Paragraph 2: Identification of accounts and treatment of overindebtedness

Articles in this section · 4

Article L721-24

French Monetary and Financial CodeIn force

Updated 6 Nov 2023

In New Caledonia, French Polynesia and the Wallis and Futuna Islands, the Institut d'émission d'outre-mer (French overseas note-issuing bank) centralises information enabling the identification of accounts of all kinds held by natural and legal persons as well as safe deposit box rentals.

The Institute shall inform institutions and persons authorised to maintain accounts and to open regulated savings accounts in particular.

The Institut d'émission d'outre-mer shall also ensure compliance with the provisions of Article L. 221-38.

The Institut d'émission d'outre-mer shall ensure, in liaison with the Banque de France, the security of means of payment as defined in Article L. 311-3, other than banknotes and coins, and the relevance of the standards applicable in this area. It is authorised to obtain information from credit institutions, electronic money institutions, the undertakings referred to in II of Article L. 511-7 and in Articles L. 521-3, L. 522-6, L. 522-11-1, L. 525-4, L. 525-5, L. 526-7 and L. 526-19, payment institutions, investment firms, undertakings for collective investment in transferable securities or their management companies, finance companies, insurance and reinsurance undertakings and industrial and commercial undertakings, all documents and information that it requires to carry out its duties. If it considers that one of these means of payment offers insufficient security guarantees, it may recommend that the issuer take any measures intended to remedy the situation. If these recommendations are not acted upon, it may, after hearing the issuer's observations, decide to issue a negative opinion published in the Official Journal.

In order to carry out its duties, the Institut d'émission d'outre-mer shall carry out expert assessments or have the Banque de France carry them out, and shall obtain from the issuer or any interested party any relevant information concerning the means of payment and the terminals or technical devices associated with them.

Mariela Petrova

Need help applying this article to your situation?

A registered French Lawyer explains what applies to your business — in English, fixed fee.

within 48h

Fixed Fee

Talk to a lawyer
Common Questions

Working with a corporate lawyer in France — Q&A

Any time a strategic decision changes how the company is owned, governed or contractually bound — incorporation, fundraising, M&A, restructuring, shareholder agreements, or major commercial contracts. Earlier engagement always costs less than later remediation.

A notary (notaire) is a public officer who authenticates specific deeds (mainly real-estate transfers and certain family-law acts). A corporate lawyer (avocat) advises on strategy, negotiates and drafts company documents, and represents you in disputes. The two roles complement rather than overlap.

Yes — most of our clients are foreign suppliers, investors or holding entities. We bridge the gap between French law and your home jurisdiction's expectations and deliver everything bilingually.

The SAS (Société par Actions Simplifiée) is the default choice for most international structures: flexible governance, single shareholder allowed, no minimum capital, and works cleanly with foreign holding entities. We assess SARL, SA, SCI on the merits when the situation calls for it.

Yes — communications with a French avocat are protected by the secret professionnel (Article 66-5 of the Law of 31 December 1971). This protection is broader than the common-law attorney-client privilege and applies to written and oral exchanges.

We work on fixed fees for clearly scoped engagements (incorporation, contract drafting, audits) and on monthly retainers for ongoing advisory. Hourly billing is the exception, not the default. You always know the cost before work starts.

Typical timeline is 2–3 weeks from KYC kick-off to RCS registration, assuming standard documentation. Holding-company structures, foreign-shareholder identification or in-kind contributions can extend this — we flag the gating items at the first meeting.

Absolutely. We routinely coordinate with your in-house counsel, expert-comptable or notaire — pragmatic collaboration is the norm, not the exception. We send them everything they need to do their part without duplicating work.

Mariela Petrova

Mariela Petrova

Avocate au Barreau de Paris

Toque #C2396

15+ Years In Corporate Practice

English · French · Russian

Ready When You Are

Talk To A Corporate
Lawyer In France.

A 20–30 minute call, in English, to scope the engagement. No obligation, no preliminary fee. You will leave the call with a clear view of what the work will cover and what it will cost.

First EngagementFixed Fee

Talk to a French lawyer.

Reply within 24 hours.

Communications protected by professional secrecy — secret professionnel de l'avocat, Article 66-5 of the Law of 31 December 1971.

Continue Reading

Related corporate services in France

01 / Setup

Setting up a French company

Choose between SAS, SARL, SA or SCI — and structure your first French entity around how you actually plan to operate.

Read More
02 / Operating

French commercial contracts

Distribution, agency, supply, services and IP licences — drafted around the protections French law actually gives.

Read More
03 / Disputes

Business disputes & litigation

Shareholder conflicts, commercial breaches and pre-litigation strategy — handled by the same team that knows the file.

Read More