French Insurance Code
In forceThe powers of the Comité Consultatif de la Législation et de la Réglementation Financières are set out in Article L. 614-2 of the Monetary and Financial Code, which reads as follows:
"Art. L. 614-2 -The Consultative Committee on Financial Legislation and Regulation shall be consulted by the Minister for the Economy on any draft law or ordinance and on any proposed regulation or directive of the European Community before it is examined by the Council of the European Communities, dealing with issues relating to the insurance sector, the banking sector, payment service providers and investment firms, with the exception of texts relating to the Autorité des marchés financiers or falling within its remit.
Draft decrees or orders, other than individual measures, in the same areas may only be adopted after the opinion of the Comité Consultatif de la Législation et de la Réglementation Financières has been obtained. The Minister for the Economy also submits applications for approval of the codes of conduct referred to in Article L. 611-3-1 to the Committee for its opinion. The Committee's unfavourable opinion on these projects may be overruled only after the Minister responsible for the economy has requested a second deliberation by the Committee.
The composition of the committee, the conditions under which its members and chairman are appointed and its organisational and operating rules are set by decree. "
