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The Credit Institutions and Investment Firms Committee
The Credit Institutions and Investment Firms Committee
As laid down in the Banking Act and the Financial Activity Modernization Act, the Credit Institutions and Investment Firms Committee “takes the decisions and grants the individual authorizations or exemptions provided for in the laws and regulations applying to credit institutions and to investment firms, with the exception of those within the competence of the Banking Commission”.
Under current legislation, the Committee is thus responsible for:
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authorizing credit institutions, which engage in banking operations as regular business and may also offer investment services, as well as investment firms, with the exception of portfolio management companies. When investment services are provided, the application must be submitted to the Financial Markets Council (and/or, as appropriate, the COB) for approval of the programme of operations. |
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withdrawing authorizations from the same institutions and firms, either at their request or ex officio, notably when they no longer meet the requirements. However, withdrawals for disciplinary reasons fall within the purview of the Banking Commission. |
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authorizing subsequent major changes that could affect the factors taken into account for the initial authorization. These include changes in the type of activity and, above and beyond certain thresholds, in shareholder structure; |
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examining, where necessary in conjunction with the Financial Markets Council, the projects of French credit institutions and investment firms to set up branches in other EU Member States, as well as receiving notification of their intentions to freely provide services in these countries. Similarly, the Credit Institutions and Investment Firms Committee and the Financial Markets Council deal with EU credit institutions wishing to operate under the same conditions in France. The provisions relating to the rights of establishment and freedom to provide services have been extended to countries of the European Free Trade Association (EFTA) that have signed the agreement on the European Economic Area (EEA) with the EU Member States. |
The Committee is chaired by the Governor of the Banque de France, who is also Chairman of the Banking Commission, or his representative on this commission. Its other members are the Head of the French Treasury or his representative, the chairman or chairmen of the authorities which approved the applicant's programme of operations in the case of an authorization application, as well as six members or their alternates appointed by an Order of the Minister for the Economy and Finance for three-year terms.
The Committee also gives a vote to a representative of the institution or firm's industry organization or central body.
The Banque de France's Credit Institutions Division examines the applications submitted to the Committee and provides secretarial services under the authority of the Committee's Secretary General.
The Committee publishes an annual report giving a detailed description of its activities and developments in French banking and finance.
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