Key Benefits:
Minister of Economy, Industry and Employment,
Having regard to Directive 2006/48/EC of the European Parliament and the Council of 14 June 2006 on access to the activity of credit institutions and its exercise;
Having regard to Directive 2007/64/EC of the European Parliament and the Council of 13 November 2007 on payment services in the domestic market;
Considering the monetary and financial code;
In light of Order No. 2009-866 of 15 July 2009 on the conditions governing the provision of payment services and establishing payment facilities;
Having regard to Regulation No. 90-02 of 23 February 1990 on equity;
Having regard to the Regulation of the Banking and Financial Regulation Committee No. 96-13 relating to the withdrawal of approval and the cancellation of credit institutions of 20 December 1996;
In light of Regulation No. 96-16 of 20 December 1996 on changes in situations of credit institutions and investment companies other than portfolio management companies;
Having regard to Regulation 97-02 of the Committee on Banking and Financial Regulation on Internal Control of 21 February 1997;
Considering Regulation No. 2000-03 of the Committee on Banking and Financial Regulation of 6 September 2000;
Considering Regulation No. 2001-04 on compensation for cheques;
In view of Regulation No. 2002-01 on obligations of vigilance in respect of cheques for the purpose of combating money-laundering and the financing of terrorism;
Considering Regulation No. 2004-01/90-05 of 11 April 1990 on the national file of credit repayment incidents to individuals;
Considering the decision of 20 February 2007 on the requirements of equity;
Based on the opinion of the Advisory Committee on Legislation and Financial Regulation dated 7 October 2009,
Stop it!
Payment institutions mentioned in theArticle L. 522-1 of the Monetary and Financial Code, below referred to as "subscribed establishments", are required to comply with the provisions of this Order.
Accreditation as a payment institution is subject to the submission to the Committee on Credit Institutions and Investment Companies of a request that must be made in accordance with the record prepared by the Committee on Credit Institutions and Investment Businesses and published in the Official Bulletin of the Committee on Credit Institutions and Investment Companies and the Banking Commission.
Upon receipt of an application, the Committee on Credit Institutions and Investment Enterprises shall verify that it is in accordance with the record set out in section 2 and, if so, proceed to its instruction.
The Committee on Credit Institutions and Investment Businesses may request any additional information necessary to inform the applicant. This request suspends the deadlines set out in the following paragraph until the requested information is received.
The Committee on Credit Institutions and Investment Enterprises shall notify the applicant of its decision within a period of not more than three months from the date of receipt of the record in accordance with that referred to in Article 2.
The minimum capital of a subject establishment is:
20,000 euros if approved to provide the service mentioned to the 6 of Article L. 314-1 of the Monetary and Financial Code ;
50,000 euros if approved to provide the service referred to in 7 of II of Article L. 314-1 of the above-mentioned code;
125,000 euros if approved to provide at least one of the services mentioned from 1 to 5 of II of Article L. 314-1 of the above-mentioned code.
For the purposes of the preceding section, are considered to be capital: the social capital of the subject establishments constituted in the form of a commercial corporation, the reserves whose distribution is prohibited and the sums that may be assimilated to them.
The amendments to the situation of the subject establishments that relate to the following elements are subject to prior authorization from the Committee on Credit Institutions and Investment Companies:
the legal form;
― the identity of the partner(s) indefinitely responsible for the debts of the subject establishment;
- the type of payment services for which a subject establishment has been approved;
the conditions to which the approval was subordinated.
With the exception of operations carried out within a group, any transaction of taking, extension or transfer of participation, direct or indirect within the meaning of theArticle L. 233-4 of the Commercial Code, in a subject establishment is subject to prior authorization from the Committee on Credit Institutions and Investment Companies where it allows a person or group of persons acting in concert within the meaning of provisions of Article L. 233-10 of the Commercial Code :
- to cross, upward or downward, the thresholds of 10%, 20% or 33% of the voting rights;
either to acquire or lose, alone or jointly, the effective control over the management of the enterprise.
For the purposes of this section, voting rights are determined in accordance with Article 4 of the Banking and Financial Regulation Committee Regulation No. 96-16 of 20 December 1996 relating to changes in situations of credit institutions and investment companies other than portfolio management companies.
When an operation carried out between persons under foreign law transfers the effective control of a corporation located outside France, whereas it holds directly or indirectly 10%, 20% or 33 1/3 % of the capital or voting rights or the effective control power referred to in Article 7 on a subject institution, the latter is required to notify the Committee of Credit Institutions and Investment Companies within one month.
The Committee shall review the status of the establishment subject to consideration of the elements taken into account at the time of the licence, including in accordance with Articles L. 522-6 to L. 522-8 of the Monetary and Financial Code.
The designation of any new person to perform the functions referred to in section L. 522-6, b. II, of the monetary and financial code of a subject establishment shall be notified within five days of the Committee on Credit Institutions and Investment Businesses. The Committee may object to this appointment in accordance with the criteria of Article L.522-6 (b) of Article II of the Monetary and Financial Code. The Committee may decide to hear or make the person concerned heard.
Subject institutions shall promptly notify the Committee of the administrative, disciplinary, civil or criminal sanctions imposed, or the disciplinary or judicial proceedings under way, against them as well as those against one of the persons referred to in article L. 522-6, paragraph II, of which they are aware, and which are liable to challenge the assessment made by the Committee on Accountability, Experience and Jurisdiction. This notification is accompanied by all the elements to assess the importance of the facts.
Where the Committee is aware of the facts that are likely to challenge the conditions of honorability and competence as well as adequate experience for the performance of the functions referred to in Article L. 522-6, b. II, of the monetary and financial code, it may request the establishment of the consequences that it intends to draw from these facts with respect to the person performing these functions. The Committee is invited to provide its comments to the Committee. Based on the information and observations provided in the above-mentioned procedures, the Committee may decide to open a procedure for the withdrawal of the registered establishment or to transmit the file to the Banking Commission.
The termination of the functions referred to in Article L. 522-6 b of the monetary and financial code shall be declared within five working days to the Committee on Credit Institutions and Investment Businesses.
The changes made are reported within one month to the Committee on Credit Institutions and Investment Companies:
- the name of the name;
- the name or trade name;
at the address of the head office;
- the capital of fixed capital corporations;
- the rules for calculating voting rights;
- the composition of the boards of directors or supervisory boards and directors of the subject establishments;
― the terms and conditions of general management, in accordance with provisions of Article L. 225-51-1 of the Commercial Code ;
- the organization of management and control powers, entrusted to a directorate and supervisory board, in accordance with the provisions of theArticle L. 225-57 of the same code.
Any changes to the proposed foreign exchange services and the provision of credit referred to in the proposed foreign exchange services are madeArticle L. 522-2 of the Monetary and Financial Code.
Requests for authorization, notifications and statements under this chapter include all the elements of appreciation to inform the Committee on Credit Institutions and Investment Business on the causes, objectives and implications of the change concerned. If required, additional elements may be requested. In this case, the deadlines set out in this section are suspended until such items are received. The silence held by the Committee on a request in accordance with the requirements of this article beyond the time limits set out in this section shall be granted the requested authorization or agreement on the notified amendment.
The Committee on Credit Institutions and Investment Enterprises shall decide within two months upon receipt of the application for authorization and notification under this chapter or, if the request or notification is incomplete, within the same time limit upon receipt of all information necessary for the purposes of the decision.
The subject institution that has obtained an authorization to change its situation, under section 7, shall send a letter to the Committee on Credit Institutions and Investment Companies, within eight days of the completion of this amendment, by which one of the persons referred to in the amendment b of Article L. 522-6 of the Monetary and Financial Code the date of the transaction and attests to its compliance with the authorization issued
Any establishment subject to its head office in the territory of Metropolitan France, in the overseas departments, in Saint-Martin or in Saint-Barthélemy, wishing to establish a branch or intervene in the free service for the 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 Article L. 522-13 of the Monetary and Financial Code, communicate to the Committee on Credit Institutions and Investment Enterprises the following information:
1° Its name and address of its head office;
2° The State in which it intends to intervene and the type of payment services it intends to provide on the territory of the State concerned;
and for branches:
3° The address of this branch;
4° Identity of 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 anti-money-laundering and counter-financing mechanism applicable to the branch.
This information is accompanied by their certified translations in accordance with the official language of the host State.
Within the month following receipt of all the information referred to in Article 16, the Committee on Credit Institutions and Investment Companies shall forward it to the competent authority of the host State, notify the establishment concerned and register the branch or register the declaration of free service on the list referred to in the listArticle L. 612-2 of the Monetary and Financial Code. The establishment may then operate on a free service basis. As part of the declarations of free establishment, the institution is informed that it can begin its activities as soon as the competent authority of the host State acknowledges receipt of the information referred to in Article 16.
Any change in the information referred to in Article 16 shall be communicated without delay by the payment institution to the Committee of Credit Institutions and Investment Companies by specifying the date of completion. The Committee shall inform the competent host authority and, if necessary, amend the list referred to in Article L. 612-2 of the above-mentioned code.
For a payment institution with its head office in another Member State of the European Community or another State Party to the Agreement on the European Economic Area to establish a branch, to use an agent, or to intervene in the free provision of services in order to provide payment services on the territory of Metropolitan France, in overseas departments, Saint-Martin or Saint-Barthélemy and according to the provisions provided by the II of Article L. 522-13 of the Monetary and Financial Code, the Committee on Credit Institutions and Investment Companies must have previously received from the competent authority of the State of origin the following information accompanied by their certified translations in French:
1° The name and address of the head office, or, where applicable, of the central administration of the payment establishment;
2° The type of payment services that the establishment intends to provide on the territory of Metropolitan France, overseas departments, Saint-Barthélemy or Saint-Martin;
and for branches:
3° The address of the branch;
4° Identity of 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 anti-money laundering and the financing of terrorism;
and for officers:
7° The name and name of the natural person agent or the name of the legal person agent;
8° The agent's address;
and, for officers in French territory:
9° The identity of officers 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 implemented to ensure that agents comply with their obligations to combat money-laundering and the financing of terrorism.
The competent authority of origin and the institution concerned shall be notified of the receipt of this information by the Committee as soon as possible.
Accreditation withdrawals issued by the Committee on Credit Institutions and Investment Companies pursuant to the I of Article L. 522-11 of the Monetary and Financial Code are published monthly, if any with reference to their effective date, in the Official Bulletin of the Committee on Credit Institutions and Investment Companies and the Banking Commission.
The write-offs issued by the Banking Commission pursuant to Article IV L. 522-11 of the monetary and financial code are published monthly in the Official Bulletin of the Committee on Credit Institutions and Investment Companies and the Banking Commission.
Settlements whose withdrawal or liquidation is in progress are listed in the annex to the list of payment establishments established pursuant to theArticle L. 612-2 of the Monetary and Financial Code and published in the Official Journal.
The withdrawal of approval takes effect upon the expiry of a period established by the Committee on Credit Institutions and Investment Companies in accordance with II of Article L. 522-11 of the Monetary and Financial Code, whose duration may not exceed fifteen months and in the course of which the return of the funds collected for payment services shall take place before a date fixed by the Committee.
When the Banking Commission has notified the commencement of a disciplinary procedure, the Committee on Credit Institutions and Investment Companies suspends the examination of the application for withdrawal of approval until the decision to close the proceedings initiated by the Banking Commission.
Any establishment whose withdrawal of licence has been pronounced shall immediately notify the decision, by means appropriate to the nature of its clientele, of any person who holds in his or her books of funds collected for payment services within the meaning of II of Article L. 522-4 of the Monetary and Financial Code, specifying the date before which the return of funds will take place under Article 23.
The payment institution shall inform its customers of the terms and conditions of transfer to a credit institution or other payment institution, funds collected for payment services. This transfer is made free of charge to the payment services user.
The funds still in the possession of the payment establishment on the date fixed by the Panel, pursuant to section 23, are transferred to the Deposits and Consignations Fund. The transfer of the collected funds is made free of charge to the user of payment services. Fund holders are notified of this transfer by the subject institution.
For the purposes of this chapter, equity is determined in accordance with Regulation No. 90-02 of 23 February 1990 on equity.
For application of theArticle L. 522-14 of the Monetary and Financial Code, the subject establishment calculates the amount of the equity that it must hold, according to one of the three methods set out in sections 29 to 31.
At any time, where it considers that the method chosen by the subject establishment is not appropriate to the risks associated with the activities carried out by the establishment or is likely to affect the quality of the supervision of the establishment concerned, the Banking Commission may require the subject establishment to use, for the purposes of calculating the requirements of the own funds referred to in this chapter, another method among those referred to in sections 29 to 31 of this Order.
The subject establishment may apply to the Banking Commission for a change in method of calculating the requirements of equity so that they are calculated on one of the other two methods from those provided for in sections 29 to 31 of this Order.
In support of its application, the subject establishment provides the Banking Commission with 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 monitoring requirements.
Any change in method shall be applied from the accounting year following the year in which the institution's request has been accepted by or required by the Banking Commission. The subject establishment may not apply for a new method change before three years following the one from which it was applied.
Method A.
The amount of equity is, at any time, greater than or equal to 10% of the fixed general expenses of the previous year.
General fees for the purposes of this section include staff costs, taxes and taxes related to staff remuneration, other taxes and taxes and external services as defined by the accounting rules applicable to subject establishments. The Banking Commission may adjust this requirement in the event of a significant change in activity compared to the previous year.
Where the subject establishment has not registered a full fiscal year on the date of the calculation, it is required that the amount of its own funds be at least 10% of the corresponding general expenses provided for in its business plan, unless the Banking Commission requires an adjustment of the program.
Method B.
The amount of the equity is, at any time, greater or equal to the sum of the instalments of the volume of payments calculated under the following conditions and multiplied by the scale factor k as defined below.
The volume of payments is one-twelfth of the total amount of payment transactions carried out by the subject establishment in the previous year:
(a) 4.0 per cent of the VP slice of up to Euro5,000;
(b) 2.5 per cent of the VP between Euro5,000 and Euro10,000;
(c) 1 per cent of the VP range from Euro10,000 to Euro100,000;
(d) 0.5 per cent of the VP range from Euro100,000 to Euro250,000;
(e) 0.25 per cent of the VP slice greater than 250,000 euros.
The scale factor k is equal to:
a) 0.5 where the subject establishment provides only the payment service referred to in 6 of Article L. 314-1 of the Monetary and Financial Code ;
(b) 0.8 where the establishment provides the payment service referred to in 7 of II of section L. 314-1 of the monetary and financial code;
(c) 1 where the subject establishment provides one of the payment services referred to in 1 to 5 of II of section L. 314-1 of the monetary and financial code.
Where a subject establishment has not registered a full fiscal year on the date of calculation, the estimates in its business plan may be used, unless the Banking Commission requires an adjustment to that plan.
Method C.
The amount of the equity is, at any time, greater or equal to the point indicator multiplied by the factor p specified in point b and by the factor k defined in section 30 of this Order.
(a) The applicable indicator is the sum of the following:
- products of interest;
– Interest charges;
fees and fees received, and
other operating products.
Each element, as defined by the accounting rules applicable to subject establishments, is included in the sum with its sign, positive or negative. Exceptional or unusual products are not used to calculate the applicable indicator. Expenditures related to the outsourcing of services provided by third parties may reduce the applicable indicator if incurred by another reporting institution or another payment service provider. The applicable indicator is calculated on the basis of the twelve-month observation made at the end of the previous year. When the figures used do not come from the published accounts, estimates may be used unless the Banking Commission requires an adjustment of these estimates.
The amount of equity calculated using this method may not be less than 80% of the average of the previous three years for the applicable indicator.
(b) The multiplication factor is equal to:
10% of the applicable indicator range up to Euro2,500 000;
8% of the applicable indicator range from Euro2,500 000 to Euro5,000;
6% of the applicable indicator range from 5,000 to 25,000 euros;
3% of the applicable indicator range from 25,000 to 50,000 euros;
1.5% of the applicable indicator range greater than EUR 50,000.
Where the assessment of risk management processes or the assessment of loss risk databases or the assessment of the subject establishment's internal control system warrants this, the Banking Commission may, under the conditions provided for inArticle L. 613-16 of the Monetary and Financial Code, decide that the subject establishment is subject to a requirement of equity that may be up to 20% higher than the amount that would result from the method applicable in accordance with sections 28 to 31.
Under the same conditions and if the situation so warrants, the Banking Commission may authorize the payment establishment to be subject to a requirement of equity that may be up to 20% less than the amount that would result from the method applicable in accordance with sections 28 to 31.
Subsidiary institutions that grant credits to II of Article L. 522-2 of the Monetary and Financial Code must at any time dispose of an amount of equity as determined for the standard approach to credit risk in the February 20, 2007 order relating to the requirements of equity applicable to credit institutions and investment companies, with respect to the total amount of credits granted.
Subject institutions place the funds received for the execution of a payment transaction in one or more accounts specially opened for that purpose, identified separately from any other account used to hold funds belonging to the subject establishment, from an approved credit institution in a Member State of the European Community or in another State Party to the Agreement on the European Economic Area.
Funds are placed on account. The title of these accounts refers to the allocation of the amounts deposited therein.
They may also be invested in financial instruments held in accounts that are specially opened for this purpose with a person mentioned in the accounts paragraphs 2 to 5 of Article L. 542-1 of the Monetary and Financial Code. These instruments can only be securities issued by a qualified money market fund as defined by the July 2, 2007 decision on the cantonment of the client funds of the investment companies.
The justification for this obligation must be provided at any time.
The coverage required to 2° of Article L. 522-17 of the monetary and financial code results:
a written undertaking of an authorized credit institution not belonging to the same group as the payment establishment;
a written undertaking of an insurance company authorized to do so does not belong to the same group as the payment establishment.
Payment institutions justify to the Banking Commission the establishment of the coverage and its amount and its annual update.
The Banking Commission may require a reassessment of the amount of the coverage if it appears insufficient to the amount of activity of the establishment of the previous year or envisaged for the following year.
The document attesting to the creation of the coverage, when it is constituted by an autonomous guarantee, is in accordance with the model in Appendix 1 and, when it is constituted by a bonding undertaking, conforms to the model in Appendix 2.
I. ― Any establishment that is subject to an obligation to exercise, through an agent, payment services activities must make an application in accordance with the standard record prepared by the Committee on Credit Institutions and Investment Businesses and published in the Official Bulletin of the Committee on Credit Institutions and Investment Companies and the Banking Commission, including the following information:
(a) The name, name, name, date and place of birth of natural agents;
(b) The social name and, where applicable, the SIREN number of legal agents;
(c) The professional address for natural persons or legal persons, the address of the head office and, if different, the address where the activity is carried out on behalf of the payment service provider;
(d) The nature of the operations for which the agent is mandated;
(e) For legal persons, the identity of natural persons who have the authority to manage or administer that legal person and, in the case where such an agent normally performs an activity other than that of payment services, the identity of the person to whom the responsibility of the agent activity is delegated;
(f) Evidence of professional fitness and honesty of agents or physical persons referred to in (e);
(g) In the first application for the registration of one or more agents by a reporting institution, a description of the internal control system being implemented to ensure that agents comply, inter alia, with the requirements for combating money laundering and the financing of terrorism. For subsequent registration applications, this subject institution will only need to provide a description of the internal control system in the event of a substantial change.
For the purposes of e, the subject establishment must provide:
1° A curriculum vitae justifying the ability of the agents or persons mentioned in the e to perform a payment services activity, either because of a training to perform accounting or financial functions or an experience of at least two years in such functions, or because of its quality as a merchant for two years;
2° A document in which the subject institution has certified that it has ascertained the accuracy of the information referred to in the curriculum vitae of the agents or persons mentioned in the e, as well as the honesty of that person, in particular by the receipt of a statement by the agent in which it certifies that it does not fall under the prohibitions or sanctions set out in theArticle L. 523-2 of the Monetary and Financial Code.
The professional honesty and fitness of physical agents or persons transmitted by the subject establishment is presumed as long as these persons:
―have the quality of manual changer having obtained the authorization mentioned in theArticle L. 524-3 of the Monetary and Financial Code ;
― or are registered in the register referred to in I of Article L. 512-1 of the Insurance Code ;
― or have the quality of leader mentioned to articles L. 511-13, L. 532-2, b of IIarticle L. 522-6-II, or c of Article L. 524-3 of the monetary and financial code or of business leaders referred to in 1°, 3° and 4° of Article L. 310-2 of the insurance code, mutual funds or institutions referred to in the first paragraph of Article L. 310-12 of the insurance code or intermediaries in insurance transactions defined in theArticle L. 511-1 of the Insurance Code.
II. ― Where a subject establishment as referred to in Article 16 wishes to have recourse to an agent for the purpose of providing payment services in another Member State of the European Community or party to the European Economic Area Agreement, it shall transmit to the Committee of Credit Institutions and Investment Companies the information provided for in I of this Article, specifying the type of payment services envisaged.
III. ― When a subject establishment as referred to 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 shall make a supplementary declaration of modification of activities, indicating the type of payment services that may be provided by the agent in the State concerned.
This information is accompanied by their certified translations in accordance with the official language of the host State.
I. ― In the month following the regular receipt of the information referred to in Article 36 II or III, communicated by the institutions subject to Article 16, the Committee shall transmit to the competent authority of the host State the following information:
―for an agent implanted in the receiving State, the information referred to in points a to e and g of Article 36, in addition to the declaration of free establishment made by the payment establishment in accordance with Article 16;
―for an agent who is not located in the receiving State, the information referred to in points a to d of Article 36 in addition to the declaration of free service provided by the payment establishment in accordance with Article 16.
II. ― The Committee shall, from the date of receipt of the information, have a maximum of two months to register the agent or one month to register the supplementary declaration provided for in Article 36 III.
III. ― For agents of the institutions subject to use the procedure provided for in Article 16, the Committee may take into account, until the expiry of the registration deadlines provided for in the preceding paragraph, the notice of the competent authority of the host State provided for in theArticle L. 522-13-I (2°) of the monetary and financial code.
IV. ― The Committee on Credit Institutions and Investment Companies assigns a registration number to any agent when it registers. No agent can have more than one registration number.
V. ― The absence of the registration of the agent or the declaration of modification of activity referred to above by the Committee on Credit Institutions and Investment Companies upon expiry of the time limits referred to in II is deemed to be denial. The Committee refuses to register a person in the register of agents or to register the declaration of modification of activity referred to above if it turns out that the information referred to in Article 36 is incomplete, inconsistent, erroneous or not relevant, or because of the information referred to in Article L. 522-13-I (2°) of the monetary and financial code, which was transmitted by the competent authorities of the receiving State.
The officers register includes the following information:
(a) The officer's registration number;
(b) The name(s) of the provider(s) on whose behalf the agent operates and if the agent is registered as a credit or establishment subject;
(c) the information referred to in a, b, c, d of Article 36, as well as, where appropriate, the type of payment services that may be provided in each of the States concerned.
This information is posted on the website of the Committee on Credit Institutions and Investment Enterprises and is freely available to the public, with the exception of the date and place of birth of the natural person agent.
All subject establishments shall ensure that any officer mandated to provide the client and the public, by any appropriate and visible and legible means, the following information:
- the name, address and trade name of the institution that mandated it;
― its registration number and the agent registry address to verify this registration.
Any changes to the information mentioned in a to d and g in section 36 shall be communicated promptly to the Committee on Credit Institutions and Investment Enterprises by the requesting establishment. The date of completion of the amendment must be specified by the subject establishment.
The designation of any new person as defined in article 36, paragraph 1 (e), and the information referred to in item (f) shall be submitted within five working days.
Any change in respect of the information referred to in Article 36 (d) and (g) concerning an agent authorized to intervene in one or more other Member States or party to the Agreement on the European Economic Area shall be communicated by the Committee of Credit Institutions and Investment Companies to the competent authorities concerned under the conditions of Article 37. The Committee shall, if necessary, amend the agent register.
For the amendments referred to in Article 36 e, the Committee shall have a maximum period of two months to register the identity of the new person.
Until the expiry of this two-month period, the Committee may take into account, if any, information transmitted by the competent authority of the host State.
The absence of registration within this two-month period is deemed to be denial.
Subject institutions ask the Committee on Credit Institutions and Investment Companies to remove their agent from the Agent Register:
- in the event of an officer's termination, for any reason;
― when they consider that the agents or persons referred to in e of section 36 no longer meet the conditions for the reasonableness or suitability they had to justify at the time of the application for registration.
If the officer who was removed from the register was engaged in activities in other Member States or a party to the agreement on the European Economic Area, the competent authorities of the host country(s) shall be informed as soon as possible by the Committee of Credit Institutions and Investment Companies of that delisting.
The information deleted from the register pursuant to the two preceding paragraphs, or that has been modified as a result of changes affecting the conditions of the activity of an agent, shall be retained on any sustainable medium for a period of ten years from the date of the delisting of the register or the modification.
Implementation third paragraph of Article 38 of Law No. 78-17 of 6 January 1978 The right of opposition is not applicable to the register of agents in relation to computers, files and freedoms.
The rights of access and rectification, respectively Articles 39 and 40 of the Act of 6 January 1978 referred to above shall be exercised with the Committee on Credit Institutions and Investment Enterprises and subject establishments mandated by the agents.
Payment institutions, subsidiaries of a credit institution, an investment company, a financial company or a joint holding company, included in the consolidation perimeter within the meaning of Regulation No. 2000-03 above, are not subject to individual or, where applicable, sub-consolidated compliance, of the requirements in equity defined in section 28 of this Order, subject to compliance with the terms and conditions of section 4.1 of that Regulation.
Payment services, related services referred to inArticle L. 522-2 of the Monetary and Financial Code exercised by an establishment engaged in a hybrid activity shall be subject to prudential supervision in accordance with Chapters 1, 2 and 4 of this title. In accordance with Article L. 613-8, the documents and information required for the exercise of its control mission shall be delivered to the Banking Commission under conditions established by an instruction.
The internal operations and procedures control system defined in section 5 of the above-mentioned Regulation No. 97-02 incorporates the verification of obligations under theArticle L. 522-3 of the Monetary and Financial Code and this chapter.
The internal control system of the subject establishments shall enable them to ensure that the provisions of this chapter are respected on an ongoing basis.
For application of theArticle L. 522-14 and L. 522-17 of the Monetary and Financial Code, as well as chapters 1 and 2 of this title, the institutions subject to activities of a hybrid nature assess the representative share of the funds received for the execution of future payment transactions by reporting, on a quarterly basis, the volume of the funds actually used for the execution of payment transactions to that of the funds received for the execution of future payment transactions and that may also be allocated to other services than those of payment. They perform this calculation over the last four slippery quarters and hold the highest number.
When the subject establishment has not yet completed a full fiscal year as of the date of calculation, the first quarter of the year to come is the number of its activity program increased by 30%, then the first quarter figure increased by 20%, then the first two quarters by holding the highest, increased by 20%, and the first three quarters by holding the highest, increased by 10%.
The Banking Commission may adjust these requirements if the situation warrants it.
The provisions 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 the case of recourse to an agent by an establishment of credit authorized by the Committee of Credit Institutions and Investment Companies.
Regulation No. 2001-04 on the compensation of cheques is amended as follows:
In Article 1 of the Regulation of the Committee on Banking and Financial Regulation No. 2001-04 referred to above, after the words: "Article L. 511-1 of the monetary and financial code", the words: "as well as" are deleted and after the words: "Act No. 96-597 of 2 July 1996 of modernizing financial activities" are added the words: ", as well as to the payment institutions defined in Article L. 522-1
Regulation No. 2002-01 on cheque vigilance obligations to combat money-laundering and the financing of terrorism is thus amended:
In section 1 of Regulation No. 2002-01 of the Banking and Financial Regulation Committee referred to above, after the words: "at Article L. 511-1 of the monetary and financial code" are added the words: "and to the payment institutions defined in Article L. 522-1 of the same code providing a cheque collection service".
The provisions of the Regulation of the Committee on Banking Regulation No. 90-05 of 11 April 1990 as amended relating to the national file of credit reimbursement incidents to individuals are applicable to payment establishments governed by Title II of Book V of the Monetary and Financial Code.
Regulation No. 2000-03 of 6 September 2000 on Consolidated Prudential Monitoring and Complementary Monitoring is amended as follows:
In i of the f of Article 1 of Regulation No. 2000-03 of the Committee on Banking and Financial Regulation of September 6, 2000, referred to above, the words "and investment companies" are replaced by the words ", investment companies and payment institutions".
Regulation No. 97-02 of 21 February 1997 of the Banking Regulation Committee on Internal Control is amended as follows:
1° In Article 1, after the fifth paragraph is added a paragraph:
“– Payment institutions. » ;
2° At the edge of Article 4, the words: "the persons who, in accordance with Articles L. 511-13 and L. 532-2, point 4, of the above-mentioned monetary and financial code, shall ensure the effective determination of the orientation of the activity of the company as well as the persons who perform the same functions" are replaced by "the persons who, in accordance with Articles L. 511-13 and L. 532-2, point 4 and b
3° The words "by the use of related agents as defined in articles L. 545-1 and following of the same code or any other form" are replaced by "by the use of related agents as defined in articles L. 545-1 and following of the same code, by the use of agents defined in articles L. 523-1 and following of the same code or by any other form";
4° In the second paragraph of Article 4, the words: "bank operations within the meaning of Article L. 311-1 of the above-mentioned monetary and financial code and investment services within the meaning of Article L. 321-1 of the same code" are replaced by the words: "bank operations within the meaning of Article L. 311-1 of the above-mentioned monetary and financial code, payment services within the meaning of Article II of the same Article
5° In the third paragraph of Article 4, the words: "the related transactions referred to in paragraphs 1, 2 and 3 of Article L. 311-2 and paragraphs 1, 2, 5, and 6 of Article L. 321-2 of the monetary and financial code" are replaced by words: "the related transactions referred to in paragraphs 1, 2, 3 and 7 of Article L. 311-2, in Article L. 522-2 of the monetary code, and
6° In article 11.7, paragraph 4, a last paragraph reads as follows:
"When the subject companies use the services of agents, under the terms of Article L. 523-1 I of the monetary and financial code, specific procedures provide for the implementation of the vigilance obligations under the monetary and financial code. » ;
7° In section 37-1, a second paragraph was added: "Every payment institution that intends to outsource operational functions of payment services shall inform the Banking Commission beforehand. »
The Regulation of the Banking and Financial Regulation Committee No. 96-13 relating to the withdrawal of approval and the cancellation of credit institutions of 20 December 1996 is amended as follows:
1° In the first paragraph of Article 11, the words: "the banking operations and, where appropriate, the investment services, provided for by its approval and strictly necessary for the fulfilment of its situation. are replaced by the words: "the bank transactions, if any, the investment services, provided for by its approval and the payment services, strictly necessary for the fulfilment of its situation. » ;
2° In article 11 is added a third paragraph as follows:
"By derogation from the provisions of the first paragraph, a legal person who has obtained an approval as a payment establishment in place of place of place of place of place of place of place of place of place of place of place of place of place of place of place of place of place of place of place of place of place of place of the credit institution may develop the payment services that its approval in the course of withdrawal allows it to provide and that are compatible with its new approval and the services related to them, in accordance with the regulations applicable to the provision of such services";
3° The first paragraph of section 12 is replaced by:
"An establishment whose registration is being withdrawn may continue to carry out the 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 referred to in Article L. 321-1 of the monetary and financial code or payment services referred to in Part II of Article L. 314-1 of the same code, which it previously practised in an ordinary manner. »
Regulation No. 90-02 of 23 February 1990 on equity is amended as follows:
In the third paragraph of Article 1 of Regulation No. 90-02 of 23 February 1990 referred to above, after the words "financial companies" are inserted the words ", to payment institutions".
The decision of February 20, 2007 on the requirements of equity is amended as follows:
I. ― In the first paragraph of Article 1 of the above-mentioned Decree of 20 February 2007, after the words: " credit institutions;" are inserted the words: "to payment institutions that grant credits referred to in Article II of Article L. 522-2 of the monetary and financial code".
II. ― It is inserted, in the same order, an article 3-5 to read as follows: "By derogation from section 2-1, payment establishments that grant credits referred to in section II of section L. 522-2 of the monetary and financial code must at any time have an amount of equity equal to the sum of the requirements set out in section 28 of the decision of October 29, 2009 relating to the prudential regulation of payment establishments and »
Regulation No. 99-09 of 9 July 1999 on transfers within the European Economic Area is repealed.
This Order comes into force on 1 November 2009.
The present order will be issued in the Official Journal of the French Republic.
A N N E X E 1
TO THE ARRANGEMENT RELATING TO THE PRUDENTIAL REGULATION OF PAYMENT STANDARDS FIXING THE LORSQU MODEL IS CONSTITUTED BY A GUARANTEE TO FIRST REQUEST FOR ARTICLE 35
The establishment ...... (1) registered in the register of trade and companies of ...... under the number ...... ... represented by ...... duly authorized under ...... (2);
After reminding him that he was brought to his knowledge that: ... (3) below referred to as the "guaranteed establishment", asked the establishment referred to below as "the guarantor" to provide him with his autonomous warranty,
Hereby declares, pursuant to Article L. 522-17 of the monetary and financial code and Article 35 of the [date] order relating to payment establishments, to be guarantor by waiving the benefits of division and discussion, on behalf of the establishment guaranteed in the terms and conditions below.
1. Article 1 of the schedule to the Order of [date]
Purpose of the guarantee
This guarantee constitutes a purely financial commitment. It is exclusive of any obligation to do and is consented to within the maximum amount referred to in section 2 to cover the funds received by the secured establishment as a payment institution, either by users of payment services or by another payment service provider for the execution of payment transactions, in case the secured establishment is not in a position to meet its financial obligations.
This guarantee does not cover compensation due by the secured establishment to third parties who may be adversely affected by a wrong or non-performance of an obligation related to the activity of the third party.
2. Article 2 of the schedule to the Order of [date]
Amount
2.1. Amount
The maximum amount of the guarantee is (4).
2.2. Actualization
The maximum amount of the guarantee can be updated annually to meet the minimum amount of the guarantee specified in section 35 of the order.
3. Article 3 of the schedule to the Order of [date]
Duration
3.1. Duration
This warranty undertaking shall take effect from .... (5). It expires (6), 18 hours.
3.2. Renewal
The guarantee is renewed tacitly under the same conditions as the objects of the present, unless the guaranteed establishment denounces the warranty at least .... (7) months before the due date.
4. Article 4
Bailing
In the event that the secured establishment is unable to meet its financial obligations related to its payment services activities, this guarantee may be brought into play by the Minister responsible for the economy by registered letter with a request for a notice of receipt addressed to the guarantor to the above address.
5. Article 5
Jurisdiction
This guarantee is subject to French law with competence of the French courts.
Made in (8) on (9).
A N N E X E 2
TO THE ARRATORY RELATING TO THE PRUDENTIAL REGULATION OF PAYMENT ETABLEMENTS SIXING THE MODEL OF ATTESTATION OF THE CONSTITUTION OF A PREVENT GARANTIA TO ARTICLE 35, LORSQUELLE RESULTS OF A CAUTION
The establishment or the company ...... (1) registered in the register of trade and companies ...... under the number ...... represented by ...... duly authorized under ... (2);
After reminding him that it was brought to his knowledge that: ...... (3) below referred to as the "guaranteed establishment" has requested the establishment or the company referred to as the "guarantee" to provide it with its guarantee,
Hereby declares, pursuant to 2° of the I of Article L. 522-17 of the monetary and financial code and Article 35 of the [date] order relating to payment institutions, to establish personal and solidarity bond, within the meaning of Articles 2288 and following of the civil code, with the guaranteed establishment, in the terms and conditions below.
1. Article 1 of the schedule to the Order of [date]
Purpose of the guarantee
This guarantee constitutes a purely financial commitment. It is exclusive of any obligation to do and is consented to within the maximum amount referred to in section 2 to cover the funds received by the secured establishment as a payment institution, either by users of payment services or by another payment service provider for the execution of payment transactions, in case the secured establishment is not in a position to meet its financial obligations.
This guarantee does not cover compensation due by the secured establishment to third parties who may be adversely affected by a wrong or non-performance of an obligation related to the activity of the third party.
2. Article 2 of the schedule to the Order of [date]
Amount
2.1. Amount
The maximum amount of the guarantee is ...... (4). Any payment made by the guarantor will reduce the overall amount of this commitment to competition.
3. Article 3 of the schedule to the Order of [date]
Duration
3.1. Duration
This guarantee commitment takes effect from ...... (5). It expires... (6), 18 hours.
3.2. Renewal
The guarantee is renewed tacitly under the same conditions as the objects of the present, unless one of the two parties makes the denunciation of the guarantee at least ...... (7) months before the due date.
4. Article 4
Bailing
In the event that the secured establishment is unable to meet its financial obligations related to its payment services activities, this guarantee may also be challenged by the Minister responsible for the economy by registered letter with a request for a notice of receipt addressed to the guarantor at the above address.
5. Article 5
Jurisdiction
This guarantee is subject to French law with competence of the French courts.
Made to (8) , on (9).
Done in Paris, October 29, 2009.
Christine Lagarde
