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France’s Banking Law and Practice

Overview

France has a comprehensive banking law and practice that ensures the stability of its financial system. The regulatory framework, deposit protection regime, and bank secrecy requirements are all designed to protect consumers and maintain trust in the banking sector.

Regulatory Framework

The French financial system is overseen by the Autorité de Contrôle Prudentiel et de Résolution (ACPR), which regulates and supervises banks, insurance companies, and other financial institutions. The ACPR’s primary goal is to ensure the stability of the financial system and protect consumers.

Deposit Protection

France has a deposit protection regime in place that provides coverage for deposits up to €100,000 per account holder at each bank or credit institution. The Resolution Guarantee Fund (Fonds de garantie des dépôts et de résolution) manages the scheme and ensures that protected deposits are repaid in the event of a bank’s insolvency.

Bank Secrecy

French law requires banks to maintain secrecy regarding customer data, including:

• Account balances
• Transactions
• Other confidential information

However, there are exceptions to this rule, such as when authorities require disclosure for investigations or criminal proceedings.