Subsection 2: Additional rules applicable to bank and payment services brokers and their agents

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R519-27R519-28R519-29R519-30R519-31R519-32R519-33

Article R519-28

French Monetary and Financial CodeIn force
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Updated 5 Nov 2023

The intermediaries referred to in article R. 519-27 above are required to analyse a sufficient number of contracts on offer to be able to base an objective analysis of the market and recommend or propose a contract suited to the needs of the customer, including the potential customer.

They must provide customers and potential customers with information describing and comparing the different types of contract available on the market for the operations and services proposed, in a personalised manner tailored to their degree of complexity.

They must inform customers of the rules applicable to banking transactions and payment services and explain the extent of their duties and obligations.

They must ensure that they offer customers, including potential customers, the most appropriate services, transactions or contracts from among those they are in a position to offer, in a clear and precise manner. They must refrain from offering a service, transaction or contract that is not suited to the needs of the customer or potential customer.

However, where the intermediary referred to in article R. 519-27 above only provides the customer with assistance with preparatory work for carrying out a banking transaction or payment service, to the exclusion of any other form of intermediation, and without receiving remuneration in this respect from a credit institution, finance company, a payment institution, an electronic money institution that provides payment services, a participative finance intermediary, an insurance company in the context of its lending activities or a management company in the context of its AIF management activities referred to in Article L. 511-6, it may, by way of derogation from the first paragraph, limit its analysis to the contracts for which it has been asked by the customer. In this case, it is not subject to the provisions of this article, with the exception of the obligation to provide personalised information on the transactions and services for which it has been asked, adapted to their degree of complexity, and the obligation to inform the customer of the rules applicable to banking transactions and payment services and to explain the extent of its duties and obligations.

Mariela Petrova

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Any time a strategic decision changes how the company is owned, governed or contractually bound — incorporation, fundraising, M&A, restructuring, shareholder agreements, or major commercial contracts. Earlier engagement always costs less than later remediation.

A notary (notaire) is a public officer who authenticates specific deeds (mainly real-estate transfers and certain family-law acts). A corporate lawyer (avocat) advises on strategy, negotiates and drafts company documents, and represents you in disputes. The two roles complement rather than overlap.

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Mariela Petrova

Mariela Petrova

Avocate au Barreau de Paris

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15+ Years In Corporate Practice

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Communications protected by professional secrecy — secret professionnel de l'avocat, Article 66-5 of the Law of 31 December 1971.

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