Question 2634 — banks and financial institutions

Summary

Mr. Buon Tan draws the attention of the Minister of the Economy and Finance to the application of the law known as the “Eckert law”, no. 2014-617 of June 13, 2014 relating to inactive bank accounts and dormant life insurance contracts, which came into force on January 1, 2016. This law is intended to make the search for beneficiaries of inactive bank accounts more effective and to strengthen the protection of savers. The Eckert law applies to accounts opened in credit institutions and electronic money and payment institutions (mentioned respectively in Title 1 and Title II of Book V of the Monetary and Financial Code), as well as to accounts opened "in the books of persons who provide investment services or related services provided for in Articles L. 321-1 and L. 321-2" (see Article L. 321-4 of the Monetary and Financial Code). financial). Doubt remains as to the application of the Eckert law to issuers who carry out a custody account-keeping activity for the securities they issue by “public offering” within the meaning of Article L. 542-1 1 of the Monetary and Financial Code. However, within the meaning of this article, people (in the specific case issuing companies) provide a related investment service without having the status of service provider. investment services, while some consider that only entities authorized as investment service providers are subject to Article L. 321-4 of the Monetary and Financial Code. Also, he wishes to know whether issuing companies, when they carry out the activities of maintaining custody accounts for the financial instruments that they issue by offering to the public, are subject to the obligations of the Eckert law. (Law No. 2014-617 of June 13, 2014 relating to inactive bank accounts and dormant life insurance contracts), in application of Article L. 321-4 of the Monetary and Financial Code.

Machine translation from French. The official text remains authoritative.

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