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French Monetary and Financial Code

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Article L511-31 of the French Monetary and Financial Code

November 7, 2023

The central bodies represent the credit institutions and finance companies affiliated to them in their dealings with the Banque de France and the Autorité de contrôle prudentiel et de résolution. They are responsible for ensuring the cohesion of their network and the smooth operation of the institutions and companies affiliated to them. To this end, they take all necessary measures, in particular to guarantee the liquidity and solvency of each…

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Article L511-32 of the French Monetary and Financial Code

November 7, 2023

Without prejudice to the powers of documentary and on-the-spot control conferred on the Autorité de contrôle prudentiel et de résolution over the institutions and companies affiliated to them, the central bodies contribute, each insofar as it is concerned, to the application of directly applicable European legislative and regulatory provisions governing credit institutions and finance companies. To this end, they report any breaches of these provisions to the Autorité de contrôle…

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Article L511-33 of the French Monetary and Financial Code

November 7, 2023

I. – Any member of a board of directors or, as the case may be, of a supervisory board, and any person who in any capacity participates in the management or administration of a credit institution, a finance company or an organisation mentioned in Articles 5 and 8 of Article L. 511-6 , or who is employed by one of these, is bound by professional secrecy. Apart from cases where…

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Article L511-34 of the French Monetary and Financial Code

November 7, 2023

Companies established in France which are part of a financial group or a group comprising at least one finance company or, for the application of 2° of this article, a group within the meaning of article L. 356-1 of the Insurance Code, a group within the meaning of III of article L. 511-20 comprising at least one entity mentioned in 1° bis or 1° ter of article L. 561-2, or…

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Article L511-35 of the French Monetary and Financial Code

November 7, 2023

The provisions of Article L. 232-1 of the French Commercial Code are applicable to credit institutions, finance companies and investment firms under conditions set by the French Accounting Standards Authority (Autorité des normes comptables) after receiving the opinion of the French Advisory Committee on Financial Legislation and Regulation (Comité consultatif de la législation et de la réglementation financières). For the application of these provisions to the branches of credit institutions…

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Article L511-36 of the French Monetary and Financial Code

November 7, 2023

When they prepare their accounts in consolidated form, credit institutions and finance companies do so in accordance with the rules defined by a regulation of the Autorité des normes comptables (French accounting standards authority) issued after obtaining the opinion of the Comité consultatif de la législation et de la réglementation financières (consultative committee for financial legislation and regulation). However, they are exempt from complying with these rules when they use…

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Article L511-37 of the French Monetary and Financial Code

November 7, 2023

All credit institutions, finance companies, investment firms and members of clearing houses referred to in Article L. 440-2 .3 must publish their annual financial statements in accordance with the conditions set by the Autorité des normes comptables after receiving the opinion of the Comité consultatif de la législation et de la réglementation financières. The Autorité de contrôle prudentiel et de résolution shall ensure that the publications provided for in this…

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Article L511-38 of the French Monetary and Financial Code

November 7, 2023

Each credit institution, finance company or investment firm is audited by at least two statutory auditors, under the conditions defined in Book VIII of the Commercial Code. These statutory auditors must not represent or belong to firms with legal, professional, capital or organisational links between them. They carry out their activities under the conditions set out in Book VIII of the Commercial Code and certify the annual accounts. They verify…

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Article L511-39 of the French Monetary and Financial Code

November 7, 2023

I. – The provisions of articles L. 225-38 to L. 225-43 of the French Commercial Code apply to all credit institutions and finance companies. For the application of article L. 225-40 of the same code, when these credit institutions or finance companies do not have a general meeting, the special report of the statutory auditors is submitted to the Board of Directors for final approval. Where these credit institutions or…

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Article L511-41 of the French Monetary and Financial Code

November 7, 2023

I. – Credit institutions and finance companies are required to comply with management standards designed to guarantee their liquidity and solvency vis-à-vis depositors and, more generally, third parties, as well as the balance of their financial structure. In particular, they must comply with coverage and risk-spreading ratios. To comply with solvency and liquidity standards, they may be authorised to use their internal risk assessment approaches. Credit institutions and finance companies…

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is a Registered Trademark of
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182, rue de Rivoli
75001, Paris France
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Paris Bar Registration n° (Toque) C2396

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75001, Paris France
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Paris Bar Registration n° (Toque) C2396

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