#2026-255Ordinance No. 2026-255 on the Transposition of EU Directive 2024/1619
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This ordinance modifies various sections of the French monetary and financial code to comply with EU Directive 2024/1619. It addresses issues regarding credit institutions from non-EU countries operating in France, including requirements for establishing branches and obtaining necessary authorizations. Additionally, the ordinance outlines new provisions for regulatory evaluations of significant acquisitions and restructurings in the financial sector.
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Key Changes
- Modifications to the financial code to include provisions for non-EU credit institutions.
- New regulatory evaluation processes for significant acquisitions and restructurings.
- Clarifications on the requirements for branches operating in France.
Obligations
What this law requires
Non-EU/non-EEA credit institutions must establish a branch in France and obtain authorization before conducting banking operations for French-based clients, except when clients are credit institutions, group companies, or clients who initiated contact solely on their own initiative
Non-EU/non-EEA credit institutions are prohibited from marketing product categories, activities, or services other than those solicited by the client, except through an authorized branch
The Autorité de contrôle prudentiel et de résolution must inform the European Banking Authority of derogation requests and transmit a decision proposal to the European Central Bank within one month
Derogation decisions from authorization requirements must be reevaluated every three years and published on the European Banking Authority website with the EBA's opinion
Non-EU/non-EEA credit institution branches must immediately inform the ACPR if the parent establishment or group fails to meet prudential requirements applicable in the third country