Title III: Payment systems and settlement and delivery systems for financial instruments

I. – An interbank settlement system or a system for the settlement and delivery of financial instruments means a national or international procedure organising relations between at least three participants, not including the system operator, as defined in 5° of II of this article, or any indirect participants, as defined in the last paragraph of II, permits, in accordance with common rules and standardised procedures within the meaning of Directive…

I. – The operating rules, the framework agreement or the standard agreement governing any system referred to in article L. 330-1 may require institutions participating, directly or indirectly, in such a system or in a system linked by an interoperability agreement, to provide guarantees which may be realised in accordance with the provisions of article L. 211-38 or to earmark securities, instruments, claims or sums of money to meet payment…

A payment system means an interbank settlement system as defined in Article L. 330-1 or any other system enabling payment orders to be processed or funds to be transferred alternatively or cumulatively in accordance with standardised procedures and common rules.

I. – The rules governing access by payment service providers to the payment systems referred to in Article L. 330-3 must be objective, non-discriminatory and proportionate. These rules must make it possible to prevent specific risks, such as settlement risk, operational risk and business risk, and to protect the financial and operational stability of payment systems. They must not impede access to these payment systems beyond what is necessary in…