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ARTICLE · 24 JUNE 2015

French Financial Institutions Litigation & Regulation Update, Issue 9

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Pursuant to Article 47(1) of CRD IV, Ordinance no. 2015-558 dated May, 21, 2015 amended with immediate effect the provisions applying to French branches of non-EU credit institutions.

FranceFinance and Banking
Philippe Goutay
Philippe Goutay
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LEGISLATION AND REGULATION

Provisions Applying to French Branches of Non-EU Credit Institutions Are Revised

Pursuant to Article 47(1) of CRD IV, Ordinance no. 2015-558 dated May, 21, 2015 amended with immediate effect the provisions applying to French branches of non-EU credit institutions.

The Ordinance deals with the authorization, regulatory capital requirements, and governance of branches of non-EU credit institutions. For each of these issues, the authorization or the exoneration from otherwise applicable requirements is contingent on the demonstration that the regulation or the supervision of the home country of the credit institution is deemed to be equivalent to French regulations.

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