LEGISLATIVE DIRECTORY I(2)
LexInter | December 15, 2017 | 0 Comments

LEGISLATIVE DIRECTORY I

Chapter I

General rules

applicable to credit institutions

Section 1

Definitions and activities

MONETARY AND FINANCIAL CODE
(Legislative Part)Section 1: Definitions and activities 

Article L511-1

Credit institutions are legal entities which carry out banking transactions within the meaning of Article L. 311-1 as their usual profession . . They can also carry out transactions related to their activities, within the meaning of Article L. 311-2. 

Article L511-2

(Law nº 2003-706 of August 1, 2003 art. 46 VI 1º Official Journal of August 2, 2003)
Credit institutions may, in addition, under conditions defined by the Minister responsible for the economy, take and hold participations in existing or new businesses.Article L511-3

(Law nº 2003-706 of August 1, 2003 art. 46 VI 1º Official Journal of August 2, 2003)
Credit institutions may carry out an activity other than those mentioned in Articles L. 311-1, L. 311-2 and L. 511-2 on a regular basis only under conditions defined by the Minister responsible for the economy.    These operations must, in any event, remain of limited importance compared to all the usual activities of the establishment and must not prevent, restrict or distort competition on the market in question.
Article L511-4(Law n ° 2003-706 of August 1, 2003 art. 24 I Official Journal of August 2, 2003)

When the Competition Council is referred to, pursuant to Article L. 430-5 of the Commercial Code, mergers or proposed mergers concerning, directly or indirectly, a credit institution or an investment firm, it collects the opinion of the Credit Institutions and Investment Firms Committee. For this purpose, the Competition Council communicates to the Committee of Credit Institutions and Investment Firms any referral relating to such transactions. The Credit Institutions and Investment Firms Committee sends its opinion to the Competition Council within one month of receiving this communication.
Articles L. 420-1 to L. 420-4 of the Commercial Code apply to credit institutions for their banking operations and their related operations defined in Article L. 311-2. Breaches of these provisions are prosecuted under the conditions set by Articles L. 442-5, L. 443-2, L. 443-3, L. 462-5 to L. 462-8, L. 463-1 to L. 463-7, L. 464-1 to L. 464-8, L. 470-1 to L. 470-8 of the Commercial Code. The notification of grievances provided for in article L. 463-2 of the same code is communicated to the banking commission which delivers its opinion within two months. In the event that the Competition Council pronounces a sanction at the end of the procedure provided for in Articles L. 463-2, L. 463-3 and L. 463-5 of the Commercial Code,

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