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Monetary and Financial Code – Legislative Section
BOOK VI BANKING
INSTITUTIONS AND
OTHER FINANCIAL
INSTITUTIONS
Amended by Act No. 2003-706 of 1 August 2003 Art. 28 II 1, 2,
Art. 48 II 2 Official Journal of 2 August 2003
Amended by Order No. 2004-1201 of 12 November 2004 Art. 9
Official Journal of 16 November 2004
Amended by Order No. 2005-429 amending the Monetary and
Financial Code Art. 77 Official Journal of 7 May 2005
Amended by Order No. 2009-866 of 15 July 2009 Art. 15 Official
Journal of 16 July 2009
Art. L. 611-1-1. − The Minister for the Economy lays down
the rules for payment institutions relating, inter alia, to:
1 The amount of the payment institutions' capital;
PART I COMPETENT
INSTITUTIONS FOR
REGULATION AND
SUPERVISION
Part amended by Order No. 2009-866 of 15 July 2009 Art. 15
Official Journal of 16 July 2009 and Order No. 2010-76 of 21 January
2010 Art. 1 Official Journal of 22 January 20103333
Chapter I Regulations
(Title Art. 28 LSF (Loi de Sécurité Financière – Financial Security
Act) 2003-706)
(Sections deleted LSF 2003-706 Art. 48)
Art. L. 611-1. - The Minister for the Economy lays down
the rules for credit institutions relating, inter alia, to:
1. The amount of the credit institutions' capital and the
circumstances in which direct or indirect equity interests in said
institutions and in the financial institutions referred to in Article
L. 511-21 which directly or indirectly hold an effective
controlling interest in one or more credit institutions may be
acquired, increased or sold;
2. The conditions for establishing networks;
3. The circumstances in which said institutions may acquire
equity interests;
4. The conditions applicable to the transactions that credit
institutions or their agents may carry out, particularly in their
relations with their clients and also with regard to the rules
pertaining to competition;
5. Organisation of the common services;
6. The management standards credit institutions must
comply with in order to ensure their liquidity, their solvency
and the balance of their financial structure, as well as the
circumstances in which said standards are applicable on a
consolidated basis, including the possibility of there being no
parent institution having its registered office in France;
7. Publication of the information intended for the
competent authorities;
8. The instruments and rules of credit, without prejudice to
the tasks entrusted to the European System of Central Banks by
Article 105, paragraph 2, of the Founding Treaty of the
European Community;
9. The rules relating to the protection of depositors referred
to in Article L. 312-4;
10. The rules applicable to the accounting organisation, the
monitoring and security mechanisms in the computing sphere
and the internal auditing procedures.
2 The criteria that determine whether an amendment to the
conditions of approval issued to a payment institution shall be
subject, as applicable, to prior authorisation from the Autorité
de Contrôle Prudentiel (ACP), a declaration or a notification;
3 The conditions applicable to the transactions that
payment institutions or their agents may carry out, particularly
in their relations with their clients and also with regard to the
rules pertaining to competition;
4 The arrangements for protecting the clients' funds;
5 The manner in which decisions to withdraw approval
shall be made known to the public and the circumstances in
which the funds received from users of payment services shall
be returned to them or transferred to another credit institution
or another approved payment institution or to the Caisse des
Dépôts et Consignations;
6. The management standards that credit institutions must
comply with in order to ensure their liquidity, their solvency
and the balance of their financial structure, as well as the
circumstances in which said standards are applicable on a
consolidated basis, including the possibility of there being no
parent institution having its registered office in France;
7. The rules applicable to the accounting organisation, the
monitoring and security mechanisms in the computing sphere
and the internal auditing procedures.
Inserted by Order No. 2009-866 of 15 July 2009 Art. 15 Official
Journal of 16 July 2009
Art. L. 611-1-2. − The Minister for the Economy lays
down the rules for the agents of the payment service providers
relating, inter alia, to:
1 The conditions of respectability and aptitude;
2 The registration procedures referred to in Article L. 5231.
Inserted by Order No. 2009-866 of 15 July 2009 Art. 15 Official
Journal of 16 July 2009
Art. L. 611-2. − In the event of any violation of the rules
laid down by the Minister regarding application of the
provisions of paragraph 1 of Article L. 611-1, and without
prejudice to the provisions of Article L. 233-14 of the
Commercial Code, the Public Prosecutor, the Autorité de
Contrôle Prudentiel or any shareholder may ask the court to
suspend exercise of the voting rights attached to the shares or
membership shares of credit institutions or financial institutions
which are irregularly held, either directly or indirectly, until the
situation is regularised.
Amended by Act No. 2003-706 of 1 August 2003 Art. 28 II 1, 2, 3,
Art. 48 II 2 Official Journal of 2 August 2003
Amended by Order No. 2010-76 of 21 January 2010 Art. 6 Official
Journal of 22 January 2010