Title I: Banking services providers

Credit institutions are authorised as banks, mutual or cooperative banks, specialised credit institutions, credit and investment institutions or municipal credit funds. Banks may carry out all banking transactions. Mutual or cooperative banks, specialised credit institutions and municipal credit unions may carry out all banking transactions subject to the restrictions set out in the laws and regulations governing them. Credit and investment institutions may carry out all transactions subject to the…

I. – Before commencing business, credit institutions must obtain authorisation. This authorisation is granted to legal entities with their registered office in France or to branches established on French territory of credit institutions with their registered office in a State that is neither a member of the European Union nor a party to the Agreement on the European Economic Area. Pursuant to Articles 4 and 14 of Council Regulation (EU)…

Credit institutions and finance companies must have paid-up initial capital or a paid-up endowment, the minimum amount of which, between one million and five million euros depending on the authorisation granted, is defined by order of the Minister for the Economy. This order also defines the elements taken into account to determine this amount.

I. – Changes in the ownership structure of a credit institution or finance company must be notified to the Autorité de contrôle prudentiel et de résolution. Pursuant to Articles 4 and 15 of Council Regulation (EU) No 1024/2013 of 15 October 2013, the acquisition or extension of direct or indirect shareholdings in a credit institution shall be subject, on a proposal from the Autorité de contrôle prudentiel et de résolution,…

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 line of business by a credit institution referred to in Article L. 611-1 must be authorised by the Autorité de contrôle prudentiel et de résolution.

The head office and central administration of any credit institution or finance company authorised in accordance with Article L. 511-10 are located in France. These provisions do not apply to branches of credit institutions mentioned in I of article L. 511-10. Credit institutions, including branches of credit institutions referred to in I of Article L. 511-10, or finance companies are effectively managed by at least two persons.

Without prejudice to the provisions of Article L. 229-4 of the French Commercial Code, the Autorité de contrôle prudentiel et de résolution also has the power to oppose, in accordance with the provisions of Article 8(14) and Article 19 of Council Regulation (EC) No 2157/2001 of 8 October 2001 on the Statute for a European Company (SE), the transfer of the registered office of a credit institution constituted in the…