I. – In the local authorities covered by the article 73 of the Constitution and in the overseas collectivities of Saint-Martin, Saint-Pierre-et-Miquelon and Wallis-et-Futuna, following a public opinion from the territorially competent price, margin and income observatory, the State representative negotiates each year with the professional organisations of the retail trade sector and their suppliers, whether producers, wholesalers or importers, as well as with sea freight companies and forwarding agents an agreement to moderate the overall price of a limited list of everyday consumer products.
If the negotiations are successful, the agreement is made public by prefectoral order.
II -In the absence of an agreement one month after the opening of negotiations, the State representative shall, on the basis of the negotiations mentioned in I and the lowest prices practised in the economic sector concerned, determine the overall price of the list mentioned in the first paragraph of the same I, as well as its framework arrangements.
III. – The overall price of the list mentioned in I, as practised, is displayed pursuant to article L. 113-3 of the French Consumer Code.
IV. – Breaches of III of this article are investigated and recorded by the agents mentioned in II of Article L. 450-1of this code, under the conditions set out in articles L. 450-2, L. 450-3, L. 450-7, L. 450-8 and L. 490-8.
V. – The terms of application of I to IV of this article shall be specified by decree.