amount of the guarantee is (4).
2.2. update
The maximum amount of the guarantee can be updated annually to meet the requirements for the minimum guarantee amount, specified in Article 35 of the Decree. 3
. Article 3 of the Annex to the Order of [date]

Duration 3.1.
Time This guarantee commitment takes effect from ..... (5). It expires (6), 18 hours.
3.2.
renewal The guarantee is tacitly renewed on the same terms as those objects hereof, unless the guaranteed accommodation proceeds to the denunciation of the guarantee at least ..... (7) months before the deadline.
4. Article 4
Serving bail
If unable to guarantee accommodation to be able to meet its financial obligations to its payment services business, this guarantee will be invoked by the Minister for the economy by registered letter with request for receipt addressed to the guarantor to the above address.
5. Article 5 Jurisdiction

This guarantee is subject to French law with jurisdiction of French courts.

Done at (8) (9).
(1) Name, form, capital, registered office of the credit institution or insurance company and possibly address of its branch underwriter of the bond.
(2) Authority or authorization mentioning the date.
(3) The future payment institution (full name).
(4) Amount in figures and words.
(5) Date of deposit effect.
(6) Date of expiry of the deposit.
(7) Period of notice.
(8) Place of issue.
(9) Date.




APPENDIX 2 TO ORDER FOR PRUDENTIAL REGULATION OF PAYMENT INSTITUTIONS FIXING THE MODEL CERTIFICATE OF INCORPORATION OF A GUARANTEE PROVIDED FOR IN ARTICLE 35, WHEN THE RESULT OF A COMMITMENT BOND
The establishment or business ...... (1) registered (e) in the commercial register and ...... Companies under number ...... represented by ..... . duly authorized under ...... (2);
After recalling that it was brought to his knowledge that: ...... (3) hereinafter referred to as (e) the "guaranteed issue" asked the institution or the aforementioned company (e) hereinafter referred to as "the guarantor" to provide its guarantee
Hereby declares, pursuant to 2 ° of I of Article L. 522-17 of the Monetary and Financial Code and Article 35 of the Decree of [date] on payment institutions, form personal guarantee and solidarity within the meaning of the 2288 and following of the civil code, with the guarantee institution in the terms and subject to the conditions below.
1. Article 1 of the Annex to the Order of [date]

Insuring This warranty is a purely financial commitment. It is exclusive of any obligation to do and it is granted within the limit of the maximum amount referred to in Article 2 to cover the funds received by the guarantee institution as a payment or service users payment or through another payment service provider for the execution of payment transactions, in case the guaranteed issue would not be able to meet its financial obligations.
This warranty does not cover compensation owed by the secured property to third parties who could be harmed by the fact of poor or non-performance of an obligation related to the activity of the latter.
2. Article 2 of the Annex to the Order of [date]

Amount 2.1.
amount The maximum amount of the guarantee is ...... (4). Any payments made by the Guarantor will diminish in due proportion the total amount of this commitment. 3
. Article 3 of the Annex to the Order of [date]

Duration 3.1.
Time This guarantee commitment takes effect from ...... (5). It shall expire on ...... (6), 18 hours.
3.2.
renewal The guarantee is tacitly renewed on the same terms as those objects hereof, unless one of the parties shall denunciation of the guarantee at least ...... (7) months before the deadline.
4. Article 4
Serving bail
If unable to guarantee accommodation to be able to meet its financial obligations to its payment services business, this benefit may also be invoked by the Minister for the economy by registered letter with request return receipt addressed to the guarantor to the above address.
5. Article 5 Jurisdiction

This guarantee is subject to French law with jurisdiction of French courts.
Done at (8), the (9).
(1) Name, form, capital, registered office of the credit institution or insurance company and possibly address of its branch underwriter of the bond.
(2) Authority or authorization mentioning the date.
(3) The future payment institution (full name).
(4) Amount in figures and words.
(5) Date of deposit effect.
(6) Date of expiry of the deposit.
(7) Period of notice.
(8) Place of issue.
(9) Date.

Done in Paris on 29 October 2009.
Christine Lagarde

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