Section 1: Fundamental missions

I. - The Banque de France shall ensure the smooth operation and security of payment systems within the framework of the task of the European System of Central Banks relating to the promotion of the smooth operation of payment systems provided for in Article 105(2) of the Treaty establishing the European Community.

The effectiveness against third parties and the enforcement of the rights of the national central banks which are members of the European System of Central Banks and of the European Central Bank in respect of financial instruments, bills, claims or sums of money pledged, transferred in ownership or otherwise constituted as collateral in their favour shall not be affected by the opening of the procedures provided for in Book VI of the Commercial Code or any equivalent judicial or amicable procedure on the basis of foreign law, or by any civil enforcement procedure taken on the basis of French or foreign law, or by the exercise of a right of opposition.

Notwithstanding any provision or stipulation to the contrary, no right of set-off may give rise to the extinction, in whole or in part, of claims pledged as collateral to a central bank that is a member of the European System of Central Banks.

The Banque de France ensures the security of means of payment as defined in Article L. 311-3, other than banknotes and coins, and the relevance of the standards applicable in this area. If it considers that one of these means of payment offers insufficient security guarantees, it may recommend that the issuer take any measures intended to remedy the situation. If these recommendations are not acted upon, it may, after hearing the issuer's observations, decide to issue a negative opinion published in the Official Journal.

In order to carry out these tasks, the Banque de France will carry out expert appraisals and obtain from the issuer or any interested party any relevant information concerning means of payment and the terminals or technical devices associated with them.

A Payment Security Observatory shall be set up, comprising Members of Parliament, representatives of the relevant government departments, issuers of means of payment, payment system operators, merchants' associations, business associations and consumer associations. The Observatoire de la sécurité des moyens de paiement monitors security measures taken by issuers, merchants and businesses, compiles fraud statistics and monitors payment technology, with the aim of proposing ways of combating breaches of payment security. The Observatory's secretariat is provided by the Banque de France. The chairman is appointed from among its members. A decree in the Conseil d'Etat shall specify its composition and powers.

Each year, the Observatory draws up a report on its activities, which is submitted to the Minister for the Economy, Finance and Industry and sent to Parliament.

The Observatory's members include a Member of Parliament and a Senator.

II. - Within the framework of the tasks of the European System of Central Banks, and without prejudice to the powers of the Autorité des marchés financiers and the Autorité de contrôle prudentiel et de résolution, the Banque de France shall ensure the security of the clearing houses defined in Article L. 440-1 and the settlement and delivery systems for financial instruments.

III. - The Banque de France carries out documentary and on-site inspections in order to perform the tasks mentioned in the first paragraph of I and II. It shall carry out expert appraisals and obtain from clearing houses and from the operators of payment or financial instrument settlement and delivery systems any information and documents that are relevant to the performance of these duties.

If a report is drawn up, the draft report is communicated to the managers of the clearing house or the operator of the system audited, who may submit their observations, which are included in the final report. The recommendations made by the Banque de France, as well as any other information sent to the clearing house or to the manager of the audited system, may not be communicated to third parties, except where provided for by law, without the prior agreement of the Banque de France.