French Business Law - French Legislation

Article D518-50 of the French Monetary and Financial Code

November 6, 2023

The accounts produced under the conditions provided for in Article D. 518-49 are submitted to the principal’s authorising officer for approval prior to their integration into the principal’s accounts. Before incorporation into its accounts, the principal’s public accountant shall check the transactions carried out by the agent. If the controls mentioned in the previous paragraph reveal an irregularity, the irregular operations are not entered in the accounts by the principal’s…

Article R518-57 of the French Monetary and Financial Code

November 6, 2023

The authorisation referred to in 5° of Article L. 511-6 is issued by the Autorité de contrôle prudentiel et de résolution in accordance with the provisions of this sub-section.

Article R518-58 of the French Monetary and Financial Code

November 6, 2023

I. – Applications for authorisation are made to the Autorité de contrôle prudentiel et de résolution. A receipt will be issued upon receipt of all the documents required to examine the application. The application for authorisation specifies the purpose of the loans, depending on whether they are for the creation and development of businesses or for the implementation of social integration projects by individuals. The Autorité de contrôle prudentiel et…

Article R518-59 of the French Monetary and Financial Code

November 6, 2023

Associations and foundations applying for authorisation must meet the following conditions: 1° At least eighteen months’ experience in supporting projects financed by loans from their own resources or by bank loans; 2° Processing a minimum number of applications per year, as set by order of the Minister for the Economy; 3° The required competence assessed by the Autorité de contrôle prudentiel et de résolution in the light, in particular, of…

Article R518-60 of the French Monetary and Financial Code

November 6, 2023

Authorised associations and foundations are subject to the following obligations: 1° Include in their objects lending for the creation and development of businesses and lending for the implementation of social integration projects by individuals, in accordance with the authorisation given to them pursuant to article R. 518-58; 2° Set up an internal control system for their lending activities, which must include rules for selecting and monitoring risks, separation of decision-making…

Article R518-61 of the French Monetary and Financial Code

November 6, 2023

The lending operations carried out by associations and foundations under the authorisation granted pursuant to article R. 518-58 meet the following criteria: 1° Loans are made against payment ; 2° Loans may not be granted to companies with more than three employees; 3° Loans intended to help finance social integration projects are granted to individuals facing financial difficulties whose ability to repay the loans is deemed sufficient by the associations…

Article R518-62 of the French Monetary and Financial Code

November 5, 2023

Provisions must be made for outstanding disputed or doubtful loans to the extent of probable losses. The fraction of outstanding loans not covered by provisions that is not covered by the guarantees mentioned in article R. 518-61 must give rise to the constitution of a reserve fund. The Autorité de contrôle prudentiel et de résolution determines the rate applicable to this fraction for each association or foundation, in accordance with…

Article R518-63 of the French Monetary and Financial Code

November 5, 2023

A committee responsible for issuing an opinion on the applications for authorisation referred to in article L. 313-21-1 is placed under the authority of the Minister for the Economy.

Article R518-64 of the French Monetary and Financial Code

November 5, 2023

The committee comprises the following members 1° Three representatives of the Minister for the Economy, including one member of the Inspectorate General of Finance; 2° Two representatives of the Minister for Employment, including one member of the Inspectorate General of Social Affairs; 3° One representative of the Minister for Small and Medium-sized Enterprises; 4° A representative of the Minister for the Solidarity Economy; 5° A representative of the Minister for…

Article R518-65 of the French Monetary and Financial Code

November 5, 2023

I. – The application for authorisation referred to in article L. 313-21-1 is submitted to the secretariat of the Committee. A receipt will be issued as soon as all the documents required to examine the application have been received. In its application, the company must submit : 1° A full copy of the entries in the Trade and Companies Register concerning the company; 2° Its skills, past activity and forecasts;…

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Regulatory part

Article D518-50 of the French Monetary and Financial Code

Article R518-57 of the French Monetary and Financial Code

Article R518-58 of the French Monetary and Financial Code

Article R518-59 of the French Monetary and Financial Code

Article R518-60 of the French Monetary and Financial Code

Article R518-61 of the French Monetary and Financial Code

Article R518-62 of the French Monetary and Financial Code

Article R518-63 of the French Monetary and Financial Code

Article R518-64 of the French Monetary and Financial Code

Article R518-65 of the French Monetary and Financial Code

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