French Monetary and Financial Code
In forceI.-The provisions of the articles mentioned in the left-hand column of the following table shall apply in the Wallis and Futuna Islands, subject to the adaptations mentioned in II, in the wording indicated in the right-hand column of the same table:
Articles applicable | In the wording resulting from |
|---|---|
L. 440-1 with the exception of its 3rd and 4th paragraphs and L. 440-2 | Act no. 2019-486 of 22 May 2019 |
L. 440-4 | Law no. 2016-1691 of 9 December 2016 |
L. 440-5 and L. 440-6 | Order no. 2007-544 of 12 April 2007 |
L. 440-7 and L. 440-8 | Order no. 2017-1107 of 22 June 2017 |
L. 440-9 | law no. 2013-672 of 26 July 2013 |
L. 440-10 | Order no. 2007-544 of 12 April 2007 |
II.For the application of the articles mentioned in the table above:
1° In article L. 440-1:
a) In the first paragraph, the words: "central counterparties as defined in Article 2(1) of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on over-the-counter derivatives, central counterparties and trade repositories" are replaced by the words: "legal entities that act as intermediaries between counterparties to contracts traded on one or more financial markets, becoming the buyer vis-à-vis any seller and the seller vis-à-vis any buyer";
b) In the second paragraph, after the words: "and the Banque de France" are added: "as well as the Institut d'émission d'outre-mer";
c) The fifth paragraph is replaced by the following provisions:
"The Autorité de contrôle prudentiel et de résolution shall also consult the Autorité des marchés financiers, the Institut d'émission d'outre-mer and the Banque de France, when it receives from the legal entities mentioned in the first paragraph whose registered office is located in the Wallis and Futuna Islands information relating to:
"any change in their management bodies;
any decision by a natural person or legal entity, taken individually or collectively, to acquire or significantly increase a qualifying holding in the capital of the legal entities referred to in the first paragraph;
any interoperability agreement, within the meaning of the last paragraph of I of Article L. 330-1, which it considers to be excessively risky;
2° In Article L. 440-2:
a) In sections 4 and 5, the words: "in mainland France or in the overseas departments or the Department of Mayotte or in Saint Barthélemy or Saint Martin" are deleted;
b) In section 7, the words: "by counterpart authorities in another Member State of the European Union or party to the Agreement on the European Economic Area or in a third country" are replaced by the words: "by counterpart authorities in a State other than France".
