Book V: Service providers

Payment institutions are required to comply with management standards designed to ensure their solvency and the balance of their financial structure. They must also have an adequate internal control system enabling them in particular to measure the risks and profitability of their activities, including when they entrust essential or important operational functions or other tasks to third parties. They must maintain an adequate level of own funds. The conditions for…

The own funds of a payment institution may not fall below any of the requirements set out in Article L. 522-7 and the second paragraph of Article L. 522-14.

The Autorité de contrôle prudentiel et de résolution may make a recommendation or issue an injunction to payment institutions to ensure that they have sufficient capital for payment services, in particular where the payment institution’s non-payment services activities undermine or threaten to undermine the financial health of the payment institution. The Autorité de contrôle prudentiel et de résolution may also issue a recommendation or an injunction to payment institutions carrying…

Any payment institution intending to outsource operational functions of payment services shall inform the Autorité de contrôle prudentiel et de résolution. Important operational functions may not be outsourced in such a way as to seriously undermine the quality of the payment institution’s internal control and to prevent the Autorité de contrôle prudentiel et de résolution from monitoring the institution’s compliance with all the obligations to which it is subject. An…

I. – Funds received either from payment service users or through another payment service provider for the execution of payment transactions shall be protected in accordance with one of the following two methods, this choice being left to the discretion of the payment institution: 1° The funds received shall under no circumstances be confused with the funds of natural or legal persons other than the payment service users on whose…

Payment institutions shall provide their customers, and any other person who so requests, with all relevant information on the procedures for protecting the funds collected. Customers are informed of any changes. This information may not be used for advertising purposes.