Glossary

Directive 2007/64 EC, allows non-authorised persons acting under a mandate, termed “agents”, and subject to less strict registration conditions than an authorisation requirement, to provide payment services for which their principal has been authorised.

Although custody account-keeping and financial instrument clearing services are neither bank activities nor investment services, their exercise is subject to prior authorisation of the Prudential Supervisory Authority (see Articles L. 440-2, L. 542-1, R. 532-2 and R. 542-1 of the Monetary and Financial Code).

Under the terms of the Monetary and Financial Code the Committee shall be responsible for taking the decisions and granting the individual authorisations or exemptions [provided for in the laws and regulations] applying to credit institutions, with the exception of those within the competence of the Commission Bancaire.

The ACP is chaired by the Governor of the Banque de France, who is also the chairman of the Commission Bancaire, or his representative. It comprises three other members ex officio: the Head of the Treasury or his representative, the chairman of the Autorité des marchés financiers or his representative, the chairman of the managing board of the guarantee fund or a member of the managing board representing him as well as eight members or their alternates appointed by Order of the Minister of Finance for a three year term.

The Direction de l'agrément, des autorisations et de la réglementation of the Banque de France is in charge of the Secretariat of the Committee. As such it prepares, under the authority of the Secretary General of the Committee, the examination of the applications submitted to the Committee.

The Financial Security Act 2003-706 of 1 August 2003 creates the Autorité des marchés financiers by merging the Commission des opérations de bourse (COB), the Conseil des marchés financiers (CMF) and the Conseil de discipline de la gestion financière (CGDF).

The Autorité de contrôle prudentiel is an independant public authority having legal personality and financial independance.

The AMF shall be responsible for:

•  The protection of savings invested in financial instruments and all other investments giving rise to public offerings.
•  Investor information.
•  The smooth functioning of markets for financial instruments.

The AMF comprises:

•  A Board of 16 members.
•  A Disciplinary Commission of 12 members.
•  Specialised commissions and consultative commissions.