Chapter I: Clearing houses

Clearing houses are the central counterparties defined in Article 2(1) of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories. They are authorised by the Autorité de contrôle prudentiel et de résolution after consultation with the Autorité des marchés financiers and the Banque de France. Where justified by the nature, volume or complexity of their…

Only the following may join clearing houses 1. Credit institutions and investment firms having their registered office in France as well as branches established on French territory of credit institutions having their registered office or, in the absence of a registered office, their effective management in a State which is neither a member of the European Union nor a party to the Agreement on the European Economic Area; 2. Credit…

The directors, employees and agents of clearing houses are bound by professional secrecy. In the case of transactions in financial contracts, clearing houses may disclose information covered by professional secrecy where the laws or regulations of a State that is not a member of the European Union require such information to be reported to a trade repository. Where such information constitutes personal data subject to Act 78-17 of 6 January…

Clearing houses may decide, on a non-discriminatory basis, that their members are del credere agents in relation to the principals whose accounts they keep.

In all cases, members of a clearing house undertake to fulfil, vis-à-vis the clearing house, all obligations arising from transactions entered in the name of third parties in their accounts. Payment of sums due in this respect may not be deferred. Any clause to the contrary is deemed unwritten.

Deposits made by clients with investment services providers other than portfolio management companies, members of a clearing house or made by such members with a clearing house to cover or guarantee positions taken in financial instruments shall take the form of a financial guarantee as provided for in Article L. 211-38 or any other form provided for in the operating rules. No creditor of a member of a clearing house,…

No creditor of an originator, of an investment services provider other than a portfolio management company referred to in Article L. 440-7, of a member of a clearing house or, as the case may be, of the clearing house itself, nor any court-appointed agent appointed under Book VI of the Commercial Code may claim any right whatsoever over deposits which take the form of a financial guarantee provided for in…

In the event of the opening of safeguard, receivership or liquidation proceedings referred to in Book VI of the Commercial Code or any equivalent proceedings opened under foreign law against a member of a clearing house or any other event of default by that member, the clearing house may, ipso jure and without formality: 1° Transfer to another member deposits made with that member relating to positions taken by non-defaulting…

Members of clearing houses may not invoke professional secrecy in response to requests made by the clearing house for the purpose of monitoring positions and concerning the identity, positions and solvency of principals whose accounts they keep.