French Business Law - French Legislation

Article L721-18 of the French Monetary and Financial Code

November 7, 2023

The Institut d’émission d’outre-mer is a public institution. Its articles of association are laid down by decree in the Conseil d’Etat.The Institut d’émission d’outre-mer implements the State’s monetary policy in the CFP franc zone, comprising the territories of New Caledonia, French Polynesia and the Wallis and Futuna Islands, whose currency is the CFP franc.The State’s monetary policy in the CFP franc zone pursues the following objectives:1° To promote economic development…

Article L721-19 of the French Monetary and Financial Code

November 7, 2023

The Institute may grant credit institutions and other market participants advances or loans guaranteed by appropriate collateral. The Institute may carry out documentary and on-site inspections of credit institutions as part of its task of implementing the State’s monetary policy. Lastly, it defines the penalties applicable in the event of failure to comply with the rules it has established. Decisions relating to the implementation of monetary policy become enforceable within…

Article L721-20 of the French Monetary and Financial Code

November 7, 2023

In liaison with the Banque de France, the Institut d’émission d’outre-mer shall ensure the security and smooth operation of payment systems and systems for the clearing, settlement and delivery of financial instruments within the CFP franc zone.The Institut d’émission d’outre-mer shall carry out documentary and on-site inspections in order to perform the tasks mentioned in the first paragraph. The Institute shall carry out expert appraisals and shall obtain from clearing…

Article L721-21 of the French Monetary and Financial Code

November 7, 2023

The Institut d’émission d’outre-mer draws up the balance of payments for the territories in the CFP franc zone. It is empowered to obtain any information it requires to perform this task from establishments and companies operating in the zone. The Institute and the statistical institutes or services of New Caledonia, French Polynesia and the Wallis and Futuna Islands may send each other the data they need to carry out their…

Article L721-22 of the French Monetary and Financial Code

November 7, 2023

Any person who participates or has participated in the performance of the tasks of the Institut d’émission d’outre-mer is bound by professional secrecy. Any person who participates or has participated in the performance of the duties of the Institut d’émission d’outre-mer shall be liable to the penalties provided for inArticle 226-13 of the French Criminal Code for violating the professional secrecy referred to in the first paragraph of this Article,…

Article L721-23 of the French Monetary and Financial Code

November 7, 2023

Within the Institut d’émission d’outre-mer, an observatory of bank charges is responsible for studying issues relating to bank charges in the local authorities referred to in Article L. 721-4. It periodically publishes statements on changes in charges and differences between institutions. Each year, it draws up an activity report, which is published on its website.

Article L721-24 of the French Monetary and Financial Code

November 7, 2023

In New Caledonia, French Polynesia and the Wallis and Futuna Islands, the Institut d’émission d’outre-mer (French overseas note-issuing bank) centralises information enabling the identification of accounts of all kinds held by natural and legal persons as well as safe deposit box rentals. The Institute shall inform institutions and persons authorised to maintain accounts and to open regulated savings accounts in particular. The Institut d’émission d’outre-mer shall also ensure compliance with…

Article L721-25 of the French Monetary and Financial Code

November 7, 2023

I. – The Institut d’émission d’outre-mer carries out in the Wallis and Futuna Islands the tasks assigned to the Banque de France in mainland France relating to the treatment of overindebtedness of private individuals. An agreement signed between the State and the Institute sets out the terms and conditions for the performance of this task and the terms and conditions for its remuneration.The Institut d’émission d’outre-mer may provide assistance to…

Article L721-26 of the French Monetary and Financial Code

November 7, 2023

The Institut d’émission d’outre-mer (French overseas note-issuing bank) shall provide public accountants, at their request, with information relating to accounts of any kind and to safes that it centralises for the purpose of carrying out the duties assigned to it by the first sentence of Article L. 721-24. The Institute is exempt from professional secrecy for the application of this provision. The right of communication is exercised regardless of the…

Article L721-27 of the French Monetary and Financial Code

November 7, 2023

The Institut d’émission d’outre-mer may contact directly companies and professional groups that are willing to participate in its surveys. These voluntary companies and professional groups provide the Institute with information on their financial situation. The Institute may communicate all or part of the information it holds on the financial situation of companies to other central banks, to the tax departments of New Caledonia, French Polynesia and the Wallis and Futuna…

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Legislative part

Article L721-18 of the French Monetary and Financial Code

Article L721-19 of the French Monetary and Financial Code

Article L721-20 of the French Monetary and Financial Code

Article L721-21 of the French Monetary and Financial Code

Article L721-22 of the French Monetary and Financial Code

Article L721-23 of the French Monetary and Financial Code

Article L721-24 of the French Monetary and Financial Code

Article L721-25 of the French Monetary and Financial Code

Article L721-26 of the French Monetary and Financial Code

Article L721-27 of the French Monetary and Financial Code

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Legislative part

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