French Monetary and Financial Code
In forceI. - The operating rules, the framework agreement or the standard agreement governing any system referred to in article L. 330-1 may require institutions participating, directly or indirectly, in such a system or in a system linked by an interoperability agreement, to provide guarantees which may be realised in accordance with the provisions of article L. 211-38 or to earmark securities, instruments, claims or sums of money to meet payment obligations arising from participation in such a system or in a system linked by an interoperability agreement.
II. - The operating rules, the framework agreement or the standard agreement specify the procedures for the creation, allocation, realisation or use of the collateral or rights.
III. - The provisions of Book VI of the French Commercial Code or equivalent provisions governing any legal or amicable proceedings initiated outside France, any civil enforcement proceedings or any exercise of a right of objection shall not prevent the application of Articles L. 330-1 and L. 330-2.
No creditor of an institution participating, directly or indirectly, in such a system, or, as the case may be, of the third party who provided the guarantees in the system, of the manager of the system itself, or of the manager of a system linked by an interoperability agreement, may claim any right whatsoever over these guarantees, even on the basis of the aforementioned provisions.
IV. - Where financial instruments, bills, claims, sums of money or any similar instruments issued on the basis of foreign law are entered in a register, an account or with a central depository or a centralised deposit system governed by foreign law located in a State party to the Agreement on the European Economic Area or in the State whose law governs the system concerned mentioned in 2°, 3° or 4° of I of Article L. 330-1, and remitted or lodged as collateral to meet payment obligations arising from participation in an interbank settlement system or a system for the settlement and delivery of financial instruments as defined in Article L. 330-1, the rights of the beneficiary of the said collateral, or that of any proxy, agent or third party acting on their behalf, are determined by the law applicable to the place of the said registration.
V. - No judgement or decision issued by a third country that is contrary to the provisions of III or IV of this article with regard to a system mentioned in 1° of I of article L. 330-1 may be recognised or enforced in France insofar as it is contrary to III or IV of this article.
