French Monetary and Financial Code
In forceThe activity of intermediary in banking transactions and payment services may only be carried out between two persons, at least one of whom is a credit institution, a finance company, an electronic money institution that provides payment services, a payment institution, a participatory finance intermediary, a provider of participatory finance services as part of its loan facilitation activities, an insurance company as part of its lending activities or a management company as part of its activities managing the AIFs referred to in Article L. 511-6.
The intermediary in banking and payment services acts under a mandate issued by one or more of the undertakings mentioned in the first paragraph. However, by way of derogation and subject to conditions laid down by decree in the Conseil d'Etat, the intermediary in banking and payment services may act by virtue of a mandate issued by another intermediary in banking and payment services or by the customer. The mandate under which the intermediary in banking and payment services acts shall specify the nature and conditions of the transactions he is authorised to carry out.
The intermediary in banking and payment services may, in addition, put the holders of a given project in contact with an intermediary in participative financing mentioned in Article L. 548-2 or a provider of participative financing services as part of its activities to facilitate the granting of loans.
A transaction entered into as part of one of the activities mentioned in this article may not be intermediated consecutively by:
1° Either more than two intermediaries in banking and payment services;
2° Or more than one intermediary in banking transactions and payment services where the intermediary has put the customer in contact with an intermediary in participative financing or a provider of participative financing services as part of its activities facilitating the granting of loans under the conditions set out in this article.
