French Monetary and Financial Code
In forceI. Notwithstanding the provisions of Act 68-678 of 26 July 1968 on the disclosure of economic, commercial, industrial, financial or technical documents and information to foreign natural or legal persons, the Autorité de contrôle prudentiel et de résolution and the Autorité des marchés financiers may enter into cooperation agreements with counterpart authorities in a State that is not a member of the European Union or a party to the Agreement on the European Economic Area, which may include the exchange of information. By way of derogation from the same provisions, the Banque de France may enter into cooperation agreements with public authorities responsible for overseeing payment systems and systems for the settlement and delivery of financial instruments, which may include the exchange of information. The information communicated must benefit from guarantees of professional secrecy at least equivalent to those to which the French authorities party to these agreements are subject. This exchange of information must be intended for the performance of the duties of the said competent authorities.
II - The Autorité de contrôle prudentiel et de résolution and the Autorité des marchés financiers may also enter into cooperation agreements providing, in particular, for the exchange of information with authorities or persons of a State that is not a member of the European Union and is not a party to the Agreement on the European Economic Area, which are :
a) Responsible for supervising credit institutions, investment firms, portfolio management companies, other financial institutions and insurance or reinsurance undertakings and financial markets and units mentioned in article L. 229-7 du code de l'environnement ;
b) Responsible for the insolvency proceedings of credit institutions, investment firms, portfolio management companies, insurance and reinsurance companies and any other similar proceedings;
c) Responsible for carrying out statutory audits of the accounts of the undertakings referred to in a) of this Article, as part of their supervisory duties, or as part of their duties in the case of managers of compensation schemes;
d) Those responsible for the supervision of bodies involved in the insolvency proceedings of credit institutions, investment firms, portfolio management companies, insurance and reinsurance undertakings, or in any other similar proceedings;
e) Persons responsible for supervising persons responsible for carrying out statutory audits of the accounts of undertakings referred to in a) of this II ;
f) Responsible for the management of deposit guarantee schemes and investor compensation schemes;
f bis) Responsible for the regularity of transactions carried out on commercial contracts relating to commodities linked to one or more financial instruments;
g) Responsible for the management of compulsory winding-up proceedings or guarantee funds for insurance and reinsurance undertakings;
(h) independent actuaries of insurance undertakings or reinsurance undertakings exercising, under their national law, a supervisory function in relation thereto, as well as the bodies responsible for overseeing such actuaries;
(i) those responsible for the supervision of persons engaged in the business of trading in emission allowances ;
j) Persons responsible for the supervision of persons engaged in activities on agricultural commodity derivatives markets;
k) Responsible for supervising the implementation of anti-money laundering and anti-terrorist financing obligations for market activities;
l) carrying out tasks equivalent to those provided for in Article L. 561-23;
m) Responsible, where they exist, for applying the regulations relating to structural separation within a banking group.
The information communicated benefits from professional secrecy guarantees at least equivalent to those to which the French authorities party to these agreements are subject.
This exchange of information must be intended for the performance of the duties of the said authorities or persons.
IIa -When the information originates from an authority of another Member State of the European Union or of another State party to the Agreement on the European Economic Area or of a third country, it may not be disclosed without the express agreement of the authority that provided it and, where applicable, solely for the purposes for which it was provided.
III - The Autorité des marchés financiers shall give its express authorisation prior to any transmission by the competent authorities of a third country to the authorities of other third countries of data and analyses of data relating to AIFs and their managers that it has communicated to them.
