French Monetary and Financial Code
In forceIn the cases provided for in Articles L. 526-14 and L. 526-15, the funds of electronic money holders collected by an electronic money institution are returned to the holders or transferred to a credit institution, another authorised electronic money institution or the Caisse des dépôts et consignations.
At the end of the period provided for in article L. 526-16, the undertaking loses the status of electronic money institution and must have changed its corporate name. Electronic money issuing and management operations that the undertaking has undertaken or committed to carry out prior to the decision to withdraw authorisation may be completed.
By way of derogation from 4° and 5° of article 1844-7 of the Civil Code, the early dissolution of an electronic money institution may only be ordered following a decision to withdraw its authorisation by the Autorité de contrôle prudentiel et de résolution. The date of the decision by the Autorité de contrôle prudentiel et de résolution to withdraw the authorisation shall be stated in the publication and amending entry in the Trade and Companies Register concerning the dissolution. Until it is wound up, the institution remains subject to supervision by the Autorité de contrôle prudentiel et de résolution, which may impose all the disciplinary sanctions provided for in Article L. 612-39 of this Code. It may not refer to its status as an electronic money institution without specifying that it is in liquidation.
