Key Benefits:
The National Assembly and the Senate adopted,
The President of the Republic enacts the following legislation:
Section 2 of Chapter I of Title III of Book VI of the Monetary and Financial Code reads as follows:
“Section 2
"The Financial Regulatory Council
and systemic risk
"Art.L. 631-2.-The Financial Regulatory and Systemic Risk Board is composed of eight members:
« 1° Minister of Economy, President;
« 2° The Governor of the Bank of France, President of the Autorité de contrôle prudentiel, assisted by the Vice-President of this authority;
« 3° The president of the Autorité des marchés financiers;
« 4° The president of the Authority of Accounting Standards;
« 5° Three qualified personalities, chosen because of their skills in monetary, financial or economic fields, appointed by the Minister responsible for the economy for a period of five years.
"The members mentioned at 1° to 4° can be represented.
"On the convocation of its president, the council meets at least twice a year and as necessary.
"Art.L. 631-2-1.-Without prejudice to the respective competences of the institutions represented by its members, the Financial Regulatory and Systemic Risk Board shall carry out the following tasks:
« 1° It ensures the cooperation and exchange of information between the institutions that its members represent;
« 2° It examines the situation of the sector and financial markets and assesses the systemic risks involved, taking into account the opinions and recommendations of the European Systemic Risk Committee;
« 3° It facilitates the cooperation and synthesis of work on the development of international and European standards applicable to the financial sector and may issue any opinion or position that it considers necessary.
"Art.L. 631-2-2.-For the performance of the tasks defined in Article L. 631-2-1, the Financial Regulatory and Systemic Risk Board may hear representatives of credit institutions, investment companies, insurance companies, mutual funds and insurance institutions.
"The Financial Regulatory and Systemic Risk Board shall prepare an annual public report to Parliament. »
Article L. 421-16 of the monetary and financial code is amended as follows:
1° At the beginning of the first paragraph, the words "I. ―" are inserted;
2° It is added a II as follows:
"II. ― In the event of exceptional circumstances threatening the stability of the financial system, the President of the Financial Markets Authority or his representative may make arrangements restricting the terms and conditions of the financial instruments for a period not exceeding fifteen days. The application of these provisions may be extended and, where appropriate, its terms may be adapted by the College of the Autorité des marchés financiers for a period not exceeding three months from the decision of the President of the authority. Beyond this period, the application of these provisions may be extended by order of the Minister responsible for the economy, taken on the proposal of the President of the Autorité des marchés financiers. These decisions are made public. »
I. ― After the first paragraph of Article L. 621-1 of the same code, it is inserted a paragraph as follows:
"In carrying out its tasks, the Autorité des marchés financiers takes into account the objectives of financial stability throughout the European Union and the European Economic Area and of implementation converge on national provisions and the European Union, taking into account good practices and recommendations derived from European Union supervisory mechanisms. It cooperates with the competent authorities of other States. »
II. - The penultimate paragraph of Article L. 621-19 of the same code is supplemented by the following sentence:
"This report presents, in particular, developments in the European Union regulatory framework applicable to financial markets and assesses cooperation with the regulatory authorities of the European Union and other member states. »
The same code is amended:
1° After the 15th of the II of the article L. 621-9, it is inserted a 17th such as:
« 17° Professional associations of certified financial investment advisors referred to in Article L. 541-4. » ;
2° After the 2° of the article L. 621-9-2, it is inserted a 3° as follows:
« 3° To delegate to the associations of financial investment advisors referred to in Article L. 541-4 the control of the activity of their members. This delegation is the subject of a memorandum of understanding and may be withdrawn at any time. » ;
3° Article L. 621-15 is amended as follows:
(a) At the a and b of the II, the reference: "15°" is replaced by the reference: "17°";
(b) At the a and b of the III, the reference: "and 15°" is replaced by the references: ", 15° to 17°".
In the first paragraph of Article L. 621-9-1 of the same code, after the word "financial" are inserted the words ", or the Deputy Secretary General specially delegated for this purpose."
I. ― The first two sentences of Article L. 621-3 of the same code are replaced by a sentence as follows:
"The Director General of the Treasury or his representative sits with all the trainings of the Autorité des marchés financiers, without a deliberate vote. »
II. ― Section L. 621-15 of the same code is amended as follows:
1° After the second paragraph of I, two sub-items are inserted:
"A member of the college, having examined the investigation or control report and taking part in the decision to initiate a sanction procedure, is called to the hearing. He attends without a deliberate voice. It may be assisted or represented by the services of the Autorité des marchés financiers. He may present observations to support the grievances notified and propose a sanction.
"The sanctions committee may hear any officer of the authority's services. » ;
2° The III is thus amended:
(a) To a and c, the amount: "10 million euros" is replaced by the amount: "100 million euros";
(b) At b, the amount: "1.5 million euros" is replaced by the amount: "15 million euros";
3° After the IV, an IV bis is inserted as follows:
"IV bis. – The meetings of the sanctions committee are public.
"However, on an ex officio basis or at the request of a person in question, the presiding officer in the case may prohibit the public from accessing the room for all or part of the hearing in the interest of public order, national security or when the protection of business secrets or any other legal protected secret requires it. » ;
4° The V is thus written:
"V. ― The decision of the sanctions commission is made public in the publications, newspapers or materials it designates, in a format proportionate to the fault committed and the sanction imposed. The costs are borne by the sanctioned persons. However, where the publication may seriously disrupt financial markets or cause disproportionate harm to the parties involved, the Commission's decision may provide that it will not be published. »
III. ― After the first paragraph of Article L. 621-30 of the same code, it is inserted a paragraph as follows:
"The decisions made by the sanctions commission can be appealed by the sanctioned persons and by the president of the Autorité des marchés financiers, after agreement of the college. In the event of a sanctioned person's appeal, the president of the authority may, under the same conditions, appeal. »
After article L. 621-14 of the same code, a sub-section 4 bis is inserted as follows:
"Subsection 4 bis
“Administrative composition
"Art.L. 621-14-1.-Where the report of investigation or control established by the services of the Autorité des marchés financiers mentions the breaches committed by a person mentioned in the 9th of the II of Article L. 621-9, to the a and b of the II of Article L. 621-15, with the exception of the persons mentioned in the 3rd, 5th and 6th of the II of Article L.
"This proposal suspends the time limit set out in the second paragraph of Article L. 621-15.
"Any person to whom it has been proposed to enter into an administrative composition shall, within the framework of an agreement with the Secretary General of the Autorité des marchés financiers (AMF), undertake to pay to the public treasury the maximum amount of the monetary penalty incurred under the III of section L. 621-15.
"The agreement is submitted to the college and, if it is validated by the college, to the sanctions commission, which can decide to the homologer. The agreement thus approved is made public.
"In the absence of an approved agreement or in the event of non-compliance, the notification of grievances shall be forwarded to the sanctions committee that enforces section L. 621-15.
"The decisions of the College and the sanctions committee referred to in this article shall be subject to the remedies provided for in Article L. 621-30.
"The terms and conditions for the application of this article are set by decree in the Council of State. »
Article L. 632-17 of the same code is as follows:
"Art.L. 632-17.-The market infrastructure that distributes or maintains at the disposal of the Autorité des marchés financiers or the Autorité de contrôle prudentiel information relating to transactions on financial instruments may communicate to their foreign counterparts as well as to the counterpart authorities of the Autorité des marchés financiers or the Autorité de contrôle prudentiel the information necessary to the performance of their missions, including the information covered by the professional secrecy,
"When these exchanges of information occur between the market infrastructures and the counterpart authorities of the Autorité des marchés financiers or the Autorité de contrôle prudentiel, they are carried out under the conditions provided by a cooperation agreement referred to in Article L. 632-7.
"In the framework of the risk monitoring carried out by members, such information can include the market position, the security or coverage deposits and their composition and the margin appeals.
"A decree defines the market infrastructure under these provisions."
I. ― Article L. 421-1 of the same code is amended as follows:
1° At the beginning, the mention is added: "I. ―";
2° It is added a II as follows:
“II. – A regulated market of financial instruments as defined in I may also ensure or facilitate the meeting, within and under non-discretionary rules, of multiple buyer and seller interests expressed by third parties on greenhouse gas emission quotas defined in Article L. 229-15 of the Environmental Code and on other units referred to in Chapter IX of Title II of Book II of the same Code.
"A regulated market of financial instruments as defined in I may also ensure or facilitate the meeting, within and under non-discretionary rules, of multiple buyer and seller interests expressed by third parties on assets whose list is fixed by decree, after the advice of the College of the Autorité des marchés financiers. »
II. ― The same code is amended:
1° In the second paragraph of Article L. 421-10, after the words: "financial instruments negotiations" are inserted the words: "and assets mentioned in Article L. 421-1 II" and, after the words: "multiple financial instruments" are inserted the words: "and assets mentioned in the same II";
2° Section L. 421-14 is amended as follows:
(a) In the first paragraph of the I, after the word "financial", the words are inserted: "and assets referred to in Article L. 421-1 II";
(b) In the second paragraph of I, after the word "financial", the words "and any assets referred to in Article L. 421-1 II" are inserted;
(c) After the first sentence of IV, it is inserted a sentence as follows:
"The market company is required to establish similar procedures for the assets referred to in Article L. 421-1 II that it admits to negotiation. » ;
3° Article L. 421-15 is supplemented by a V as follows:
"V. ― The provisions applicable to the admissions, suspensions and write-offs of the assets referred to in the II of Article L. 421-1 shall be determined by the general regulation of the Autorité des marchés financiers. » ;
4° In the second sentence of the last paragraph of Article L. 421-17, after the word "financial" are inserted the words "and assets referred to in Article L. 421-1 II";
5° II of Article L. 421-21 is supplemented by the words: "and the assets mentioned in Article L. 421-1 II";
6° The second paragraph of Article L. 421-22 is supplemented by the words: "and assets referred to in Article L. 421-1 II";
7° In the first and second paragraphs and in the first sentence of the third paragraph of Article L. 465-1, after the word "financial", the words "or an asset referred to in Article L. 421-1 II" are inserted;
8° In the second paragraph of Article L. 465-2, after the word "financial", the words "or an asset referred to in Article L. 421-1 II" are inserted;
9° In the first sentence of Article L. 466-1, after the words "financial instruments" are inserted the words "or assets referred to in Article L. 421-1 II";
10° The first paragraph of Article L. 621-1 is amended as follows:
(a) In the first sentence, after the words: "financial instruments" are inserted the words: "and the assets referred to in Article L. 421-1 II";
(b) The second sentence is supplemented by the words: "and assets referred to in Article L. 421-1 II";
11° Article L. 621-7 is amended as follows:
(a) In I, after the words: "on financial instruments", the words are inserted: "and assets mentioned in Article L. 421-1 II";
(b) The IV is supplemented by a 6° as follows:
« 6° Conditions for the exercise, by members of a regulated market, of activities on behalf of and on behalf of third parties on assets referred to in Part II of Article L. 421-1. » ;
(c) In the first paragraph of the VII, the words "regulated markets for financial instruments" are replaced by the words "regulated markets within the meaning of Article L. 421-1";
(d) At the 1st of the VII, after the word "financial", the words "and assets mentioned in the II of Article L. 421-1" are inserted;
(e) In 2° of the VII, the words: "regulated market of financial instruments" are replaced by the words: "regulated market within the meaning of Article L. 421-1";
(f) At the 6th of the VII, after the words "financial instruments" are inserted the words "and assets mentioned in the II of Article L. 421-1";
(g) The first paragraph of the IX is supplemented by the words: ", as well as the rules applicable to persons performing or disseminating research or producing or disseminating other information recommending or suggesting an investment strategy for assets referred to in Article II of L. 421-1, for distribution channels or the public";
(h) In the second paragraph of the IX, the words "financial information" are replaced by the words "information relating to a financial instrument or assets referred to in Article L. 421-1 II";
12° In the first sentence of the second paragraph of Article L. 621-9, after the words "officiated to the public and on financial instruments", the words "and assets mentioned in Article L. 421-1 II" are inserted;
13° In the second paragraph of Article L. 621-14, after the words "financial instruments" are inserted the words "or assets referred to in Article L. 421-1 II";
14° In Article L. 621-17-1, after the words: "professional activities" are inserted the words: "or by persons who carry out or disseminate research or who produce or disseminate other information recommending or suggesting an investment strategy for the assets referred to in Article L. 421-1, for distribution channels or the public";
15° In Article L. 621-17-2, after the words: "financial instruments", the words "or assets referred to in Article L. 421-1 II" are inserted;
16° Article L. 621-18-2 is supplemented by a III as follows:
"III. ― The general regulation of the Autorité des marchés financiers may also determine the reporting obligations relating to transactions on the assets referred to in Article L. 421-1 II. It also specifies the persons in arrears. » ;
17° Section L. 621-18-4 is amended as follows:
(a) At the beginning of the first paragraph, the words "I. ―" are added;
(b) It is added a II as follows:
“II. ― The general regulation of the Autorité des marchés financiers may also determine the terms and conditions applicable to the obligations to establish, update and make available lists of persons with access to privileged information regarding assets referred to in Article L. 421-1 II. It also specifies the persons in arrears. » ;
18° In the fourth paragraph of Article L. 621-19, after the words: "financial instruments markets" are inserted the words: "and assets referred to in Article L. 421-1 II".
III. - Section 4 of the Single Chapter of Title II of Book VI of the same Code is supplemented by sub-section 8 as follows:
"Subsection 8
"Cooperation with the Energy Control Board
"Art. L. 621-21. - I. ― The Autorité des marchés financiers and the Commission for Energy Regulation cooperate with each other. They provide information relevant to their respective missions.
"The Autorité des marchés financiers takes the Energy Regulatory Commission, for advice, of any matter within the scope of its competence.
“II. ― When it is seized by the Energy Regulatory Commission pursuant to section 39-1 of Act No. 2000-108 of 10 February 2000 on the modernization and development of the public service of electricity, the Autorité des marchés financiers informs the Energy Regulation Commission of the evolution of the investigation of the case. The Energy Control Board may request that the Autorité des marchés financiers be provided with all information related to the case and useful for the exercise of its duties.
"III. ― By exception to the provisions of Article L. 631-1, the Autorité des marchés financiers may communicate to the Commission for the regulation of energy information covered by professional secrecy.
"The information collected in accordance with I and II shall be covered by the professional secrecy in force under the conditions applicable to the organization that communicated them and to the recipient organization.
"This information may only be used by the authorities referred to in I and II for the performance of their duties unless the authority that has communicated them consents to it. »
IV. ― Act No. 2000-108 of 10 February 2000 on the Modernization and Development of the Public Electricity Service is amended as follows:
1° After the third paragraph of Article 28, it is inserted a paragraph as follows:
"As part of the exercise of its missions, the Energy Control Board monitors the transactions carried out by suppliers, traders and producers of electricity and natural gas on greenhouse gas emission quotas, as defined in Article L. 229-15 of the Environmental Code, and on the other units referred to in Chapter IX of Title II of Book II of the same Code, as well as on contracts and instruments » ;
2° In the last paragraph of Article 35, after the words: "to the committees of the competent Parliament in the field of energy", the words ", to the Autorité des marchés financiers" are inserted;
3° After section 39, an article 39-1 is inserted as follows:
"Art. 39-1. - The Energy Control Board and the Financial Markets Authority cooperate with each other. They provide information relevant to their respective missions.
"The Energy Control Board shall seize the Autorité des marchés financiers with regard to possible breaches of the obligations resulting from the legislative or regulatory provisions or professional rules relating to the operations of initiates, manipulation of courses and dissemination of false information, or any other breach of the nature to impair the proper functioning of the market of transactions relating to the emission quotas of greenhouse gases defined in section IX L. 229-15 of the Code of
"When consulted under theArticle L. 621-21 of the Monetary and Financial Code by the Autorité des marchés financiers on a matter of its jurisdiction, the Commission for the regulation of energy, in its opinion, encloses all the useful elements in its possession. »
I. ― Chapter IV of Book V, title IV of the monetary and financial code is thus amended:
1° Its title is thus written: "Research services for investment, financial analysis or credit rating";
2° At the beginning, it is added a section 1 entitled "Research Services in Investment or Financial Analysis" including sections L. 544-1 to L. 544-3;
3° In the first paragraph of Article L. 544-1, the words "of this chapter" are replaced by the words "of this section";
4° In article L. 544-3, the words "or a rating agency" are deleted;
5° After the article L. 544-3, a section 2 entitled "Credit rating service" includes three articles L. 544-4 to L. 544-6 as follows:
"Art. L. 544-4. - The Autorité des marchés financiers is the competent authority for the registration and supervision of credit rating agencies within the meaning of Article 22 of Regulation (EC) No 1060/2009 of the European Parliament and of the Council, of 16 September 2009, on credit rating agencies.
"It publishes an annual report on the role of rating agencies, their ethical rules, transparency of their methods and the impact of their activity on issuers and financial markets.
"Art. L. 544-5. - The credit rating agencies referred to in Article L. 544-4 undertake their criminal and quasi-legal liability, both in respect of their clients and third parties, of the harmful consequences of their faults and breaches in the implementation of the obligations set out in Regulation (EC) No. 1060/2009 of the European Parliament and of the Council, of 16 September 2009, referred to above.
"Every agreement having the effect of submitting, in advance and exclusively, to the jurisdictions of a third State to the European Union a dispute relating to the provisions of Regulation (EC) No. 1060/2009 of the European Parliament and of the Council, of 16 September 2009, referred to above, while the French courts have been competent to know of such agreement, is deemed null and void.
"Art. L. 544-6. - Clauses to exclude liability of credit rating agencies referred to in Article L. 544-4 are prohibited and deemed to be unwritten. »
II. ― Article L. 321-2 of the same code is supplemented by an 8 as follows:
“8. The credit rating service referred to in a and o of 1 of Article 3 of Regulation (EC) No 1060/2009 of the European Parliament and the Council, of 16 September 2009, on credit rating agencies. »
III. Sections L. 544-5 and L. 544-6 of the Code come into force on January 1, 2011.
I. ― Part II of Article L. 621-5-3 of the same code is supplemented by a 5° as follows:
« 5° As part of the control of the persons referred to in 16° of II of Article L. 621-9, this contribution is calculated as follows:
“(a) The right due to registration, payable on the day of filing the application for registration, is fixed by decree, for an amount greater than 7,500 € and less than or equal to 20,000 €;
“(b) For each year consecutive to the year of registration, the contribution is set to an amount equal to the operating product realized in the previous year multiplied by a rate fixed by decree, which cannot exceed 0.5%, without being less than 10,000 €. It is due after a three-month period from the end of the fiscal year. »
II. ― Article L. 621-7 of the same code is supplemented by an XI as follows:
« XI. ― Regarding the credit rating service:
« 1° The conditions for the registration and exercise of the activity of credit rating agencies referred to in Article L. 544-4;
« 2° The obligations relating to the presentation and publication of the ratings and the publication requirements of the credit rating agencies referred to in Article L. 544-4;
« 3° The rules of good conduct applicable to natural persons under the authority or acting on behalf of the credit rating agencies referred to in Article L. 544-4 and the provisions to ensure their independence of appreciation and the prevention of conflicts of interest;
« 4° The terms and conditions of publication, each year, of the general remuneration regime of the rating agencies referred to in Article L. 544-4, according to the categories of issuers and products noted. »
III. ― Article L. 621-9 of the same code is amended as follows:
1° After 15°, it is inserted a 16° as follows:
« 16° Credit rating agencies referred to in Article L. 544-4; »
2° At the penultimate paragraph, the reference: "and 11°" is replaced by the references: ", 11° and 16°".
I. ―Order No. 2010-76 of January 21, 2010 merging the bank and insurance licensing and control authorities is ratified.
II. ― Article L. 142-3 of the monetary and financial code is amended as follows:
1° After the 4°, it is inserted a 5° as follows:
« 5° The vice-president of the prudential control authority. » ;
2° In the first sentence of the sixth preambular paragraph, after the words: "general council", the words are inserted: "mentioned at 1° to 4°" and the word: "eighth" is replaced by the word "nine";
3° In the first sentence of the last paragraph, the reference: "and 3°" is replaced by the references: ", 3° and 5°".
III. - The same code is changed:
1° In the first paragraph of Article L. 511-10, after the reference: "at 1°", the reference is inserted: "of II";
2° At the last sentence of the penultimate paragraph of Article L. 511-28, the reference: "L. 612-43" is replaced by the reference: "L. 612-39";
3° Article L. 511-38 is amended as follows:
(a) The second and third sentences of the first subparagraph are deleted;
(b) The second paragraph is supplemented by a sentence as follows:
"These exemptions are not applicable when the credit institution or the investment company is required to establish consolidated accounts. » ;
4° In section L. 515-29, the references: "by sections L. 613-1 to L. 613-8, L. 613-10 to L. 613-23, L. 613-25 to L. 613-30" are replaced by the references: "in chapter II and sections 1 and 2 of chapter III of Book VI title I";
5° In the first paragraph of Article L. 524-6, the reference: "L. 612-45" is replaced by the reference: "L. 612-41";
6° In section L. 533-3, the reference: "L. 613-8" is replaced by the reference: "L. 612-24";
7° In b and in the first sentence of the fourth paragraph of 1° of Article L. 561-36, the reference: "From I of Article L. 612-39" is replaced by the reference: "of Article L. 612-39";
8° Article L. 612-2 is amended as follows:
(a) The 1° of the B of the I is supplemented by the words "and the companies mentioned in the last paragraph of the same article";
(b) At 1° of II, the words "of a company" are replaced by the words "of an organization";
9° Section L. 612-11 is amended as follows:
(a) In the first sentence of the first paragraph, the words "and economic policy" and the words ", as Commissioner of the Government," are deleted;
(b) In the first sentence of the second paragraph, the words: "as Commissioner of the Government" are deleted;
(c) At the beginning of the last paragraph, the words "Government Commissioners" are replaced by the words: "The Chief Executive Officer, the Director of Social Security, or their representatives,"
10° Article L. 612-20 is amended as follows:
(a) The 1° of the C of the II is supplemented by the words: "and, for the persons mentioned in the 4° of the B of the I of Article L. 612-2, by decree of ministers responsible for the economy, mutuality and social security";
(b) At the end of the first sentence of 2° of the same C, the words: " Ministers responsible for the economy, mutuality and social security" are replaced by the words: "the Minister responsible for the economy";
(c) At the end of the second sentence of 1° and 2° of the III, the words: "after an advisory opinion of the College of the Autorité de contrôle prudentiel en formation plénière" are deleted;
(d) The III is supplemented by a sub-item:
"The decrees mentioned in II and present III are taken after the advice of the College of the Autorité de contrôle prudentiel en formation plénière. » ;
(e) The first and second sentences of VIII are replaced by a sentence as follows:
"In the absence of payment within thirty days of the date of notification to the debtor of the reminder letter establishing the amount of the additional contribution or the recommended mail establishing the revised amount of the contribution, the Bank of France shall seize the public accountant who issues an enforceable title, recovered in the same procedures and under the same sanctions, guarantees, security rights and privileges as taxes on the turnover. » ;
11° The second paragraph of Article L. 612-25 is as follows:
"The breach is recovered by the public accountant and paid to the state budget. » ;
12° Article L. 612-27 is amended as follows:
(a) After the first preambular paragraph, a sub-item reads as follows:
"In the event of an emergency or other need to proceed without delay with findings for facts or actions that may constitute breaches of the provisions applicable to controlled persons, the authority's controllers may file minutes. » ;
(b) The third paragraph is supplemented by the words: "and Habitat Finance Corporations";
13° At the 5th of Article L. 612-33, the word "unionists" is replaced by the words: "or bulletins of accession to contracts or regulations";
14° After the word: "Management", the end of the second paragraph of Article L. 612-34 is thus written: "of the controlled person may no longer be insured under normal conditions or in case of suspension of one or more of his or her leaders. » ;
15° Article L. 612-39 is amended as follows:
(a) At the beginning of the 7th, the words: "The radiation" are replaced by the words: "The total withdrawal of approval or radiation";
(b) The penultimate paragraph is supplemented by the references: ", to the first paragraph of Article L. 510-1-1 of the mutuality code or first paragraph of Article L. 931-18 of the Social Security Code » ;
16° Article L. 612-43 is amended as follows:
(a) In the first paragraph, after the words: "with the exception" are inserted the words: "organisms referred to in 6° and 7° of the A of Article L. 612-2",
(b) The last paragraph is supplemented by the words: Social Security Code » ;
17° The last paragraph of Article L. 612-44 is as follows:
"The first paragraph is applicable to specific controllers of land credit companies and housing finance companies. » ;
18° In the first paragraph of Article L. 613-24, after the word: "may", the words are inserted: ", under the conditions laid down in Article L. 612-35;"
19° In the second sentence of the second paragraph of Article L. 613-33-2, the reference: "at 6 of Article L. 613-21" is replaced by the reference: "at 7° of Article L. 612-39";
20° Section L. 631-1 is amended as follows:
(a) At the beginning of the first sentence of the first paragraph of I, the words: "The prudential control authority" are replaced by the words: "The Bank of France, the prudential control authority";
(b) In II, after the word "insurance", the words are inserted: "the guarantee fund for mandatory damages instituted by Article L. 421-1 of the same code, the guarantee parity fund established by theArticle L. 931-35 of the Social Security Code, the guarantee fund established by theArticle L. 431-1 of the mutuality code, ”
21° In the first sentence of the last paragraph of Article L. 632-8, the reference: "L. 613-9" is replaced by the reference: "L. 612-44";
22° In the first paragraph of Article L. 632-15, the reference: "at I of Article L. 612-16" is replaced by the references: "at 1° to 3° of the A of Article L. 612-2 and at 1° to 4° of Article L. 612-26";
23° In article L. 713-12 and at the end of the second sentence of the last paragraph of articles L. 745-7-2 and L. 755-7-2, the reference: "L. 613-21" is replaced by the reference: "L. 612-39";
24° C, d and e of I of sections L. 743-10 and L. 753-10 are repealed.
IV. ∙ The insurance code is amended as follows:
1° In article L. 310-12-1, the reference: "of 5°" is replaced by the reference: "at 5°";
2° In the last sentence of the first paragraph of Article L. 310-28, the words: "the Authority of Control exercised pursuant to Article L. 323-1-1" are replaced by the words: "the Authority of Prudential Control or the execution of a decision made pursuant to articles L. 612-33 and L. 612-34 of the monetary and financial code » ;
3° In the first paragraph of Article L. 326-2, after the reference: "L. 612-39", the words "of the monetary and financial code "
V. ― The code of mutuality is thus modified:
1° In the first paragraph of Article L. 211-7 and in the first paragraph of Article L. 211-7-2, the word "competent" is deleted;
2° In Article L. 212-12, the words "previous article" are replaced by the reference: "Article L. 212-11";
3° Section L. 212-27 is amended as follows:
(a) At 1°, the reference: "L. 612-37" is replaced by the reference: "L. 612-33";
(b) At 2°, the reference: "L. 612-43" is replaced by the reference: "L. 612-39";
4° In the first paragraph of Article L. 510-1, the words "mutuals, unions and federations" are replaced by the words "mutuals and unions";
5° After Article L. 510-1, an article L. 510-1-1 is reinstated as follows:
"Art. L. 510-1-1. - The Autorité de contrôle prudentiel may require the mutual or union to have a margin of solvency greater than that prescribed by the regulations so that the mutual or union may be quickly able to meet all solvency requirements. The level of this additional requirement of credit margin is determined in terms defined by decree in the Council of State.
"The supervisory authority may review the elements allowed to form the margin of solvency of a mutual or a union under conditions set by decree in the Council of State. » ;
6° 2° of the article L. 510-12 is thus written:
« 2° To obstruct the action of the Authority of prudential control or the execution of a decision taken pursuant to the articles L. 612-33 and L. 612-34 of the monetary and financial code ;".
VI. ∙ The Social Security Code is amended as follows:
1° Article L. 931-5 is amended as follows:
(a) In the seventh paragraph, the words: ", after the opinion of the prudential control authority" are deleted;
(b) The penultimate paragraph is deleted;
2° The first to third, sixth and last paragraphs of Article L. 931-18 are deleted;
3° At the penultimate paragraph of Article L. 931-37, the reference: "L. 951-15" is replaced by the reference: "L. 951-2";
4° At the end of the last paragraph of Article L. 931-41, the reference: "L. 612-43" is replaced by the reference: "L. 612-39";
5° The second part of article L. 951-11 is as follows:
« 2° To obstruct the action of the Authority of prudential control or the execution of a decision taken pursuant to the articles L. 612-33 and L. 612-34 of the monetary and financial code ;".
VII. ― In the second paragraph of section L. 4135-2 of the Public Health Code, the reference: "L. 612-43" is replaced by the reference: "L. 612-39".
VIII. ― Article L. 727-2 of the Rural and Maritime Fisheries Code is amended as follows:
1° In the second sentence, the words: "submitted to the control of the commission established by Article L. 951-1 of this code" are replaced by the words: "enter into the jurisdiction of the Autorité de contrôle prudentiel";
2° The last sentence is deleted.
IX. ― In the first paragraph of Article 88-2 of Act No. 84-53 of 26 January 1984, with statutory provisions relating to the territorial civil service, the reference is: "to theArticle 11 of Order No. 2010-76 of 21 January 2010 merging the approval and control authorities of the bank and insurance" is replaced by the reference: "to theArticle L. 310-12-2 of the Insurance Code "
X. ― At the first sentence of the last paragraph of Article 6 of Order No. 58-1100 of 17 November 1958 relating to the operation of parliamentary assemblies, the words: "of the Banking Commission, the Committee of Credit Institutions and Investment Companies, the Autorité des marchés financiers, the Conseil des marchés financiers, the Conseil de discipline de la gestion financière or the Commission de contrôle des assurances" are replaced by the words:
Article L. 612-12 of the monetary and financial code is amended as follows:
1° The first paragraph of I is supplemented by a sentence as follows:
"It prepares an annual report to the President of the Republic and Parliament, which is published in the Official Gazette. » ;
2° II is supplemented by a sub-item:
"The president of the prudential control authority is heard, on their request, by the financial commissions of the two assemblies and may ask to be heard by them. »
I. ― Article L. 612-5 of the same code is amended as follows:
1° In the first paragraph, the word "sixteen" is replaced by the words "nine";
2° After 1°, are inserted from 1° bis and 1° ter as follows:
"1° bis The president of the Autorité des marchés financiers;
"1° ter Two designated members, for a period of five years, on the basis of their financial and legal competence and their experience in insurance and banking, respectively by the President of the National Assembly and the President of the Senate; »
3° The eleventh preambular paragraph is supplemented by the words and a sentence as follows: ", after advice from the Finance Committees of the National Assembly and the Senate. Commission notices are deemed to be in favour of the expiry of a period of thirty days following receipt of the notice request. » ;
4° At the penultimate paragraph, the references: "from 3° to 8°" are replaced by the references: "to 1° ter and 3° to 8°";
5° The last paragraph is as follows:
"The members of the College of the Supervisory Supervisory Authority listed in 1° ter and 3° to 8° receive compensation whose regime is fixed by decree. »
II. ― Members referred to in 1° ter of Article L. 612-5 of the monetary and financial code shall be appointed within three months from the promulgation of this Act for the remaining period until the next renewal of the College of the Supervisory Authority.
I. ― Article L. 612-38 of the same code is amended as follows:
1° The first sentence of the first paragraph is replaced by two sentences as follows:
"One of the college's training courses examines the conclusions established, within the framework of the control mission of the Autorité de contrôle prudentiel, by the services of the Authority or the report prepared pursuant to Article L. 612-27. If it decides to initiate a sanction procedure, its president shall notify the grievances to the persons concerned. » ;
2° At the end of the second sentence of the first paragraph, the words "who designates a rapporteur among his members" are added;
3° The sixth preambular paragraph is amended to read:
(a) In the second sentence, the words: "Government Commissioner" are replaced by the words: "Rapporteur, the Chief Executive Officer of the Treasury or the Director of Social Security or their representatives";
(b) It is added a sentence as follows:
"She makes a decision motivated. »
II. ― Section L. 612-9 of the same code is amended as follows:
1° In the first paragraph, the word "five" is replaced by the word "six";
2° At the beginning of the 1st, the words: "A designated State Councillor" are replaced by the words: "Two appointed State Councillors";
3° At the beginning of the fifth preambular paragraph, the words: "The State Councillor" are replaced by the words: "The Vice-President of the Council of State designates that of the two State Councillors mentioned at the 1st.
III. ― 1. The I of this section comes into force three months after the promulgation of this Act. The sanction procedures for which the grievances were notified to the persons concerned prior to that date continue in accordance with the disciplinary procedure provided for in theArticle L. 612-38 of the Monetary and Financial Code in its drafting prior to the promulgation of this Act. In this case, the Sanctions Commission shall be composed under the conditions provided for in Article L. 612-9 of the same Code in its drafting prior to the promulgation of this Act.
2. Within three months of the promulgation of this Act, the Vice-President of the Council of State shall appoint the additional State adviser provided for in the second paragraph of Article L. 612-9 of the Monetary and Financial Code, which shall take office from the date of entry into force of this Article for the remaining period to be carried out until the next renewal of the sanctions commission of the prudential control authority.
I. ― Article L. 612-39 of the same code is amended as follows:
1° In the eleventh paragraph, the amount: "50 million euros" is replaced by the amount: "one hundred million euros";
2° The last paragraph is as follows:
"The decision of the sanctions commission is made public in the publications, newspapers or media it designates, in a format proportionate to the fault committed and the sanction imposed. The costs are borne by the sanctioned persons. However, where the publication may seriously disrupt financial markets or cause disproportionate harm to the parties involved, the Commission's decision may provide that it will not be published. »
II. ― Section L. 612-40 of the same code is amended as follows:
1° The third paragraph reads as follows:
"The sanctions commission can pronounce either instead or in addition to these sanctions, a monetary penalty equal to one hundred million euros. » ;
2° The last paragraph is as follows:
"The decision of the sanctions commission is made public in the publications, newspapers or media it designates, in a format proportionate to the fault committed and the sanction imposed. The costs are borne by the sanctioned persons. However, where the publication may seriously disrupt financial markets or cause disproportionate harm to the parties involved, the Commission's decision may provide that it will not be published. »
III. ― Section L. 612-41 of the same code is amended as follows:
1° In the eleventh paragraph of the I, the amount "one million euros" is replaced by the amount "one hundred million euros";
2° The last paragraph of I and II is as follows:
"The decision of the sanctions commission is made public in the publications, newspapers or media it designates, in a format proportionate to the fault committed and the sanction imposed. The costs are borne by the sanctioned persons. However, where the publication may seriously disrupt financial markets or cause disproportionate harm to the parties involved, the Commission's decision may provide that it will not be published. »
At the end of the second sentence of the fourth paragraph of Article L. 312-1 and last paragraph of Article L. 312-1-1 of the same code, the reference: "L. 612-34" is replaced by the reference: "L. 612-31".
The Government shall, once a semester, issue to the Finance Committees of the National Assembly and the Senate a report on the decline in European law of prudential standards applicable to credit institutions and investment companies. It also informs them of the transfer into domestic law of these same standards and provides all useful elements to assess the consequences of these provisions on the financing of the French economy.
I. ― Article L. 613-20-1 of the monetary and financial code is supplemented by the words: ", including central banks, in the normal business process as in emergency situations".
II. ― After section L. 613-20-4 of the same code, an article L. 613-20-5 is inserted as follows:
"Art. L. 613-20-5. - Where a situation of emergency warrants it, including an evolution or event that could threaten the liquidity of a market or the stability of the financial system of another Member State of the European Union or another State Party to the agreement on the European Economic Area, the Autorité de contrôle prudentiel shall alert the competent authorities of those States as soon as possible and shall communicate to them all the information necessary for the fulfilment of their missions, in accordance with the rules set by 6-1 »
III. ― The first paragraph of Article L. 632-1 of the same code is supplemented by a sentence as follows:
"When an emergency situation that could threaten the stability of the financial system of another Member State of the European Union or another State Party to the Agreement on the European Economic Area justifies it, they are also allowed to exchange any information necessary with the ministries of those States in charge of the financial sector, in accordance with the rules laid down in this Article, Article L. 631-1 and Articles L. 632-4-2 to L. »
I. ― Section L. 613-20-2 of the same code is as follows:
"Art. L. 613-20-2. - In order to facilitate the exercise of control of groups on a consolidated basis, the Autorité de contrôle prudentiel institutes colleges of supervisors comprising the competent authorities of the Member States of the European Union or other States parties to the agreement on the European Economic Area. The Autorité de contrôle prudentiel chairs the meetings of these colleges. It ensures appropriate coordination with the competent authorities of non-parties States to the European Economic Area Agreement. She decided on the competent authorities participating in each meeting of the college.
"The constitution and functioning of colleges are based on written agreements passed by the Autorité de contrôle prudentiel with the relevant authorities. The colleges allow the Autorité de contrôle prudentiel and other relevant authorities to:
"to exchange information;
"to agree to undertake tasks and delegate skills, on a voluntary basis, if necessary;
"– to plan and coordinate prudential monitoring activities based on a group risk assessment;
"to coordinate the collection of information;
"– to apply prudential requirements in a coherent manner across all entities within the group;
"to take into account the prudential control activities defined in the event of an emergency. »
II. ― After the first paragraph of section L. 613-20-4 of the same code, a paragraph is inserted to read as follows:
"The Autorité de contrôle prudentiel, as the authority responsible for the monitoring on a consolidated basis, and the competent authorities of other Member States of the European Union or other States parties to the agreement on the European Economic Area shall work together to reach a common decision on the required level of equity for each entity within the banking group and on a consolidated basis within the meaning of the second paragraph of Article L-3. 5 In the event of disagreement, the Supervisory Authority shall consult with the committee which shall group the competent authorities of the Member States of the European Union at the request of any competent authority or its own initiative. If the disagreement persists, the Autorité de contrôle prudentiel, as the supervisory authority on a consolidated basis, determines in accordance with the second paragraph of Article L. 511-41-3 the adequacy of the consolidated level of equity held by the group in relation to its financial situation and its risk profile. »
I. ― The last paragraph of section L. 613-20-4 of the same code is deleted.
II. ― After section L. 613-20-4 of the same code, an article L. 613-20-6 is inserted as follows:
"Art. L. 613-20-6. - A decree in the Council of State specifies the modalities for the application of this section. »
I. ― Article L. 632-4 of the same code is amended as follows:
1° The words: "and, where applicable, to other public authorities responsible for the supervision of payment systems and systems for the regulation and delivery of financial instruments" are deleted;
2° It is added a paragraph to read:
"Despite the provisions of this chapter, the Bank of France, the Autorité de contrôle prudentiel and the Autorité des marchés financiers may transmit to other public authorities responsible for the monitoring of payment systems and systems for the regulation and delivery of financial instruments information covered by professional secrecy for the execution of their missions. »
II. ― After the first sentence of Article L. 632-7 of the same code, it is inserted a sentence as follows:
"By derogation from the same provisions, the Bank of France can conclude, with public authorities responsible for the monitoring of payment systems and systems for the regulation and delivery of financial instruments, cooperation agreements including the exchange of information. »
Within six months of the promulgation of this Act, the Government is authorized to make an order, under the conditions provided for in Article 38 of the Constitution, the measures relating to the area of the law necessary to the transposition of Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 concerning the access to the activity of electronic currency institutions and its exercise and the prudential monitoring of these institutions, and
The bill ratifying this order shall be tabled before Parliament no later than the last day of the third month following the issuance of the order.
I. ― The c and d of Article L. 621-15 of the monetary and financial code are thus drafted:
"(c) Any person who, in French or foreign territory, has engaged in or attempted to engage in an initiation operation or has engaged in a course manipulation, the dissemination of false information or any other breach referred to in the first paragraph of the I of Article L. 621-14, provided that such acts relate to:
"—a financial instrument or asset referred to in Article L. 421-1 II admitted to negotiations on a regulated market or on a multilateral trading system that is subject to the legislative or regulatory provisions to protect investors from insider operations, manipulation of courses and the dissemination of false information, or for which a request for admission to negotiations on such markets has been submitted, under the conditions determined by the general regulation of the Autorité
"a financial instrument related to one or more instruments referred to in the preceding paragraph;
"(d) Any person who, in French territory, has engaged in or attempted to engage in an initiation operation or has engaged in a course manipulation, the dissemination of false information or any other breach referred to in the last paragraph of Article L. 621-14, as long as such acts relate to:
"—a financial instrument or asset referred to in Article L. 421-1 II admitted to negotiations on a regulated market of another Member State of the European Union or party to the European Economic Area Agreement or for which a request for admission to negotiations on such a market has been submitted;
"a financial instrument related to one or more instruments referred to in the preceding paragraph; "
II. - Article L. 621-17-2 of the same code is amended as follows:
1° The words: " admitted to negotiations on a regulated market, or for which a request for admission to negotiations on such a market has been submitted," are deleted;
2° It is added a paragraph to read:
"The financial instruments mentioned in the first paragraph are the financial instruments admitted to negotiations on a regulated market or on a multilateral trading system that are subject to the legislative or regulatory provisions to protect investors from insider operations, course manipulations and the dissemination of false information, or for which a request for admission to negotiations on such markets has been submitted, under the conditions determined by the general regulation of the Autorité des marchés financiers, as well as the financial instruments. »
At 6° of the VII of Article L. 621-7 and Article L. 621-7-1 of the same code, the words "and transactions" are replaced by the words ", transactions and positions".
After article L. 214-3 of the same code, an article L. 214-3-1 is inserted as follows:
"Art.L. 214-3-1. -Under the conditions defined by the general regulation of the Autorité des marchés financiers, liability for third parties of the centralization of the orders of subscription and of redemption of the shares or shares of securities collective investment bodies is vested in the securities collective investment agency or, where applicable, the portfolio management company that represents it either to the agency or to the depositary, or to a portfolio management company, or to a provider The entity entrusted with this responsibility has adequate and adequate means.
"An order of subscription or redemption transmitted to the entity responsible for centralization of orders is irrevocable, on the date and under the conditions defined by the general regulation of the Autorité des marchés financiers. »
I. ― After article L. 211-17 of the same code, an article L. 211-17-1 is inserted as follows:
"Art.L. 211-17-1.-I. ― The purchaser and the seller of financial instruments referred to in I of Article L. 211-1 shall, from the execution of the order, permanently engaged, the first to be paid, the second to be delivered, on the date referred to in II of this Article.
"A vendor of financial instruments referred to in I of Article L. 211-1 is prohibited and allowed to negotiate on a regulated market to issue an order of sale if he does not have on his account the financial instruments required to be disposed of, or if he has not taken the necessary steps from a third party to have reasonable assurance on his ability to deliver these financial instruments in a manner that is, by the date of delivery,
"It may be derogated from this article under conditions provided by decree after a reasoned opinion of the College of the Autorité des marchés financiers.
"The provider to whom the order is transmitted may require, upon receipt of the order or upon execution, the constitution in his books, as a cover, of a cash provision in case of purchase, in financial instruments objects of the sale in case of sale.
“II. ― In the event of the negotiation of financial instruments referred to in the II of Article L. 211-1, the transfer of ownership results from the registration to the buyer's account. This registration takes place on the effective date of the negotiation referred to in the rules of operation of the settlement and delivery system when the account of the buyer's conservative account content, or the account of the agent of that conservative account content, is credited in the books of the central depositary.
"This date of termination of the negotiations and simultaneously registration takes place after a period of less than two days of negotiation after the date of execution of the orders. It may be waived for technical reasons in the cases listed by the general regulation of the Autorité des marchés financiers.
"This same date applies when the financial instruments of the purchaser and seller are recorded in the books of a common Conservative account content.
"The second and third paragraphs of this II shall take effect on the date of entry into force of a harmonization device equivalent to the European level.
"III. ― The Autorité des marchés financiers may impose the penalties set out in the II and III of Article L. 621-15 against any natural or legal person who performs an operation intended or for effect to contravene the provisions of the I and II of this Article. »
II.-A decree in the Council of State sets out the modalities for the application of this article.
I. ― Article L. 211-36 of the same code is supplemented by a II as follows:
“II. ― For the purposes of this section, are also financial instruments option contracts, firm term contracts, exchange contracts and any other term contracts other than those mentioned in the III of Article L. 211-1, provided that, when these instruments are to be paid by physical delivery, they are registered by a recognized compensation board or periodic coverage calls. »
II. - Section III L. 211-36-1 of the same code is repealed.
Section 7 of Chapter I of Book V title I of the monetary and financial code is supplemented by an article L. 511-46, which reads as follows:
"Art.L. 511-46.-In the credit institutions referred to in Article L. 511-1, with the exception of those referred to in Article L. 512-1-1, insurance and reinsurance companies, with the exception of those referred to in Article L. 512-1-1Article L. 322-3 of the Insurance Code, mutuals governed by Book II of the Code of Mutuality, with the exception of those referred to in Article L. 212-3-1 of the same Code, and foreseeance institutions governed by Title III of Book IX of the Code of Social Security, with the exception of those referred to in Article L. 931-14-1 of the same Code, the committee referred to inArticle L. 823-19 of the Commercial Code also monitors risk management policies, procedures and systems.
"However, by decision of the administrative or supervisory body, this mission may be entrusted to a separate committee, governed by the second and last paragraphs of the same article L. 823-19. »
Article L. 322-3 of the Insurance Code reads as follows:
"Art.L. 322-3.-Sont exempted from the obligations referred to inArticle L. 823-19 of the Commercial Code :
« 1° Persons and entities controlled within the meaning of section L. 233-16 of the same code when the person or entity controlling them voluntarily has a specialized committee within the meaning and manner set out in section L. 823-19 of the same code;
« 2° Persons and entities related to a parent company within the meaning of 1st of Article L. 334-2 of this Code when the parent company is itself subject to these obligations or has voluntarily established a specialized committee within the meaning and manner of the parent companyArticle L. 823-19 of the Commercial Code. »
In the first paragraph of Article L. 823-19 of the Commercial Code, the words "exclusive and collective members" are deleted.
I. ― Section L. 225-102-1 of the same code is amended as follows:
1° The sixth and seventh preambular paragraphs are deleted;
2° At the beginning of the first sentence of the eighth paragraph, the words: "The preceding three paragraphs apply" are replaced by the words: "The previous paragraph applies";
3° It is added a paragraph to read:
"From 1 January 2011, the Government submits every three years to Parliament a report on the application by companies of the provisions referred to in the fifth paragraph and the actions it promotes in France, Europe and internationally to encourage corporate social responsibility. »
II. - At the h of article L. 114-17 of the mutuality codein the second sentence of the first paragraph of Article L. 524-2-1 of the Rural and Maritime Fisheries Code and second paragraph of Article 8 of Act No. 47-1775 of 10 September 1947 having the status of cooperation, the words: "when the conditions set out in the sixth paragraph of the same article are fulfilled" are deleted.
III. - At the beginning of the second paragraph of Article L. 511-35 of the monetary and financial code, the words: "The fifth and sixth paragraphs of Article L. 225-102-1 of the same code are applicable" are replaced by the words: "The fifth paragraph of Article L. 225-102-1 of the same code is applicable".
IV. - At the beginning of Article L. 322-26-2 of the Insurance Code, the words "The provisions of the fifth and sixth preambular paragraphs" are replaced by the words "The provisions of the fifth preambular paragraph".
The Government is authorized to take by order, under the conditions provided for in Article 38 of the Constitution, the measures in the area of the law necessary to transpose Directive 2009/65/EC of the Parliament and of the Council of 13 July 2009 on the coordination of legislative, regulatory and administrative provisions concerning certain organizations of collective investment in securities (OPCVM).
The Government is authorized, under the same conditions, to take measures in the area of the law, excluding any tax provision, to modernize the French legal framework for asset management and to improve its legibility, with a view to strengthening the protection of investors and savers and the competitiveness of products and actors. The Committee regularly informs the Finance Committees of the two meetings of developments in the above-mentioned legal framework.
This order is made within twelve months of the date of publication of this Act. A bill of ratification is tabled before Parliament no later than the last day of the third month following the issuance of this order.
The Government is authorized to take by order, under the conditions provided for in Article 38 of the Constitution, the measures in the area of the law necessary for the transposition of Directive 2009/44/EC of the Parliament and of the Council of 6 May 2009 amending Directive 98/26/EC concerning the finality of the regulation in the systems of payment and settlement of securities transactions and Directive 2002/47/EC concerning contracts of financial guarantees, with regard to the related systems.
The Government is authorized under the same conditions to specify and supplement the provisions of the monetary and financial code relating to compensation and assignment of receivables and to the guarantee of financial obligations.
This order is made within twelve months of the date of publication of this Act. A bill of ratification is tabled before Parliament no later than the last day of the third month following the issuance of this order.
At 2° of section L. 821-3 of the Commercial Code, the words "a representative of the Minister responsible for the economy" are replaced by the words "the Chief Executive Officer of the Treasury or his representative".
I. ― Article L. 341-1 of the monetary and financial code is amended as follows:
1° At 2°, after the reference: "at 1°", is inserted the reference: "or at 4°";
2° In the last paragraph, after the word "bank", the words "and payment services" are inserted.
II.-Article L. 341-3 of the same code is amended as follows:
1° At 1°, after the word "issues", are inserted the words: "the collective investment management companies defined in Article L. 543-1 of this Code for the subscription of the financial securities issued by the collective investment organizations of which they manage,"
2° At 2°, the reference: "Chart IV of Book IV" is replaced by the reference: "Book III of Part III";
3° At 3°, the words: ", exclusively for the operations provided for in 5° of Article L. 341-1" are deleted;
4° A 4° and 5° are added:
« 4° Intermediaries in bank transactions and payment services referred to in Article L. 519-1;
« 5° The related agents referred to in Article L. 545-1. »
III.-After the first paragraph of Article L. 341-4 of the same code, a paragraph is inserted as follows:
"The processor carries out a banking and financial start-up activity only on behalf of its principal and within the limits of the services, operations and products for which it is approved. »
IV.-At the end of the 4th of Article L. 341-10 of the same code, the reference: "Chart IV of Book IV" is replaced by the reference: "Book III of Part III".
V.-Article L. 341-12 of the same code is amended as follows:
1° At the beginning of the 1st, the words: "The name, the professional address and, if applicable, the registration number" are replaced by the words: "The name and the professional address";
2° At the beginning of 2°, the words: "The name and address" are replaced by the words: "The name, address and, if applicable, the registration referred to in Article L. 546-1";
3° At the beginning of the 3rd, the words: "The registration number" are replaced by the words: "The name, address and, if applicable, the registration referred to in Article L. 546-1".
VI.-The h of 2° of Article L. 531-2 of the same code is repealed.
VII.-Chapter IX of Book V title I of the same code is amended as follows:
A. ― Its title is thus written: "Intermediaries in bank transactions and payment services";
B. ― At the beginning, it is added a section 1 entitled "Definitions and Registration Obligations" including sections L. 519-1 to L. 519-3 as amended:
1° Article L. 519-1 is as follows:
"Art.L. 519-1.-I. ― The intermediation in bank transactions and payment services is the activity that consists of presenting, proposing or assisting in the conclusion of bank transactions or payment services or performing any preparatory work and advice for their implementation.
"It is an intermediary in bank transactions and payment services any person who, as a matter of course, exercises, against remuneration or any other form of economic benefit, the intermediation in bank operations and payment services, without being dumb.
“II. ― The second paragraph of the I does not apply to credit institutions, payment institutions, or to natural persons employed in a credit institution or payment institution, or to credit institutions, payment institutions and to natural persons employed in a credit institution or a payment institution, acting in the free provision of services, or to persons who, acting in an activity of intermediation in banking operations and The conditions set by this decree include the activity of the intermediary and the nature of the credit and payment service contract.
"III. ― A decree in the Council of State specifies the conditions for the application of this chapter and determines the categories of persons authorized to carry out an intermediation activity in bank transactions and payment services.
"In particular, it distinguishes these persons according to the nature of the mandates under which they operate and, in particular, whether they are subject to a contractual obligation to work exclusively for a credit or payment institution and whether they are able or not to rely on an objective market analysis. » ;
2° Section L. 519-2 is amended as follows:
(a) In the first sentence of the first paragraph, after the word "bank", the words "and in payment services" are inserted and the last two sentences of the same paragraph are deleted;
(b) It is added a paragraph to read:
"The intermediary in bank operations and payment services shall act under a warrant issued by one or more institutions referred to in the first paragraph. However, by derogation and under conditions established by decree in the Council of State, the intermediary in bank transactions and payment services may act under a warrant issued by another intermediary in bank transactions and in payment services or by the client. The mandate under which the intermediary in bank transactions and payment services acts refers to the nature and conditions of the transactions it is authorized to perform. » ;
3° The second paragraph of Article L. 519-3 is deleted;
C. ― Section 1, as the result of B, is supplemented by two articles L. 519-3-1 and L. 519-3-2 as follows:
"Art.L. 519-3-1.-Intermediaries in bank transactions and payment services defined in Article L. 519-1 are registered in the single register referred to in Article L. 546-1.
"Art.L. 519-3-2.- Credit institutions, payment institutions and intermediaries in bank and payment services that use the services of intermediaries in bank transactions and payment services must ensure that they are registered in accordance with Article L. 519-3-1. » ;
D. ― It is added a section 2 entitled "Other Access and Exercise Conditions" and includes section L. 519-4, the first paragraph of which is supplemented by the words "Customers";
E. ― At the beginning of section 2, as a result of the D, are added two articles L. 519-3-3 and L. 519-3-4 as follows:
"Art.L. 519-3-3.-Intermediaries in bank transactions and payment services, natural persons, who exercise in their own name, persons who run, manage or administer intermediaries in bank operations and payment services, legal persons, and persons who are members of a control body, have the power to sign on behalf or are directly responsible for the activity of intermediation within the State This decree takes into account the nature of the activity carried out by these people.
"Art.L. 519-3-4.-When acting on behalf of a credit institution, payment institution or other intermediary in bank transactions and payment services, in particular pursuant to a warrant issued to it, the monetary consequences of the professional civil liability of the intermediary in bank transactions and in payment services are covered by the person on whose behalf he or she is acting or by whom he or she is acting or In other cases, the latter must enter into an insurance contract covering him against the monetary consequences of his civil liability. Intermediaries must be able to justify at any time their situation under this obligation. A decree in the Council of State sets out the modalities for the application of this obligation. » ;
F. ― It is added a section 3 entitled "Rules of good conduct" and comprising section L. 519-5 where the reference: "of section L. 341-1" is replaced by the references: "Articles L. 341-1 and L. 341-2";
G. ― At the beginning of section 3, as the result of the F, are added two articles L. 519-4-1 and L. 519-4-2 as follows:
"Art.L. 519-4-1.-Intermediaries in bank transactions and payment services are required to respect the rules of good conduct set by decree in the Council of State according to the nature of the activity they exercise. These rules include obligations to their customers for their good information and respect for their interests.
"Art.L. 519-4-2.-Before the conclusion of a bank transaction or payment service, the intermediary referred to in Article L. 519-1 shall provide the client with information relating to his or her identity, registration on the file referred to in Article L. 546-1 and, where applicable, the existence of financial links with one or more credit or payment institutions.
"It must also indicate to the client whether it is subject to a contractual obligation to work exclusively with one or more credit or payment institutions, and informs the client that the name of these institutions may be communicated to the client upon request. »
VIII.- Chapter I of Book V title IV of the same code is amended as follows:
1° At the beginning, a section 1 entitled "Definition and Registration Obligation" is added and includes section L. 541-1, 2° of which is repealed;
2° Section 1, as the result of the 1°, is supplemented by an article L. 541-1-1 as follows:
"Art.L. 541-1-1.-Financial investment advisors defined in section L. 541-1 are registered in the single register referred to in section L. 546-1. » ;
3° Section 2 is added, "Other Access and Exercise Conditions" and includes sections L. 541-2 to L. 541-8 as amended:
(a) In the first paragraph of Article L. 541-2, the words "must be filled" are replaced by the words "respond to";
(b) The last sentence of the first paragraph of Article L. 541-4 is deleted and the 1st to 5th of the same article is repealed;
4° It is added a section 3 entitled "Rules of good conduct" and including section L. 541-9;
5° At the beginning of section 3, as it results from the 4th, is added an article L. 541-8-1 as follows:
"Art.L. 541-8-1.-Financial investment advisors must:
« 1° Behave with loyalty and act with equity in the best interests of their clients;
« 2° Exercise their activity, within the limits allowed by their status, with the skill, care and diligence that best impose on their clients' interests, in order to offer them a service offering tailored to their needs and objectives;
« 3° To be equipped with the resources and procedures necessary to carry out their activities and to implement these resources and procedures with a view to efficiency;
« 4° Ask their customers or potential customers, before formulating an advice referred to in Article L. 541-1, their knowledge and experience in investment, as well as their financial situation and investment objectives, in order to be able to recommend operations, instruments and services tailored to their circumstances. When customers or potential customers do not disclose the required information, financial investment advisors do not recommend the transactions, instruments and services in question;
« 5° To communicate to customers in an appropriate manner, the legal nature and extent of possible relations with the product developer establishments mentioned in 1° of Article L. 341-3, the information useful to the decision-making by these customers and those concerning the terms and conditions of their remuneration, including the pricing of their benefits.
"These rules of good conduct are specified by the general regulation of the Autorité des marchés financiers.
"The codes of conduct referred to in Article L. 541-4 shall comply with these requirements which they may specify and supplement. »
IX.-The first paragraph of Article L. 545-4 of the same code is as follows:
"Invest service providers who use related services ensure their honourability and professional knowledge. They monitor their activities in such a way that they can consistently comply with the legislative and regulatory provisions to which they are themselves subject. »
X.-Article L. 545-5 of the same code is amended as follows:
1° The first paragraph is as follows:
"I. ― The related agents defined in section L. 545-1 are registered in the single register referred to in section L. 546-1. » ;
2° The second paragraph is amended to read:
(a) At the beginning, the mention is added: "II. ―";
(b) The words: "in the file" are replaced by the words: "in the registry" and the reference: "in section L. 341-7" is replaced by the reference: "in I";
3° The last paragraph is deleted.
XI.-After article L. 545-5 of the same code, an article L. 545-5-1 is inserted as follows:
"Art.L. 545-5-1. -Invest service providers who use related services must ensure that they are registered in accordance with section L. 545-5. »
XII.-Le titre IV du livre V du même code est compléter par un chapitre VI ainsi écrit :
“Chapter VI
« Single registration
"Art.L. 546-1.-I. ― Intermediaries in bank transactions and payment services defined in section L. 519-1, financial investment advisors defined in section L. 541-1 and related agents defined in section L. 545-1 shall be registered in the single register provided for in section L. 545-1.Article L. 512-1 of the Insurance Code.
"A decree in the Council of State specifies the conditions of registration on this register and determines the information that must be made public. It also determines the manner in which it is held by the body referred to in the same article L. 512-1.
"Renewable every year, registration is subject to the prior payment to the organization referred to in the second paragraph of the annual registration fee set by order of the Minister responsible for the economy, within the limit of 250 €.
"These registration fees are recovered by the body referred to in the second paragraph, which is subject to the general economic and financial control of the State. Their payment is made at the time of filing the application for registration or renewal.
"When the application for registration or renewal is filed without the corresponding payment, the organization referred to in the second paragraph addresses the debtor, by registered mail with a request for notice of receipt, a letter informing him that if the request for registration is received within 30 days of the date of receipt of the letter, the request for registration may not be taken into account. In the case of a renewal application, the mail indicates that the absence of payment results in the cancellation of the registry.
“II. ― This section does not apply to employed natural persons of one of the persons referred to in the first paragraph of the I.
"Art.L. 546-2.-I. ― Upon registration or renewal of the registration, the persons referred to in section L. 546-1 are required to transmit to the organization holding the register any information necessary to verify the conditions relating to access to their activity and exercise. They are also required to inform this organization as soon as possible when they no longer meet these conditions.
“II. - Failure to comply with the conditions for access to this activity and its exercise results in their deletion of the sole register referred to in section L. 546-1. This body makes public the radiation pronounced.
"Art.L. 546-3.-It is prohibited for any person other than one of the persons referred to in the first paragraph of Article L. 546-1 to use a name, a social reason, an advertisement or, in general, expressions suggesting or implying that it is registered in the register referred to in Article L. 546-1 in respect of a confusion of these classes or of the material.
"It is prohibited for a person registered in the register referred to in section L. 546-1 to suggest that they have been registered under a category other than that to which they belong or to create confusion on this point.
"Art.L. 546-4.-I. ― Offences to the provisions of this chapter, with the exception of section L. 546-3, shall be punished by imprisonment for two years and a fine of €6,000 or only one of these two penalties. The fact, for any person, of misunderstood one of the prohibitions prescribed in section L. 546-3 is punishable by three years of imprisonment and by a fine of €375,000 or one of these two penalties only. The court may order the posting or dissemination of the decision under the conditions laid down in Article L. 131-35 of the Criminal Code.
“II. ― Where the Autorité des marchés financiers or the Autorité de contrôle prudentiel is aware of an offence committed by one of the persons mentioned in I of Article L. 546-1 that may result in the delisting of the register referred to in that same article, or when the Autorité des marchés financiers or the Autorité de contrôle prudentiel makes use of its powers of sanction under Article L. 621-15 or of Article I thereof informs
"III. ― The body responsible for maintaining the register referred to in I of Article L. 546-1 shall communicate any information requested by the Autorité des marchés financiers or the Autorité de contrôle prudentiel agissant dans le cadre de ses missions.
"IV. ― The organization referred to in Article L. 546-1 also communicates, on its initiative, any information useful to the Autorité des marchés financiers or the Autorité de contrôle prudentiel. »
XIII.-A Article L. 611-3-1 of the same code, after the reference: "L. 211-1", are inserted the words: "bank operations referred to in Article L. 311-1, of payment services referred to in Article L. 314-1,".
XIV.-At the 3rd of Article L. 612-1 of the same Code, the words: "the rules of good practice of their profession, found or resulting from its recommendations" are replaced by the words: "the codes of conduct approved at the request of a professional association, as well as the good practices of their profession which it notes or recommends".
XV.-Section 5 of chapter II of title I of book VI of the same code is supplemented by an article L. 612-29-1, as follows:
"Art.L. 612-29-1.-When a professional association, representing the interests of one or more categories of persons within the jurisdiction of the prudential control authority or who may be subject to its control, develops a code of conduct to specify the rules applicable to its members, the Authority shall verify its compatibility with the legislative and regulatory provisions applicable to them. The association may request the Authority to approve all or part of the codes of conduct it has developed in terms of marketing and customer protection. The publication of the Authority's approval of these codes makes it applicable to all members of the Association under the conditions fixed by the codes or the approval decision.
"The Autorité can see the existence of good professional practices or make recommendations defining rules of good professional practice in terms of marketing and customer protection.
"The Authority may ask one or more professional associations, representing the interests of one or more categories of persons under its jurisdiction or who may be subject to its control, to make proposals in these matters.
"The Autorité publishes a collection of all codes of conduct, professional rules and other good practices recognized or recommended for compliance.
"The Minister responsible for the economy may request the Autorité de contrôle prudentiel to carry out an audit of compliance with the commitments made by one or more professional associations representing their interests in the context of the measures proposed by the Financial Sector Advisory Committee. The results of this audit are reported to the Minister and the Financial Sector Advisory Committee by the Authority. This report mentions, by commitment, the share of the professionals involved who respect it. »
XVI.-After the first sentence of 1° of the V of Article L. 612-20 of the same code, it is inserted a sentence as follows:
"The organization that holds the single registry provided for in theArticle L. 512-1 of the Insurance Code transmits to the Authority a list, which was arrested on 1 January of each fiscal year, insurance brokers and brokerage companies, insurance and reinsurance, referred to in article L. 511-1 of the same code as well as intermediaries in bank transactions and payment services. »
XVII.-In the first paragraph of Article L. 612-21 of the same code, the words "as well as intermediaries in bank transactions and payment services declared by their constituents" are deleted.
XVIII.-The last paragraph of Article L. 612-23 of the same code is supplemented by a sentence as follows:
"In order to contribute to the control of the persons mentioned in the 1st and 3rd of the II of Article L. 612-2, the Secretary General may use a professional association, representing the interests of one or more categories of such persons, and of which the person subject to control is a member. »
XIX.-Le 4° du II de l'article L. 621-5-3 du même code est compléter par une sentence ainsi écrite :
"The organization that holds the single registry provided for in theArticle L. 512-1 of the Insurance Code transmits to the Autorité des marchés financiers a list issued on 1 January of each fiscal year of these persons. »
XX.-In the third part of Article L. 621-15 of the same code, after the word "provided", the words ", the deletion of the register referred to in Article L. 546-1".
A lbefore last paragraph of Article L. 331-1 of the Consumer Code, as the result of Act No. 2010-737 of 1 July 2010 on the reform of consumer credit, after the word "commission", are inserted the words: "as mentioned in 1°, 2° and 3°".
In the second paragraph of Article L. 331-3 of the same code, as it results from the Act No. 2010-737 of 1 July 2010 referred to above, the words: "to the applicant, creditors, payment institutions and credit institutions of the applicant's decision on the admissibility of the file" are replaced by the words: "to the applicant the decision to be inadmissible or to notify the applicant, creditors, payment institutions and credit institutions of the depositor's decision on the admissibility of the file".
Article L. 331-3-1 of the Consumer Code is supplemented by a paragraph as follows:
"Despite any legal provision or contractual clause, no indivisibility, termination or resolution of an existing contract may result solely from the decision declaring the admissibility of the application. »
In the third paragraph of Article L. 333-4 of the same code, as it is the result of Act No. 2010-737 of 1 July 2010 referred to above, after the words: "credit institutions" are inserted the words "and payment institutions".
TheArticle 22-2 of Act No. 89-462 of 6 July 1989 to improve rental reports and amend Act No. 86-1290 of 23 December 1986 is supplemented by a paragraph to read:
"– a copy of the information contained in the national file of credit repayment incidents to individuals or information of non-registration to that file. »
In section L. 247 A of the Tax Procedures Book, the words "as provided for in the section" are replaced by the words "as provided for in sections L. 332-5 or".
The first paragraph of Article L. 145 D of the Tax Procedures Book is amended as follows:
1° After the word "individuals" are inserted the words "or control of his recommendation for personal recovery without judicial liquidation" and the word "planned" is replaced by the word "planned";
2° The references: "L. 332-1 to L. 332-3" are replaced by the references: "L. 332-2 to L. 332-5-1";
3° After the word: "according", the end of this article is thus written: "to the aforementioned articles. »
A la first sentence of the penultimate paragraph of Article L. 311-16 of the Consumer Code, as it results from the Act No. 2010-737 of 1 July 2010 referred to above, the words "in the second year" are replaced by the words "for two consecutive years".
Article L. 614-1 of the monetary and financial code is supplemented by a paragraph as follows:
"The committee is responsible for monitoring the evolution of the practices of credit institutions and payment institutions for the services offered to their physical customers who are not acting for professional needs. »
The first paragraph of II of articles L. 152-4, L. 721-3, L. 731-4, L. 741-5 and L. 751-5 of the same code is as follows:
"II. ― In the event of a finding of the offence referred to in I by customs officers, the customs officers shall record the entire amount on which the offence or attempted offence was committed, for a period of six months, renewable on the authorization of the prosecutor of the Republic of the place of the customs department of which the department responsible for the proceedings depends, within a total of twelve months. »
Within six months of the publication of this Act, the Government shall submit to Parliament a report on the relevance of European law and the regimes applicable in the main foreign States, capital criteria and the number of voting rights in the provisions of the Trade code and monetary and financial code.
Article I L. 233-10 of the Commercial Code is as follows:
"I. ― Persons who have entered into an agreement to acquire, assign or exercise voting rights, to implement a common policy vis-à-vis society or to obtain control of that society are considered to be acting in concert. »
I. ― Section 3 of chapter V, title II, of Book II of the same code is supplemented by an article L. 225-126 as follows:
"Art.L. 225-126.-I. ― Where the shares of a company whose head office is established in France are admitted to the negotiations on a regulated market of a Member State of the European Union or of another State Party to the agreement on the European Economic Area, any person, except those referred to in the 3rd of the IV of Article L. 233-7, who holds This declaration must include, in addition to the number of shares acquired under one of the above-mentioned transactions, the identity of the assignor, the date and maturity of the contract relating to the transaction and, where appropriate, the voting agreement. The company publishes this information under the terms and conditions set out in the general regulation of the Autorité des marchés financiers.
“II. ― In the absence of information from the company and the Autorité des marchés financiers under the conditions set out in I, the shares acquired under one of the transactions mentioned in the same I shall be deprived of the right to vote for the assembly of shareholders concerned and for any assembly of shareholders that shall be held until the resale or restitution of the said shares. The proceedings taken by the shareholders' meeting in violation of this II may be cancelled.
"III. ― The commercial court in the jurisdiction of which the company has its head office may, upon request of the representative of the company, a shareholder or the Autorité des marchés financiers, issue the total or partial suspension, for a period not exceeding five years, of its voting rights against any shareholder who would not have made the information provided for in I."
II. ― In the first paragraph of Article L. 233-7 of the same code, after the reference: "III", the words "of this article and the obligation of information provided for in Article L. 225-126" are inserted.
I. ― Article L. 433-3 of the monetary and financial code is amended as follows:
1° The first paragraph of I is replaced by two subparagraphs as follows:
"The general regulation of the Autorité des marchés financiers sets the conditions under which any natural or legal person, shareholder of a corporation whose head office is established in France, and whose shares are admitted to the negotiations on a regulated market of a Member State of the European Union or of another State Party to the agreement on the European Economic Area, acting alone or in concert within the meaning of Article L. 233-10 of the Code of Commerce, In the absence of such a deposit, the titles held by that person beyond the three tenths or beyond his increased detention of the fraction of a listed fiftieth capital or voting rights are deprived of the right to vote.
"The direct or indirect detention of a fraction of the capital or voting rights is appreciated in relation to articles L. 233-7 and L. 233-9 of the trade code. The general regulation of the Autorité des marchés financiers sets out the precise list of financial agreements or instruments mentioned in 4° of Article L. 233-9, which must be taken into account in determining this detention. » ;
2° The first sentence of the second paragraph of I is as follows:
"The proposed price must be at least equal to the highest price paid by the offerer, acting alone or in concert within the meaning ofArticle L. 233-10 of the Commercial Code, over a period of twelve months prior to the fact that the obligation to deposit the public tender project. » ;
3° In IV, the words "third" are replaced by the words "three tenths".
II. - In the I of Article L. 233-7 of the Commercial Code, after the words "of the quarter," the words "of the three tenths" are inserted.
III. - In the I and II of Article L. 433-3 and 1°, 2° and in the first sentence of 3° of Article L. 433-4 of the monetary and financial code, the words: "the European Community" are replaced by the words: "the European Union".
In the first sentence of 3° of Article L. 433-4 of the monetary and financial code, after the words: "of the fusion of this society", the words are inserted: "with the society that controls it or with another society controlled by it".
At the first sentence of the 3rd of the IV of Article L. 451-1-2 of the same code, the words: "of each of the previous quarters of the current year and of the entire exercise" are replaced by the words: "of the entire current year".
I. ― Article L. 433-3 of the monetary and financial code is amended as follows:
1° The IIs and IIIs are replaced by a II as follows:
“II. ― Under the conditions and terms set out in I by the general regulation of the Autorité des marchés financiers, a public tender must also be filed where any natural or legal person acting alone or in concert within the meaning of theArticle L. 233-10 of the Commercial Code shall hold, directly or indirectly, more than five tenths of the capital or voting rights of a company whose head office is established in France and whose shares are admitted to the negotiations on a market of financial instruments that does not constitute a regulated market of a Member State of the European Union or of another State Party to the agreement on the European Economic Area, when the person who manages this market makes the request to the Autorité. » ;
2° The IV becomes the III.
II. ― At 1° of Article L. 734-4 of the same code, the word "on" is deleted.
Article L. 433-4 of the same code is supplemented by a V as follows:
"V. ― 1° of I and II to IV are also applicable, under the terms and conditions established by the General Regulation of the Autorité des marchés financiers, to the financial instruments negotiated on any market of financial instruments that do not constitute a regulated market of a Member State of the European Union or another State Party to the Agreement on the European Economic Area, when the person who manages this market makes the request to that authority. »
In the first sentence of the second sentence of Article L. 233-8 of the Commercial Code, after the word: "European", the words are inserted: "or whose actions are admitted to negotiations on a multilateral trading system that is subject to the legislative or regulatory provisions to protect investors from initiated operations, manipulation of courses and the dissemination of false information under the conditions determined by the general regulation of the Autorité des marchés financiers".
Under the conditions laid down in Article 38 of the Constitution, the Government is authorized to make by order, within six months of the promulgation of this Act, the necessary legislative provisions for the transfer of Directive 2007/36/EC of the European Parliament and of the Council of 11 July 2007 concerning the exercise of certain rights of shareholders of listed companies.
The bill ratifying this order shall be tabled before Parliament no later than the last day of the third month following the issuance of the order.
I. ― Title II of Book VI of the Commercial Code is supplemented by chapter VIII, as follows:
“Chapter VIII
"From the accelerated financial backup
"Art.L. 628-1.-An accelerated financial safeguard procedure is established, subject to the rules applicable to the safeguard procedure subject to the provisions of this chapter.
"The expedited safeguard procedure shall be opened upon request by a debtor, engaged in an ongoing conciliation procedure and meeting the criteria mentioned in the first paragraph of Articles L. 620-1 and L. 626-29, which justifies having developed a draft plan to ensure the sustainability of the undertaking and which may receive sufficient support from the creditors mentioned in the following paragraph to make it likely to be adopted within the period provided for in Article 628.
"The opening of the proceedings has effect only in respect of the creditors referred to in Article L. 626-30 as having the status of members of the credit facility committee and, where appropriate, of those referred to in Article L. 626-32.
"Art.L. 628-2.-Without prejudice to Article L. 621-1, the court decides on the opening of the proceedings after the conciliator's report on the course of conciliation and the prospects for the adoption of the draft plan by the creditors concerned.
"Art.L. 628-3.-When the conciliator is registered on the list provided for in Article L. 811-2, the court shall designate him as a judicial administrator. By a specially reasoned decision, it may designate another person under the conditions provided for in that same article.
"Art.L. 628-4.-Only the Committee of Credit Institutions provided for in Article L. 626-30 and, where applicable, the General Meeting of Bonds under Article L. 626-32 shall be constituted. The fifteen-day period set out in the third paragraph of Article L. 626-30-2 is reduced to eight days.
"Art.L. 628-5.- Creditors shall address the declaration of their claims to the judicial agent under the conditions set out in Articles L. 622-24 to L. 622-26.
"For creditors mentioned in the last paragraph of Article L. 628-1 who participated in the conciliation, a list of claims on the date of the opening of the expedited financial safeguard procedure is established by the debtor and certified by the External Auditor or, if not, the Accountant. This list is filed at the court office. The judicial representative shall, by any means, inform each creditor concerned of the characteristics of his claims on the list. By derogation from the first paragraph, these receivables shall be deemed to be declared, subject to their updating, if the creditors do not address the declaration of these receivables under the conditions set out in the first paragraph.
"A decree in the Council of State specifies the modalities for the application of this article.
"Art.L. 628-6.-The court shall determine the plan under the conditions laid down in Article L. 626-31 within one month of the opening judgment. It may extend this period by one month or more.
"In the absence of the adoption of the draft plan by the committee and, where appropriate, the meeting referred to in Article L. 628-4 and the decision of the plan within the time limit provided for in the first paragraph of this Article, the court shall terminate the proceedings.
"Art.L. 628-7.-The decision taken under Article L. 662-2 by which a court has been designated to hear a conciliation procedure shall extend territorial jurisdiction to the same jurisdiction for the benefit of the same jurisdiction to determine the accelerated safeguard procedure that follows it. »
II.-The I shall apply to conciliation proceedings commenced on the first day of the fifth month following the publication of this Act.
I. ― Chapter VI of title II of Book VI of the same code is thus amended:
1° Article L. 626-5 is amended as follows:
(a) In the first paragraph, after the word: "debts", the words are inserted: "may cover deadlines, discounts and conversions in securities giving or giving access to capital. They";
(b) The first sentence of the second paragraph is as follows:
"When the proposal relates to delays and postponements, the judicial agent collects, individually or collectively, the agreement of each creditor who has declared his or her claim in accordance with Article L. 622-24. » ;
(c) Two subparagraphs are added:
"When the proposal relates to a conversion in securities giving or giving access to capital, the judicial agent collects, individually and in writing, the agreement of each creditor who has declared his debt in accordance with Article L. 622-24. The failure to respond within 30 days of receipt of the letter from the judicial representative is deemed to be denial.
"The judicial agent is not required to consult with creditors for which the draft plan does not alter the terms of payment or provides for a full payment in cash as soon as the plan has been decided or when their claims are received. » ;
2° Article L. 626-18 is as follows:
"Art. L. 626-18. - The court shall record the deadlines and discounts accepted by creditors under the conditions provided for in the second paragraph of Article L. 626-5 and Article L. 626-6. Such delays and postponements may, if any, be reduced by the court.
"The court shall approve the securities conversion agreements accepted by creditors under the conditions set out in the third paragraph of Article L. 626-5, unless they infringe on the interests of other creditors. It also ensures, where appropriate, the approval of the assemblies referred to in Article L. 626-3.
"For creditors other than those referred to in the first and second paragraphs of this article, where the payment deadlines stipulated by the parties prior to the commencement of the proceedings are greater than the duration of the plan, the court shall order the maintenance of these times.
"In other cases, the court imposes uniform payment times, subject to the fifth paragraph of this article. The first payment cannot take place beyond a period of one year. The amount of each annuity provided by the plan, beginning in the third, shall not be less than 5% of each of the receivables allowed, except in the case of a farm.
"When the principal of a debt remains to be echoed in full on the day of the first payment provided by the plan, the refund begins on the date of the annuity provided for in the plan that follows the deadline stipulated by the parties before the commencement of the proceedings. On that date, the principal is paid up to the amount that would have been collected by the creditor if it had been submitted from the beginning of the plan to the uniform payment times imposed by the court to the other creditors. The amount paid under the following annuities shall be determined in accordance with the uniform payment times imposed on other creditors. If no creditor has been subject to uniform payment times, the amount paid for the following annuities is equal annual fractions of the remaining principal amount due.
"The payment deadlines imposed under the fourth and fifth preambular paragraphs cannot exceed the duration of the plan.
"For lease agreements, the deadlines set out in this section shall expire if, before their expiry, the lessee credit shall lift the purchase option. This may not be waived if, under deduction of accepted discounts, all amounts due under the contract have not been settled. » ;
3° Section L. 626-21 is amended as follows:
(a) In the first paragraph, the words: "the granting of deadlines or handovers by the creditor" are replaced by the words: "the acceptance by the creditor of deadlines, discounts or conversions into securities giving or allowing access to capital";
(b) After the first preambular paragraph, a sub-item reads as follows:
"When the judicial officer has proposed the admission of a debt and the commissioner's decision has not been filed with a dispute over all or part of that debt, the related payments shall be made on an interim basis as soon as the decision making the plan has become final, provided that the decision provides for it. » ;
(c) The last paragraph is supplemented by a sentence as follows:
"When the proper execution of the plan requires it in respect of the particular nature of the payments to be made, the court may, by a specially reasoned decision and after notice by the Public Prosecutor's Office, authorize the Commissioner to execute the plan, under his or her responsibility, to settle creditors through a specially organized credit institution to make mass payments in cash or securities. » ;
4° Section L. 626-30-2 is amended as follows:
(a) In the first sentence of the second paragraph, the references: "second and third subparagraphs" are deleted and are added the words: ", with the exception of its last paragraph";
(b) The second paragraph is supplemented by a sentence as follows:
"It takes into account the subordination agreements between creditors concluded prior to the commencement of the proceedings. » ;
(c) It is added a paragraph to read:
"Do not take part in the vote creditors for which the draft plan does not provide for a change in the terms of payment or provides for a full payment in cash as soon as the plan is decided or as soon as their claims are received. » ;
5° The second paragraph of Article L. 626-31 is supplemented by a sentence as follows:
"In this case, the Commissioner for the Implementation of the Plan exercises the powers vested in the judicial administrator. »
II. - I shall apply to procedures for the protection and judicial recovery that are open on the first day of the fifth month following the publication of this Act.
Article L. 144-1 of the monetary and financial code is supplemented by three paragraphs as follows:
"It may also communicate this information to licensed insurance companies, under the conditions set out in the Insurance Code, to practise credit or bond insurance in France, provided that their interventions are addressed to companies.
"It establishes the terms and conditions for the disclosure of this information and sets out the reporting obligations of these companies.
"The methods and models of risk rating of these companies are transmitted to the Autorité de contrôle prudentiel. »
Articles 1 to 3 of Order No. 2005-722 of 29 June 2005 relating to the creation of the OSEO public institution and the transformation of the public institution National Agency for the valorization of research in an anonymous society are replaced by two articles 1 and 2 as follows:
"Art. 1-The OSEO public institution acts directly or through its subsidiaries.
"It is intended to:
"1° Promote and support innovation, including technology, as well as contribute to technology transfer;
« 2° Promote the development and financing of small and medium-sized enterprises.
"The State, by unilateral act or by convention, territorial authorities and their public institutions, by convention, can entrust to the establishment of missions of general interest compatible with its object. The public institution may carry out these missions either directly or through agreements passed to that effect, through its subsidiaries.
"Art. 2.-By derogation from provisions of articles 5 and 10 of Act No. 83-675 of 26 July 1983 On the democratization of the public sector, the OSEO public establishment is administered by a board of directors as follows:
« 1° A president appointed by decree;
« 2° Five State representatives appointed by decree.
"A decree in the Council of State sets the statutes of the OSEO public institution. »
The last sentence of the third paragraph of section 5 of the same order is deleted.
Chapters II and III of the Order are replaced by chapter II, as follows:
“Chapter II
« Organization of the anonymous company OSEO
"Art. 6.-I. ― The purpose of the OSEO anonymous company is to carry out the following public interest missions:
« 1° Promote growth through innovation and technology transfer under the conditions mentioned in Article 9;
« 2° Contribute to economic development by taking over part of the risk resulting from credits to small and medium-sized enterprises;
« 3° Contribute to the specific needs of financing investments and operating receivables of small and medium-sized enterprises.
"The anonymous company OSEO is empowered to operate in France and abroad, itself or through its subsidiaries or companies in which it holds an interest, any activities that directly or indirectly relate to its object as defined by law, as well as any other activity provided by its statutes.
"The State, by unilateral act or by convention, and the territorial authorities and their public institutions, by convention, can entrust to the OSEO anonymous society other missions of general interest compatible with its object.
“II. ― The state and public establishment OSEO hold more than 50% of the capital of the anonymous OSEO company.
"III. ― The terms and conditions for the exercise by the OSEO anonymous company of its general interest missions are fixed by a multi-year contract, by derogation from theArticle 140 of Law No. 2001-420 of 15 May 2001 relating to new economic regulations, between the state, the OSEO public establishment and the OSEO anonymous society.
"Art. 7.-By derogation from Articles 6 and 10 of Act No. 83-675 of 26 July 1983 referred to above, the Board of Directors of the anonymous OSEO company includes fifteen members:
« 1° Chair of the Board of Directors of the OSEO Public Institution, Chair;
« 2° Seven representatives of shareholders, including four representatives of the State appointed by decree and three members appointed by the General Meeting of Shareholders;
« 3° Three personalities chosen because of their competence in the development and financing of companies and innovation, appointed by decree;
« 4° Four representatives of employees elected under the conditions provided for by chapter II of title II of Act No. 83-675 of 26 July 1983 referred to above.
"The deliberations of the Board of Directors of the anonymous OSEO company that directly or indirectly deal with the implementation of the State's financial competitions cannot be adopted without the favourable vote of the representatives of the State mentioned in 2°.
"TheArticle L. 225-38 of the Commercial Code does not apply to agreements between the State and the anonymous OSEO corporation pursuant to Article 6, I and III, of this Order.
"Art. 8.-A Government Commissioner is appointed to the OSEO anonymous company. A decree specifies the conditions under which the Commissioner of the Government may oppose, for the activities referred to in 1° I of Article 6, the decisions of the legislative bodies.
"Art. 9.-I. ― The anonymous OSEO company is organized so that the activity mentioned in 1° of I of Article 6 is carried out separately from its other activities.
« 1° The operating expenses paid by the State to the OSEO anonymous company under this activity can only be affected by the costs that this activity generates;
« 2° The Board of Directors of the anonymous OSEO company shall, under conditions set by regulation, establish the operating limit for each fiscal year, in particular in the form of public grants or refundable advances;
« 3° The results obtained through the use of public endowments paid to OSEO's anonymous company under this activity are donated to public funders or reassigned to this activity.
“II. ― OSEO Anonymous Company establishes a separate accounting record for the transactions it carries out under the activities referred to in 1° of Article 6. Anonymous company OSEO holds an analytical accounting distinguishing the activities referred to in 1°, 2° and 3° of the I of Article 6, whose principles are determined by the board of directors after notice of a specialized committee as provided for in Article 6Article L. 823-19 of the Commercial Code and are subject to approval by the Commissioner of Government.
"One or more conventions between the State and the anonymous company OSEO specify the terms and conditions under which the registration and accounting management are performed and the conditions under which they are controlled and certified by one or more auditors.
"III. ― With the exception of the State, no holder of receivables on the OSEO anonymous company born of activities other than those mentioned in 1° of I of Article 6 shall avail himself of any right to property and rights arising out of the separate registration established under II of this article.
"Art. 10.-The statutes of the anonymous company OSEO are approved by decree.
"The statutes of the anonymous OSEO company may be modified at a later date under the conditions provided for anonymous companies. »
The anonymous OSEO company results from the absorption merger within the anonymous OSEO company financing, formerly known as OSEO BDPME, anonymous OSEO companies guaranteed, formerly known as OSEO SOFARIS, OSEO innovation, formerly known as OSEO ANVAR, and OSEO Brittany.
Absorption mergers within the OSEO company financing companies OSEO Bretagne, OSEO guaranteed and OSEO innovation do not result in the perception of any tax, law, tax, wages of mortgage preservatives, fees, fees, emoluments and disbursements of notaries and clerks of trade tribunals.
The acts of the above-mentioned mergers make the transfer to the absorbent company of the furniture assets of the absorbed companies and their security rights, guarantees and accessories, without any other formality than those required for the removal of the absorbed companies. The same applies to the real estate assets of absorbed companies as well as their security rights, guarantees and accessories.
The formalities of land advertising of transfers to the absorbing society of the immovable property of the absorbed companies provided for in the above-mentioned mergers are completed no later than one year after the publication of the decree approving the statutes of the anonymous company OSEO.
I. ― In the title of theOrder No. 2005-722 of 29 June 2005 referred to above, the words: "and the transformation of the public institution National Agency for the valorization of research into an anonymous society" are replaced by the words: "and of the anonymous company OSEO".
II.-References to OSEO innovation, OSEO financing, OSEO guarantee, OSEO Bretagne, OSEO ANVAR, OSEO SOFARIS and OSEO BDPME are replaced by a reference to the company anonymous OSEO in all existing legislative and regulatory provisions.
III.-The participation of the Brittany region in the capital of OSEO Bretagne becomes a stake in the capital of the anonymous company OSEO.
I. ― After Article L. 511-41 of the monetary and financial code, it is inserted an article L. 511-41-1 A thus drafted:
"Art.L. 511-41-1 A.-In the credit institutions referred to in Article L. 511-1, the investment companies referred to in Article L. 531-4 and the venture capital companies referred to in Article 1-1 of the Act No. 85-695 of 11 July 1985 bringing various provisions of economic and financial order, of a size greater than the thresholds established by decree, the legislative body shall, in preparation for its decisions, constitute a committee specializing in remuneration.
"It is composed mainly of independent members, competent to analyze the company's compensation policies and practices, including with respect to the company's risk policy.
"This committee, or if not the legislative body, conducts an annual review:
« 1° Principles of the company's compensation policy;
« 2° Compensation, allowances and benefits of any kind granted to the corporate social agents;
« 3° From the compensation policy of employees who manage collective investment organizations referred to in 1, 2, 5 and 6 of the I of Article L. 214-1 and employees, financial market professionals, whose activities are likely to have a significant impact on exposure to the risks of the company.
"The committee may be assisted by internal control services or external experts. He regularly reports on his work to the legislative body.
"Companies subject to the obligation set out in this section shall include in the report to the General Assembly information on the compensation policy and practices set by order of the Minister responsible for the economy.
"In companies subject to a group, the deliberative body may decide to apply the compensation policy of the company that controls it within the meaning of theArticle L. 233-16 of the Commercial Code.
"When the subject enterprises referred to in the preceding paragraph are part of a group subject to the supervision of the prudential control authority on a consolidated or sub-consolved basis, the deliberative body may decide that the functions set out in this section to the compensation committee of the subject company shall be exercised by the compensation committee of the undertaking at the level of which the supervision is exercised on a consolidated basis or In this case, the deliberative body of the subject company shall be the recipient of the information concerning it contained in the annual review to which it is carried out within the undertaking at the level of which monitoring is carried out on a consolidated or sub-consolved basis by the prudential control authority. »
II.-The Autorité de contrôle prudentiel examines the remuneration policies and practices of employees, financial market professionals, whose remuneration is likely to have a significant impact on exposure to the risks of subject companies, in order to control their compliance with the existing legislative and regulatory provisions. It reports on its activity in this area and its observations in the annual report referred to inArticle L. 612-12 of the Monetary and Financial Code.
Article L. 221-5 of the same code is amended as follows:
1° The fourth preambular paragraph is supplemented by a sentence as follows:
"In addition, each year, when the total amount of money deposited on pounds A and pounds of sustainable development and not centralized by the Caisse des dépôts et consignations increases, the credit institution concerned must devote at least three quarters of the increase in the allocation of new loans to small and medium-sized enterprises. » ;
2° The penultimate paragraph is thus amended:
(a) In the first sentence, the words: "the job obligation mentioned" are replaced by the words: "the employment obligations mentioned";
(b) In the second sentence, the words "on the above-mentioned condition of employment" are replaced by the words "on the above-mentioned terms of employment".
Article L. 214-39 of the same code is amended as follows:
1° In the first paragraph, the references: "Article L. 225-187 of the Commercial Code and title IV of Book IV of the Labour Code on Employee Interest and Participation" are replaced by the references: "From Title III of Book III of Part III of the Labour Code on Salary Savings Plans";
2° The first sentence of the fifteenth preambular paragraph reads as follows:
"This section is also applicable to solidarity funds that may be subscribed to under a salary savings plan referred to in Part III of Book III of the same code. » ;
3° At a, the reference: "L. 443-3-2" is replaced twice by the reference: "L. 3332-17-1";
4° After b, a sub-item is inserted:
"The assets of the solidarity funds may, under the conditions set out in Article L. 214-34 of this Code, be invested in shares or shares of a single securities collective investment organization respecting the composition of the solidarity funds. »
In the first paragraph of Article L. 214-126 and in the second paragraph of Article L. 214-136 of the same code, the words: "in case of force majeure" are replaced by the words: "when exceptional circumstances require it."
After the second paragraph of article L. 214-43 of the same code, it is inserted a paragraph as follows:
"For the realization of its object, a securitization agency may hold, as an accessory, capital securities received by conversion, exchange or refund of debt or securities giving access to capital. »
The last paragraph of section 27 of Act No. 71-1130 of 31 December 1971 on the reform of certain legal and judicial professions is supplemented by the words "or, for the activity of trustee, of financial guarantees".
Section 4 of Chapter V of Book V title I of the monetary and financial code is amended as follows:
1° Article L. 515-13 is as follows:
"Art.L. 515-13.-I. ― Land credit companies are credit institutions, which are approved as a financial company by the prudential control authority, which have the exclusive purpose of:
« 1° To consent or acquire secured loans, exhibitions on public persons and securities as defined in articles L. 515-14 to L. 515-17;
« 2° For the financing of these categories of loans, exhibitions, securities and values, to issue obligations called land obligations under the privilege set out in section L. 515-19 and to collect other resources, including the contract or document intended for public information within the meaning of section L. 412-1 or any equivalent document required for admission to foreign regulated markets mentions that privilege.
“II. ― Land credit companies may also provide the financing of the activities referred to in I by the issuance of loans or resources that do not benefit from this privilege.
"They may issue promissory notes mentioned in articles L. 313-42 to L. 313-48.
"Despite all provisions or provisions that are contrary to the law, property credit companies may make temporary assignments of their securities under the conditions set out in Articles L. 211-22 to L. 211-34, resort to the naming of an account defined in Article L. 211-20 and mobilise all or part of the receivables held in accordance with Articles L. 211-36 to L. 211-40 In this case, the statements in the voucher referred to in Article L. 313-23 are determined by decree.
"The receivables or securities so mobilised or disposed of do not fall within the scope of the privilege set out in section L. 515-19 and are not accounted for by these companies under section L. 515-20.
"III. ― Land credit companies may acquire and possess any immovable or movable property necessary for the fulfilment of their object or arising from the recovery of their claims.
"IV. ― Land credit companies cannot hold stakes. » ;
2° In 1 of II of Article L. 515-15, the words "one" are replaced by the words "one or more";
3° After the article L. 515-17, two articles L. 515-17-1 and L. 515-17-2 are inserted as follows:
"Art.L. 515-17-1.-The land credit companies shall ensure at any time the coverage of their cash needs under conditions and in accordance with the terms set out by decree.
"Art.L. 515-17-2.- Land credit companies publish quarterly information on the quality and duration of loans, securities and values to be financed. » ;
4° After the article L. 515-32, an article L. 515-32-1 is inserted as follows:
"Art.L. 515-32-1.-By derogation from Articles 1300 of the Civil Code and L. 228-44 and L. 228-74 Trade code, land credit companies can subscribe to their own land obligations for the sole purpose of assigning them as collateral to the Bank of France's credit transactions in accordance with the procedures and conditions determined by the Bank for its monetary policy and intra-day credit transactions, in the event that land credit companies would not be able to meet their cash requirements by other means at their disposal.
"The land obligations thus entered into meet the following conditions:
« 1° The maximum amount that they can represent is 10% of the total amount of resources that benefit from privilege on the date of acquisition;
« 2° They are deprived of the rights provided for in articles L. 228-46 to L. 228-89 of the Commercial Code for the duration of their detention by the land credit company;
« 3° They are assigned as a guarantee to the Bank of France. Otherwise, they are cancelled within eight days;
« 4° They cannot be subscribed by third parties.
"The specific controller certifies compliance with these conditions and reports to the Autorité de contrôle prudentiel. »
I. ― After article L. 515-21 of the same code, an article L. 515-21-1 is inserted as follows:
"Art.L. 515-21-1.-Where all or part of the remuneration due under a partnership contract or contract referred to in first paragraph of Article L. 6148-5 of the Public Health Code in respect of investment costs, including study and design costs, construction costs and associated costs, inter-layer financial costs and funding costs, is transferred pursuant to section L. 515-21 of this Code, the contract may provide that such assignment is subject to acceptance by the public under the following conditions and within the limit provided for in section L. 313-29-2.
"The acceptance governed by this Article shall be found, with a penalty of nullity, by a writing entitled: "act of acceptance of assignment of receivables to a corporation of land credit" and shall be subject to the finding by the contracting public person that the investments have been made in accordance with the requirements of the contract.Beginning with this finding, and unless the property credit company by acquiring the debtor acted directly to the detriment of first paragraph of Article L. 6148-5 of the Public Health Code, such as the cancellation, resolution or termination of the contract, may not be opposed to the property credit company, except for the four-year limitation under the Act No. 68-1250 of 31 December 1968 relating to the limitation of claims on the State, departments, municipalities and public institutions.
"The holder of the contract is obliged to release himself to the contracting public from the debts he may owe to the contracting public because of breaches of his contractual obligations and, in particular, because of the penalties that may have been imposed on him; the opposition to the enforceable state issued by the public person has no suspensive effect within the limit of the amount that has been accepted for the benefit of the land credit corporation.
"The land credit company may, at any time, prohibit the public debtor from paying in the hands of the signatory of the banknote.As of this notification, the forms of which are fixed by decree in the Council of State, the public debtor is only validly freed from the land credit company. »
II. ― Section L. 313-29-1 of the same code is amended as follows:
1° In the first paragraph, the words: "up to 80%" are deleted and are added the words: ", within the limit provided for in article L. 313-29-2";
2° In the first sentence of the second paragraph, after the words: "acceptance" are inserted the words: "as provided in Article L. 313-29".
III. ― After Article L. 313-29-1, an article L. 313-29-2 is inserted as follows:
"Art.L. 313-29-2.- Where the contracting public person accepts, under the conditions set out in Article L. 313-29-1 or Article L. 515-21-1, one or more assignments of receivables that each relate to all or part of the remuneration due to the investment costs and the financing costs referred to in the same Articles L. 313-29-1 or L. 515-21-1, the overall acceptance of »
Section 5 of chapter V of Book V title I of the same code is thus restored:
“Section 5
" Habitat finance companies
"Art.L. 515-34. - Habitat financing companies are credit institutions approved as a financial company by the prudential control authority.
"The sole purpose of the housing finance companies is to grant or finance housing loans and to hold securities and values under the conditions defined by decree in the Council of State. These companies are governed by articles L. 515-14, L. 515-16 and L. 515-17 to L. 515-32-1 subject to the provisions of this section.
"Art.L. 515-35.-I. ― For the purposes of their object, habitat financing companies may:
« 1° To provide to any credit institution loans guaranteed by the handover, assignment or pledge of receivables referred to in II, with the provisions of articles L. 211-36 to L. 211-40 or articles L. 313-23 to L. 313-35, whether or not these receivables have a professional character;
« 2° Acquire promissory notes issued by any credit institution under the terms and conditions set out in Articles L. 313-43 to L. 313-48 and which, by derogation from Article L. 313-42, mobilise receivables referred to in Article II of this Article;
« 3° Consent habitat loans defined in the same II.
“II. – Habitat loans made or funded by habitat finance companies are:
« 1° Destined, in whole or in part, to the financing of a residential real estate located in France or in another Member State of the European Union or another State Party to the agreement on the European Economic Area or in a State enjoying the best level of credit quality established by an external credit assessment body recognized by the Autorité de contrôle prudentiel under the conditions provided for in Article L. 511-44;
« 2° And guaranteed by:
“(a) A first-tier mortgage or a real estate security with a minimum equivalent guarantee;
“(b) Or a bond made by a credit or insurance company.
"III. ― Habitat financing companies may acquire and possess any immovable or movable property necessary for the purposes of their object or arising from the recovery of their claims.
"IV. – They cannot hold participations.
"Art.L. 515-36.-I. ― For the financing of the transactions referred to in section L. 515-35, Habitat Financing Corporations may issue obligations known as Habitat Financing Obligations with the privilege set out in section L. 515-19 and collect other resources, including the contract or document for public information within the meaning of section L. 412-1 or any equivalent document required for admission to foreign regulated markets mentions that privilege.
“II. ― Habitat financing companies may also collect other resources that do not benefit from the privilege set out in section L. 515-19, by:
« 1° Borrowing or resources whose contract or document for public information within the meaning of section L. 412-1 or any equivalent document required for admission to foreign regulated markets does not mention the benefit of the privilege set out in section L. 515-19;
"2° Emission of promissory notes, under the conditions and under the terms and conditions defined in articles L. 313-43 to L. 313-48, which, by derogation from article L. 313-42, mobilise receivables referred to in article L. 515-35;
« 3° Notwithstanding any provisions or stipulations to the contrary, temporary assignments of their securities under the conditions set out in Articles L. 211-22 to L. 211-34, divestment of an account-titles defined in Article L. 211-20 and mobilization of all or part of the receivables held in accordance with Articles L. 211-36 to L. 211-40 or in accordance with Articles L. 313-23 to In this case, the statements in the voucher referred to in Article L. 313-23 are determined by decree.
"Rebts or securities mobilised or disposed of do not fall within the scope of the privilege set out in section L. 515-19 and are not recognized by Habitat Financing Corporations under section L. 515-20.
"Art.L. 515-37.-LArticle L. 632-2 of the Commercial Code is not applicable to contracts entered into by a Habitat Financing Corporation, or to legal acts performed by a Habitat Financing Corporation or to its benefit as long as such contracts or acts are directly related to the operations set out in sections L. 515-34 to L. 515-36 of this Code.
"Art.L. 515-38.-In each habitat financing company, the specific controller referred to in section L. 515-30 shall ensure that the company complies with sections L. 515-34 to L. 515-36.
"It also verifies that habitat loans made or funded by the Habitat Financing Corporation are in accordance with the object defined in section L. 515-34 and meet the conditions set out in sections L. 515-35 and L. 515-36.
"When habitat loans made or funded by the Habitat Financing Corporation are accompanied by a surety of a credit institution or insurance company entering the consolidation perimeter defined in the Consolidation PerimeterArticle L. 233-16 of the Commercial Code The specific controller, which is the responsibility of the Habitat Financing Corporation, is empowered to conduct any control over parts and on-site in order to determine whether the risk assessment methods implemented by that credit or insurance establishment are appropriate.
"Art.L. 515-39.-The modalities for the application of this section are defined by decree in the Council of State. »
A credit institution approved as a financial company by the prudential control authority may, if satisfied Articles L. 515-34 and L. 515-35 of the monetary and financial code, opt for the status of a habitat financing corporation. In such a case, it shall notify the Authority of its choice within twelve months of the promulgation of this Act.
Upon notification to the prudential control authority, the credit facility shall appoint a specific controller under the conditions provided for in Article L. 515-30 of the same code. The specific controller shall perform the diligences referred to in Article L. 515-38 of the same code. It establishes a report on the fulfilment of its mission that it transmits to the prudential control authority and to the credit establishment.
The Autorité de contrôle prudentiel verifies that the statutes and organizational projects of the company are in accordance with Section 5 of Chapter V of Title I of Book V of the same code.
Based on the report provided by the specific controller and its own audits, the prudential control authority authorizes the establishment of credit to opt for the status of a habitat financing company. It renders its decision within a time limit set by decree that runs from the handover of the specific controller report.
Effective from the decision of the Supervisory Authority, the same section 5 is applicable in full law and without formality:
1° Obligations and equivalent instruments issued on the basis of a foreign law by the establishment of credit prior to its transformation as a habitat financing corporation and whose sole purpose is to finance housing loans;
2° As well as the contracting parties mentioned in articles L. 515-18 and L. 515-22 of the same code.
The privilege set out in Article L. 515-19 of the same code shall be a substitute for security rights relating to the assets of the credit institution that have previously been granted to the benefit of the obligations referred to in 1st of this Article. It also enjoys full right and without formality to the persons mentioned in 2°.
The Government shall submit to Parliament, no later than the last day of the sixth month following the promulgation of this Act, a report on the refinancing of small and medium-sized enterprises.
I. ― Article L. 213-1 A of the monetary and financial code is supplemented by eight paragraphs as follows:
"By derogation fromArticle 1300 of the Civil Code and to theArticle L. 228-74 of the Commercial Code, may be acquired and retained by their transmitters to promote the liquidity of such securities:
« 1° Tradeable debt securities;
« 2° Debt securities that do not provide access to the capital allowed to negotiations on a regulated market or a multilateral trading system that submits to the legislative and regulatory provisions to protect investors from initiated transactions, course manipulations and the dissemination of false information under the conditions determined by the general regulation of the Autorité des marchés financiers.
"During the time of their retention by the issuer, all rights attached to the debt securities referred to in 2° are suspended.
"The general regulation of the Autorité des marchés financiers determines the conditions under which the issuer makes public the purchase of a quantity of debt securities referred to in 2°.
"A decree determines the maximum period of detention of the debt securities referred to in the 2° acquired or retained by the issuer.
"A issuer cannot hold more than 15% of the same issue of a debt title referred to in 2°.
"A decree determines the conditions under which the issuer can redeem negotiable debt securities that he issued and must inform the Bank of France of these redemptions. »
II. - Section 1 of chapter III of Book II title I of the same code is supplemented by an article L. 213-4-1 as follows:
"Art. L. 213-4-1. - The issuer cannot constitute any pledge on its own negotiable debt securities. »
The Government is authorized to take by order, under the conditions set out in Article 38 of the Constitution, the measures relating to the field of the law necessary to reorganize and supplement Title VII of Book I of the Insurance Code with regard to the risks of non-land transport, including the air, aeronautical and space risks, as well as to unify the regime of the insurance of the goods transported, including by land, in the light of the evolution of the
This order is made within nine months of the date of publication of this Act. A bill to ratify this order shall be tabled before Parliament no later than the last day of the third month following its publication.
In the second sentence of the fifth paragraph of Article L. 142-8 of the monetary and financial code, the words "translation of orientations" are replaced by the words "translation and implementation of orientations, decisions and any other legal act".
The d and e of 2 of Article L. 421-1 of the insurance code are repealed.
The second sentence of Article L. 711-4 of the monetary and financial code is deleted.
I. ― Article L. 711-5 of the same code is supplemented by a III as follows:
"III. ― It is created within the Institute for the Emission of Overseas Departments an observatory of bank rates to study issues relating to bank rates in the communities referred to in Article L. 711-1. It publishes periodic surveys of tariff changes and differences between institutions.
"It prepares an annual report of activity to the Minister responsible for the economy, which is forwarded to Parliament. »
II. ― After article L. 712-5 of the same code, an article L. 712-5-1 is inserted as follows:
"Art.L. 712-5-1.-It is created within the Overseas Institute for the issuance of an observatory of bank rates to study banking tariff issues in the communities referred to in Article L. 712-2. It publishes periodic surveys of tariff changes and differences between institutions.
"It prepares an annual report of activity to the Minister responsible for the economy, which is forwarded to Parliament. »
Article L. 712-4-1 of the same code is amended as follows:
1° After the first paragraph, two sub-items are inserted:
"The Overseas Emission Institute can bring its competition to French Polynesia for the treatment of overindebtedness of individuals. A signed agreement between the institute and French Polynesia defines the conditions for the exercise of this mission and the remuneration of the institute.
"In New Caledonia, French Polynesia and the Wallis and Futuna Islands, the Overseas Emission Institute can exercise, on behalf of and on behalf of the Autorité des marchés financiers, the control and investigation power of the Autorité des marchés financiers. A signed agreement between the Institute and the Autorité des marchés financiers defines the conditions for the exercise of these powers of control and investigation as well as the conditions for the remuneration of the Institute. » ;
2° It is added a paragraph to read:
"In New Caledonia, French Polynesia and the Wallis and Futuna Islands, the Overseas Emission Institute can provide any study or service on behalf of third parties, after the approval of its supervisory board. These benefits give rise to the signing of conventions that define the conditions of the Institute's remuneration. »
The 3 of Article 146 of Law No. 2008-776 of 4 August 2008 the modernization of the economy is supplemented by a sub-item:
"This 3 is applicable in New Caledonia. For the purposes of these provisions, the words: "and the special account on the book of mutual credit" are deleted. »
TheArticle 14 of Order No. 2009-865 of 15 July 2009 the application to Saint-Barthélemy, Saint-Martin, Saint-Pierre-et-Miquelon, Mayotte, Nouvelle-Calédonie, French Polynesia and the Wallis and Futuna Islands of Order No. 2009-104 of 30 January 2009 on the prevention of the use of the financial system for the purposes of money laundering and the financing of terrorism is thus amended:
1° After the words: "from", the end of the first sentence is thus written: "the publication of the texts of application of this order to obtain the authorization provided for in the orderArticle L. 524-3 of the Monetary and Financial Code.
2° In the last sentence, after the words: "of the publication", the words are inserted: "texts of application".
I. ― Are applicable in New Caledonia, French Polynesia and the Wallis and Futuna Islands:
1° Articles 1 to 8, I and II of Article 9, Articles 10 and 11, II of Article 12, Articles 13 to 17, II and III of Article 19, I of Article 20, II of Article 21, Articles 22, 24 to 29, III of Article 32, Articles 36, 44 and 45, the first paragraph of the 1st and the 2nd and 3rd paragraphs of the I of Article 32
2° Sections L. 313-42 to L. 313-49, L. 433-3, L. 613-20-1, L. 613-20-4 and L. 621-5-3 of the monetary and financial code in force on the date of promulgation of this Act.
II. ― are applicable in New Caledonia and in the Wallis and Futuna Islands Article 31, I of Article 32, Articles 38 to 40, 48 and 49, the second subparagraph of I and II of Article 50, Articles 55, 57 and 58.
III. ― Book VII of the monetary and financial code is amended as follows:
1° Section L. 734-4 is amended as follows:
(a) At the beginning of the 1st it is added the mention: "I. ―";
(b) At 1°, the reference: "and II" is deleted;
(c) 2° is thus written:
« 2° In II, the words: "of a Member State of the European Union or of another State Party to the European Economic Area Agreement" are replaced by the word "French";
(d) It is added a 3° as follows:
« 3° In III, the words "of a State Party to the agreement on the European Economic Area" are replaced by the word "French";
(e) It is added a II as follows:
“II. ― At the V of Article L. 433-4, the words: "from another State Party to the agreement on the European Economic Area" are replaced by the word "French";
2° In sections L. 742-3, L. 752-3 and L. 762-3, the reference "L. 213-4" is replaced by the reference "L. 213-4-1";
3° In sections L. 743-6, L. 753-6 and L. 763-6, the reference: "L. 313-41" is replaced by the reference: "L. 313-48";
4° Article L. 753-6 is supplemented by a paragraph as follows:
"For the purposes of articles L. 313-42 and L. 313-48, references to Trade code are replaced by references to locally applicable provisions with the same object. » ;
5° After the first paragraph of articles L. 743-8, L. 753-8 and L. 763-8, two subparagraphs are inserted:
"For the purposes of these provisions, Article L. 321-2 8 is read as follows:
"8." The credit rating service consisting of issuing a notice by application of a well-defined and well-established classification system providing for different rating categories, concerning the credit quality of an entity, a debt or financial obligation, a debt title, a privileged share or other financial instrument, or a issuer of such a debt or financial obligation, such a debt title, such privileged shares or other financial instrument. “”
6° Sections L. 744-10, L. 754-10 and L. 764-10 are amended as follows:
(a) The second preambular paragraph is replaced by three subparagraphs:
"Article L. 433-3 is amended as follows:
« 1° In I and II, the words "of a Member State of the European Union or of another State Party to the Agreement on the European Economic Area" are replaced by the word "French";
« 2° In III, the words "of a State Party to the agreement on the European Economic Area" are replaced by the word "French";
(b) The last paragraph is as follows:
"To the I and V of Article L. 433-4, the words: "of a Member State of the European Union or of another State Party to the Agreement on the European Economic Area" are replaced by the word "French";
7° Before the last paragraph of Article L. 754-10, twenty-two paragraphs are inserted as follows:
"For the purposes of section L. 433-3:
"I. ― The direct or indirect detention of a fraction of the capital or voting rights by a person is appreciated by taking into account:
« 1° The number of titles it possesses giving access to the actions to be issued and the voting rights attached to them;
« 2° The actions already issued that this person may acquire, under an agreement or a financial instrument referred to in Article L. 211-1, without prejudice to the provisions of 4° of III below. The same applies to the voting rights that the person may acquire under the same conditions;
« 3° The shares already issued on which any agreement or financial instrument referred to in Article L. 211-1, paid exclusively in cash and having an economic effect similar to the possession of such shares. The same applies to the voting rights on which any agreement or financial instrument is carried under the same conditions.
“II. ― are not taken into account:
« 1° Acquired for the sole purpose of compensation, regulation or delivery of financial instruments, within the usual short-term settlement cycle defined by the general regulation of the Autorité des marchés financiers;
« 2° Detained by the contents of conservative accounts, as part of their accounting and conservation activity;
« 3° Holded by an investment service provider in its trading portfolio provided that these shares do not represent a quotity of the capital or voting rights of the issuer of these securities above a threshold established by the general regulation of the Autorité des marchés financiers and that the voting rights attached to these securities are not exercised or otherwise used to intervene in the management of the issuer.
"III. ― Are assimilated to actions or voting rights owned by a person:
« 1° Shares or voting rights owned by other persons on behalf of that person;
« 2° The shares or voting rights owned by the societies that the person controls;
« 3° Shares or voting rights owned by a third party with whom that person acts in concert;
« 4° The actions already issued that the person, or one of the persons mentioned in 1° to 3°, is entitled to acquire on his or her own initiative, immediately or in term, under an agreement or financial instrument referred to in Article L. 211-1. The same applies to the voting rights that this person may acquire under the same conditions. The general regulation of the Autorité des marchés financiers specifies the conditions of application of this 4°;
« 5° The actions that this person has the usufruct;
« 6° Shares or voting rights owned by a third party with which the person has entered into a temporary assignment agreement relating to such shares or voting rights;
« 7° The shares deposited with that person, provided that the person may exercise the voting rights attached to them as it means in the absence of specific instructions from the shareholders;
« 8° The voting rights that this person may exercise freely under a power of attorney in the absence of specific instructions from the relevant shareholders.
"IV. ― are not assimilated to actions or voting rights owned by a person:
« 1° shares held by securities collective investment organizations or fixed capital investment companies managed by a portfolio management company controlled by that person, under the conditions set out in the general regulation of the Autorité des marchés financiers, except as provided for in the same regulation;
« 2° The shares held in a portfolio managed by an investment service provider controlled by that person, within the framework of the third party portfolio management service under the conditions set out in the general regulation of the Autorité des marchés financiers, except as provided for in the same regulation;
« 3° The financial instruments mentioned in the 4th of the III held by an investment service provider in its trading portfolio provided that these instruments do not give access to a quotity of the capital or voting rights of the issuer of these securities above a threshold fixed by the general regulation of the Autorité des marchés financiers. » ;
8° After the first paragraph of articles L. 745-1-1 and L. 765-1-1, two paragraphs are inserted:
"For the purposes of its provisions, the first paragraph of Article L. 511-46 is as follows:
" In the credit institutions referred to in Article L. 511-1, the committee referred to inArticle L. 823-19 of the Commercial Code also monitors risk management policies, procedures and systems. “”
9° After the first paragraph of Article L. 755-1-1, eleven subparagraphs are inserted as follows:
"In the credit institutions referred to in Article L. 511-1, a specialized committee is established to act under the responsibility of the legislative body to monitor matters relating to the development and control of accounting and financial information. The composition of this committee is determined by the deliberative body. The committee can only understand members of the deliberative body acting in society. At least one member of the committee must present specific financial or accounting skills and be independent of the criteria specified and made public by the legislative body.
"Without prejudice to the legislative authority, this committee is responsible for following up:
« 1° Financial information development process;
« 2° Effectiveness of internal control and risk management systems;
« 3° Legal oversight of annual accounts and, where appropriate, consolidated accounts by the auditors;
« 4° Independence of the auditors.
"It issues a recommendation on the auditors proposed for designation by the General Assembly or the body performing a similar function.
"He regularly reports to the deliberative collegial body of the exercise of his missions and informs him without delay of any difficulties encountered.
"This committee also monitors risk management policies, procedures and systems.
"However, by decision of the legislative body, this mission may be entrusted to a separate committee, governed by the provisions of the second and ninth paragraphs.
"For the purposes of Article L. 511-35, references to Trade code are replaced by references to applicable local provisions with the same object. » ;
10° (a) After Article L. 745-4, paragraphs 4 and 5 are inserted as follows:
“Paragraph 4
« Land credit companies
"Art.L. 745-4-1.-Articles L. 515-13 to L. 515-33 are applicable in New Caledonia.
“Paragraph 5
" Habitat finance companies
"Art.L. 745-4-2.-Articles L. 515-34 to L. 515-39 are applicable in New Caledonia. » ;
(b) After Article L. 755-4, paragraphs 4 and 5 are inserted as follows:
“Paragraph 4
« Land credit companies
"Art.L. 755-4-1.-I. ― Articles L. 515-13 to L. 515-33 are applicable in French Polynesia.
“II. - For the purposes of articles L. 515-14, L. 515-25, L. 515-27, L. 515-28, L. 515-30 and L. 515-31, references to Trade code are replaced by references to locally applicable provisions with the same object.
“Paragraph 5
" Habitat finance companies
"Art.L. 755-4-2.-The articles L. 515-34 to L. 515-39 are applicable in French Polynesia. » ;
(c) After Article L. 765-4, paragraphs 4 and 5 are inserted as follows:
“Paragraph 4
« Land credit companies
"Art.L. 765-4-1.-Articles L. 515-13 to L. 515-33 are applicable in the Wallis and Futuna Islands.
“Paragraph 5
" Habitat finance companies
"Art.L. 765-4-2.-Articles L. 515-34 to L. 515-39 are applicable in the Wallis and Futuna Islands. »
11° In sections L. 745-7, L. 755-7 and L. 765-7, the reference: "L. 519-5" is replaced by the reference: "L. 519-6";
12° In sections L. 745-11-1, L. 755-11-1 and L. 765-11-1, after the reference: "L. 541-7", the references are inserted: "and articles L. 541-8-1 and L. 541-9";
13° Sections L. 745-11-3, L. 755-11-3 and L. 765-11-3 are amended as follows:
(a) The reference: "L. 544-4" is replaced by the reference: "L. 544-6";
(b) Three subparagraphs are added:
"For the purposes of these provisions:
"In the first paragraph of Article L. 544-4, the words "in the sense of Article 22 of Regulation No. 1006 / 2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies" are deleted.
"A credit rating and credit agency" means any legal entity whose activity includes the issuance of credit rating on a professional basis, by "credit rating" any notice issued by application of a well-defined and well-established classification system providing for different categories of credit rating, regarding the quality of credit of an entity, debt or financial obligation, a debt title, privileged shares or other financial instruments, » ;
14° After articles L. 745-11-4, L. 755-11-4 and L. 765-11-4, the following articles are inserted: L. 745-11-5, L. 755-11-5 and L. 765-11-5, respectively:
"Art.L. 745-11-5.-Articles L. 546-1 to L. 546-4 are applicable in New Caledonia. For the purposes of these provisions, in Article L. 546-1, the words: "the single registry provided for in theArticle L. 512-1 of the Insurance Code “are replaced by the words: “the registry mentioned in theArticle 1 of Act No. 2005-1564 of 15 December 2005 bringing various provisions for adaptation to community law in the field of insurance.” » ;
"Art.L. 755-11-5.-The articles L. 546-1 to L. 546-4 are applicable in French Polynesia. For the purposes of these provisions, in Article L. 546-1, the words: "the single registry provided for in theArticle L. 512-1 of the Insurance Code “are replaced by the words: “the registry mentioned in theArticle 1 of Act No. 2005-1564 of 15 December 2005 bringing various provisions for adaptation to community law in the field of insurance.” » ;
"Art.L. 765-11-5.-Articles L. 546-1 to L. 546-4 are applicable in the Wallis and Futuna Islands. For the purposes of these provisions, in Article L. 546-1, the words: "the single registry provided for in theArticle L. 512-1 of the Insurance Code “are replaced by the words: “the registry mentioned in theArticle 1 of Act No. 2005-1564 of 15 December 2005 bringing various provisions for adaptation to community law in the field of insurance.” » ;
15° Le II des articles L. 746-5, L. 756-5 et L. 766-5 est compléter par un 2° ainsi écrit :
« 2° At the d of the II of Article L. 621-15, the words "of another Member State of the European Union or party to the agreement on the European Economic Area" are replaced by the word "French".
16° In I of articles L. 746-8, L. 756-8 and L. 766-8, after the reference: "L. 631-2", the references are inserted: "L. 631-2-1, L. 631-2,".
IV. ― I of Article L. 334-7 of the Consumer Code as a result of Act No. 2010-737 of 1 July 2010 on consumer credit reform is thus amended:
1° In the first sentence of the first paragraph, after the word "financial", the words "paying institutions" are inserted;
2° In the fourth paragraph, after the word "credit", the words "and payment institutions" are inserted.
I. ― I of Article 36 of Act No. 2010-737 of 1 July 2010 Reforming consumer credit is applicable in New Caledonia, French Polynesia and the Wallis and Futuna Islands.
II. ― This section I shall take effect from the publication of this Act, including for unpaid cheques issued on an earlier date and not yet subject to regularization.
TheArticle 37 of Act No. 2010-737 of 1 July 2010 referred to above is applicable in New Caledonia, French Polynesia and Wallis and Futuna Islands.
I. ― The V of Article 17, Articles 24, 25, I and II of Article 26, Articles 29 to 31, I and II, A, B, D to F of III and IV of Article 38 of Act No. 2010-737 of 1 July 2010 referred to above are applicable in New Caledonia, French Polynesia and Wallis and Futuna Islands.
II. ∙ Book VII of the monetary and financial code is amended as follows:
1° In the first paragraph of articles L. 743-5, L. 753-5 and L. 763-5, after the reference: "L. 313-22", the reference is inserted: ", L. 313-22-1";
2° After 1° of II of articles L. 743-7-1, L. 753-7-1 and L. 763-7-1, it is inserted 1° bis as follows:
"1° bis. In the I and II of the article L. 314-2-1, the words: "or in Saint-Pierre-et-Miquelon" are replaced by the words: "in Saint-Pierre-et-Miquelon, New Caledonia, French Polynesia or the Wallis-et-Futuna Islands";
3° 1° of II of articles L. 745-13 and L. 765-13 and 1° of I of article L. 755-13 are thus written:
"1° To articles L. 561-2 and L. 561-20, references to insurance, mutuality and social security codes are replaced by references to locally applicable provisions with the same object; "
III. ― Section 28 of Act No. 2010-737 of 1 July 2010 referred to above is supplemented by a paragraph to read as follows:
"The first paragraph is also applicable to taxpayers benefiting from provisions of Article 199 undecies C of the General Tax Code. »
IV. ― Section 61 I of the Act is supplemented by two paragraphs as follows:
"In New Caledonia, French Polynesia and the Wallis and Futuna Islands, the A and the 2nd B of Article 13 and Articles 21 to 25 come into force on the first day after the date of promulgation of Act No. 2010-1249 of 22 October 2010 of banking and financial regulation.
"For the application of Article 38 IV in New Caledonia, French Polynesia and the Wallis and Futuna Islands, the date of November 1, 2009 is replaced by the first paragraph of the A and B by the date of July 1, 2010. »
I. ― After Article L. 711-8 of the monetary and financial code, an article L. 711-8-1 is inserted as follows:
"Art.L. 711-8-1.-A Mayotte, Saint-Barthélemy, Saint-Martin and Saint-Pierre-et-Miquelon, the Institute for the Emission of Overseas Departments communicates to the public accountants, at their request, for the recovery of public debts of all kinds, the information relating to the accounts on which cheques can be drawn, which it centralizes for the exercise of the mission that is devolved to it. The institute is delegated from professional secrecy for the application of this provision.
"The right of communication is exercised regardless of the medium used for the preservation of the information referred to in the first paragraph.
"It can be exercised in the institutions of the institute, on written request, transmitted by any means.
"Conventions signed between the Institute for the Emission of Overseas Departments, on the one hand, and, as the case may be, Mayotte, Saint-Barthélemy, Saint-Martin and Saint-Pierre-et-Miquelon, on the other hand, define the conditions of remuneration of the Institute for the benefits it performs."
II. ― After article L. 712-5 of the same code, an article L. 712-5-2 is inserted as follows:
"Art.L. 712-5-2.-In New Caledonia, French Polynesia and the Wallis and Futuna Islands, the overseas issuing institute communicates to the public accountants, at their request, for the collection of public accounts of all kinds, information relating to the accounts on which cheques can be drawn, which it centralizes for the exercise of the first sentence-5. The institute is delegated from professional secrecy for the application of this provision.
"The right of communication is exercised regardless of the medium used for the preservation of the information referred to in the first paragraph.
"It can be exercised in the institutions of the institute, on written request, transmitted by any means.
"Conventions signed between the overseas emission institute, on the one hand, and, as the case may be, New Caledonia, French Polynesia and the Wallis and Futuna Islands, on the other hand, define the conditions of remuneration of the institute for the benefits it performs. »
TheOrder No. 2010-377 of 14 April 2010 extending and adapting to New Caledonia, French Polynesia and the Wallis and Futuna Islands Act No. 2009-1255 of 19 October 2009 promoting access to small and medium-sized businesses and improving the functioning of financial markets is ratified.
I. ― Within a period of six months from the publication of the order mentioned in the first paragraph of Article 23, the Government is authorized to take by order, under the conditions provided for in Article 38 of the Constitution, the measures allowing, on the one hand, to make applicable, with the necessary modifications, the provisions of this order in the Wallis and Futuna Islands, in New Caledonia and in French Polynesia for those
The bill ratifying this order shall be tabled before Parliament no later than the last day of the third month following the issuance of the order.
II. ― Within six months of the publication of the order referred to in the first and second paragraphs of Article 33, the Government is authorized to take by order under the conditions provided for in Article 38 of the Constitution the measures allowing, on the one hand, to make applicable, with the necessary modifications, the provisions of this order in the Wallis and Futuna Islands, in New Caledonia and in Polynesia
The bill ratifying this order shall be tabled before Parliament no later than the last day of the third month following the issuance of the order.
III. ― Within six months of the publication of the order referred to in the first and second paragraphs of Article 34, the Government is authorized to take by order, under the conditions provided for in Article 38 of the Constitution, the measures allowing, on the one hand, to make applicable, with the necessary modifications, the provisions of this order in the Wallis and Futuna Islands, in New Caledonia and in those of
The bill ratifying this order shall be tabled before Parliament no later than the last day of the third month following the issuance of the order.
IV. ― Within six months of the issuance of the order referred to in first paragraph of section 27 of Act No. 2010-737 of 1 July 2010 The Government is authorized to take, under the conditions provided for in Article 38 of the Constitution, measures allowing, on the one hand, to make applicable, with the necessary modifications, the provisions of this order in the Wallis and Futuna Islands, New Caledonia and French Polynesia for those which fall within the competence of the State and, on the other hand, to make such adjustments
The bill ratifying this order shall be tabled before Parliament no later than the last day of the third month following the issuance of the order.
V. ― Within one year of the date of publication of this Act, the Government is authorized to make an order under the conditions provided for in Article 38 of the Constitution, which allows, on the one hand, to make applicable, with necessary modifications, the provisions of the Constitution Consumer code relating to the provision of remote financial services, real estate credit and mortgage viager in the Wallis and Futuna Islands, New Caledonia and French Polynesia for those within the competence of the State and, on the other hand, to make the necessary modifications with regard to the communities of Saint-Barthélemy, Saint-Martin, Mayotte and Saint-Pierre-et-Mique.
A bill to ratify is tabled before Parliament on the last day of the third month following the issuance of the order.
I. ― Section 29 comes into force on the first day of the seventh month following the promulgation of this Act in the Official Gazette.
Sections 50 to 54 come into force on the first day of the fourth month following the promulgation of this Act in the Official Gazette.
Sections 60 to 64 come into force on the day after the issuance of the Order-in-Council approving the statutes of the anonymous OSEO company that must intervene no later than the last day of the sixth month following the promulgation of this Act.
Section 65 comes into force six months after the promulgation of this Act in the Official Gazette.
II. ― Articles L. 341-6 and L. 341-7 of the monetary and financial code are repealed effective January 1, 2013.
Section L. 341-7-1 of the same code is repealed on the first day of the seventh month following the establishment of the registry referred to in I of section L. 546-1 of that code.
For the application of the first paragraph of Article L. 433-3 of the same code, the threshold of the third party of the capital or voting rights, as set out in the general regulation of the Autorité des marchés financiers in its drafting prior to the promulgation of this Act, shall be replaced by the threshold of the three tenths for persons holding on 1 January 2010, directly or indirectly, between three tenths and the third party of the capital or voting rights
The persons referred to in Article L. 519-1 of the same Code shall have a period of three months from the date of the establishment of the registry referred to in Article L. 546-1 of that Code to comply with the provisions of this Act. The 1° of the V of Article L. 612-20 of the same code and the first paragraph of Article L. 612-21 of the said code as they arise from this Act come into force on the first day of the fourth month following the establishment of the register referred to in Article L. 546-1 of the same code. The last sentence of the first paragraph of Article 23 of Order No. 2010-76 of January 21, 2010 merging the bank and insurance authorities is deleted.
The persons referred to in sections L. 541-1 and L. 545-1 of the same code shall have a period of six months from the date of establishment of the registry referred to in I of section L. 546-1 of that Code to comply with the provisions of this Act.
Section L. 541-5 of the said code is repealed on the first day of the seventh month following the establishment of the registry referred to in I of section L. 546-1 of the same code. Section L. 621-5-3, Part II, as a result of this Act, comes into force on that same date.
However, when they are already registered in the registry mentioned in the I of Article L. 512-1 of the Insurance Codethe persons mentioned in the Articles L. 519-1, L. 541-1 and L. 545-1 of the Monetary and Financial Code are exempted, for the current year, from any additional formality provided that they have paid their annual registration fees.
Sections L. 546-3, L. 546-5 and L. 546-6 of the same code come into force one year after the date of establishment of the register referred to in I of Article L. 546-1 of that Code.
This law will be enforced as a law of the State.
Done in Paris, October 22, 2010.
Nicolas Sarkozy
By the President of the Republic:
The Prime Minister,
François Fillon
Minister of State, Minister of Ecology,
of energy, sustainable development and the sea,
green technologies
and climate negotiations,
Jean-Louis Borloo
The state minister, keep seals,
Minister of Justice and Freedoms,
Michèle Alliot-Marie
Minister of Economy,
industry and employment,
Christine Lagarde
The Minister of the Interior,
the overseas and territorial authorities,
Brice Hortefeux
Minister of Labour, Solidarity
and the Public Service,
Eric Woerth
Minister of Health and Sports,
Roselyne Bachelot-Narquin
