#ECOT2609696AChecks Before Opening Regulated Savings Products
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
This order sets the information banks must include and collect before opening a regulated savings product, such as products covered by the Monetary and Financial Code. The core rule is simple: a person generally cannot hold more than one regulated savings product of the same category, and the bank must check with the tax administration before opening a new one. Banks must tell customers about this check, send identifying information to the tax administration, and wait for a response before opening the account. Customers can also choose whether the tax administration may share details of any existing similar savings products with the bank.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- Banks must include clear warnings in account-opening contracts that customers generally cannot hold more than one regulated savings product of the same category.
- Banks must check with the tax administration before opening a regulated savings product and cannot open it until they receive a response.
- Customers must be asked whether they allow details of any existing similar regulated savings products to be shared with the bank.
Obligations
What this law requires
Include in the regulated savings product opening contract a notice that, except where an exception applies, the same person may hold only one regulated savings product of the same category.
Include in the regulated savings product opening contract a notice that the credit institution must check with the tax administration before opening the product whether the applicant already holds a regulated savings product of the same category.
Do not open a regulated savings product before receiving the tax administration's response to the prior holding check.
When receiving an application to open a regulated savings product for an individual, transmit the customer's surname, first name, date of birth, and place of birth to the tax administration.
When receiving an application from a legal person wishing to open a Livret A, transmit to the tax administration the customer's SIRET number or corporate name, legal category, and address.