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Act No. 2013-672 July 26, 2013 For Separation And Regulation Of Banking Activities

Original Language Title: LOI n° 2013-672 du 26 juillet 2013 de séparation et de régulation des activités bancaires

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Summary

Changes to the monetary and financial code, the general tax code, the construction and housing code, the general code of the local authorities, the insurance code, the code of mutuality, the social security code, the consumer code. Ratification of Order No. 2012-1240 of 8 November 2012 transposition of Directive 2010/73/EU of the European Parliament and of the Council of 24 November 2010 amending Directive 2003/71/EC on prospectus to be published in case of offer to the public of securities or for the admission of securities to the negotiation and Directive 2004/109/EC on the harmonization of transparency obligations regarding information on the regulated securities Amendment of Act No. 2009-1674 of 30 December 2009 of Corrigendum Finance for 2009: repeal of section 104.

Keywords

ASSISTANCE,

Legislative records




JORF n°0173 of 27 July 2013 page 12530
text No. 1



LOI n° 2013-672 of 26 July 2013 of separation and regulation of banking activities

NOR: EFIX1239994L ELI: https://www.legifrance.gouv.fr/eli/loi/2013/7/26/EFIX1239994L/jo/texte
Alias: https://www.legifrance.gouv.fr/eli/loi/2013/7/26/2013-672/jo/texte


The National Assembly and the Senate adopted,
The President of the Republic enacts the following legislation:

  • PART I: SEPARATION OF UTILES ACTIVITIES TO THE FINANCING OF THE SPECIFIC ACTIVITIES Article 1 Learn more about this article...


    Prior to December 31, 2014, the Government submits to Parliament a report detailing the impact of this Act on the competitiveness of the French banking sector in relation to U.S. and European credit institutions, as well as the impact on the size and nature of the operations of the subsidiaries referred to in title I, on the volumes of high-frequency trading operations and speculation on agricultural raw materials.

    Article 2 Learn more about this article...


    Section 7 of Chapter I of Book V title I of the monetary and financial code is supplemented by articles L. 511-47 to L. 511-50 as follows:
    "Art. L. 511-47. - I. ― In order to guarantee financial stability, their creditworthiness with respect to depositors, their absence of conflicts of interest with their customers and their ability to ensure the financing of the economy, it is prohibited for credit institutions, financial companies and joint holding financial companies, whose trading activities on financial instruments exceed thresholds defined by decree in the Council of State, to carry out otherwise than through these dedicated subsidiaries
    « 1° Financial instrument trading activities involving their own account, with the exception of related activities:
    “(a) To provide customer investment services;
    “(b) Compensation for financial instruments;
    "(c) To cover the risks of the credit or group establishment, within the meaning of Article L. 511-20, with the exception of the subsidiary referred to in this section;
    "(d) On the market. The Minister responsible for the economy may, by order and after the advice of the prudential control and resolution authority, set a threshold valid for all establishments or for a particular establishment, expressed in relation to the net proceeds of the credit establishment of the financial company or the financial company holding joint, beyond which the activities relating to the holding of a credit institution no longer benefit from this exception;
    “e) A sound and prudent management of the group's cash flow, within the meaning of Article L. 511-20, and financial transactions between credit institutions, financial companies and joint holding financial companies, on the one hand, and their subsidiaries belonging to the same group, within the meaning of Article L. 511-20, on the other hand;
    “(f) To the group's investment operations, as defined in Article L. 511-20;
    « 2° Any transaction concluded on its own behalf with levers-effect collective investment organizations or other similar investment vehicles, meeting the characteristics fixed by order of the Minister responsible for the economy, when the credit establishment is not guaranteed by a security whose characteristics, controlled by the Autorité de contrôle prudentiel et de résolution, meet the requirements of quantity, quality and availability, under conditions determined by the Minister Collective placement agencies themselves invested or exposed, beyond a threshold specified by order, in collective investment organizations with leverage effect or other similar investment vehicles referred to in this 2° are considered to the latter. To this end, the credit institution transmits to the Authority of prudential control and resolution, in accordance with the terms it defines, information relating to commitments to these organizations.
    “II. ― The exposure thresholds referred to in the first paragraph of the I shall be determined on the basis of the relative importance of market activities and, where applicable, activities referred to in the first paragraph of the 1st and 2nd of the I in all activities of the credit establishment, the financial company or the joint holding financial company.
    "III. ― For the purposes of this article, the activity of an establishment is defined as "the provision of customer investment services":
    « 1° Consistent with providing the investment services referred to in Article L. 321-1 and related services referred to in Article L. 321-2, which are part of transactions on financial instruments with a view to meeting the requirements of its customers' coverage, financing or investment;
    « 2° And whose expected profitability is the result of revenues from customer services and the sound and prudent management of the risks associated with these services. The risks associated must meet the strict need for business management under conditions set by order of the Minister responsible for the economy.
    "IV. ― For the purposes of this article, "cover" means the activity of an establishment referred to in I that is part of operations on financial instruments with the aim of reducing its exposure to the risks of any nature related to credit and market activities. The instruments used for these coverage operations must present an economic relationship with the risks identified under conditions defined by the Minister responsible for the economy.
    "V. ― For the purposes of this article, "market ownership" means the activity of an institution that, as an intermediary, is involved in transactions on financial instruments:
    « 1° Be consisting of simultaneous communication of firm and competitive purchase and sale prices for comparable volumes, with the result of bringing liquidity to markets on a regular and continuous basis;
    « 2° Either necessary, as part of its usual activity, to execute orders of purchase or sale of customers or in response to requests for purchase or sale on their part.
    "The Autorité de contrôle prudentiel et de résolution controls that the distinction of market holding activity, referred to in 1° and 2°, in relation to other activities is well established on the basis of, for the activities mentioned in 1°, including indicators specifying the conditions of regular market presence, the minimum market activity, the requirements in terms of proposed rating deviations and the rules of internal organization including limits of risk. The indicators are adapted according to the type of negotiated financial instrument and the trading places on which the market holding activity is carried out. The market content provides on a regular basis the indicators to the Autorité de contrôle prudentiel et de résolution and to the Autorité des marchés financiers.
    "For the activities under 2°, the establishment must be able to justify a link between customer needs and the transactions carried out on its own account. The Autorité de contrôle prudentiel et de résolution controls the existence of this link in particular with regard to the frequency of operations carried out and the internal organization set up to meet the needs of customers. It informs the Autorité des marchés financiers of the findings of the controls carried out.
    "An order by the Minister responsible for the economy, after the advice of the Autorité de contrôle prudentiel et de résolution and the Autorité des marchés financiers, sets out the list of indicators transmitted to these authorities.
    "VI. ― For the purposes of this article, "investment operations of the group" mean:
    « 1° The purchase or sale of acquired financial securities with the intention of sustaining them, as well as the financial instruments related to them;
    « 2° The purchase or sale of securities issued by the entities of the group.
    "Art. L. 511-48. - I. The subsidiaries dedicated to the realization of the activities referred to in I of Article L. 511-47 are approved by the Autorité de contrôle prudentiel et de résolution as investment companies or, if any and by derogation from the provisions of the same article L. 511-47, as credit institutions.
    "When approved by the Authority for prudential control and resolution as credit institutions, these subsidiaries may not receive secured deposits within the meaning of section L. 312-4 or provide payment services to customers whose deposits benefit from the warranty referred to in section L. 312-4.
    "The subsidiaries referred to in I of section L. 511-47 must respect, individually or in a subconsolved manner, the management standards set out in section L. 511-41, under conditions fixed by an order of the Minister responsible for the economy.
    "Without prejudice to the provisions of section L. 511-41-2, credit institutions, financial companies or joint holding financial companies that control the subsidiaries referred to in section I of section L. 511-47 are required to comply with the management standards referred to in section L. 511-41 on the basis of their consolidated financial situation by excluding from it the subsidiaries referred to in this section, under the conditions prescribed by the Minister in charge.
    "Subscription by credit institutions, financial companies or joint holding financial companies that control these subsidiaries to an increase in capital of these subsidiaries is subject to prior authorization from the Autorité de contrôle prudentiel et de résolution.
    "For the application of the risk division ratio, the subsidiaries referred to in Article L. 511-47 are considered to be the same beneficiary, distinct from the rest of the group. For the application of the Large Risk Control Regulations by establishments that do not belong to the group, subsidiaries and the group to which they belong are considered to be the same beneficiary.
    "The subsidiaries defined in this article shall use separate social reasons and commercial names from those of the credit institutions of the group that control them, so as to maintain no confusion in the minds of their creditors and partners.
    "The persons referred to in section L. 511-13 or, as the case may be, in section L. 532-2 that ensure the effective determination of the direction of the activity of these subsidiaries shall not ensure the effective determination of the orientation of the activity, within the meaning of these same articles, of the credit establishment, of the financial company or of the financial company holding which control them, or of their subsidiaries other than those mentioned in this article.
    “II. – The subsidiaries referred to in I cannot carry out the following operations:
    « 1° High frequency trading transactions taxable under theArticle 235 ter ZD bis of the General Tax Code ;
    « 2° Future-term financial instruments transactions whose underlying element is a primary agricultural matter.
    "III. ― Neither the State nor any other public person controlled, directly or indirectly, by the State may subscribe to a title or make any new financial commitment to the benefit of that subsidiary as soon as it is the subject of any of the measures referred to in Article L. 613-31-16 of this Code.
    "Art. L. 511-49. - Investment companies, credit institutions, financial companies and joint holding financial companies, as well as their subsidiaries referred to in Article L. 511-48 that carry out transactions on financial instruments, assign to their internal units responsible for these transactions rules of organisation and operation in order to ensure compliance with Articles L. 511-47 and L. 511-48.
    "In particular, they ensure that the monitoring of compliance with these rules is adequately ensured by the internal control system referred to in Article L. 511-41 and that the rules of good conduct and other professional obligations assigned to their services are in accordance with Article L. 621-7 III and IV.
    "They shall communicate to the Autorité de contrôle prudentiel et de résolution as well as to the Autorité des marchés financiers the description of these units and the rules of organisation and operation assigned to them under the first paragraph of this article.
    "The Autorité de contrôle prudentiel et de résolution ensures that the rules of organisation and operation contain limits of risk set to internal units carrying out transactions on financial instruments, which are consistent with their mandates.
    "The Autorité de contrôle prudentiel et de résolution also ensures that the remuneration of the personnel responsible for these operations is consistent with the rules of organization and operation assigned to the internal units referred to in this section and does not encourage risk taking unrelated to their objectives.
    "Art. L. 511-50. - The approval referred to in Article L. 532-1 may be refused by the Autorité de contrôle prudentiel et de résolution if the organization and operation, as well as the internal control system, a credit institution, a financial company or a joint holding financial company, as well as their subsidiaries referred to in Articles L. 511-47 and L. 511-48 do not adequately ensure respect for these same articles. »

    Article 3 Learn more about this article...


    Section 6 of Chapter II of Book VI title I of the same code is amended as follows:
    1° After the article L. 612-33, an article L. 612-33-1 is inserted as follows:
    "Art. L. 612-33-1. - Where the activity of a person subject to his or her control is likely to affect the financial stability as well as in the emergency situations provided for in Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No. 716/2009/EC and repealing the Commission's decision 2009/78/EC, the Commission's prudential control and resolution authority may » ;
    2° In the first sentence of the second paragraph of Article L. 612-35, after the reference: "L. 612-33", the reference is inserted: ", L. 612-33-1".

    Article 4 Learn more about this article...


    Article L. 531-2 of the same code is supplemented by a paragraph as follows:
    "The subsidiaries referred to in section L. 511-47 shall not be entitled to the licence exemption provided for in this section. »

    Article 5 Learn more about this article...


    I. ― This title does not apply to the extinctive management of existing financial instruments portfolios on the date of promulgation of this Act.
    II. ― The establishments referred to in Article L. 511-47 of the monetary and financial code identify, by 1 July 2014, the activities to be transferred to the subsidiary referred to in Article L. 511-48 of the same code. The effective transfer of these activities shall be effected no later than 1 July 2015. The same establishments shall comply with the obligations set out in Article L. 511-49 of the Code by 1 July 2014.
    III. ― The transfer of all property, rights and obligations of any kind related to the activities referred to in the same article L. 511-48 shall be carried out in full right and without any formality, notwithstanding any provision or stipulation to the contrary. It takes the effects of a universal transmission of heritage as well as the transfer of full rights and without formality of the accessories of the assigned receivables and of the security rights guaranteeing them. The transfer of contracts in execution, regardless of their legal qualification, entered into by the establishments referred to in the same article L. 511-47 in the course of the activities to be transferred is not in such a way as to justify their termination, or to amend any of their clauses, or, where appropriate, the advance refund of the debts that are the subject of them. Similarly, such transfers are not likely to justify the termination or modification of any other agreement entered into by the establishments referred to in article L. 511-47 or the companies related to them in the sense of Articles L. 233-1 to L. 233-4 of the Commercial Code.

  • PART II: TRANSPARENCE AND ASSESSMENT OF FINANCIAL PERIOD
    • Chapter I: Combating tax havens and money laundering Article 6 Learn more about this article...


      List of non-cooperative states and territories, as defined inArticle 238-0 A of the general tax code, is the subject of an annual debate in the presence of the Minister for Finance and Foreign Affairs of the National Assembly and the Senate.

      Article 7 Learn more about this article...


      I. ― Article L. 511-45 of the monetary and financial code is amended as follows:
      1° At the beginning, the mention is added: "I. ―";
      2° These are added from II to VI:
      "II. ― Beginning in fiscal year 2013 and for publication starting in 2014 for the 1st to 3rd of the III, and beginning in fiscal year 2014 and for publication starting in 2015 for the 4th to 6th of the same III, credit institutions, financial companies and mixed holding financial companies, and investment companies publish, as an annex to their consolidated annual accounts or no later than six months after the end of the year, information
      "III. ∙ The following information is published for each State or territory:
      « 1° Name of sites and nature of activity;
      « 2° Net banking and sales;
      « 3° Actual, full-time equivalent;
      « 4° Benefit or loss before tax;
      « 5° Amount of tax on the profits to which the settlements are liable;
      "6° Public subsidies received.
      "For the information mentioned in 2° to 6°, the data are aggregated at the scale of these states or territories.
      "IV. ― The Authority for prudential and resolution control shall ensure compliance with the reporting obligations under this Article. When it notes the absence of publication or omissions in the published information, it initiates the procedure for injunction under the scope of Article L. 612-25.
      "V. ― A report containing the information referred to in II and III is made available to the public.
      "VI. ― A decree in the Council of State defines the conditions for the implementation of the obligations set out in II, III and V."
      II. ― The 0I of Chapter I of Part III of Book I of the General Tax Code is thus amended:
      1° The title is thus written: "Declarations relating to financial accounts, life insurance contracts and trusts";
      2° An article 1649 AC is added as follows:
      "Art. 1649 AC. - Account content, insurance and similar organizations and any other financial institution mention, on the declaration referred to in Article 242 ter, the information required for the application of the conventions concluded by France organizing an automatic exchange of information for tax purposes. This information may include any income of movable capital, balances of accounts and the value of redemption of capitalization bonds or similar investments. »
      III. ― Companies whose total balance sheet or turnover and the number of employees exceed the thresholds set by decree in the Council of State publish information on their settlements, included in the consolidation perimeter in each State or territory, no later than six months after the end of the fiscal year.
      The following information is published for each State or territory:
      1° Name of settlements and nature of activity;
      2° Business figures;
      3° Actual, full-time equivalent;
      4° Benefit or loss before tax;
      5° Amount of tax on the profits to which the settlements are liable;
      6° Public subsidies received.
      For the information mentioned in 2° to 6°, the data are aggregated at the scale of these states or territories.
      In the event of a breach of these information obligations, any interested person may apply to the President of the competent court, by reference, to apply, where appropriate, to the relevant company to comply with these obligations.
      This information is made available to the public.
      IV. ∙ A decree in the Council of State sets out the modalities for the implementation of the obligations set out in III.
      V. ― The III is applicable from the entry into force of a provision adopted by the European Union and pursuing the same objective.

      Article 8 Learn more about this article...


      I. ― At the end of the 4th of Article L. 561-10 of the monetary and financial code, the words "referred to in the VI of Article L. 561-15" are replaced by the words "on the lists published by the Financial Action Group among those whose legislation or practices hinder the fight against money laundering and the financing of terrorism".
      II. ― At the end of Article L. 561-11 of the same code, the words: "as mentioned in Article L. 561-15" are replaced by the words: "on the lists published by the Financial Action Group among those whose legislation or practices hinder the fight against money laundering and the financing of terrorism".

      Article 9 Learn more about this article...


      Article L. 561-25 of the same code is amended as follows:
      1° In the first paragraph, after the word: "operation", the end of the paragraph is as follows: "not yet executed, of which he was aware of the information provided to him in the context of articles L. 561-15, L. 561-26, L. 561-27, L. 561-30 and L. 561-31. His opposition is notified to the subject professional responsible for the operation in accordance with the terms defined by decree in the Council of State. » ;
      2° In the second paragraph, the word "two" is replaced by the word "five".

      Article 10 Learn more about this article...


      I. ― The first paragraph of Article L. 561-29 of the same code is amended as follows:
      1° After the reference: "L. 561-15", the words "and in connection with the missions of these services" are inserted;
      2° After the word "holds," the words "to the judicial authorities."
      II. ― In the first paragraph of Article L. 561-23 of the same code, after the words "to articles", the reference is inserted: "L. 561-15-1,".

      Article 11 Learn more about this article...


      In the first paragraph of Article L. 561-30 of the same code, the words "they shall inform" are replaced by the words "or any sum or transaction referred to in Article L. 561-15, they shall inform without delay."

      Article 12 Learn more about this article...


      I. ― Article L. 561-15 of the same code is amended as follows:
      1° IV and VI are repealed;
      2° After the V, a V bis is inserted as follows:
      "V bis. ― Attempts of operations referred to in I and II of this section are the subject of a statement to the service referred to in section L. 561-23. »
      II. ― Section L. 561-15-1 of the same code is amended as follows:
      1° At the beginning, the mention is added: "I. ―";
      2° In the first sentence, the word "report" is replaced by the word "address";
      3° The second sentence is amended:
      (a) The words: "a statement" are replaced by the words: "this information";
      (b) The words: "national jurisdiction TRACFIN" are replaced by the words: " referred to in Article L. 561-23";
      (c) At the end, the word "report" is replaced by the word "transmission";
      4° These are added to II and III:
      "II. ― The persons referred to in 1° to 7° of Article L. 561-2 shall address to the service referred to in Article L. 561-23 the information relating to financial transactions with a high risk of laundering or financing of terrorism because of the country or territory of origin or destination of the funds, type of operation or legal structures concerned. A decree in the Council of State sets out the objective criteria of the operations thus subject to an obligation of information.
      "III. ― The information submitted pursuant to this Article shall be made without prejudice to any declarations made under Article L. 561-15. »

    • Chapter II: Regulation of the raw materials market Article 13 Learn more about this article...


      The same code is amended:
      1° After the first sentence of the second paragraph of article L. 621-9, a sentence is inserted as follows:
      "It also ensures the regularity of transactions on commercial contracts relating to goods related to one or more financial instruments. » ;
      2° The c and d of the II of Article L. 621-15 shall be supplemented by a paragraph to read as follows:
      "a commercial contract relating to goods and related to one or more instruments referred to in the preceding paragraphs, under the conditions determined by the general regulation of the Autorité des marchés financiers; » ;
      3° At the end of the second paragraph of Article L. 465-2, the words: "of a nature to act on the courses" are replaced by the words: "or a trade contract relating to goods and related to one or more of the instruments mentioned above, in order to act on the courses of the said instruments or assets".

      Article 14 Learn more about this article...


      I. ― Section 4 of chapter I, title II, of Book IV of the same code is supplemented by an article L. 421-16-2 as follows:
      "Art. L. 421-16-2. - Under the conditions set out in its general regulation, the Autorité des marchés financiers imposes limits on positions on financial instruments, the underlying of which is an agricultural raw material that a person is authorized to hold and set derogations, in particular when the positions in question have been constituted for cover purposes. »
      II. ― This section applies as of July 1, 2015.

      Article 15 Learn more about this article...


      I. ― Chapter I of Book IV, title V, of the monetary and financial code is supplemented by section 5, as follows:


      “Section 5



      "Requirement of information by persons holding financial instruments whose underlying is, in whole or in part, a primary agricultural matter
      "Art. L. 451-5. - Any person holding financial instruments whose underlying financial instruments are constituted, in whole or in part, of an agricultural raw material, beyond a detention threshold for each raw material concerned by the general regulation of the Autorité des marchés financiers and under the conditions fixed by the Autorité des marchés financiers, shall communicate daily the details of its positions to the Autorité des marchés financiers. »
      II. ∙ Section 1 of Chapter I of Book V I of the same code is supplemented by an article L. 511-4-2 as follows:
      "Art. L. 511-4-2. - The establishments referred to in this chapter and possessing long-term financial instruments, the underlying of which is constituted, in whole or in part, of an agricultural raw material, shall indicate in their annual report the means used to avoid a significant effect on the course of these agricultural raw materials. This report includes information, by underlying category, on the long-term financial instruments, the underlying of which is an agricultural raw material that they hold. »
      III. Section 2 of the same chapter I is supplemented by an article L. 511-8-1 as follows:
      "Art. L. 511-8-1. - Any credit establishment involved in the long-term financial instruments markets, the underlying of which is constituted, in whole or in part, of a primary agricultural substance, to constitute physical stocks of agricultural raw materials in order to exert a significant effect on the course of these agricultural raw materials markets. »

      Article 16 Learn more about this article...


      Title II of Book IV of the same code is amended as follows:
      1° Section 6 of chapter I is supplemented by an article L. 421-23 as follows:
      "Art. L. 421-23. - The Autorité des marchés financiers (AMF) publishes a weekly report presenting the aggregate positions held by the various categories of persons holding financial instruments, the underlying of which is an agricultural raw material negotiated on a regulated market and which was communicated to it pursuant to Article L. 451-5.
      "The general regulation of the Autorité des marchés financiers provides the conditions for the application of this section. » ;
      2° Section 2 of chapter IV is supplemented by an article L. 424-4-2 as follows:
      "Art. L. 424-4-2. - The Autorité des marchés financiers publishes a weekly report presenting the aggregate positions held by the various categories of persons holding financial instruments, the underlying of which is an agricultural raw material negotiated on a multilateral trading system and which was communicated to it under Article L. 451-5.
      "The general regulation of the Autorité des marchés financiers provides the conditions for the application of this section. »

    • Chapter III: High-frequency trading framework Article 17 Learn more about this article...


      Chapter I of Book IV title V of the same code is supplemented by section 4 as follows:


      “Section 4



      "Information obligations
      on automated processing devices


      "Art. L. 451-4. - Any person using automated treatment devices shall:
      « 1° To notify the Autorité des marchés financiers of the use of automated processing devices that generate orders for sale or purchase of securities of companies whose headquarters is located in France;
      « 2° Ensure a traceability of each order sent to a regulated market or a multilateral trading system, maintain for a period fixed by the general regulation of the Autorité des marchés financiers any element to establish the link between a given order and the algorithms that have made it possible to determine that order, keep all the algorithms used to develop orders transmitted to the markets and transmit them to the Autorité des marchés financiers when requested.
      "People using automated processing devices must establish internal procedures and mechanisms to ensure compliance with the 2° rules.
      "The general regulation of the Autorité des marchés financiers provides the conditions for the application of this section. »

      Article 18 Learn more about this article...


      Before the last paragraph of Article L. 533-10 of the same code, it is inserted a 17 document that reads as follows:
      “8. When providing a person with direct access to a negotiating platform, sign a binding written agreement with that person on the essential rights and obligations arising from the provision of that service and stipulating that the investment service provider retains the responsibility to ensure compliance with the negotiations carried out by the person through the service, and then establish the systems enabling the investment service provider to verify compliance with the commitments prescribed by the agreement, in particular with regard to market disruptions, »

      Article 19 Learn more about this article...


      Title II of Book IV of the same code is amended as follows:
      1° Section 4 of chapter I is supplemented by an article L. 421-16-1 as follows:
      "Art. L. 421-16-1. - I. The market company sets out procedures to ensure that its systems have sufficient capacity to manage high volumes of orders and messages and allow for an orderly negotiation process in times of market tension. Its systems are tested to confirm that these conditions are met under extreme market volatility conditions. The market company sets up mechanisms to ensure continuity of business in the event of unforeseen systems failure.
      “II. ― The market company sets up mechanisms to reject orders that exceed the volume and price thresholds it has previously established or orders that are manifestly incorrect, to temporarily suspend negotiations in the event of a significant fluctuation in the prices of a financial instrument on the market and, in exceptional cases, to cancel transactions.
      "III. ― The market company puts in place procedures and mechanisms to ensure that people using automated processing devices do not create conditions that disrupt the market's order. This includes measures, in particular tariffs, to limit the number of unimplemented orders.
      "IV. ― The general regulation of the Autorité des marchés financiers provides the conditions for the application of this section. » ;
      2° Section 2 of chapter IV is supplemented by an article L. 424-4-1, as follows:
      "Art. L. 424-4-1. - I. The person who manages a multilateral trading system puts in place procedures to ensure that their systems have sufficient capacity to manage high volumes of orders and messages and allow for an orderly negotiation process in times of market tension. Its systems are tested to confirm that these conditions are met under extreme market volatility conditions. The person who manages a multilateral trading system puts in place mechanisms to ensure continuity of activities in the event of unforeseen systems failure.
      “II. ― The person who manages a multilateral trading system puts in place mechanisms to reject orders that exceed the volume and price thresholds it has previously established or orders that are manifestly incorrect, to temporarily suspend the negotiation in the event of a significant fluctuation in the prices of a financial instrument on the market and, in exceptional cases, to cancel transactions.
      "III. ― The person who manages a multilateral trading system puts in place procedures and mechanisms to ensure that people using automated processing devices do not create conditions that disrupt the market order. This includes measures, in particular tariffs, to limit the number of unimplemented orders.
      "IV. ― The general regulation of the Autorité des marchés financiers provides the conditions for the application of this section. »

    • Chapter IV: Repression of market abuse Rule 20 Learn more about this article...


      The same code is amended:
      1° In the first paragraph and in the first sentence of the last paragraph of Article L. 465-1, after the first occurrence of the word: "to realize", the words "to try to realize" are inserted;
      2° In the second paragraph of Article L. 465-2, after the word "spread", the words "or attempt to spread" are inserted;
      3° In the first paragraph (c) and (d) of Article L. 621-15, the words: "or is delivered to a course manipulation, to the dissemination of false information or" are replaced by the words: ", to a course manipulation, to the dissemination of false information or to be delivered".

      Article 21 Learn more about this article...


      The same code is amended:
      1° In the first and second paragraphs and in the first sentence of the last paragraph of Article L. 465-1 and in the second paragraph of Article L. 465-2, after the first occurrence of the words: "regulated market", are inserted the words: "or negotiated on a multilateral trading system, admitted to negotiations on such a market or for which a request for admission to negotiations on such a market has been submitted";
      2° In the first paragraph of Article L. 465-2, after the word "regulated", the words "or a multilateral trading system" are inserted;
      3° The second paragraph of Article L. 621-9 is supplemented by a sentence as follows:
      "The financial instruments negotiated on a multilateral trading system are subject to the control of the Autorité des marchés financiers (AMF), admitted to negotiations on such a market or for which a request for admission to negotiations on such a market has been submitted. » ;
      4° The c and d of the II of Article L. 621-15 shall be supplemented by a paragraph to read as follows:
      "—a financial instrument negotiated on a multilateral trading system, admitted to negotiations on such a market or for which a request for admission to negotiations on such a market has been submitted; "

      Article 22 Learn more about this article...


      The same code is amended:
      1° After the article L. 465-2, an article L. 465-2-1 is inserted as follows:
      "Art. L. 465-2-1.-Est punishes the penalties provided for in the first paragraph of Article L. 465-1:
      "for any person to transmit false or misleading data or information used to calculate an index defined in the last paragraph of this section or to mislead the course of an instrument or asset to which that index would be linked, when the person who transmitted the data or information knew or should have known that they were false or misleading;
      "– for anyone to adopt any other behavior leading to the manipulation of the calculation of an index.
      "Constitutes an index any data distributed calculated from the value or price, found or estimated, of one or more underlying, of one or more recognized or estimated interest rates, or of any other value or measure, and by reference to which is determined the amount payable under a financial instrument or the value of a financial instrument. » ;
      2° In the first paragraph of Article L. 465-3, the reference: "and L. 465-2" is replaced by the references: ", L. 465-2 and L. 465-2-1";
      3° The c and d of the II of Article L. 621-15 shall be supplemented by a paragraph to read as follows:
      "– an index as defined in Article L. 465-2-1; "

  • PART III: ENCADRATION OF THE BANKING SECTOR Article 23 Learn more about this article...


    I. ― The monetary and financial code is thus amended:
    1° After the third occurrence of the word: "of", the end of the 3rd of Article L. 511-41-1 A is thus written: " categories of personnel, including members of their executive bodies, risk takers, persons exercising control functions, as well as any employee who, in view of their overall income, is in the same pay bracket, whose work activities have a significant impact on the risk profile of the enterprise or » ;
    2° After L. 511-41-1 A, insert items L. 511-41-1 B and L. 511-41-1 C as follows:
    "Art. L. 511-41-1 B.-The ordinary general assembly of credit institutions, investment companies other than portfolio management companies referred to in section L. 532-9 and financial companies and joint holding companies shall be consulted annually on the overall impact of remuneration, paid during the past year, of all natures of the responsible leaders, within the meaning of articles L. 511-13 and L. 532-2, and
    "Art. L. 511-41-1 C.-The credit institutions, the investment companies other than the portfolio management companies referred to in section L. 532-9 and the financial companies and joint holding financial companies as well as their affiliates belonging to the same group shall ensure that the remuneration of the responsible leaders, within the meaning of sections L. 511-13 and L. 532-2, and of the categories of employees, including the risk owners, It may be waived by a decision of the competent general assembly, under conditions fixed by a decree of the minister responsible for the economy, without it being able to exceed a limit set out in that order. »
    II. ― Section L. 511-41-1 C of the monetary and financial code is applicable to compensation paid for years beginning January 1, 2014.

  • PART IV: IMPLEMENTATION OF THE BANKING RESOLUTION SYSTEM
    • Chapter I: Bank Prevention and Resolution Institutions
      • Section 1: The Autorité de contrôle prudentiel et de résolution Article 24 Learn more about this article...


        I. ― The Autorité de contrôle prudentiel takes the name of "Commissioned Supervisory and Resolution Authority".
        II. — Chapter II of Book VI title I of the monetary and financial code is amended as follows:
        1° After the 3° of the II of the article L. 612-1, it is inserted a 4° as follows:
        « 4° To ensure the development and implementation of measures for the prevention and resolution of bank crises, as set out in sections L. 613-31-11 to L. 613-31-17, the purpose of which is to preserve financial stability, to ensure continuity of the activities, services and operations of institutions whose failure would have serious consequences for the economy, to protect the depositors, to avoid or minimize the use of public financial support; »
        2° Article L. 612-4 is as follows:
        "Art. L. 612-4.-The Supervisory and Resolution Authority includes a supervisory college, a resolution college and a sanctions commission.
        "Unless otherwise provided, the powers entrusted to the Autorité de contrôle prudentiel et de résolution are exercised by the Supervisory Board, which shall decide in plenary formation, in restricted training, in sub-collège sectoriel or, where appropriate, in specialised commission.
        "The missions referred to in 4th of Part II of Article L. 612-1 and in III of Article L. 312-5 and governed by sections L. 613-31-12 to L. 613-31-16 are carried out by the Resolution College. » ;
        3° After the article L. 612-8, an article L. 612-8-1 is inserted as follows:
        "Art. L. 612-8-1.-The Resolution College of the Autorité de contrôle prudentiel et de résolution is composed of six members:
        « 1° The Governor of the Bank of France or his representative, President;
        « 2° The Director General of the Treasury or his representative;
        « 3° The president of the Autorité des marchés financiers or his representative;
        « 4° The Deputy Governor appointed by the Governor of the Bank of France, or his representative;
        « 5° The President of the Commercial, Financial and Economic Chamber of the Court of Cassation, or his representative;
        « 6° The Chairman of the Deposit and Resolution Guarantee Fund or his representative.
        "By derogation from the provisions of Article L. 612-12, a decree in the Council of State sets the conditions for the organization and operation of the services responsible for preparing the work of the College of Resolution. The Director responsible for these services is appointed by order of the Minister responsible for the economy, on the proposal of the President of the resolution college. He reports to the resolution college.
        "The resolution panel can only deliberate if the majority of its members are present.
        "His decisions are made by a majority vote. In the event of equal sharing of votes, the president's voice is preponderant.
        "Decisions that may lead to, immediately or in the long term, the appeal to public competitions, regardless of the form of these competitions, may only be adopted with the voice of the Director General of the Treasury or his representative.
        "The members of the Resolution College and the departments responsible for the preparation of its work have access to the information held by this authority for the exercise of its prudential and resolution control missions for the exercise of their duties within the Authority. » ;
        4° The 5th of Article L. 612-33 is supplemented by the words: "as well as all or part of a portfolio of credits or deposits of a credit institution";
        5° In the first and twelfth paragraphs, in the first sentence of the fifteenth paragraph, in the second paragraph, and in the second paragraph, in the second paragraph, in the second paragraph, in the second paragraph, and in the second sentence, in the second paragraph, in the second paragraph,
        6° In the first, fifth, sixth and seventh paragraphs of Article L. 612-10, after the word: "college", the words are inserted: "supervisory, from the college of resolution";
        7° The beginning of the first paragraph of Article L. 612-11 is as follows:
        "Without prejudice to the provisions of section L. 612-8-1, the Director General of the Treasury... (the remainder without change). » ;
        8° The first paragraph of Article L. 612-38 is amended as follows:
        (a) In the first sentence, after the word: "college", the words are inserted: "supervisory or resolution college";
        (b) The beginning of the second sentence is as follows: "If this training or the resolution college decides... (the rest without change). »

      • Section 2: Deposit and Resolution Guarantee Fund Rule 25 Learn more about this article...


        I. ― The deposit guarantee fund is called the deposit and resolution guarantee fund.
        II. ∙ Section 3 of Chapter II of Book III title I of the monetary and financial code is amended as follows:
        1° The first paragraph of Article L. 312-4 is amended as follows:
        (a) After the word: "credit", the words are inserted: ", financial companies, financial holding companies and investment companies, with the exception of portfolio management companies,"
        (b) The words are added: "and, upon request of the Authority for prudential control and resolution, intervene, under the conditions set out in section L. 613-31-15, with a credit institution, an investment company, other than a portfolio management company, a financial company and a joint holding financial company";
        2° The last two paragraphs of II and III of Article L. 312-5 are replaced by III to VI as follows:
        "III. ― The prudential and resolution control authority may also refer to the deposit and resolution guarantee fund for a credit institution, an investment company, a financial company and a joint holding financial company, which corresponds to the forecast in section L. 613-31-15 and is responsible for the implementation of the measures set out in section L. 613-31-16.
        "The authority may request the deposit and resolution guarantee fund to intervene with the authorized person to resume or continue the activities transferred or transferred under the same section.
        "When the deposit and resolution guarantee fund is seized, it may only be charged the amounts necessary after the exercise by the authority of the prerogatives provided for in section L. 9° I. 613-31-16.
        "He intervenes according to the terms determined by the Autorité de contrôle prudentiel et de résolution.
        "IV. – For the application of the II and III, the deposit and resolution guarantee fund may:
        « 1° Acquire all or part of the shares or shares of the institution concerned;
        "2°Subscribe to the capital of the establishment-relais referred to in Article L. 613-31-16;
        « 3° Subscribing to an increase in the capital of the institution concerned or the establishment-relais;
        « 4° Provide funding to the institution concerned or the establishment-relais in any form, including in the form of a guarantee;
        "5° Participate, at the request of a central body referred to in Article L. 511-30, in the action of the latter by taking charge of part of the cost of the measures intended to guarantee the solvency of a credit institution affiliated to that central organ or, in the event of necessity recognized by the Autorité de contrôle prudentiel et de résolution, intervene upon request of the latter.
        "The sums paid by the deposit and resolution guarantee fund in the implementation of the II and III benefit from the privilege referred to in Article L. 611-11 of the Commercial Code.
        "The deposit and resolution guarantee fund may not be held liable for damages incurred as a result of the contests it has made, except in the cases limited to L. 650-1 of the same code.
        "V. ― The appeal of full jurisdiction against the decisions of the deposit guarantee and resolution fund under this article shall be subject to administrative jurisdiction.
        "VI. ― Section L. 613-31-18 of this Code applies to decisions made by the Deposit and Resolution Guarantee Fund under the III and IV of this section. » ;
        3° After the first sentence of the second paragraph of Article L. 312-6, a sentence is inserted as follows:
        "It may incur any liability action against shareholders or holders of representative securities of a fraction of the social capital of the institutions for which it intervenes for the purpose of obtaining the reimbursement of all or part of the sums paid by it. » ;
        4° Article L. 312-15 is as follows:
        "Art. L. 312-15.-I. ― In carrying out its compensation mission under Article L. 312-5, the deposit and resolution guarantee fund shall have access to the information held by its members necessary for the organization, preparation and execution of its mission, including those covered by the professional secrecy referred to in Article L. 511-33.
        “II. ― Where the Authority for prudential control and resolution informs the deposit and resolution guarantee fund that the implementation of the II and III of Article L. 312-5 is envisaged, the Authority shall have access, through the authority, to all accounting, legal, administrative and financial documents relating to the situation and to the assets and liabilities of the institution that would be likely to be included in its secret statement
        "III. ― The deposit and resolution guarantee fund may communicate the information and documents obtained pursuant to I and II of this article to persons who contribute, under its responsibility, to the fulfilment of its duties. These persons are held in professional secrecy under the conditions laid down in Article L. 312-14. » ;
        5° In 5 of Article L. 312-16, the words "adherent credit" are replaced by the word "adherent".

    • Chapter II: Planning of Preventive Recovery and Bank Resolution Measures and Establishment of Bank Resolution Rule 26 Learn more about this article...


      I. ― Section 2 of chapter III of Book VI title I of the same code is supplemented by sub-section 3 as follows:


      "Subsection 3



      “Prevention measures
      and resolution of banking crises


      "Art. L. 613-31-11. - In order to preserve financial stability under the conditions set out in 4th of the II of Article L. 612-1, credit institutions and investment companies, with the exception of portfolio management companies, exceeding a balance sheet established by decree and which are not subject to any monitoring on a consolidated basis under the conditions provided for in Article L. 613-20-1 develop and communicate to the prudential control authority
      "In addition, the Autorité de contrôle prudentiel et de résolution may request an establishment, a company or a company subject to its control and located outside the scope of the foregoing provisions, and whose activity would present a specific risk to financial stability, to submit a preventive recovery plan to the Authority.
      "When these establishments and businesses belong to a group, as defined in section L. 511-20, whose total balance sheet exceeds a threshold set by order and is monitored on a consolidated basis under the terms of section L. 613-20-1, the preventive recovery plan is developed on a consolidated basis.
      "The preventive recovery plan does not take into account any possibility of exceptional financial support from the State or the deposit and resolution guarantee fund.
      "The preventive recovery plan is updated by the establishment or undertaking at least once a year and after each significant change in its organization or operations.
      "If the Authority considers that the preventive recovery plan is not sufficient, it may make representations to the establishment or company and request that it be amended.
      "People who have participated in the development of the plan or who are aware of it shall be held in professional secrecy under the conditions laid down in Article L. 511-33.
      "A decree in the Council of State specifies the conditions for the application of this article.
      "Art. L. 613-31-12. - The Autorité de contrôle prudentiel et de résolution establishes for the credit and investment establishments referred to in Article L. 613-31-11 a preventive resolution plan providing for the specific modalities for the implementation of the resolution measures provided for in Article L. 613-31-16.
      "In the cases provided for in the third paragraph of Article L. 613-31-11, the preventive resolution plan is developed on a consolidated basis and includes specific sections for each significant entity.
      "People who have participated in the development of the plan or are aware of the plan shall be held in professional secrecy under the conditions laid down in Article L. 511-33.
      "Art. L. 613-31-13. - In cases where the prudential and resolution control authority considers, in particular in view of the preventive recovery or resolution plans provided for in sections L. 613-31-11 and L. 613-31-12, that the organization and operation of an institution or undertaking referred to in section L. 613-31-12 would be in a position to prevent the effective implementation of the resolution measures provided for in section L. 613-31-16, or
      "If the Autorité de contrôle prudentiel et de résolution considers that these measures are insufficient, it may, after the establishment or undertaking has been able to submit its observations, direct it to take within a specified time the measures, including, where appropriate, changes to its activities or its legal and operational structure, which it considers necessary to allow the effective implementation of the resolution measures referred to in section L. 613-31-16.
      "A decree in the Council of State specifies the conditions for the application of this article.
      "Art. L. 613-31-14. - Members referred to in 1° and 2° of Article L. 612-8-1 may refer to the resolution board of the Authority for prudential control and resolution of the situation of a credit institution, financial company, a joint holding financial company or an investment company, with the exception of portfolio management companies, for the implementation of the resolution measures referred to in Article L. 613-31-16. However, in the case provided for in the 3rd of Article L. 613-31-15, only the member of the resolution college referred to in the 2nd of Article L. 612-8-1 may refer to the Authority for prudential control and resolution.
      "Art. L. 613-31-15. - I. In cases where it is seized pursuant to section L. 613-31-14, the resolution panel of the prudential and resolution control authority shall appreciate whether the person in question, taken individually or within the group to which it belongs, within the meaning of section L. 511-20, is failing and if there is no prospect that such failure may be avoided within a reasonable period other than by the implementation of a measure.
      “II. ― The establishment or business is deficient if it is found or if there are objective elements showing that it is likely to be in close-term situations:
      « 1° It no longer meets the requirements of equity that condition the maintenance of the licence;
      « 2° It is not able to ensure its payments, immediately or in the near term;
      « 3° It requires exceptional financial support from the public authorities.
      "Art. L. 613-31-16. - I. The measures taken by the resolution panel of the Authority for prudential control and resolution under the resolution continue the purposes of public interest mentioned in the 4th of Article L. 612-1. The measures taken against any person subject to the resolution procedure allow for a proportionate achievement of these purposes and may include:
      « 1° Require any person under his or her control, executives, social agents, auditors or employees to provide any information relevant to the implementation of the resolution procedure;
      « 2° Appoint a provisional administrator, as defined in Article L. 612-34. Any stipulation that this appointment is deemed to be a default event is deemed not in writing;
      « 3° revoke any responsible officer, within the meaning of Article L. 511-13, of the person subject to the resolution procedure;
      « 4° Decide on the transfer of all or part of one or more branches of activity of the person subject to the resolution procedure. This transfer is carried out in full right to the date fixed by the Autorité de contrôle prudentiel et de résolution without requiring any formality. It leads to the universal transmission of heritage of the relevant industry. Notwithstanding any provision or stipulation to the contrary, the contracts relating to the transferred or transferred activities shall continue without any termination or compensation being permitted solely by the transfer or assignment;
      « 5° Decide on the use of an establishment-relais to receive, on a provisional basis, all or part of the property, rights and obligations of the person subject to the resolution procedure, with a view to an assignment under the conditions established by the Autorité de contrôle prudentiel et de résolution. This transfer is carried out in full right on the date fixed by the authority and without any formality. It also deals with the accessories of assigned receivables and security rights or personal guarantees. Notwithstanding any provision or stipulation to the contrary, the contracts relating to the transferred or transferred activities shall continue without any termination or compensation being made solely by the transfer or assignment. The authority may make the approval of the establishment-relais by providing it on an interim basis with respect to all or part of the prudential requirements in force;
      « 6° To involve the deposit and resolution guarantee fund pursuant to Article L. 312-5, ensuring that this intervention does not cause any contagion of the difficulties of the person subjected to the resolution procedure to the other members of the fund. A decree in the Council of State sets out the conditions under which the ceiling of contributions may be called to the members of the fund, taking into account their situation in the light of the requirements of their own funds;
      "7° Transfer, with its agreement, to the deposit and resolution guarantee fund or to an establishment-relais the shares and shares issued by the person subject to the resolution procedure;
      « 8° Assess depreciations on the basis of a valuation of the assets and liabilities of the person subject to the resolution procedure, without taking into account the implementation of the resolution measures or the possibility of public support;
      « 9° Impose the reduction of capital, the cancellation of capital securities or liabilities or the conversion of liabilities in order to absorb the amount of depreciations, in the following order and manner:
      “(a) First, depreciations are charged to equity;
      “(b) Secondly, the remaining depreciations are charged to the last-tier subordinate securities issued under theArticle L. 228-97 of the Commercial Code, participatory titles and other top-ranking instruments whose emission contract provides that they absorb business continuity losses. The above measures may consist of a reduction of the principal, a cancellation or a conversion of these securities to the depreciations found on the assets;
      "(c) Third, the remaining depreciations are charged to the other obligations under the issuance contract that, in the event of the liquidation of the issuer, they are only reimbursed after the disinterest of the privileged and chirographary creditors. The above measures may consist of a reduction of the principal, a cancellation or a conversion of these securities to the depreciations found. These measures apply equally between creditors of the same rank, by reducing the principal amount of these receivables or the outstanding amount due to their title to an equal extent proportionate to their value;
      "10° Imposition to the person subject to the resolution procedure that they issue new shares or social shares or other equity instruments, including preferential shares and conditional convertible instruments;
      "11° Pronounce, for a period fixed by decree, notwithstanding any provision or stipulation to the contrary, the prohibition of paying all or part of the debts referred to in the 9th issue earlier than the date of the decision of the Autorité de contrôle prudentiel et de résolution;
      "12° Limit or temporarily prohibit the exercise of certain operations by this institution;
      "13° Limit or prohibit the distribution of a dividend to the shareholders or of a remuneration of the shareholders of the corporation;
      « 14° Suspend the exercise of the right to invoke the termination of the term as well as the rights of termination and compensation provided for in Article L. 211-36-1 of this Code, of any or part of a contract with that institution, up to 5 p.m. no later than the working day following the publication of this decision, under conditions fixed by decree in the Council of State.
      "When the measures mentioned in the 12th and 13th grade have already been taken by the Supervisory College, the Resolution College is the only competent to decide to maintain, adapt or lift them to those who have entered into a resolution.
      “II. ― The resolution board of the Autorité de contrôle prudentiel et de résolution shall ensure, in accordance with the terms set by decree in the Council of State, that no shareholder, societal or creditor shall be liable to losses greater than those suffered if the person had been liquidated in accordance with the judicial liquidation procedure provided for by the Trade code.
      "III. ― The issuance price of new shares and other instruments of equity to be issued, the conversion rate of convertible debts, the sale or transfer price of shares and other capital securities and the transfer or transfer price of assets are fixed by the Authority of prudential control and resolution on proposal of an independent expert designated by the first president of the Court of Cassation. In the event that an independent valuation is not possible due to the urgency of the situation, the Autorité de contrôle prudentiel et de résolution can proceed itself to valuation. These fair and realistic valuations are carried out according to the objective methods commonly practiced in terms of total or partial disposal of corporate assets, taking into account, according to an appropriate weighting for each case, the stock value of securities, the value of assets, the profits realized, the existence of subsidiaries and the prospects of activity.
      "IV. - Assets, rights and obligations governed by a convention referred to in Article L. 211-36-1 and their accessories may only be surrendered or transferred in full.
      "Country considerations shall not exercise the right to invoke the termination of the term as well as the rights of termination and compensation, provided for by a convention, solely because a resolution measure provided for in I of this article has been taken, except where such action entails the assignment or transfer provided for in 4° or 5° of the same I, in respect of property, rights and obligations governed by a convention referred to in Article L.
      "V. ― The measures provided for in 4° and 5° of I of this Article, when they have the effect of transferring a part but not all the assets, rights and obligations of a person subject to a resolution procedure to another person, cannot affect the operation of the systems referred to in Article L. 330-1 or the rules of those systems.
      "VI. ― The Minister responsible for the economy informs the presidents and rapporteurs general of the Finance Committees of the National Assembly and the Senate of the implementation of the resolution measures.
      "Art. L. 613-31-17. - I. In the event of an emergency, the measures referred to in Article L. 613-31-16 may be taken on a provisional basis without contradictory procedure. A conflicting procedure is initiated as soon as possible to lift, adapt or confirm these measures.
      “II. ― Where the implementation of a measure under section L. 613-31-16 could not result in the information or prior consultation of the business committee under the conditions set out in theArticle L. 2323-2 of the Labour Code, this proceeding is brought together by the employer as soon as possible.
      "Art. L. 613-31-18. - The cancellation of a decision of the College of the Authority of prudential control and resolution does not affect the validity of the acts taken for its application when their questioning is of a nature to affect the interests of third parties, except in the case of fraud of third parties.
      "Art. L. 613-31-19. - In the companies referred to in section L. 613-31-14, the terms and conditions for determining the remuneration of the responsible executives within the meaning of sections L. 511-13 and L. 532-2 and of the categories of personnel, including the risk-takers, persons exercising a control function, and any employee who, in the light of his or her aggregate income, is in the same instalment of remuneration, whose activities have a significant impact on the risk profile of the
      "The Prudential Control and Resolution Authority shall ensure that these terms and conditions are of a nature to ensure effective financial participation of the persons concerned in the event of the implementation of one or more of the measures referred to in section L. 613-31-16. »
      II. ― Section L. 613-31-19 of the monetary and financial code applies to contracts entered into on the basis of the coming into force of this Act.

      Rule 27 Learn more about this article...


      The monetary and financial code is thus amended:
      1° In the first paragraph of Article L. 517-5, the reference: "L. 612-34" is replaced by the reference: "L. 612-35";
      2° Part II of Article L. 612-2 is supplemented by a paragraph as follows:
      "When it has submitted to its control one of the persons mentioned in 1° to 3° of this II, section 2 of chapter III of this title is applicable. » ;
      3° Article L. 612-16 is repealed;
      4° Article L. 612-34 is amended as follows:
      (a) After the first paragraph of I, three subparagraphs are inserted:
      "The remuneration of the provisional administrator is fixed by the Autorité de contrôle prudentiel et de résolution. It is supported, as well as the costs incurred by the provisional administrator, by the person to whom it is designated.
      "In the event of the designation of a provisional administrator, the commitments made for the benefit of a leader suspended by the establishment itself or by any controlled undertaking or who controls it, within the meaning of the II and III of Article L. 233-16 of the Commercial Code, and corresponding to elements of remuneration, allowances or benefits due or likely to be due to the termination or change of his or her duties, or after that At the end of the mission of the provisional administrator, the General Assembly decided, on the occasion of its first meeting after the end of this mission, on the resumption of these payments.
      "In the event of a revocation of a responsible officer pursuant to the 3rd of Article L. 613-31-16 of this Code, the commitments made for the benefit of that officer by the establishment itself or by any controlled undertaking or that control, within the meaning of the II and III of Article L. 233-16 of the Commercial Code, and corresponding to elements of remuneration, compensation or benefits due to or likely to be due to » ;
      (b) II is thus amended:
      ―after the word "provisional" are inserted the words "as well as the costs incurred by it";
      ― is added a sentence as follows:
      "When the funds available from the person to whom a provisional administrator has been designated by the prudential and resolution control authority are not immediately sufficient, the public treasury, at the request of the prudential and resolution control authority, shall advance the remuneration and all costs incurred by the provisional administrator. » ;
      5° The second paragraph of section L. 613-24 is as follows:
      "When the situation leads to fear in the future that the credit or one of the persons subject to the control of the prudential control and resolution authority will be unable to pay the liquidator as well as the costs incurred by the liquidator, the deposit and resolution guarantee fund or the public treasury may, under the conditions and in accordance with the terms and conditions set out in Article L. 612-34, decide to guarantee the payment. » ;
      6° In the first two paragraphs of section L. 613-27, after the word: "Notice", the word "compliant".

    • Chapter III: Transitional provisions Rule 28 Learn more about this article...


      I. ― Measures taken pursuant to sections 26 and 27 shall apply to contracts pending on the date of publication of this Act, notwithstanding any stipulation to the contrary.
      II. ― Administrative police measures referred to in articles L. 612-30 to L. 612-34 of the monetary and financial code taken by the College of the Supervisory Authority prior to the publication of this Act shall be held in full right and may be renewed or lifted by the Supervisory College.

  • TITRE V : MONVEILLANCE MACROPRUDENTIELLE Rule 29 Learn more about this article...


    After Article L. 141-5 of the monetary and financial code, an article L. 141-5-1 is inserted as follows:
    "Art. L. 141-5-1. - The Bank of France, together with the High Financial Stability Council, ensures the stability of the financial system. It contributes to the implementation of the decisions of this High Council. »

    Rule 30 Learn more about this article...


    Title III of Book VI of the same code is amended as follows:
    1° The title is thus written: "Financial system monitoring, cooperation, information exchange and complementary monitoring of financial conglomerates";
    2° The title of Chapter I is thus written: "Furtherance of the financial system, cooperation and exchange of information on the national territory";
    3° The title of section 2 is as follows: "The High Financial Stability Council";
    4° Section L. 631-2 is amended as follows:
    (a) In the first paragraph, the words: "Financial Regulatory Council and Systemic Risk" are replaced by the words: "Financial Stability Board";
    (b) The 5th is thus written:
    « 5° Three qualified personalities designated, for a five-year term, based on their monetary, financial or economic skills, respectively, by the President of the National Assembly, the President of the Senate and the Minister responsible for the economy. » ;
    (c) After the 5th it is inserted a paragraph as follows:
    "The appointments of qualified personalities respect the principle or, if not, the goal of parity between women and men in the high council. If respect for this principle requires the appointment of a woman and two men or two women and a man, a drawing of lots indicates whether the person to be appointed by each of the three authorities mentioned in the 5th is a woman or a man. The modalities for the implementation of this paragraph shall be determined by decree in the Council of State. » ;
    (d) The penultimate paragraph is deleted;
    (e) In the last paragraph, the word "advisory" is replaced by the words "high advice" and the word "two" is replaced by the word "four";
    5° Article L. 631-2-1 is as follows:
    "Art. L. 631-2-1.-Without prejudice to the respective competences of the institutions represented by its members, the High Financial Stability Board shall exercise oversight of the financial system as a whole, with the aim of preserving its stability and capacity to ensure a sustainable contribution to economic growth. As such, it defines macroprudential policy and assumes the following tasks:
    « 1° It ensures the cooperation and exchange of information between the institutions that its members represent, as well as between these institutions and itself. The Autorité de contrôle prudentiel et de résolution and the Autorité des marchés financiers can, to this effect, transmit information covered by the professional secrecy;
    « 2° It identifies and assesses the nature and extent of systemic risks resulting from the situation in the financial sector and markets, taking into account, inter alia, the opinions and recommendations of the relevant European institutions;
    « 3° It provides any advice or recommendations to prevent any systemic risk and any threat to financial stability. It may publicize its opinions or recommendations;
    « 4° It may, on the proposal of the Governor of the Bank of France, impose on persons defined at 1° and at 2° of the A of the I of Article L. 612-2 obligations in respect of equity more restrictive than the management standards established by the Minister responsible for the economy under Article 6 L. 611-1, with a view to avoiding excessive growth of the credit or preventing an aggravated risk of destabilization of the financial system;
    « 5° It may, on the proposal of the Governor of the Bank of France, establish conditions for the granting of credit by persons subject to the control of the Autorité de contrôle prudentiel et de résolution, with a view to preventing the occurrence of excessive increases on the price of assets of any nature or excessive debt of economic agents;
    « 6° It may send to the competent European institutions any advice to recommend the adoption of the necessary measures to prevent any systemic risk threatening the financial stability of France;
    « 7° It facilitates the cooperation of the institutions represented by its members in the development of international and European standards applicable to the financial sector and may issue any opinion on this matter.
    "In carrying out its tasks, the High Financial Stability Council takes into account the objectives of financial stability within the European Union and in the European Economic Area. It cooperates with the counterpart authorities of other Member States and with the relevant European institutions.
    "The Minister responsible for the economy, the Bank of France, the Autorité de contrôle prudentiel et de résolution, the Autorité des marchés financiers and the Autorité des normes comptables ensure, for their part, the implementation of the decisions of the High Financial Stability Council.
    "The Governor of the Bank of France may decide to make public the proposal he makes under the 4th and 5th of this article.
    "The decisions of the High Financial Stability Council mentioned in the same 4th and 5th may be the subject of a cancellation appeal before the State Council.
    "A decree in the Council of State specifies the conditions for the application of this article. » ;
    6° Section L. 631-2-2 is amended as follows:
    (a) In the first and second paragraphs, the words: "Financial Regulatory Council and Systemic Risk" are replaced by the words: "Financial Stability Board";
    (b) It is added a paragraph to read:
    "The President of the High Council for Financial Stability is heard, at their request, by the Finance Committees of the National Assembly and the Senate and may ask to be heard by them. » ;
    7° Section 2 of chapter I is supplemented by an article L. 631-2-3 as follows:
    "Art. L. 631-2-3.-I. ― The persons mentioned in the 5th of Article L. 631-2 shall inform the President of the High Financial Stability Board:
    « 1° Interests they held in the two years prior to their appointment, held or held;
    « 2° Functions they have performed in the two years preceding their appointment, in a social, economic or financial activity, which they exercise or would come to exercise;
    « 3° Of any mandate that they held within a legal entity in the two years preceding their appointment, whether they held or would come to hold.
    "This information is made public by the President of the High Council.
    "No member of the High Financial Stability Board may hold a mandate or interest in an entity subject to the control of the Autorité de contrôle prudentiel et de résolution or the Autorité des marchés financiers or be an employee or provider of such an entity.
    "No one may be appointed a member of the High Financial Stability Council under the 5th of Article L. 631-2 if he or she holds a mandate or interest in an entity subject to the control of the Authority for prudential control and resolution or the Autorité des marchés financiers or is an employee or provider of such an entity.
    "It is prohibited for the members of the High Financial Stability Council who temporarily or permanently cease their functions to work, to take or receive an interest by counsel or capital in a person they have been charged with overseeing in the course of their duties within that Board, for the three years following the end of these duties.
    “II. ― Any person who participates or has participated in the fulfilment of the High Financial Stability Council's duties shall be held in professional secrecy, under the conditions set out in Article L. 641-1.
    "This secret is not opposable:
    « 1° The judicial authority acting under either an open judicial liquidation procedure with respect to a person subject to the control of the institutions that its members represent, or a criminal procedure;
    « 2° Administrative courts seized of a litigation relating to the activity of the High Financial Stability Board;
    « 3° In the event of hearing by a commission of inquiry under the conditions provided for in the last paragraph of Article 6 of Order No. 58-1100 of 17 November 1958 on the functioning of parliamentary assemblies;
    « 4° In the Court of Auditors, within the framework of the controls entrusted to it by law. »

  • PART VI: OPENING OF THE PARLEMENTARY COMMISSIONS FOR THE FINANCIAL SECTOR Rule 31 Learn more about this article...


    I. ― The second paragraph of Article L. 511-33 of the monetary and financial code is supplemented by the words: ", neither the commissions of inquiry established pursuant to thearticle 6 of Order No. 58-1100 of 17 November 1958 on the functioning of parliamentary assemblies".
    II. ― 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, after the word "successed", are inserted the words: "any person who participates or has participated in the fulfilment of the duties of the High Financial Stability Council and any person mentioned in first paragraph of Article L. 511-33 of the Monetary and Financial Code "

  • TITRE VII : ENCADREMENT DES CONDITIONS D'EMPRUNT DES COLLECTIVITÉS TERRITORIALES ET DE LEURS GROUPEMENTS Rule 32 Learn more about this article...


    I. ― The general code of territorial authorities is amended as follows:
    1° After article L. 1611-3, an article L. 1611-3-1 is inserted as follows:
    "Art. L. 1611-3-1. - I. Subject to the provisions of Article L. 1611-3, territorial authorities, their groupings and departmental fire and rescue services may subscribe to loans from credit institutions within and under the following reserves:
    « 1° The loan is in euros or foreign currency. In the latter case, in order to ensure full coverage of the exchange risk, a foreign exchange contract for euros must be entered into during the subscription of the loan for the total amount and the total duration of the loan;
    « 2° The interest rate can be fixed or variable. A decree in the Council of State determines the indexes and index deviations authorized for the indexing clauses of variable interest rates;
    « 3° The indexing formula for variable rates must meet criteria for the simplicity or predictability of the financial expenses of local authorities, their groupings and departmental fire and rescue services. The conditions of application of this 3° are fixed by decree in the Council of State.
    “II. ― A financial contract with a loan from a credit institution cannot result in derogation from I. The conditions for the application of this II are fixed by decree in the Council of State. » ;
    2° Article L. 2337-3 is supplemented by the reference: "and L. 1611-3-1".
    II. ― Territorial authorities, their groupings and departmental fire and rescue services may derogate from the conditions set out in section L. 1611-3-1 of the general code of territorial authorities when the subscription of a loan or financial contract, by way of an avenor or new contract, has the effect of reducing the risk associated with a loan or financial contract not in accordance with section L. 1611-3
    As part of this renegotiation, the credit institutions concerned are required to provide, at the latest at the time of the conclusion of the new contract or the contracting party, a document explaining the lower risk caused by this renegotiation.
    A decree in the Council of State specifies the conditions for the application of this II.
    III. ― The Government shall report annually to Parliament on December 31 of the previous year the volume of structured borrowings from territorial authorities and public bodies on the balance of credit institutions that have either a risk of exchange, or cumulative structural effects or whose rates evolve according to high-risk indices.

    Rule 33 Learn more about this article...


    The Government submits to Parliament, by 1 September 2013, a report on how to establish a specific guarantee fund for borrowings from overseas communities.

    Rule 34 Learn more about this article...


    I. ― Chapter III of Title II of Book IV of the Construction and Housing Code is supplemented by an article L. 423-17 as follows:
    "Art. L. 423-17. - I. Low-rent housing organizations, their groupings, societies and organizations, regardless of their status, subject to their control, within the meaning of III of Article L. 430-1 of the Commercial Code, anonymous companies for the coordination of moderate rent housing organizations and economic interest groups provided for in Article L. 251-1 of the same code, the cooperative structures provided for in Article L. 423-6 of this Code and the management associations referred to in the third paragraph of Article L. 451-1, which include, directly or indirectly, among their members at least one agency or corporation referred to above, the following credits may subscribe
    « 1° The loan is in euros or foreign currency. In the latter case, in order to ensure full coverage of the exchange risk, a foreign exchange contract for euros must be entered into during the subscription of the loan for the total amount and the total duration of the loan;
    « 2° The interest rate can be fixed or variable. A decree in the Council of State determines the indexes and index deviations authorized for the indexing clauses of variable interest rates;
    « 3° The indexing formula for variable rates shall meet criteria for the simplicity or predictability of the financial expenses of the persons or structures mentioned in the first paragraph of this I. The conditions of application of this 3° are fixed by decree in the Council of State.
    “II. ― A financial contract with a loan from a credit institution cannot result in derogation from I. The conditions for the application of this II are fixed by decree in the Council of State. »
    II. ― Persons or structures referred to in Article L. 423-17 of the Construction and Housing Code may derogate from the conditions provided for in that section when the subscription of a loan or financial contract, by way of an avenor or new contract, has the effect of reducing the risk associated with a borrowing or a financial contract not in accordance with section L. 423-17 and which was signed before promulgation.
    As part of this renegotiation, the credit institutions concerned are required to provide, at the latest at the time of the conclusion of the new contract or the contracting party, a document explaining the lower risk caused by this renegotiation.
    A decree in the Council of State specifies the conditions for the application of this II.

    Rule 35 Learn more about this article...


    After Article L. 1611-3 of the General Code of Territorial Communities, an article L. 1611-3-2 is inserted as follows:
    "Art. L. 1611-3-2. - Territorial authorities and public institutions of inter-communal cooperation with clean taxation can create a public corporation in the form of an anonymous corporation governed by Book II of the Commercial Code of which they hold all of the capital and whose purpose is to contribute, through a subsidiary, to their financing. This company and its subsidiary operate exclusively on behalf of territorial authorities and public institutions of inter-communal cooperation with shareholder taxation. This financing activity is carried out by the subsidiary on the basis of resources mainly from issuances of financial securities, excluding direct resources from the State or resources guaranteed by the State.
    "By derogation from the provisions of sections L. 2252-1 to L. 2252-5, L. 3231-4, L. 3231-5, L. 4253-1, L. 4253-2 and L. 5111-4, territorial authorities and public institutions of inter-communal cooperation with clean taxation are authorized to guarantee the full undertaking of the subsidiary within the limits of their outstanding debt to that subsidiary. The terms and conditions for the implementation of this guarantee are specified in the statutes of the two companies. »

  • PART VIII: STRENGTHENING OF THE AUTHORITY OF FINANCIAL MARKES AND THE AUTHORITY OF PRUDENTIAL CONTROL AND RESOLUTION
    • Chapter I: Provisions relating to the Autorité des marchés financiers Rule 36 Learn more about this article...


      The single chapter of title II of book VI of the monetary and financial code is thus amended:
      1° Before the last paragraph of Article L. 621-2, it is inserted a paragraph as follows:
      "The president of the Autorité des marchés financiers (AMF) designates, after notice by the college, a member of the college responsible for ensuring his or her suppleance in the event of a vacancy or incapacity. » ;
      2° After section 4, sub-section 2 bis is inserted as follows:


      "Subsection 2 bis



      « Watch and watch


      "Art. L. 621-8-4. - The Autorité des marchés financiers may be communicated, by the persons or entities referred to in the II of Article L. 621-9, any documents or information, irrespective of the support, useful to the exercise of its monitoring and monitoring mission. » ;
      3° Article L. 621-10 is as follows:
      "Art. L. 621-10. - Investigators and controllers may, for the purposes of the investigation or control, communicate all documents, regardless of the support. Investigators may also be provided with the data retained and processed by telecommunications operators under Article L. 34-1 of the Post and Electronic Communications Code and the providers referred to in the 1 and 2 of Article 6 of Act No. 2004-575 of 21 June 2004 for confidence in the digital economy and get a copy of it.
      "Inquiries and controllers can call and hear anyone who can provide them with information. They can access the premises for professional use. They may collect explanations on site under conditions provided by decree in the Council of State. » ;
      4° After the article L. 621-10, an article L. 621-10-1 is inserted as follows:
      "Art. L. 621-10-1. - When the persons and entities referred to in Article L. 621-9 provide their services on the Internet, investigators and controllers may, in order to access the information and elements available on these services, use a borrowing identity without being criminally responsible.
      "A decree in the Council of State specifies the conditions under which the investigators and controllers conduct their findings in these cases. » ;
      5° Section L. 621-11 is amended as follows:
      (a) In the first sentence, after the word "convoked", the words "or heard" are inserted;
      (b) In the second sentence, after the word: " convocation", the words are inserted: "or the collection of his explanations on the spot";
      6° Section L. 621-12 is amended as follows:
      (a) The first paragraph is replaced by two subparagraphs:
      "For the search for the offences defined in Articles L. 465-1 and L. 465-2 and the facts that may be described as a crime against the property and to be sanctioned by the sanctions commission of the Autorité des marchés financiers pursuant to Article L. 621-15, the judge of freedoms and detention of the tribunal of large instance in whose jurisdiction the premises to be visited may, on the basis of the request of the secretary general of the Autorité des marchés
      "When the premises visited are located within the jurisdiction of several jurisdictions and a simultaneous action must be carried out in each of them, a single order may be issued by one of the judges of the relevant freedoms and detention. » ;
      (b) The second paragraph is supplemented by a sentence as follows:
      "When operations take place outside the jurisdiction of the court of large instance, the judge of freedoms and detention in question may travel to the premises regardless of their location in the national territory. » ;
      (c) In the first sentence of the third paragraph, after the word "Ordinance", the words "referred to in the first paragraph" are inserted;
      (d) In the first sentence of the fourth paragraph, the words "tenth and eleventh" are replaced by the words "Eleventh and twelfth";
      (e) The second sentence of the fifth preambular paragraph is supplemented by the words "in the jurisdiction of which the judge authorized the measure";
      (f) In the third sentence of the eleventh paragraph, the word "fifth" is replaced by the word "sixth";
      (g) In the first sentence of the twelfth paragraph, after the word "call", the words "in whose jurisdiction the judge authorized the measure" are inserted;
      (h) After the words: "Cast One", the end of the first sentence of the penultimate paragraph is thus written: "An offence or fact mentioned in the same first paragraph. » ;
      7° Article L. 621-15 is amended as follows:
      (a) In the first sentence of the third paragraph of I, the words: ", having examined the report of investigation or control and taking part in the decision to initiate a sanction procedure," are deleted;
      (b) At the a and b of the II, after the first occurrence of the word: "by" are inserted the words: "European regulations,"
      (c) II is supplemented by f and g as follows:
      “(f) Any person who, in the course of an investigation conducted pursuant to Article I of Article L. 621-9, at the request of the investigators and subject to the preservation of a legally protected and enforceable secret to the Autorité des marchés financiers, refuses to give access to a document, regardless of the support, and to provide a copy thereof, refuses to disclose information or respond to a summons, or refuses to give access to professional premises;
      “(g) Any other person in respect of breaches of obligations arising from European regulations entering the jurisdiction of the Autorité des marchés financiers. » ;
      (d) To b and c of III, the reference: "and d" is replaced by the reference: "to g";
      8° The first paragraph of Article L. 621-18 is supplemented by the words: "or issuers whose securities are admitted to negotiations on a multilateral trading system that submits to the legislative or regulatory provisions to protect investors from initiated operations, manipulation of courses and the dissemination of false information".

      Rule 37 Learn more about this article...


      In the first two paragraphs and in the first sentence of the last paragraph of Article L. 465-1 and the second paragraph of Article L. 465-2 of the same code, the words: "whose securities are traded in a regulated market" are replaced by the words: "or its securities allowed to negotiations on a regulated market within the meaning of Article L. 421-1 or for which a request for admission to such market has been protected, or

      Rule 38 Learn more about this article...


      After article L. 621-13-1 of the same code, an article L. 621-13-2 is inserted as follows:
      "Art. L. 621-13-2. - The Autorité des marchés financiers may require the temporary suspension of the redemption of shares or shares or the issuance of new shares or shares of a collective investment organization where exceptional circumstances require it and if the interest of shareholders, shareholders or the public orders it. »

    • Chapter II: Provisions relating to the Autorité de contrôle prudentiel et de résolution Rule 39 Learn more about this article...


      I. ― The same code is amended:
      1° Article L. 612-11 is supplemented by three paragraphs as follows:
      "For the exercise of his or her duties, the Director General of the Treasury or his or her representative has access to information covered by the professional secrecy held by the Autorité de contrôle prudentiel et de résolution sur les personnes soumis à son contrôle.
      "For the exercise of his duties, the director of social security or his representative has access to information covered by the professional secrecy held by the Autorité de contrôle prudentiel et de résolution on persons governed by the code of mutuality or the code of social security subject to his control.
      "The information transmitted under this article shall remain covered by professional secrecy, under the conditions set out in Article L. 612-17. » ;
      2° After the article L. 612-23, an article L. 612-23-1 is inserted as follows:
      "Art. L. 612-23-1.-I. ― The persons mentioned in the 1st and at the 2nd of the A of the I of Article L. 612-2 shall notify, within a period fixed by decree in the Council of State, the Authority of prudential control and resolution the appointment and renewal of the leaders mentioned in articles L. 511-13 and L. 532-2. They also notify, under the same conditions, the appointment and renewal of natural persons members of their board of directors or supervisory boards or any other body performing equivalent functions.
      “II. ― The persons referred to in the B of the I of Article L. 612-2 of this Code, except those mentioned in the 4th and 7th and the vehicles mentioned in the 8th, and who have an approval for the exercise of their activity, shall notify, within a period fixed by decree in the Council of State, to the Autorité de contrôle prudentiel et de résolution, the appointment and renewal of the executive executives and directors general direct members, of the directorarticle L. 114-19 of the mutuality code as well as any person required to perform equivalent functions.
      "III. ― The Supervisory Board of the Autorité de contrôle prudentiel et de résolution may object, within a time limit fixed by decree in the Council of State, to the appointments and renewals referred to in I and II of this article if it finds that the persons concerned do not meet the conditions of honesty, competence and experience applicable to them. This decision is taken after the observations of the persons concerned were collected on the elements established by the Autorité de contrôle prudentiel et de résolution.
      "The mandate or function of persons whose appointment or renewal is the subject of an opposition on the part of the Autorité de contrôle prudentiel et de résolution ceases after a period fixed by decree in the Council of State, after notification of the decision of opposition.
      "I and this III shall not apply to persons and entities referred to in a, b and c of section L. 512-1-1, including those who have issued securities admitted to the negotiation on a regulated market.
      "IV. ― The companies mentioned in 1° of the A of the I of Article L. 612-2 and those mentioned in the B of the I of the same article, with the exception of those mentioned in the 4° and 7° and vehicles mentioned in the 8° of the same B, which publish their resolutions in the Bulletin of mandatory legal announcements, as well as those meeting conditions fixed by decree in the Council of State, may seize the Authority of prudential supervision and resolution
      "V. ― 1. The Supervisory Board of the Autorité de contrôle prudentiel et de résolution may object to the continuation of the mandate of one or more natural persons members of the board of directors or the Supervisory Board of the persons referred to in the B of Article L. 612-2, with the exception of those mentioned in the 4°, 7° and the vehicles mentioned in the 8°, and who have an approval for the exercise of their activity when they do not meet
      "Previously, and with respect to the conditions of competence and experience, the Autorité de contrôle prudentiel et de résolution may require the above-mentioned companies to submit to its approval a training program for the members of their board of directors or their supervisory boards. When the company does not produce the requested training program or when it does not perform it under the prescribed conditions and deadlines, the Prudential and Resolution Authority may continue to comply with its obligations.
      “2. Decisions of opposition to the continuation of the mandate referred to in 1 shall be taken after the observations of the persons concerned and the President of the Council of which they are members on the elements established by the Autorité de contrôle prudentiel et de résolution.
      "A decree in the Council of State specifies the conditions for the application of this article. » ;
      3° The penultimate paragraph of Article L. 612-24 is replaced by two paragraphs, as follows:
      "The Secretary General of the Supervisory and Resolution Authority or his representative may summon and hear any person subject to his or her control or whose hearing is necessary for the exercise of his or her control mission.
      "The Secretary General of the Supervisory and Resolution Authority or his or her representative may, in addition, for the persons referred to in section L. 612-2, intervene before the Board of Directors, the Supervisory Board or any body exercising equivalent functions, or summon and hear collectively the members of the Board of Directors, the Supervisory Board or any body exercising equivalent functions. » ;
      4° In the first paragraph of Article L. 612-25, after the word "required", the words "a notification" are inserted and the words "or data" are replaced by the words ", data or hearing";
      5° Article L. 612-33 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 Prudential Control and Resolution Authority may suspend the persons referred to in Article L. 612-23-1 when they no longer meet the conditions of honesty, competence or experience required by their function and the urgency justifies this measure with a view to ensuring sound and prudent management. » ;
      6° Article L. 612-39 is amended as follows:
      (a) In the first paragraph, after the word "requested", the words "or the training program referred to in Article L. 612-23-1" are inserted;
      (b) At 4° and 5°, after the word "leaders" are inserted the words: "or any other person mentioned in Article L. 612-23-1";
      7° Article L. 612-24 is supplemented by a paragraph as follows:
      "When the persons and entities mentioned in the I to III of Article L. 612-2 provide their services on the Internet, controllers may, in order to access the information and elements available on these services, use a borrowing identity without being criminally responsible. » ;
      8° The last paragraph of Article L. 612-26 is as follows:
      "On-site controls may also be extended to branches or subsidiaries, installed abroad, enterprises subject to the control of the authority either, for the controls in a State party to the agreement on the European Economic Area, pursuant to Article L. 632-12, or, for the other States, within the framework of the bilateral agreements provided for in Article L. 632-13 or with an express agreement for this purpose For countries with which one of the bilateral conventions provided for in the same article has not been concluded L. 632-13, the Secretary General is responsible for collecting the agreement of the competent authority concerned and, where appropriate, specifying the conditions for the extension of the on-site control of a subject person determined to its subsidiaries or branches. These conditions are brought to the attention of this person and those entities. » ;
      9° At 1° of the I of Article L. 613-31-2, after the reference: "2°", is inserted the reference: "I";
      10° After the article L. 511-10, an article L. 511-10-1 is inserted as follows:
      "Art. L. 511-10-1.-Members of the Board of Directors, Supervisory Board or any other body exercising equivalent functions shall have the necessary honesty, competence and experience.
      "The competence of the concerned is appreciated by the Autorité de contrôle prudentiel et de résolution based on their training and experience, with regard to their responsibilities. When warrants have been previously exercised, jurisdiction is presumed due to experience gained. For new members, the Autorité de contrôle prudentiel et de résolution takes into account the trainings they will be able to benefit throughout their mandate. The authority also takes into account, in the assessment of each person, the competence and powers of the other members of the body to which it belongs.
      "A decree in the Council of State specifies the conditions for the application of this article. » ;
      11° After the article L. 532-2, an article L. 532-2-1 is inserted as follows:
      "Art. L. 532-2-1.-Members of the Board of Directors, Supervisory Board or any other body exercising equivalent functions shall have the necessary honesty, competence and experience.
      "The competence of the concerned is appreciated by the Autorité de contrôle prudentiel et de résolution based on their training and experience, with regard to their responsibilities. When warrants have been previously exercised, jurisdiction is presumed due to experience gained. For new members, the Autorité de contrôle prudentiel et de résolution takes into account the trainings they will be able to benefit throughout their mandate. The authority also takes into account, in the assessment of each person, the competence and powers of the other members of the body to which it belongs.
      "A decree in the Council of State specifies the conditions for the application of this article. » ;
      12° Section 7 of chapter I of Book V title I is supplemented by an article L. 511-50-1 as follows:
      "Art. L. 511-50-1.-I. ― In the event of termination of the term of office of a member of the Board of Directors, the Supervisory Board or any other body exercising equivalent functions, following a decision of opposition made by the Supervisory and Resolution Authority pursuant to Article L. 612-23-1, the Board may, between two General Meetings, make provisional appointments.
      "When the Authority's objection to prudential control and resolution results in the fact that the number of members of the board becomes less than the legal minimum, the remaining directors or the board immediately summon the ordinary general assembly to complete the staff of the board of directors or the supervisory board.
      "When the Authority's objection to prudential control and resolution results in the fact that the number of members of the board becomes less than the statutory minimum, but not less than the legal minimum, the board of directors or the supervisory board shall, within three months of the day on which the mandate is terminated, make appointments on an interim basis to complete its staff.
      "The appointments made by the Council, pursuant to the third paragraph of this I, shall be notified to the Authority of prudential and resolution control, under the conditions set out in Article L. 612-23-1, and subject to ratification of the next ordinary general meeting. In the absence of ratification, the deliberations taken and the actions made earlier by the Council remain valid.
      "When the council fails to make the required appointments or if the assembly is not convened, any interested person may apply to court the appointment of an agent to convene the General Assembly for the purpose of making the appointments or ratifying the appointments set out in the third paragraph of this I.
      “II. ― In the event of termination of the term of office of the Chair, the Board of Directors or the Supervisory Board may delegate a director or member of the Supervisory Board to the position of Chair. This delegation is given for a limited period of time and is not renewable. It must be notified to the Autorité de contrôle prudentiel et de résolution, under the conditions laid down in Article L. 612-23-1. »
      II. ― The insurance code is amended as follows:
      1° Section L. 322-2 is amended as follows:
      (a) The VII is supplemented by two paragraphs:
      "The members of the board of directors or the supervisory board of the persons mentioned in 1°, 2° and 6° of the B of Article L. 612-2 of the Monetary and Financial Code, and which have an approval for the exercise of their activity, have the necessary honesty, competence and experience.
      "The competence of the persons concerned is appreciated by the Autorité de contrôle prudentiel et de résolution based on their training and experience in a manner proportionate to their responsibilities, including those exercised as chair of a council or committee. The authority also takes into account, in the assessment of each person, the competence, experience and powers of the other members of the body to which it belongs. When warrants have been previously exercised, jurisdiction is presumed due to experience gained. For new members, the Autorité de contrôle prudentiel et de résolution takes into account the trainings they will be able to benefit throughout their mandate. » ;
      (b) It is added a X as follows:
      "X. ― A decree in the Council of State specifies the conditions for the application of this article. » ;
      2° Section II of chapter II of Book III title II is supplemented by articles L. 322-4-4 to L. 322-4-7 as follows:
      "Art. L. 322-4.-In the event of a termination of a term of office of one or more members of the board of directors, following a decision of opposition made by the Authority of prudential control and resolution pursuant to Article L. 612-23-1 of the monetary and financial code, the companies referred to in 1° of the III of Article L. 310-1-1 and at 1° of the I of the article L. 310-2Article L. 225-24 of the Commercial Code.
      "Art. L. 322-4-5.-In the event of a termination of the term of office of one or more members of the supervisory board, following a decision of opposition made by the prudential and resolution authority pursuant to Article L. 612-23-1 of the monetary and financial code, the companies referred to in 1° of the III of Article L. 310-1-1 and at 1° of the I of Article L. 310-2 of the presentArticle L. 225-78 of the Commercial Code.
      "Art. L. 322-4-6.-In the event of a termination of the term of office of one or more directors elected by the employees, following a decision of opposition made by the Autorité de contrôle prudentiel et de résolution pursuant to Article L. 612-23-1 of the monetary and financial code, the companies mentioned in the 1st of the III of Article L. 310-1-1 and at the 1st of the I of Article L. 310-2 of the presentArticle L. 225-34 of the Commercial Code.
      "Art. L. 322-4-7.-In the event of a termination of the term of office of the President of the Board of Directors, following a decision of opposition made by the Authority of prudential control and resolution pursuant to Article L. 612-23-1 of the monetary and financial code, the companies referred to in 1° of the III of Article L. 310-1-1 and 1° of the I of Article L. 310-2 of this code may be vacantArticle L. 225-17 of the Commercial Code. »
      III. ― The code of mutuality is thus modified:
      1° At 5° of articles L. 114-4 and L. 114-5, after the word "adherent", are inserted the words: "or by termination of mandate following an opposition decision taken by the Autorité de contrôle prudentiel et de résolution en application de l'article L. 612-23-1 du code monétaire et financier";
      2° The last paragraph of Article L. 114-18 is supplemented by the words and a sentence thus written: "or termination of its mandate following a decision of opposition made by the Autorité de contrôle prudentiel et de résolution en application de l. 612-23-1 du code monétaire et financier. If no mention is made in the statutes, the Board of Directors may, in the latter case, make provisional appointments to the next General Assembly, without prejudice to the rules set out in Article L. 114-16 of this Code. » ;
      3° Article L. 114-21 is supplemented by an IV and a V as follows:
      "IV. ― Members of the Board of Directors of Mutuals and Unions referred to in the 3rd of the B of Article L. 612-2 of the Monetary and Financial Code have the necessary honesty, competence and experience.
      "The competence of the persons concerned is appreciated by the Autorité de contrôle prudentiel et de résolution based on their training and experience in a manner proportionate to their responsibilities, including those exercised as chair of a council or committee. The authority also takes into account, in the assessment of each person, the competence, experience and powers of the other members of the body to which it belongs. When warrants have been previously exercised, jurisdiction is presumed due to experience gained. For new members, the Autorité de contrôle prudentiel et de résolution takes into account the trainings they will be able to benefit throughout their mandate.
      "V. ― A decree in the Council of State specifies the conditions for the application of this article. » ;
      4° The first sentence of the fourth paragraph of Article L. 211-8 is as follows:
      "It shall verify the honesty, competence and experience of the members of the board of directors and of the employee leaders referred to in Article L. 114-19 under the conditions defined in Article L. 114-21. »
      IV. – Before the last paragraph of Article L. 931-9 of the Social Security Code, two paragraphs are inserted:
      "The members of the board of directors shall have the necessary honesty, competence and experience.
      "The competence of the persons concerned is appreciated by the Autorité de contrôle prudentiel et de résolution based on their training and experience in a manner proportionate to their responsibilities, including those exercised as chair of a council or committee. The authority also takes into account, in the assessment of each person, the competence, experience and powers of the other members of the body to which it belongs. When warrants have been previously exercised, jurisdiction is presumed due to experience gained. For new members, the Autorité de contrôle prudentiel et de résolution takes into account the trainings they will be able to benefit throughout their mandate. »

      Rule 40 Learn more about this article...


      Article L. 631-1 of the monetary and financial code is supplemented by two sub-items:
      "The Autorité de contrôle prudentiel et de résolution, the Autorité des marchés financiers and the administrative authority responsible for competition and consumption referred to in Article L. 141-1 of the Consumer Code may also communicate the information useful to the exercise of their respective missions in the field of marketing practices.
      "The Bank of France, the Autorité de contrôle prudentiel et de résolution and the administrative authority responsible for competition and consumption referred to in the same article L. 141-1 shall communicate the information useful to the exercise of their respective missions in order to ensure compliance with Regulation (EU) No. 260/2012 of the European Parliament and the Council of 14 March 2012 establishing technical and commercial requirements for transfers and withdrawals in euros and amending Regulation (EC). »

      Rule 41 Learn more about this article...


      The 1° bis and 2° of Article L. 612-5 of the same code are supplemented by the words ", or its representative".

      Rule 42 Learn more about this article...


      Article L. 211-5 of the mutuality code is amended as follows:
      1° At the end of the second sentence of the third paragraph, the words "or termination of the convention" are replaced by the words "of the convention and no later than six months before its termination";
      2° In the sixth paragraph, after the word "amendment", the words "or termination" are inserted.

      Rule 43 Learn more about this article...


      I. ― At 1° of Article L. 212-27 of the same code, after the reference: "4°", is inserted the reference: "I".
      II. ― At 1° of Article L. 931-18-1 of the Social Security Code, after the reference: "4°", is inserted the reference: "I".
      III. ― At 1° of Article L. 323-8 and Article L. 328-5 of the insurance code, after the reference: "4°", is inserted the reference: "I".

      Rule 44 Learn more about this article...


      The monetary and financial code is thus amended:
      1° After the word: "participations", the end of Article L. 511-2 is thus written: "after, as the case may be, prior authorization of the Autorité de contrôle prudentiel et de résolution, déclaration ou notification. » ;
      2° After the article L. 511-12-1, an article L. 511-12-2 is inserted as follows:
      "Art. L. 511-12-2. - The establishment of branches in States that are not parties to the agreement on the European Economic Area and the acquisition of all or part of a significant branch of activity by a credit institution referred to in Article L. 611-1 shall be authorized by the Autorité de contrôle prudentiel et de résolution. » ;
      3° Article L. 611-1 is supplemented by an 11 and 12 written as follows:
      « 11. The conditions under which credit institutions can establish branches in States that are not parties to the European Economic Area Agreement;
      “12. The conditions under which credit institutions can acquire all or part of a significant business branch without prejudice to the sound and prudent management of these institutions. » ;
      4° After the 3° of the II of the article L. 612-1, it is inserted a 5° as follows:
      « 5° To ensure compliance by persons subject to its control with the rules relating to the terms and conditions for the exercise of their activity by themselves or through subsidiaries and acquisition and participation operations. »

    • Chapter III: Supervision of compensation chambers and counterparties to derivative transactions Rule 45 Learn more about this article...


      The same code is amended:
      1° Section L. 141-4 is amended as follows:
      (a) After the words: "safety of the", the end of the II is thus written: " compensation chambers defined in Article L. 440-1 and systems for the regulation and delivery of financial instruments. » ;
      (b) It is added a III as follows:
      "III. ― The Bank of France conducts on-site checks for the exercise of the missions referred to in the first paragraph of I and II. It conducts expertise and is communicated by the compensation boards and by the managers of the payment or settlement systems and the delivery of financial instruments the information and documents useful to the exercise of these missions.
      "In the event that a report is prepared, the draft report shall be made available to the executives of the compensation board or the manager of the controlled system, who may submit their comments, as referred to in the final report. The recommendations made by the Bank of France, as well as any other information transmitted to the compensation board or to the manager of the controlled system, may not be communicated to third parties, except in cases where the law provides, without the prior agreement of the Bank of France. » ;
      2° Article L. 440-1 is as follows:
      "Art. L. 440-1. - The compensation chambers are the central counterparties defined in 1 of Article 2 of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on the products by-catch derivatives, central counterparties and central repositories.
      "They are approved as a credit institution by the Autorité de contrôle prudentiel et de résolution, after consultation with the Autorité des marchés financiers and the Banque de France.
      "Any modification of the constituent elements of their approval is subject to the prior authorization of the Autorité de contrôle prudentiel et de résolution, after consultation with the Autorité des marchés financiers and the Banque de France.
      "When the Autorité de contrôle prudentiel et de résolution receives the information provided for in Article 31 of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 referred to above or is seized under a draft interoperability agreement referred to in Article 54 of this Regulation, it also consults the Autorité des marchés financiers and the Banque de France.
      "The operating rules of the compensation boards are approved by the Autorité des marchés financiers.
      "These rules are written in French or, in the cases defined by the General Regulation of the Autorité des marchés financiers, in another standard financial language.
      "A decree in the Council of State determines the conditions for the application of this article. » ;
      3° The last two paragraphs of Article L. 440-2 are replaced by a paragraph as follows:
      "The relationship between a compensation board and a legal entity mentioned in 1 to 5 is contractual in nature. » ;
      4° The first paragraph of Article L. 440-3 is as follows:
      "The Autorité des marchés financiers may prohibit access by a market company or a person managing a multilateral trading system to a clearing house or a system for the regulation and delivery of financial instruments where such access may jeopardize the harmonious and orderly functioning of markets or increase the systemic risk. » ;
      5° The first paragraph of Article L. 440-7 is as follows:
      "The deposits made by the policyholders with the investment service providers, the members of a compensation board or made by the members of such a board on the cover or guarantee of the positions taken on financial instruments shall take the form of a financial guarantee provided for in Article L. 211-38 or any other form provided for in the operating rules. » ;
      6° Article L. 440-8 is as follows:
      "Art. L. 440-8. - No creditor of an order donor, of an investment service provider referred to in Article L. 440-7, of a member of a clearing house or, as the case may be, of the board itself or of any legal agent designated under Book VI of the Commercial Code may avail itself of any right on deposits that take the form of a financial guarantee provided for in Article VI.38
      "The prohibitions mentioned in the first paragraph are also applicable to open judicial or amiable proceedings outside France, equivalent or similar to those provided for in Book VI of the Commercial Code. » ;
      7° Article L. 440-9 is as follows:
      "Art. L. 440-9. - In the event of the commencement of a judicial safeguard, recovery or liquidation procedure referred to in Book VI of the Commercial Code or any equivalent procedure open on the basis of a foreign right against a member of a clearing house or any other case of failure of that member, the board may, in full and without formality:
      « 1° Transfer to another member the deposits made with the member and related to the positions taken by the non-defeating order donors;
      « 2° Transfer to another member the positions recorded at her place on behalf of the members ' orders and the related deposits;
      « 3° Take any other provision authorized by its operating rules to limit or remove the risks to which it is exposed, including, where appropriate, the disposition of assets and positions held by the failed countervailing member on behalf of the promisor.
      "Any surplus to which the compensation board is liable once it has completed the process of managing the countervailing member's failure is returned without delay to the promissors when they are known to the central counterparty or, if they are not, to the countervailing member on behalf of its policy donors. »

      Rule 46 Learn more about this article...


      The same code is amended:
      1° At the end of the first paragraph of Article L. 533-2, the words: "and effective devices for the control and backup of their computer systems" are replaced by the words: ", effective devices for the control and safeguard of their computer systems and risk mitigation techniques for contracts derived from strikes not compensated by a central counterparty in accordance with Article 11 of the Central Council Regulation (EU) No 648/2012 of the European Parliament
      2° Article 1 L. 533-10 is supplemented by the words: ", including those provided for in Article 11 of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on voluntarily derived products, central counterparties and central repositories".

      Rule 47 Learn more about this article...


      The same code is amended:
      A. ― Section L. 612-1 is amended as follows:
      1° In the second paragraph of I, after the word "persons", the words "European provisions that are directly applicable to them" are inserted;
      2° II is thus amended:
      (a) At 1°, after the word: "positions", the word "European" is inserted;
      (b) The same 1° is supplemented by the words: "for the application of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on the products derived from the free will, the central counterparties and the central repositories, it examines, inter alia, the notifications made pursuant to Article 4, 2, and Articles 11 and 89 of the Regulations, by those of persons subject to its control who are also counterparties
      (c) 2° is supplemented by the words: "For the application of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 referred to above, it also monitors compliance with the obligations and conditions set out in Article 3, 2 of Article 4 and Article 11 of the same Regulation by those persons subject to its control who are also financial counterparties within the meaning of Article 8 of that Regulation";
      (d) In the first paragraph of the 3rd, after the word "disposition", the word "European" is inserted;
      B. ― In the first paragraph of Article L. 612-39, after the word "disposition", the word "European" is inserted;
      C. ― In the first paragraph of Article L. 612-40, after the word "positions", the word "European" is inserted.

      Rule 48 Learn more about this article...


      The same code is amended:
      1° After the 17th of the II of Article L. 621-9, it is inserted a paragraph as follows:
      "The Autorité des marchés financiers ensures that the provisions of the applicable European regulations are respected by the same entities or persons, as well as by the natural persons under their authority or acting on their behalf. » ;
      2° Section L. 621-14 is amended as follows:
      (a) In the first sentence of the first paragraph and in the second paragraph of the I, after the word "successful", the words "European regulations" are inserted;
      (b) In the first paragraph of II, after the word "compli" the words "to European regulations" are inserted;
      3° After the article L. 621-18-5, two articles L. 621-18-6 and L. 621-18-7 are inserted as follows:
      "Art. L. 621-18-6. - The Autorité des marchés financiers is competent for the application of the provisions of Articles 4, 5, 9 and 10 of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on voluntarily derivatives, central counterparties and central repositories in respect of the obligations of compensation, notification and reporting by counterparties to a financial contract within the meaning of the regulation.
      "The notification of intragroup transactions under sections 4 and 11 of the Regulations shall be made with the Autorité des marchés financiers when the counterparty is a non-financial counterpart or a person or entity referred to in 7° and 7° bis of II of section L. 621-9.
      "The Autorité des marchés financiers is also competent for the control of the provisions of Article 11 of the said Regulation for persons or entities referred to in the same 7° and 7° bis of Article L. 621-9, non-financial counterparties as well as investment service providers under the conditions laid down in Articles L. 621-9 and L. 533-10.
      "Art. L. 621-18-7. - The Autorité des marchés financiers may receive the delegation of the European Autorité des marchés financiers under the conditions provided for in Article 74 of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on the products derived by means of voluntary, the central counterparties and the central repositories for the control of the central repositories. »

      Rule 49 Learn more about this article...


      Section L. 213-3 of the same code is amended as follows:
      1° After the 12th, it's inserted a text like this:
      « 13. The regional hospital centers whose list is fixed by decree, within the limits of a global ceiling of programs set for each of them by the same decree. » ;
      2° In the last paragraph, the references: ", 3.4.7.7.9.10.11 and 12" are replaced by the reference: "to 13".

      Rule 50 Learn more about this article...


      I. ― The second paragraph of Article L. 132-23 of the Insurance Code is amended as follows:
      1° In the second sentence, after the word: "date", the words are inserted: "returning individual rights from the date";
      2° After the second sentence, two sentences are inserted:
      "The group insurance agreement known as the "complementary hospital pension" may also provide, on the date of liquidation of the individual rights involved from the date of termination of business, an opportunity to repurchase within 20% of the value of the individual rights guaranteed by the agreement on the date of liquidation. If a possibility of redemption is opened, the affiliate shall, upon request for the liquidation of its rights, receive information detailing the options submitted to its choice, the content of which is fixed by order of the Minister responsible for the economy. »
      II. ― Article L. 141-7 of the same code is supplemented by a III as follows:
      "III. ― The I does not apply to the group insurance agreement for the implementation of the supplementary hospital pension plan, endorsed by the social works management committee of public hospitals. The affiliates of this Agreement shall be informed individually, at least thirty days before the date fixed for the meeting of the General Assembly, of its agenda. They are consigned to the statement of decisions voted by the General Assembly and may, upon request, obtain a communication of its minutes. »

  • PART IX: PROVISIONS RELATING TO SOCIETIES OR ACHIEVEMENTS OF ASSURANCES AND MUTUELLES AGRICOLES Rule 51 Learn more about this article...


    Paragraph 1 of chapter II, section 6, of Book III of the Insurance Code is supplemented by articles L. 322-27-1 and L. 322-27-2 as follows:
    "Art. L. 322-27-1. - The central organ of companies or credit unions of mutual agricultural insurance and reinsurance is an anonymous insurance company approved under Article L. 321-1 or an anonymous reinsurance company approved under Article L. 321-1-1, the absolute majority of which of the social capital and voting rights is held jointly, directly or indirectly, by agricultural companies or funds of mutual insurance and reinsurance.
    "Groupama SA is the central organ, within the meaning of the first paragraph of this article, of the network composed by companies or funds of mutual agricultural insurance and reinsurance.
    "The name of a corporation or credit union of insurance or mutual agricultural reinsurance is reserved for companies or credit unions that result in the transfer or reinsurance, directly or indirectly, of the risks they pose to the central organ referred to in the first paragraph.
    "Art. L. 322-27-2. - I. The central organ is responsible for ensuring the cohesion and functioning of the network. It exercises administrative, technical and financial control over the organization and management of network organizations. It sets out the strategic directions of the latter, issues any useful instructions for this purpose and ensures that they are effectively implemented. It also takes all necessary measures to ensure creditworthiness and compliance with the commitments of each of the organizations of the network and the group as a whole.
    “II. ― Appointment of Directors General of Network Organizations is subject to approval by the central body.
    "III. ― Without prejudice to the powers of its Board of Directors, in the event that a network organization makes decisions not in accordance with the legislative or regulatory provisions relating to insurance and reinsurance companies or the instructions given by the central body, the central authority may revoke the director general of the organization in question. The central body may also, on the same grounds, conduct the collective revocation of the members of the board of directors of that body.
    "IV. ― Without prejudice to the provisions of the III, in the event that a local authority of the network makes decisions that affect the cohesion and proper functioning of the network, the corporation or credit union of insurance or mutual agricultural reinsurance to which it reinsurance may, after the advice of the central body, proceed to the collective revocation of the members of its board of directors.
    "V. ― A decree in the Council of State specifies the modalities for the application of this article, including the conditions for the exercise of the missions of the central organ. »

  • TITRE X: PROTECTION OF CONSUMERS AND EQUALITY IN THE WOMEN AND MEN
    • Chapter I: Measures to protect individuals and support banking inclusion Rule 52 Learn more about this article...


      Sub-section 2 of chapter II, section 1, title I, of Book III of the Monetary and Financial Code is supplemented by an article L. 312-1-3 as re-established:
      "Art. L. 312-1-3.-The commissions collected by a credit institution due to the processing of the irregularities in the operation of a bank account are capped, per month and per operation, for natural persons not acting for professional needs. Of these persons, those who subscribe to the offer referred to in the second paragraph of this article and those who benefit from the basic banking services referred to in the fifth paragraph of Article L. 312-1 shall be subject to specific ceilings.
      "Credit institutions offer individuals who do not act for professional needs that are in a fragile situation, in particular in view of the amount of their resources, a specific offer that includes means of payment, including at least two bank cheques per month, and appropriate services to their situation and in a way that limits the costs incurred in the event of an incident.
      "The conditions for the application of this article are set by decree in the Council of State. »

      Rule 53 Learn more about this article...


      The Government submits to Parliament, by 30 June 2014, a report on the pricing of banking services in overseas departments and communities.

      Rule 54 Learn more about this article...


      Section 1 of Chapter II of Title I of Book III of the Consumer Code is supplemented by an article L. 312-3-1 as follows:
      "Art. L. 312-3-1. - Borrowers, natural persons who do not act for professional needs, may not enter into loans in a foreign currency to the European Union that are refundable in national currency only if they declare that they primarily collect their income or hold a patrimony in that currency at the time of the signing of the loan contract, except if the exchange risk is not supported by the borrower.
      "They are informed of the risks associated with such a loan contract and the potential possibilities of converting refunds to national currency in the course of loans are specified to them before the loan offer is issued.
      "The conditions for the application of this article are set by decree in the Council of State. »

      Rule 55 Learn more about this article...


      After subsection 1 of section 1 of chapter II of title I of book III of the monetary and financial code, a sub-section 1 bis is inserted as follows:


      "Subsection 1 bis



      “Inclusion by bank
      and prevention of debt


      "Art. L. 312-1-1 A. - The Association française des établissements de crédit et des entreprises d'invest, referred to in Article L. 511-29, adopts a charter of bank inclusion and prevention of over-indebtedness approved by decree of the Minister responsible for the economy, after the advice of the Advisory Committee on the Financial Sector and the Advisory Committee on Financial Legislation and Regulation. This charter is applicable to any credit institution. The monitoring of compliance with the charter is carried out by the Autorité de contrôle prudentiel et de résolution and falls under the procedure provided for in Article L. 612-31.
      "The purpose of this charter is to strengthen access to banking services and to facilitate the use of these services, especially with regard to means of payment, for natural persons not acting for professional needs. It also aims to better prevent the indebtedness of these persons.
      "This charter specifies, among other things, the terms and conditions of information of the clients concerned by the offers mentioned in the second paragraph of Article L. 312-1-3. It also specifies the training and awareness-raising activities carried out by credit institutions in order to promote the dissemination of these offers to the persons concerned.
      "This charter also defines the conditions under which each credit institution has an early detection device for the financial fragility of its clients and provides appropriate responses to these situations, in consultation with the client concerned. »

      Rule 56 Learn more about this article...


      I. ― Sub-section 1 bis of chapter II, section 1, title I, of Book III of the same code, as the result of section 55, is supplemented by an article L. 312-1-1 B as follows:
      "Art. L. 312-1-1 B.-It is created, with the Bank of France, an observatory of banking inclusion to collect information on access to banking services for natural persons who are not acting for professional needs, on the use of such banking services and on the initiatives of credit institutions in this area. This observatory is also responsible for defining, producing and analyzing indicators related to banking inclusion, including assessing the evolution of credit institutions' practices in this area.
      "The credit institutions provide the observatory with the information necessary to carry out its missions.
      "A decree in the Council of State specifies the organization and operation of the observatory.
      "The bank inclusion observatory publishes an annual report on the implementation of its missions. This report includes an analysis of the indicators of bank inclusion and their evolution, an assessment of the practices of credit institutions and possible preconizations of the observatory in order to improve banking inclusion. It can also describe and analyze examples of good or bad individual practices of certain credit institutions. »
      II. ― At the end of the first paragraph of Article L. 221-9 of the same code, the words ", on the financing of social housing and on the development of banking accessibility" are replaced by the words "and on the financing of social housing".

    • Chapter II: Measures relating to the protection and information of enterprises Rule 57 Learn more about this article...


      In the first sentence of article L. 313-12-1 of the same code, after the words: "benefit from a loan", the words are inserted: " their notation and".

      Rule 58 Learn more about this article...


      The insurance companies mentioned in theArticle L. 310-2 of the Insurance Code On a quarterly basis, credit insurance transactions provide the Bank of France with statistical information on the amount of secured credits and secured credits to small and medium-sized enterprises and the number of risks incurred.
      The Bank of France collects this information and communicates it to the Autorité de contrôle prudentiel et de résolution as well as to the Minister responsible for the economy and finances, who organizes the advertisement.
      A decree in the Council of State specifies the procedure for the application of this article.

      Rule 59 Learn more about this article...


      Sub-section 2 of chapter II, section 1, title I, of Book III of the Monetary and Financial Code is supplemented by an article L. 312-1-6 as follows:
      "Art. L. 312-1-6. - The management of a deposit account for natural persons acting for professional needs is regulated by a written agreement between the client and his credit institution.
      "The main stipulations that this account agreement must include, including access to mediation, are specified by an order of the Minister responsible for the economy. »

    • Chapter III: Borrowing insurance Rule 60 Learn more about this article...


      I. ― The consumer code is thus modified:
      1° The last paragraph of Article L. 311-4 is deleted.
      2° After the same article L. 311-4, an article L. 311-4-1 is inserted as follows:
      "Art. L. 311-4-1. - Where a lender usually proposes credit contracts with an insurance proposal that is the subject of the credit refund guarantee, any advertisement referred to in the first paragraph of Article L. 311-4 broadcast on his behalf on these contracts shall mention the cost of insurance, using the representative example mentioned in the same first paragraph. This cost is expressed:
      « 1° Excluding any other rate, at an effective annual rate of insurance, which allows the borrower to compare this rate with the overall effective annual rate of credit;
      « 2° Total amount due in euros by the borrower for insurance on the total duration of the loan;
      « 3° In euros per month. It is specified whether or not this amount is added to the credit repayment deadline. » ;
      3° The third of Article L. 311-6 is as follows:
      "III. ― Where the lender provides the borrower or requires the borrower to provide an insurance, the lender or credit agent shall inform the borrower of the cost of the insurance by bringing to his knowledge the elements referred to in section L. 311-4-1. » ;
      4° Section 2 of chapter II of Book III title I is amended as follows:
      (a) The title is supplemented by the words "and information of the borrower";
      (b) Articles L. 312-6-1 and L. 312-6-2 are added as follows:
      "Art. L. 312-6-1. - Any document submitted to the borrower prior to the formulation of the offer referred to in Article L. 312-7 and containing one or more quantified elements on the group insurance referred to in the first paragraph of Article L. 312-9 refers to the cost of such insurance. This cost is expressed:
      « 1° Excluding any other rate, at an effective annual rate of insurance, which allows the borrower's comparison of this rate with the actual annual overall rate;
      « 2° In total amount in euros due by the borrower for insurance on the total duration of the loan;
      « 3° In euros and per period, depending on the payment period. It is specified whether or not this amount is added to the credit repayment deadline.
      "At the same time as the delivery of any document referred to in this article, the standardized information sheet referred to in Article L. 312-6-2 and the notice referred to in Article L. 312-9 shall be submitted.
      "Any insurance intermediary or insurance agency offering the borrower a real estate credit insurance is subject to the obligations set out in this section.
      "Art. L. 312-6-2. - A standardized information sheet is provided, during the first simulation, to any person who is offered or who seeks insurance to guarantee the reimbursement of a loan referred to in Article L. 312-2. A decree in the Council of State sets out the modalities for the application of this paragraph.
      "The standardized information sheet mentions the possibility for the borrower to subscribe to the insurer of his choice insurance under the conditions set out in section L. 312-9 and specifies the types of guarantees proposed. An order sets the format of this sheet and its contents. »
      5° Article L. 312-8 is supplemented by a paragraph as follows:
      "In cases where the borrower presents another insurance contract in place of the group insurance contract proposed by the lender under the conditions set out in section L. 312-9, the lender may issue an amended offer subject to the penultimate paragraph of the same section, without the time limits mentioned in section L. 312-10 being extended or recurring. »
      6° Section L. 312-9 is amended as follows:
      (a) The penultimate paragraph is thus written:
      "The lender may not, in exchange for his acceptance as a guarantee of an insurance contract other than the group insurance contract proposed by the lender, alter the rate, whether fixed or variable, or the terms and conditions for granting the credit, as set out in the offer set out in section L. 312-7, or require the payment of additional costs, including the costs associated with the analysis work of that other insurance contract. » ;
      (b) At the beginning of the first sentence of the fifth paragraph, the words are added: "Up to the signature by the borrower of the offer defined in Article L. 312-7,"
      (c) After the fifth preambular paragraph, two sub-items are inserted:
      "If the offer set out in section L. 312-7 has been issued, the lender shall notify the borrower of its decision of acceptance or refusal and shall, where appropriate, address the amended offer referred to in section L. 312-8, within a period of ten working days from receipt of the application for substitution.
      "A decree in the Council of State sets out the terms under which the lender sets out the amended offer referred to in the same article L. 312-8 and defines the conditions under which the lender and the delegated insurer exchange information prior to the subscription of contracts. » ;
      7° Sub-section 1 of chapter III, section 1, of Book III title I is supplemented by an article L. 313-2-1, as follows:
      "Art. L. 313-2-1. - A decree in the Council of State defines the modalities for calculating the effective annual rate of insurance referred to in articles L. 311-4-1 and L. 312-6-1. »
      II. I is applicable six months after the promulgation of this Act.

      Rule 61 Learn more about this article...


      Article L. 331-3-1 of the Consumer Code is supplemented by a paragraph as follows:
      "From the decision declaring the admissibility of the application, the thirty-day period referred to in the second paragraph of Article L. 113-3 of the Insurance Code, where applicable, shall be increased to one hundred and twenty days for insurance purposes of the guarantee of reimbursement of a loan under Chapter II of Title I of this Book III and contained in the statement of liabilities definitively determined by the commission or judge. The corresponding insurance contract may not be terminated during the period of suspension and prohibition of performance procedures and transfers of remuneration defined in the first paragraph of this article. »

    • Chapter IV: Measures relating to banking and financial intermediaries Rule 62 Learn more about this article...


      The monetary and financial code is thus amended:
      1° Article L. 341-2 is supplemented by an 11° as follows:
      « 11° To disseminate to natural or legal persons a simple advertising information, excluding any contractual or pre-contractual document, regardless of the medium. » ;
      2° In article L. 341-17, the references: "1° and 3°" are replaced by the references: "1°, 3° and 5°";
      3° In Article L. 519-5, the references: "Articles L. 341-4 to L. 341-17" are replaced by the references: "of this section as well as to Article L. 341-10, to 5° to 7° of Article L. 341-12, to Articles L. 341-13, L. 341-16, L. 341-17";
      4° In the first paragraph of Article L. 612-41, the words: "from insurance code or monetary and financial code which is applicable to it" are replaced by the words: "European, legislative or regulatory compliance with which the authority has the task of overseeing or an approved code of conduct applicable to its profession, has not taken into account a warning or has not referred to a stay."

    • Chapter V: Place reference Rule 63 Learn more about this article...


      I. ― The same code is amended:
      1° Paragraph 7 of subsection 1 of chapter IV, section 1, of title I, of Book II is supplemented by an article L. 214-23-2 as follows:
      "Art. L. 214-23-2.-I. ― The securities collective investment organizations transmit, directly or by the management company that manages them, information relating to them to an approved body with a legal personality responsible for the management of a single place repository. The purpose of this organization is to collect, process and disseminate this information. It brings together the professions involved in the management of securities collective investment organizations. This body is approved, in the light of its statutes, by order of the Minister responsible for the economy.
      "An order of the Minister responsible for the economy sets out the list of information referred to in this I that is made public and is subject to third parties and, among them, to third parties whose provision or distribution for the benefit of investors, third parties or the Autorité des marchés financiers on the single place repository referred to in this I has a liberatory character for the collective investment agency in securities or the management company that manages it.
      “II. ― The registration of the securities collective investment organizations and their shares or shares categories shall result in the payment by the securities collective investment bodies of the registered organization referred to in I of the annual registration fees set by order of the Minister responsible for the economy in the light of the elements transmitted by that registered agency, within a limit of 500 € applicable to each class of shares or shares.
      "III. ― The board of directors of the registered organization referred to in I may decide that the securities collective investment organizations or the management companies that manage them transmit to the single place repository other information than those provided by the order referred to in the same I. The list of this information is made public. » ;
      2° In section L. 214-24-1, the reference: "L. 214-23-1" is replaced by the reference: "L. 214-23-2".
      II. ― The obligations of transmission to the registered agency set out in I of Article L. 214-23-2 of the monetary and financial code and II and III of the same section come into force on December 31, 2015.

    • Chapter VI: Simplification measures Rule 64 Learn more about this article...


      Article L. 312-1 of the monetary and financial code is amended as follows:
      1° The second paragraph is amended to read:
      (a) The second sentence is supplemented by the words "defined by decree";
      (b) After the second sentence, a sentence as follows:
      "The credit institution so designated by the Bank of France shall open the account within three working days from the receipt of all the documents necessary to make such an opening. » ;
      (c) In the third sentence, after the first occurrence of the word "account", the words are inserted: " systematically and without delay give the applicant a certificate of refusal of account opening and";
      (d) Two sentences are added:
      "At the request of a natural person, the department, the family allowance fund, the communal or inter-communal social action centre of which the person depends, a non-profit association or foundation whose purpose is to accompany the persons in difficulty or to defend the interests of the families or a registered consumer association may also transmit, on his behalf, the application for designation and the required documents to the Bank of France. A decree determines the conditions under which associations and foundations can act on the basis of this paragraph. » ;
      2° The third paragraph is supplemented by a sentence as follows:
      "It sets out a model of denial of account opening. » ;
      3° The fifth and sixth preambular paragraphs shall be replaced by the following subparagraph:
      "The credit institutions so designated by the Bank of France are obliged to offer to the holder of the account basic banking services whose content and tariff conditions are specified by decree. » ;
      4° The last paragraph is as follows:
      "This section applies to persons registered to files managed by the Bank of France pursuant to section L. 131-85 of this code andArticle L. 333-4 of the Consumer Code. »

      Rule 65 Learn more about this article...


      The fourth paragraph of article L. 142-9 of the same code is supplemented by a sentence as follows:
      "TheArticle L. 2323-86 of the Labour Code does not apply to legal persons of private law on which the Bank of France exerts a dominant influence within the meaning of Article L. 2331-1 of the same code. »

      Rule 66 Learn more about this article...


      Sub-section 2 of chapter II, section 1, title I, of Book III of the same code is supplemented by an article L. 312-1-5 as follows:
      "Art. L. 312-1-5. - The client, a natural person not acting for professional needs, is informed free of charge, through its monthly account statement, of the amount and denomination of bank charges related to irregularities and incidents that the institution intends to debit on its deposit account. This debit shall take place at least fourteen days after the determination date of the account statement.
      "The conditions for the application of this article are set by decree in the Council of State. The mechanism established by this article comes into force eighteen months after the publication of the decree mentioned in the first sentence. »

      Rule 67 Learn more about this article...


      Article L. 314-7 of the same code is supplemented by a V as follows:
      "V. ― An order made on the advice of the Financial Sector Advisory Committee establishes a common name for the main bank fees and services that banks are required to respect. »

      Rule 68 Learn more about this article...


      I. ― The consumer code is thus modified:
      1° Article L. 331-6 is amended as follows:
      (a) At the beginning of the first paragraph, the words "I. ―" are added;
      (b) The last paragraph is deleted;
      (c) It is added a II as follows:
      “II. ― However, where the debtor's situation, without being irremediably compromised within the meaning of the third paragraph of Article L. 330-1, does not provide for the repayment of all debts and that the conciliation mission of the commission seems thus manifestly doomed to failure, the commission may, after having put the parties in a position to provide their observations and subject to the application of Article L. 333-2 » ;
      2° Section L. 331-3-1 is amended as follows:
      (a) At the end of the third sentence of the first paragraph, the words: "one year" are replaced by the words: "two years";
      (b) Two subparagraphs are added:
      "The receivables in the debtor's state of indebtedness issued by the commission may not produce interest or generate late penalties from the date of admissibility and until the measures provided for in 1° and 2° of Article L. 330-1 and sections L. 331-6, L. 331-7, L. 331-7-1 and L. 331-7-2.
      "The creditors inform the persons they have charged with actions to collect the admissibility of the application and its consequences under the first paragraph. » ;
      3° The first sentence of the sixth paragraph of Article L. 331-7 is as follows:
      "If, at the end of the suspension period, the debtor re-enters the commission, the debtor re-examines its situation. » ;
      4° The last paragraph of articles L. 331-7 and L. 331-7-1 is deleted;
      5° In the first paragraph of article L. 334-5, the references: "of the last sentence of articles L. 331-7 and L. 331-7-1" are replaced by the references: "of the last sentence of the eighth paragraph of article L. 331-7, of the last sentence of the second sentence of article L. 331-7-1";
      6° The penultimate paragraph of Article L. 330-1 is as follows:
      "On the occasion of appeals before him pursuant to articles L. 331-4, L. 331-7 and L. 332-2, the judge of the court of proceedings may, with the agreement of the debtor, decide the opening of a personal recovery procedure with judicial liquidation. When deciding under sections L. 331-7 and L. 332-2, it may also make a personal recovery without judicial liquidation. » ;
      7° The second paragraph of Article L. 331-1 is amended as follows:
      (a) In the first sentence, the words: "Departmental Director of the General Directorate of Public Finance" are replaced by the words: "Departmental Director of Public Finance";
      (b) Is added a sentence as follows:
      "The procedure for replacing the latter in the event of an incapacity is set by decree. » ;
      8° In IV of Article L. 331-3, the words: "and orientation" are deleted;
      9° After the article L. 332-5-1, an article L. 332-5-2 is inserted as follows:
      "Art. L. 332-5-2.-Where the trial judge is adjudicating pursuant to the penultimate paragraph of Article L. 330-1, personal recovery without judicial liquidation shall have the same effect as those mentioned in Article L. 332-5.
      "The Registry conducts advertising measures to allow creditors who have not been notified of the appeal to file a third party opposition against this judgment. Claims that the licensees did not file third-party opposition within two months of this advertisement are extinguished.
      "Before deciding, the judge may issue an appeal to creditors. It may verify, even on its own motion, the validity of the claims, the securities that note them and the amount of the amounts claimed and ensure that the debtor is in the situation defined in Article L. 331-2. It may also prescribe any instruction that it considers useful. Notwithstanding any provision to the contrary, the judge may obtain communication of any information allowing him to assess the situation of the debtor and the possible evolution of the debtor. » ;
      10° In article L. 332-11, after the reference: "L. 332-5", the references are inserted: ", L. 332-5-1, L. 332-5-2";
      11° In the first sentence of Article L. 333-1-2, after the reference: "L. 332-5," the references are inserted: "L. 332-5-1, L. 332-5-2,";
      12° Article L. 333-4 is amended as follows:
      (a) At the end of the second sentence of the first paragraph, the reference: "or L. 332-5" is replaced by the references: ", L. 332-5, L. 332-5-1 or L. 332-5-2";
      (b) In the second sentence of the penultimate paragraph, after the word "sequently", the words "in the context of a revision or renewal of the plan or measures" are inserted;
      13° In the second sentence of the first paragraph of Article L. 331-3-1, in the last sentence of Article L. 331-3-2 and in the last paragraph of Article L. 333-7, after the reference: "L. 332-5", the words are inserted: ", up to the judgment giving personal relief without judicial liquidation";
      14° In the last sentence of Article L. 331-3-2, the words: "one year" are replaced by the words: "two years";
      15° At the end of the last sentence of Article L. 331-7-3, the words "one year" are replaced by the words "two years".
      II. This section comes into force on January 1, 2014. It applies to procedures for the treatment of debt situations that are in progress on that date.
      III. ― At the first sentence of articles L. 542-7-1 and L. 831-8 of the Social Security Code, the reference: "the last paragraph of" is deleted.

      Rule 69 Learn more about this article...


      I. ― The consumer code is thus modified:
      1° In the last sentence of the first paragraph of Article L. 330-1, after the word "main" are inserted the words: "and that the estimated value of the latter at the date of the deposit of the over-indebtedness is equal to or greater than the amount of all non-professional debts payable and to fail";
      2° Article L. 331-2 is supplemented by a paragraph as follows:
      "The amount of refunds may, with the agreement of the debtor and within reasonable limits, exceed the amount calculated by reference to the quotity seizing the salary as it results from the Articles L. 3252-2 and L. 3252-3 of the Labour Codein order to avoid the assignment of the main residence. » ;
      3° Section L. 331-3-1 is amended as follows:
      (a) The penultimate paragraph is thus amended:
      The first sentence is supplemented by the words "and housing allowances";
      The second sentence is as follows:
      "The unblocking of housing allowances is carried out under the conditions specified in Articles L. 542-7-1 and L. 831-8 of the Social Security Code.
      (b) It is added a paragraph to read:
      "When a social cohesion protocol provided for in Articles L. 353-15-2 and L. 442-6-5 of the Construction and Housing Code has been concluded with the lessor prior to the admissibility decision, the payment of the rent arrears provided for in the said Protocol shall be suspended until the measures provided for in 1° and 2° of Article L. 330-1 or Articles L. 331-6-2 to L. Where such measures provide for the payment of the rental debt, they are substituted for the terms and conditions for the settlement of the rent debt provided for in the social cohesion protocol, the duration of which is extended to the settlement of the rent debt, within the time limit of the relief measures taken under sections L. 331-6 to L. 331-7-2 of this Code. »
      II. ― With the exception of a of 3° I, this section comes into force on January 1, 2014. It applies to procedures for the treatment of debt-over situations that are under way on that date.

      Rule 70 Learn more about this article...


      The seventh paragraph of Article L. 331-3 of the Consumer Code is supplemented by a sentence as follows:
      "In each department, the General Council and the Family Allowance Fund shall designate, each with respect to it, a focal point to promote coordination of their actions with those of the Commission and, in particular, to facilitate the implementation of the social or budgetary support measures provided for in this title. »

      Rule 71 Learn more about this article...


      Before the last paragraph of Article L. 331-3 of the same code, a paragraph shall be inserted as follows:
      "When the debtor has already benefited from a personal recovery measure provided for in 1° and 2° of Article L. 330-1 and that it re-enters the commission, it may, if it considers that the debtor's situation is again irremediably compromised and after the advice of the member of the commission justifying an experience in the field of the social and family economy, recommend to the judge that the relief of the attached measures »

      Rule 72 Learn more about this article...


      Sub-section 2 of chapter II, section 1, title I, of Book III of the Monetary and Financial Code is supplemented by an article L. 312-1-4 thus restored:
      "Art. L. 312-1-4.-A person who has the right to attend the funeral of the deceased may obtain, upon presentation of the obstetric invoice, the debit on the payment accounts of the deceased, within the limits of the creditor balance of the accounts, amounts necessary for the payment of all or part of the funeral expenses, from the tenor banks of the accounts, within the limit of an amount fixed by the Minister responsible for the economy. »

      Rule 73 Learn more about this article...


      The general code of territorial authorities is amended as follows:
      1° After the article L. 2223-33, an article L. 2223-33-1 is inserted as follows:
      "Art. L. 2223-33-1. - Obseque funding formulas expressly provide for the allocation to the realization of the seals of the subscriber or the member, to the cost of the capital paid to the beneficiary. » ;
      2° In the first paragraph of article L. 2223-34-1, after the word "detailed", the words "and personalized".

      Rule 74 Learn more about this article...


      The second paragraph of article L. 2223-34-1 of the same code is as follows:
      "A contract that provides for obstetric benefits in advance specifies the terms and conditions for the allocation of technical and financial benefits, in accordance with theArticle L. 132-5 of the Insurance Code. He is assigned to him each year, when he is positive, an amount corresponding to a share of the balance creditor of the financial account, at least 85% of that balance multiplied by the relationship between the mathematical provisions relating to that contract and the total of the mathematical provisions, diminished interest credited to the mathematical provisions relating to that same contract during the fiscal year. It is also subject to annual information in accordance with section L. 132-22 of the same code. An order specifies the method of calculating and assigning this assessment. »

      Rule 75 Learn more about this article...


      I. ― Section 1 of Chapter II of Title III of Book I of the Insurance Code is amended as follows:
      1° In I of the article L. 132-9-3, after the words "informing" are inserted the words ", at least every year";
      2° After the article L. 132-9-3, an article L. 132-9-4 is inserted as follows:
      "Art. L. 132-9-4. - The professional organizations referred to in section L. 132-9-2 publish an annual assessment of the application of sections L. 132-9-2 and L. 132-9-3, which includes the number and stock of life insurance contracts, subscribed to their members, meeting the criteria set by order of the Minister responsible for the economy, whose capitals or rents due to have not been paid to the beneficiary. »
      II. ― Section 1 of Chapter III of Book II title II of the mutuality code is amended as follows:
      1° In I of the article L. 223-10-2, after the words "informed", are inserted the words ", at least every year";
      2° After the article L. 223-10-2, an article L. 223-10-3 is inserted as follows:
      "Art. L. 223-10-3. - The professional organizations referred to in section L. 223-10-1 publish annually an assessment of the application of sections L. 223-10-1 and L. 223-10-2, which includes the number and stock of life insurance contracts, subscribed to their members, meeting the criteria set by order of the Minister responsible for the economy, whose capital or annuities due were not paid to the beneficiary. »

      Rule 76 Learn more about this article...


      In the second sentence of Article L. 311-9 of the Consumer Code, after the reference: "L. 511-6", the reference is inserted: "or 1 of Article L. 511-7".

      Rule 77 Learn more about this article...


      I. ― Article L. 112-11 of the monetary and financial code is supplemented by a paragraph to read:
      "In the first quarter of each year, the payment service provider will be notified to the recipient of the payment, with the exception of natural persons not acting for professional purposes, a separate document summarizing the total amount collected by the payment provider in the previous calendar year for fees that are contractually fixed for payment by card. This annual cashing fee statement of card payments differentiates, for each product or service category, the subtotal of fees collected and the number of related products or services. »
      II. ― This section applies effective January 1, 2014.

      Rule 78 Learn more about this article...


      In the first sentence of the first paragraph of Article L. 313-13 of the monetary and financial code, after the word "business" is inserted the word "agricultural".

    • Chapter VII: Equality between Women and Men in Rates and Insurance Benefits Rule 79 Learn more about this article...


      I. ― After the II of Article L. 111-7 of the Insurance Code, it is inserted a II bis as follows:
      « II bis. ― The derogation under the last paragraph of I shall apply to contracts and accessions to group insurance contracts entered into or completed by 20 December 2012 and to such contracts and accessions renewed tacitly after that date.
      "The derogation is not applicable to contracts and accessions referred to in the first paragraph of this II bis that have been subject to a substantial amendment after 20 December 2012, requiring the agreement of the parties, other than an amendment that at least one of the parties may not refuse. »
      II. ―Article L. 112-1-1 of the mutuality codethe last two paragraphs of I are deleted and the II, III and IV are repealed.
      III. ―Article L. 931-3-2 of the Social Security Codethe last two paragraphs of I are deleted and the II and III are repealed.

  • PART XI: ORDERS ON THE BANK AND FINANCIAL SECTOR Rule 80 Learn more about this article...


    Within eighteen months of the promulgation of this Act, the Government is authorized to make an order under the conditions laid down in Article 38 of the Constitution:
    1° Measures within the scope of the law to extend, with necessary modifications, the provisions of this Act, for those within the competence of the State, New Caledonia, French Polynesia and the Wallis and Futuna Islands;
    2° Measures within the scope of the law to adapt, where appropriate, the provisions of this Act to the communities of Saint-Barthélemy, Saint-Martin and Saint-Pierre-et-Miquelon.
    The bill ratifying this order shall be tabled before Parliament no later than the last day of the fourth month following the issuance of the order.

    Rule 81 Learn more about this article...


    TheOrder No. 2012-1240 of 8 November 2012 transposition of Directive 2010/73/EU of the European Parliament and of the Council of 24 November 2010 amending Directive 2003/71/EC on the prospectus to be published in the event of an offer to the public of securities or for the admission of securities to the negotiation and Directive 2004/109/EC on the harmonization of transparency obligations with respect to information on issuers whose securities are admitted to trading on a regulated market is ratified.

    Rule 82 Learn more about this article...


    I. ― Chapter II of title I of book VII of the monetary and financial code is supplemented by a section 3, which reads as follows:


    “Section 3



    “Payment transactions


    "Art. L. 712-8.-I. ― A decree specifies the modalities for the implementation of transfers and debits in euros where the recipient's payment service provider and the payer's service provider, as defined in section L. 521-1, are located:
    « 1° One, in the territory of Metropolitan France, in overseas departments, in the Department of Mayotte, Saint-Barthélemy, Saint-Martin or Saint-Pierre-et-Miquelon, and the other, in New Caledonia, in French Polynesia or in the Wallis and Futuna Islands;
    « 2° One, in New Caledonia, French Polynesia or the Wallis and Futuna Islands, and the other, on one of the other two of these territories.
    “II. – The rules applicable to transfers and debits denominated in euros referred to in I are established by reference to the rules applicable to transfers and debits denominated in euros where the recipient's payment service provider and the payer's payment service provider, as defined in Article L. 521-1, are both located in Metropolitan France. »
    II. This section comes into force on February 1, 2014.

    Rule 83 Learn more about this article...


    TheOrder No. 2013-79 of 25 January 2013 adaptation monetary and financial code to the Departmentalization of Mayotte and the law of cheques in overseas and New Caledonia communities is ratified.

  • TITRE XII : TRANSFERS D'ACTIFs FINANCIERS Rule 84 Learn more about this article...


    The public institution "Public Default Achievement Establishment" is dissolved on the day this Act comes into force.
    At that date, the assets and liabilities of the institution and the rights and obligations arising from its activity are transferred to the State.
    The cash held by the establishment on the date of its dissolution is deposited on the "State Financial Participation" trust account.
    The financial account of the Public Default Achievement Establishment is established by the accounting agent when it is dissolved. The guardianship authorities stop and approve the financial account.

    Rule 85 Learn more about this article...


    The funds and economic resources, as defined in Articles 1 and 4 of the Council Regulation (EC) No 1210/2003 of 7 July 2003 concerning certain specific restrictions applicable to economic and financial relations with Iraq and repealing the Council Regulation (EC) No 2465/1996, of the physical or legal persons listed in the list set out in Annexes III and IV of the Regulation (EC) no 1210/2003 of the Council of 7 July 2003
    The administrative authority shall establish, by order published in the Official Gazette, the list of economic funds and resources held by natural or legal persons listed in the first paragraph. Any natural or legal person, other than those listed in Schedules III and IV of Council Regulation (EC) No. 1210/2003 of 7 July 2003, which justifies a right established, before 22 May 2003, by an authentic act or by a judicial, administrative or arbitral measure or decision on the economic funds and resources of the listed persons, or which has introduced before that date an action to obtain a legal, administrative or arbitral award of funds
    The administrative authority shall publish, by order in the Official Gazette, for each person on the list referred to in the first and second paragraphs, the list of economic funds and resources transferred taking into account the rights acquired on these funds and economic resources or the procedures for recognition of title pending at the time of the advertisement provided for in the second paragraph, as notified.
    The economic funds and resources listed by the order set out in the third paragraph shall be granted immunity to State property.
    A decree in the Council of State specifies, for each class of goods, the particular modalities of their transfer.
    No civil liability action may be taken or any professional penalty imposed against those who participate in the implementation of the transfer decision, the purpose of this section, except in the event of error or negligence on their part.
    The failure of the holders of funds and economic resources to subtract or impede the implementation of a transfer under this section shall be punished by the penalties provided for inArticle 459 of the Customs Code. The provisions relating to the recognition of offences, prosecution, litigation and punishment of offences under titles II and XII of the same Code are also applicable, subject to chapters II to IV of title XIV.

    Rule 86 Learn more about this article...


    Section 104 of Act No. 2009-1674 of 30 December 2009 on Corrigendum Finance for 2009 is repealed.
    This law will be enforced as a law of the State.


Done in Paris, July 26, 2013.


François Hollande


By the President of the Republic:


The Prime Minister,

Jean-Marc Ayrault

Minister of Economy and Finance,

Pierre Moscovici

(1) Preparatory work: Act No. 2013-672. National Assembly: Bill No. 566; Report of Ms. Karine Berger, on behalf of the Finance Committee, No. 707; Opinion of Mr. Philippe Kemel, on behalf of the Committee on Economic Affairs, No. 661; Opinion of Ms. Axelle Lemaire, on behalf of the Law Commission, No. 666; Discussion on 12, 13 and 14 February 2013 and adoption on 19 February 2013 (TA No. 87). Senate: Bill, passed by the National Assembly, No. 365 (2012-2013); Report of Mr. Richard Yung, on behalf of the Finance Committee, No. 422 (2012-2013); Mr. Yannick Vaugrenard, on behalf of the Committee on Economic Affairs, No. 427 (2012-2013) Opinion of Mr. Thani Mohamed Soilihi, on behalf of the Law Commission, No. 428 (2012-2013); Text of Commission No. 423 (2012-2013) Discussion on 20, 21 and 22 March 2013 and adoption on 22 March 2013 (TA No. 121, 2012-2013). National Assembly: Bill, amended by the Senate, No. 838; Report of Ms. Karine Berger, on behalf of the Finance Committee, No. 1091; Discussion and adoption on 5 June 2013 (TA n° 149). Senate: Bill, passed with amendments by the National Assembly, No. 643 (2012-2013); Report of Mr. Richard Yung, on behalf of the Finance Committee, No. 681 (2012-2013); Text of Commission No. 682 (2012-2013); Discussion and adoption on June 26, 2013 (TA No. 179, 2012-2013). National Assembly: Bill, amended by the Senate on second reading, No. 1209; Report of Ms. Karine Berger, on behalf of the Joint Parity Commission, No. 1247; Discussion and adoption on 17 July 2013 (TA No. 189). Senate: Report of Mr. Richard Yung, on behalf of the Joint Parity Commission, No. 750 (2012-2013); Text of Commission No. 751 (2012-2013) Discussion and adoption on 18 July 2013 (TA No. 197, 2012-2013).
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