French Monetary and Financial Code
In forceThe Minister responsible for the economy shall lay down rules for payment institutions, in particular concerning :
1° The amount of capital of payment institutions ;
2° The terms and conditions under which a change in the terms and conditions of the authorisation granted to a payment institution must be subject to prior authorisation by the Autorité de contrôle prudentiel et de résolution, a declaration or a notification, depending on the case;
3° The conditions for transactions that payment institutions or their agents may carry out, in particular in their relations with customers, and the conditions of competition;
4° Procedures for the protection of customer funds;
5° The procedures for informing the public of decisions to withdraw authorisation and the conditions under which payment service users' funds received are returned to them or transferred to another authorised credit institution or payment institution or to the Caisse des dépôts et consignations ;
6° The management standards with which they must comply in order, in particular, to guarantee their solvency and the balance of their financial structure, as well as the conditions under which these standards are complied with on a consolidated basis, including in the absence of a parent undertaking having its registered office in France;
7° The rules applicable to accounting organisation, control and security mechanisms in the IT field and internal control procedures.
