French Monetary and Financial Code
In forceI.-The Financial Sector Consultative Committee comprises thirty-two members and their alternates appointed by order of the Minister for the Economy:
1° One Member of Parliament, appointed by the President of the National Assembly ;
2° One Senator, appointed by the President of the Senate;
3° Eleven representatives of credit institutions, finance companies, electronic money and payment institutions, investment firms, portfolio management companies, insurance companies, general agents, insurance brokers and intermediaries in banking and payment services, including :
a) Four representatives of credit institutions, investment firms and portfolio management companies;
b) One representative of electronic money and payment institutions;
c) Three representatives of insurance companies;
d) One representative of general agents;
e) One representative of insurance brokers;
f) One representative of banking and payment services intermediaries.
4° Five representatives of the staff of credit institutions, finance companies, electronic money and payment institutions, insurance companies, portfolio management companies and investment firms, appointed after consultation with representative trade unions at national level;
5° Eleven representatives of customers of credit institutions, finance companies, electronic money and payment institutions, insurance companies, portfolio management companies and investment firms, including :
a) Seven representatives of retail customers ;
b) Four representatives of professional and business customers;
6° Three persons appointed for their expertise.
The Chairman of the Consultative Committee of the Financial Sector is appointed from among the qualified persons designated in 6° by order of the Minister for the Economy. He shall have a general secretariat to assist him in the performance of his duties.
Representatives of the State and, at the request of the Chairman, of any other public authority, including the Banque de France, may attend Committee meetings. They do not vote.
II - As part of its remit, the Committee may, by an absolute majority of its members, instruct certain of its members to study specific issues and, to this end, set up working or study groups from among its members. On the proposal of its Chairman, the Committee may hear any expert.
III - The Committee meets when convened by its Chairman. It may only deliberate on matters included on the agenda attached to the notice of meeting. In the event of a tie, the Chairman has the casting vote.
IV.-The Committee shall ensure that information is available online to enable comparisons to be made between the fees charged by the institutions referred to in the penultimate paragraph of Article L. 614-1 for the main services offered to their natural person customers who are not acting for professional purposes.
V. - In application of the last paragraph of Article L. 614-1, the professional refers the matter to the Chairman of the Committee for the appointment of his mediator, proposing one or more candidates.
The Chairman convenes a collegiate body made up of :
- two representatives of approved consumer associations, who are members or alternates of the Committee ;
- two representatives of the professional concerned, proposed by the latter.
These representatives are appointed by the Committee Chairman. The Chairman also appoints the alternates for the representatives of the approved consumer associations.
The mediator is appointed by a majority of the votes cast by these representatives, without the Chairman of the Committee or his representative, who attends the debates, taking part in the vote.
