#2014-158Ordinance No. 2014-158 on Financial Legislation Adaptation
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This French law aligns national financial regulations with EU standards. It introduces changes for financial entities, specifying how companies must notify and comply with new regulations. The law emphasizes the need for enhanced procedures for risk management and control.
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Key Changes
- Inclusion of 'holding' companies in applicable financial regulations
- Enhanced notification requirements for the Prudential and Resolution Authority
- Standardization of financial entity naming across EU member states
Obligations
What this law requires
Banque de France must alert the Autorité de contrôle prudentiel et de résolution and competent authorities without delay when it becomes aware of an emergency situation as defined in article L. 613-20-5
Financial establishments using the same business name as in their home member state must add an explicit clarifying statement to their name if it could mislead clients about the services they are authorized to provide. This statement must specify the type of authorization and appear on all client-facing documents and prospecting materials
Persons acquiring or modifying capital stakes in credit institutions or financing companies must notify the Autorité de contrôle prudentiel et de résolution. The Autorité may order notification without delay if this obligation is not respected
Credit institutions and financing companies must satisfy at all times the conditions of their authorization
Applicants for credit institution authorization must provide information on their organization, technical and financial means, and the identity and participation amount of capital contributors, as defined by ministerial order