Chapter IX: Banking and payment services intermediaries

I.-The professional associations referred to in I of Article L. 519-11 are approved by the Autorité de contrôle prudentiel et de résolution, which verifies their representativeness, the competence and good repute of their legal representatives and directors, the impartiality of their governance, assessed in the light of their written procedures, and their ability to ensure the performance and continuity of their missions through appropriate material and human resources. The Autorité…

I.-An association referred to in I of Article L. 519-11 may terminate the membership of one of its members at its request. Membership may also be withdrawn automatically by the association if the banking and payment intermediary no longer fulfils the conditions or undertakings to which its membership was subject, if it has not commenced business within twelve months of becoming a member, if it has not been in business…

I.-The legal representatives, directors, staff and agents of the associations referred to in I of Article L. 519-11 of this Code are bound by professional secrecy in the context of the tasks referred to in I, under the conditions and subject to the penalties set out in Articles 226-13 and 226-14 of the Criminal Code. This secrecy may not be invoked against the body that keeps the register referred to…

Bank and payment services intermediaries shall inform the association of which they are members of any change in the information concerning them and of any fact that may affect their membership of the association. They are required to inform the association as soon as possible if they fail to comply with the conditions or undertakings to which their membership was subject.

A decree in the Conseil d’Etat shall specify the terms and conditions for the application of this section.