The Act 96-597 of 2 July 1996 on the modernization of financial activities broadened the scope of the National Credit Council's authority to include issues relating to securities.
The National Credit and Securities Council studies the working of the banking and financial system, particularly as regards customer relations and the management of means of payment. It may issue opinions in these areas. It may also be asked to give an opinion on bills and draft decrees falling within its competence and may be consulted in connection with the drafting of the National Plan. It may assign specific tasks to some of its members and internally set up study and working groups.
The Council is chaired by the Minister for the Economy and Finance and the Governor of the Banque de France serves as its deputy-chairman. There are fifty-one members who are appointed by the Government. They represent the State, the National Assembly and the Senate, the French Economic and Social Council (Conseil économique et social), the regions, the different sectors of economic activity, trade unions, credit institutions and investment firms. There are also six members who are appointed for their economic and financial expertise. The regular members of the Banking and Financial Regulatory Committee and the Credit Institutions and Investment Firms Committee are chosen from among the membership of the National Credit and Securities Council.
The Banque de France's Monetary Research and Statistics Division carries out the Council's secretarial work and, in particular, produces its annual report according to instructions given by its Secretary General.
