Financial and Banking Activities

The last 10 years have witnessed an unprecedented transformation in global financial and banking spheres. Legal and regulatory environments, both domestic and international, have been gradually liberalised and the EU has had a profound effect as exchange controls have been abolished. New markets have been created in France.

A STRONGLY REGULATED ACTIVITY
Banking activities are strongly regulated in France. They are governed by the 24 January 1984 Act, commonly referred to as 'the Banking Act', which also specifies the means of supervision of the 2,000 or so institutions making up the French Banking System.
The Banking Act gives an extensive definition of the banking operations and consequently of the 'credit institutions' which need a licence and which are subject to a specific supervision. It defines the framework in which the banking business operates and divides the regulatory and supervisory functions between three distinct bodies.