France Money and Banking: Banking Laws
Banking Law of 24 January 1984
(Loi Bancaire)
Date Enacted: January 24, 1984
Regulated: Banks and other credit institutions operating in France
Activities Regulated: Deposit-taking, lending, and other financial activities
Purpose of the Law: To establish the legal framework for the operation of credit institutions in France, including licensing and supervision requirements, capital requirements, and consumer protection measures.
Financial Markets Act of 11 July 2011
(Loi de régulation des activités bancaires et financières)
Date Enacted: July 11, 2011
Regulated: Financial markets, financial institutions, and investment services providers
Activities Regulated: Trading in financial instruments, management of collective investment schemes, and investment advisory services
Purpose of the Law: To strengthen the regulatory framework for financial markets and services providers in France, including measures to enhance investor protection, improve transparency, and promote market integrity.
Insurance Code
(Code des Assurances)
Date Enacted: 1930 (revised in 2019)
Regulated: Insurance companies operating in France
Activities Regulated: Underwriting and selling insurance policies, managing insurance risks, and investing insurance premiums
Purpose of the Law: To regulate the insurance industry in France, including licensing and supervision requirements, solvency and capital adequacy standards, and consumer protection measures.
Money Laundering and Terrorism Financing Prevention Act of 12 July 2010
(Loi relative à la prévention de l’utilisation du système financier aux fins de blanchiment de capitaux et de financement du terrorisme)
Date Enacted: July 12, 2010
Regulated: Financial institutions, including banks, insurance companies, and investment firms
Activities Regulated: Measures to prevent money laundering and terrorism financing, including customer identification and due diligence, reporting suspicious transactions, and maintaining records
Purpose of the Law: To strengthen the measures to prevent using the financial system for illegal activities, such as money laundering and terrorism financing.
Securities Act of 22 October 1968
(Loi sur les valeurs mobilières)
Date Enacted: October 22, 1968
Regulated: Issuers of securities, intermediaries, and investors
Activities Regulated: Issuance, trading, and holding of securities, including shares, bonds, and other financial instruments
Purpose of the Law: To regulate the securities market in France, including measures to ensure investor protection, promote transparency, and prevent market abuse.
Consumer Code
(Code de la consommation)
Date Enacted: 2014 (revised in 2020)
Regulated: Consumer financial services, including credit, banking, and insurance products
Activities Regulated: Provision of financial products and services to consumers, including advertising, marketing, and contractual terms
Purpose of the Law: To protect consumers from unfair practices in the financial services sector, including measures to promote transparency, prevent misleading advertising, and regulate consumer credit.
Payment Services Act of 10 July 2014
(Loi relative aux services de paiement)
Date Enacted: July 10, 2014
Regulated: Payment service providers, including banks and non-bank payment institutions
Activities Regulated: Payment services, including payment initiation, account information services, and money remittance
Purpose of the Law: To regulate the provision of payment services in France, including licensing and supervision requirements, consumer protection measures, and measures to ensure the security and efficiency of payment systems.
General Regulation of the French Financial Markets Authority
(Règlement général de l'Autorité des marchés financiers)
Date Enacted: 2007 (revised in 2021)
Regulated: Financial markets and intermediaries operating in France
Activities Regulated: Trading in financial instruments, management of collective investment schemes, and investment advisory services
Purpose of the Law: To specify the rules of conduct for financial markets and intermediaries operating in France, including measures to ensure investor protection, prevent market abuse, and promote transparency.
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