French Monetary and Financial Code
In forceI. - Without prejudice to the supervision exercised by the competent authorities of the home State, the Autorité de contrôle prudentiel et de résolution is responsible for monitoring compliance by the persons referred to in I of Article L. 526-24 acting under the freedom of establishment, of the provisions of Section 12 of Chapter III of Title III of Book I relating to the terms and conditions for the redemption of electronic money and of Chapter V of Title I of Book III relating to the issuance and management of electronic money, as well as of the provisions of general interest within the meaning of Article L. 511-24 which are applicable to them.
It exercises over these institutions the supervisory and sanctioning powers defined in sections 5 to 7 of Chapter II of this Title. The deregistration provided for in 7° of Article L. 612-39 shall be understood as a prohibition on the electronic money institution issuing electronic money in the territory of the French Republic.
When an institution referred to in Article L. 526-24 has its authorisation withdrawn or is wound up, the Autorité de contrôle prudentiel et de résolution shall take the necessary measures to prevent it from commencing new operations in the territory of the French Republic and to ensure the protection of electronic money holders.
A decree of the Conseil d'Etat shall determine the procedures to be followed by the Autorité de contrôle prudentiel et de résolution in the exercise of the responsibilities and duties entrusted to it by this article. In particular, it shall determine the procedures for informing the competent authorities of the home State.
II. - Where it finds that a person referred to in I of Article L. 526-24 does not comply with the laws and regulations applicable to it and that urgent action is required immediately to remedy a serious threat to the collective interests of electronic money holders residing in France, the Autorité de contrôle prudentiel et de résolution may, as a precautionary measure pending the measures to be taken by the competent authorities of the home State, order one of the measures provided for in 1°, 2°, 3° and 4° of Article L. 612-33 under the conditions set out in Article L. 612-35.
The measures taken pursuant to this paragraph shall be appropriate and proportionate to the objective of protecting the collective interests of electronic money holders residing in France and shall not have the effect of favouring such holders over electronic money holders of the electronic money institution residing in the territory of other Member States of the European Union or parties to the European Economic Area. These measures are temporary and cease once the serious threat has been remedied.
The Autorité de contrôle prudentiel et de résolution shall inform the competent authorities of the home Member State, the European Commission and the European Banking Authority in advance or, if the emergency situation does not allow it, without delay, of the precautionary measures taken pursuant to this II and of their justification.
