French Monetary and Financial Code
In forceI. - The tax authorities will respond to the requesting institution within a maximum of two working days. No A passbook account may be opened before receipt of this reply, failing which the institution will be liable to the penalties set out inarticle 1739 of the General Tax Code. There are three possible scenarios:
1° If the tax authorities reply that the customer has no other Livret A savings account, the Livret A savings account is opened automatically and can take effect immediately;
2° If, in the agreement provided for in article R. 221-1, the customer has refused to allow the tax authorities to provide the credit institution with information about any other Livret A passbook accounts that the customer may already hold, and if the tax authorities reply that the customer already holds one or more Livret A passbook accounts, the credit institution will inform the customer accordingly and will not open the Livret A passbook account;
3° If the customer has agreed to the provision of the same information by the tax authorities, and if the tax authorities reply that the customer already holds one or more Livret A passbook accounts, the tax authorities will inform the applicant credit institution accordingly, providing details of the existing and identified Livret A passbook accounts in accordance with the procedures laid down by order of the ministers responsible for the economy and the budget.
II. - In the case referred to in 3° of I, the institution sends the customer the information provided by the tax authorities using a form offering the customer the following three options:
1° Either close the existing Livret A account(s) itself. In this case, the credit institution does not open the Livret A account and the customer is solely responsible for closing any existing Livret A accounts, by completing the necessary formalities with the relevant institutions;
2° Or authorise the institution, if it so proposes, to carry out the necessary formalities with the credit institutions concerned to close previous Livret A savings accounts and transfer the corresponding funds, which must remain within the limits mentioned in article R. 221-2 ;
3° Or waive the request to open a new Livret A. If customers have been informed that they already hold several Livret A passbooks, the institution will remind them of the prohibition set out in article L. 221-3.
III. - If the customer chooses the solution set out in 1° of II, the institution may open the Livret A passbook account without again carrying out all the checks provided for in article R. 221-122, provided that it has received, within three months of the date of signature of the contract referred to in article R. 221-1, a certificate stating that the Livret A passbook accounts already opened in the customer's name have been closed. The same solution applies in the case of 2° of II, with the exception of the condition relating to the three-month period.
IV. - The list of items required to establish the closure of a pre-existing Livret A passbook account is set by order of the ministers responsible for the economy and the budget.
