#2015-558Regulations on Branches of Non-EU Credit Institutions in France
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
This law regulates the operations of branches of credit institutions in France whose headquarters are outside the European Union or European Economic Area. It requires these branches to obtain authorization before operating and mandates that they clearly state their approved services. The law ensures that such branches operate under similar regulations applied to domestic credit institutions, fostering transparency and accountability.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- Non-EU branches need authorization before operating in France.
- Branches must use clear names for their authorized services.
- Regulatory alignment with domestic credit services for transparency.
Obligations
What this law requires
Non-EU/EEA credit institution branches must obtain authorization from the Prudential Supervision and Resolution Authority (ACPR) before operating in France
Branches must clearly state their approved services and add an explanatory mention to their business name if it could suggest they provide unauthorized services or create confusion about their scope
The explanatory mention specifying the type of authorization received must appear on all customer-facing documents and prospecting materials
The parent credit institution must commit to exercising oversight functions equivalent to those of a board of directors or supervisory board over the branch
Branches must ensure that at least two persons are responsible for the effective direction of the branch's activities